Equity LifeStyle Properties (ELS) 10-Q 26 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
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		89,098,574

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investment in real estate:
Land	$ 1,284,851	$ 1,221,375
Land improvements	3,072,474	3,045,221
Buildings and other depreciable property	692,495	649,217
Investment in real estate	5,049,820	4,915,813
Accumulated depreciation	(1,580,013)	(1,516,694)
Net investment in real estate	3,469,807	3,399,119
Cash and restricted cash	46,025	31,085
Notes receivable, net	34,672	49,477
Investment in unconsolidated joint ventures	57,699	53,080
Deferred commission expense	39,843	31,443
Escrow deposits, goodwill, and other assets, net	52,143	45,828
Total Assets	3,700,189	3,610,032
Liabilities:
Mortgage notes payable, net	2,028,535	1,971,715
Term loan	198,464	198,302
Unsecured line of credit	0	30,000
Accrued expenses and accounts payable	90,929	80,744
Accrued interest payable	8,425	8,387
Rents and other customer payments received in advance and security deposits	94,868	79,267
Distributions payable	52,043	46,047
Total Liabilities	2,598,358	2,509,990
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2017 and June 30, 2018; none issued and outstanding.	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized as of June 30, 2018 and December 31, 2017; 88,802,758 and 88,585,160 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	884	883
Paid-in capital	1,248,047	1,242,109
Distributions in excess of accumulated earnings	(218,453)	(211,980)
Accumulated other comprehensive income	3,579	942
Total Stockholders’ Equity	1,034,057	1,031,954
Non-controlling interests – Common OP Units	67,774	68,088
Total Equity	1,101,831	1,100,042
Total Liabilities and Equity	3,700,189	3,610,032
Right-to-use contract upfront payments, deferred, net
Liabilities:
Deferred revenue	112,288	85,596
Right-to-use annual payments
Liabilities:
Deferred revenue	$ 12,806	$ 9,932

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	88,802,758	88,585,160
Common stock, shares outstanding	88,802,758	88,585,160

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Community base rental income	$ 128,579	$ 121,964	$ 255,318	$ 242,656
Rental home income	3,561	3,632	7,076	7,237
Resort base rental income	55,231	50,055	119,485	111,123
Interest income	1,862	1,798	3,812	3,568
Income from other investments, net	3,413	1,109	4,353	1,866
Total revenues	240,502	221,312	486,527	453,701
Expenses:
Property operating and maintenance	80,091	72,901	154,999	140,955
Rental home operating and maintenance	1,629	1,657	3,053	3,208
Real estate taxes	13,440	13,943	27,575	27,980
Sales and marketing, gross	3,305	2,894	6,117	5,584
Right-to-use contract commissions, deferred, net	(262)	(112)	(286)	(196)
Depreciation on real estate assets and rental homes	32,452	30,247	63,774	60,357
Amortization of in-place leases	1,893	958	2,945	1,990
Home selling expenses	973	929	2,048	1,854
General and administrative	9,669	8,461	17,707	15,834
Other expenses	367	271	710	490
Interest and related amortization	26,285	24,822	51,988	49,701
Total expenses	192,946	177,889	375,989	348,354
Income before equity in income of unconsolidated joint ventures	47,556	43,423	110,538	105,347
Equity in income of unconsolidated joint ventures	1,613	1,040	2,808	2,190
Consolidated net income	49,169	44,463	113,346	107,537
Income allocated to non-controlling interests – Common OP Units	(3,024)	(2,649)	(6,979)	(6,539)
Net income available for Common Stockholders	46,137	39,498	106,359	96,385
Other comprehensive income:
Adjustment for fair market value of swap	764	30	2,637	257
Consolidated comprehensive income	49,933	44,493	115,983	107,794
Comprehensive income attributable to Common Stockholders	$ 46,854	$ 39,526	$ 108,834	$ 96,626
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 0.52	$ 0.46	$ 1.20	$ 1.12
Earnings per Common Share - Fully Diluted:
Net income available for Common Stockholders (usd per share)	0.52	0.45	1.20	1.11
Distributions declared per Common Share outstanding (usd per share)	$ 0.5500	$ 0.4875	$ 1.1	$ 0.975
Weighted average Common Shares outstanding – basic (shares)	88,549	86,763	88,537	86,408
Weighted average Common Shares outstanding – fully diluted (shares)	94,623	93,063	94,600	93,041
Redeemable Perpetual Preferred Stock
Expenses:
Redeemable perpetual preferred stock dividends	$ (8)	$ (2,316)	$ (8)	$ (4,613)
Non- controlling interests – Common OP Units
Other comprehensive income:
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,071)	(2,651)	(7,141)	(6,555)
Right-to-use annual payments
Revenues:
Contract revenue	11,891	11,350	23,410	22,602
Right-to-use contracts current period, gross
Revenues:
Contract revenue	3,944	3,798	7,106	7,004
Right-to-use contract upfront payments, deferred, net
Revenues:
Contract revenue	(2,021)	(1,321)	(3,306)	(2,096)
Utility and other income
Revenues:
Utility and other income	24,320	20,650	49,841	42,776
Gross revenues from home sales
Revenues:
Contract revenue	9,105	7,833	17,414	14,860
Expenses:
Cost of services	9,632	7,895	18,206	15,014
Brokered resale revenues and ancillary services revenues, net
Revenues:
Contract revenue	617	444	2,018	2,105
Property management
Expenses:
Cost of services	$ 13,472	$ 13,023	$ 27,153	$ 25,583

Consolidated Statement of Chang

Consolidated Statement of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Loss/(Income)	Non- controlling interests – Common OP Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of change in accounting principle	$ (15,186)				$ (15,186)
Adjusted balance	1,084,856	$ 883	$ 1,242,109	$ 0	(227,166)	$ 942	$ 68,088
Balance at Dec. 31, 2017	1,100,042	883	1,242,109	0	(211,980)	942	68,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock		1	161				(162)
Issuance of Common Stock through employee stock purchase plan	846		846
Compensation expenses related to restricted stock and stock options	4,541		4,541
Adjustment for Common OP Unitholders in the Operating Partnership	0		725				(725)
Adjustment for fair market value of swap	2,637					2,637
Consolidated net income	113,346			8	106,359		6,979
Distributions	(104,060)			(8)	(97,646)		(6,406)
Other	(335)		(335)
Balance at Jun. 30, 2018	$ 1,101,831	$ 884	$ 1,248,047	$ 0	$ (218,453)	$ 3,579	$ 67,774

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities:
Consolidated net income	$ 113,346	$ 107,537
Adjustments to reconcile Consolidated net income to Net cash provided by operating activities:
Depreciation	64,486	60,960
Amortization of in-place leases	2,945	1,990
Amortization of loan costs	1,772	1,788
Debt premium amortization	(711)	(1,166)
Equity in income of unconsolidated joint ventures	(2,808)	(2,190)
Distributions of income from unconsolidated joint ventures	1,732	1,270
Proceeds from insurance claims, net	1,809	4,482
Compensation expenses related to restricted stock and stock options	4,541	4,257
Revenue recognized from right-to-use contract upfront payments	(3,800)	(4,908)
Commission expense recognized related to right-to-use contracts	1,810	2,202
Long-term incentive plan compensation	461	674
Recovery for uncollectible rents receivable	134	214
Changes in assets and liabilities:
Notes receivable activity, net	347	(282)
Deferred commission expense	(2,010)	(2,280)
Escrow deposits, goodwill and other assets	11,111	10,992
Accrued expenses and accounts payable	5,280	6,066
Rents received in advance and security deposits	15,601	11,630
Net cash provided by operating activities	226,026	212,982
Cash Flows From Investing Activities:
Real estate acquisitions	(53,289)	(2,053)
Investment in unconsolidated joint ventures	(3,791)	(2,267)
Distributions of capital from unconsolidated joint ventures	110	530
Proceeds from insurance claims	2,335	590
Repayments of notes receivable	19,037	5,054
Issuance of notes receivable	(4,919)	(18,696)
Capital improvements	(81,377)	(53,464)
Net cash used in investing activities	(121,894)	(70,306)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	846	764
Distributions:
Common Stockholders	(92,008)	(78,699)
Common OP Unitholders	(6,049)	(5,942)
Perpetual Preferred Stockholders	(8)	(4,613)
Principal payments and mortgage debt payoff	(23,964)	(42,637)
New mortgage notes payable financing proceeds	64,014	0
Line of Credit payoff	(97,000)	0
Line of Credit proceeds	67,000	0
Debt issuance and defeasance costs	(1,688)	0
Other	(335)	(149)
Net cash used in financing activities	(89,192)	(131,276)
Net increase in Cash and restricted cash	14,940	11,400
Cash and restricted cash, beginning of period	31,085	56,340
Cash and restricted cash, end of period	46,025	67,740
Supplemental Information:
Cash paid during the period for interest	52,658	51,135
Building and other depreciable property – reclassification of rental homes	19,390	15,322
Escrow deposits and other assets – reclassification of rental homes	(19,390)	(15,322)
Real estate acquisitions:
Investment in real estate, fair value	(71,756)	(7,985)
Escrow deposits and other assets	(9)	0
Debt assumed	9,200	5,900
Debt financed	8,786	0
Accrued expenses and accounts payable	490	32
Real estate acquisitions, net	(53,289)	(2,053)
Right-to-use contract upfront payments, deferred, net
Changes in assets and liabilities:
Deferred revenue	7,106	7,004
Right-to-use annual payments
Changes in assets and liabilities:
Deferred revenue	$ 2,874	$ 2,742

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
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.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") communities and recreational vehicle ("RV") resorts and campgrounds. We provide our customers the opportunity to place factory built homes, cottages, cabins or RVs on our properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter right-to-use contracts, which provide them access to specific Properties for limited stays. Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”). These unaudited interim 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 2017 Form 10-K. The following notes to the unaudited interim Consolidated Financial Statements highlight significant changes to the notes included in the 2017 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, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 ("VIEs") with respect to which we are the primary beneficiary. We have determined the Operating Partnership, which is our sole significant asset, meets the definition of a VIE. Therefore, we consolidate the Operating Partnership. 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. 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. We apply the cost method of accounting when our investment is (i) minimal (typically less than 5.0% ) and (ii) passive. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. (b) Identified Intangibles and Goodwill As of both June 30, 2018 and December 31, 2017 , 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, 2018 and December 31, 2017 , 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 $3.0 million and $2.9 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , 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 $84.4 million and $76.7 million , respectively. Accumulated amortization of in-place lease intangible assets was approximately $77.6 million and $76.5 million as of June 30, 2018 and December 31, 2017 , respectively. (c) Restricted Cash As of both June 30, 2018 and December 31, 2017 , Cash and restricted cash included approximately $5.3 million of restricted cash for the payment of capital improvements, insurance or real estate taxes pursuant to certain loan agreements. (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 $24.1 million and $23.7 million as of June 30, 2018 and December 31, 2017 , respectively, had an aggregate carrying value of approximately $2,251.1 million and $2,193.7 million as of June 30, 2018 and December 31, 2017 , respectively, and a fair value of approximately $2,230.7 million and $2,184.0 million as of June 30, 2018 and December 31, 2017 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2018 and December 31, 2017 , our cash flow hedge of interest rate risk included in Escrow deposits, goodwill and other assets, net 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) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), Leases , which include the following classifications on our Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site in which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer’s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute. All other classifications on our Consolidated Statements of Income and Comprehensive Income are accounted for under other applicable accounting standards. We enter into right-to-use contracts that give the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized ratably over the one year period in which access to Sites at certain Properties are provided. Right-to-use upgrade contracts grant certain additional access rights to the customer and require upfront non-refundable payments. The right-to-use upfront non-refundable payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See Recently Adopted Accounting Pronouncements within Note 2 for further discussion. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. (f) Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted on a prospective basis ("ASU 2017-01") Business Combinations : Clarifying the Definition of a Business (Topic 805) . This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, is accounted for as an asset acquisition rather than a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $1.3 million were capitalized for the six months ended June 30, 2018. On January 1, 2018, the Company adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230) . ASU 2016-18 requires companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance did not have any effect on the Company's Consolidated Financial Statements. On January 1, 2018, the Company adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. ASU 2016-15 adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 impacted our classification of proceeds from the settlement of insurance claims and distributions received from equity method investments. The retrospective adoption of this guidance resulted in the reclassification of $0.6 million of insurance proceeds from Operating Activities to Investing Activities and $0.5 million of distributions from equity method investments from Operating Activities to Investing Activities in our Statement of Cash Flows for the six months ended June 30, 2017 . On January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. As a result of the cumulative impact of adopting this guidance, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings in the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In addition to the information included within Note 2 regarding the impact of ASU 2014-09, also see Note 10, Reportable Segments, for further disaggregation of our various revenue streams by major source. The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows: (amounts in thousands) Balance at December 31, 2017 Adjustment due to ASU 2014-09 Adoption Balance at January 1, 2018 Assets Deferred commission expense $ 31,443 $ 8,200 $ 39,643 Liabilities Deferred revenue-upfront payment from right-to-use contracts $ 85,596 $ 23,386 $ 108,982 Equity Distribution in excess of accumulated earnings $ (211,980 ) $ (15,186 ) $ (227,166 ) The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (2,021 ) $ (1,286 ) $ 735 Total revenues $ 240,502 $ 241,237 $ (735 ) Expenses Right-to-use contract commissions, deferred, net $ (262 ) $ (43 ) $ 219 Total expenses $ 192,946 $ 193,165 $ (219 ) Consolidated net income $ 49,169 $ 49,685 $ (516 ) Net income available for Common Stockholders $ 46,137 $ 46,629 $ (492 ) Earnings per Common Share - Basic $ 0.52 $ 0.53 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 0.52 $ 0.53 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (3,306 ) $ (1,837 ) $ 1,469 Total revenues $ 486,527 $ 487,996 $ (1,469 ) Expenses Right-to-use contract commissions, deferred, net $ (286 ) $ 164 $ 450 Total expenses $ 375,989 $ 376,439 $ (450 ) Consolidated net income $ 113,346 $ 114,365 $ (1,019 ) Net income available for Common Stockholders $ 106,359 $ 107,323 $ (964 ) Earnings per Common Share - Basic $ 1.20 $ 1.21 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 1.20 $ 1.21 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. (g) New Accounting Pronouncements In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging : Targeted Improvements to Accounting for Hedging Activities (Topic 815) . ASU 2017-12 provides guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments including ineffectiveness will be recorded in Other comprehensive income ("OCI") and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The new guidance also amends the presentation and disclosure requirements. The intention is to align hedge accounting with companies' risk management strategies more closely, thereby simplifying the application of hedge accounting and increasing transparency as to the scope and results of hedging programs. ASU 2017-12 is effective in fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that the 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: Measurement of Credit Losses on Financial Instruments (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. As the lessor, we generate rental income and other income when customers rent the Sites at our Properties. We are the lessee in other arrangements, primarily for office space, ground leases and certain equipment. We are currently in the process of evaluating the potential impact, as both a lessor and a lessee, this standard may have on our Consolidated Financial Statements and related disclosures.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2018
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, 2018 and 2017 : Quarters Ended Six Months Ended June 30, June 30, (amounts in thousands, except per share data) 2018 2017 2018 2017 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 46,137 $ 39,498 $ 106,359 $ 96,385 Amounts allocated to dilutive securities 3,024 2,649 6,979 6,539 Net income available for Common Stockholders – fully diluted $ 49,161 $ 42,147 $ 113,338 $ 102,924 Denominator: Weighted average Common Shares outstanding – basic 88,549 86,763 88,537 86,408 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 5,826 5,886 5,827 6,235 Stock options and restricted shares 248 414 236 398 Weighted average Common Shares outstanding – fully diluted 94,623 93,063 94,600 93,041 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.52 $ 0.46 $ 1.20 $ 1.12 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.52 $ 0.45 $ 1.20 $ 1.11

Common Stock and Other Equity R

Common Stock and Other Equity Related Transactions	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Common Stock and Other Equity Related Transactions	Common Stock and Other Equity Related Transactions Common Stockholder Distribution Activity The following quarterly distributions have been declared and paid to common stockholders and non-controlling common operating partnership unit ("OP Unit") holders for the six months ended June 30, 2018 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.5500 March 31, 2018 March 30, 2018 April 13, 2018 $0.5500 June 30, 2018 June 29, 2018 July 13, 2018 As of June 30, 2018 , approximately $150.0 million of Common Stock remained available for issuance under the at-the-market (“ATM”) equity offering program. Exchanges Subject to certain limitations, holders of OP Units can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the six months ended June 30, 2018 , 13,838 OP Units were exchanged for an equal number of shares of Common Stock.

Real Estate Acquisitions

Real Estate Acquisitions	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Real Estate Acquisitions	Real Estate Acquisitions On April 20, 2018, we completed the acquisition of Holiday Travel Park, a 613 -site RV Resort in Holiday, Florida. The purchase price was $22.5 million , including $0.3 million of transaction costs, and was funded with available cash and proceeds from our line of credit. On March 15, 2018, we completed the acquisition of Serendipity, a 425 -site manufactured home community located in Clearwater, Florida. The purchase price was $30.7 million , including $0.6 million of transaction costs, and was funded with available cash, a loan assumption of $9.2 million and new loan proceeds of $8.8 million . On March 8, 2018, we completed the acquisition of Kingswood, a 229 -site manufactured home community located in Riverview, Florida. The purchase price was $17.5 million , including $0.4 million of transaction costs, and was funded with available cash.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures The following table summarizes our Investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2018 and December 31, 2017 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites (a) Economic (b) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 526 $ 307 $ 819 $ 1,130 Lakeshore Florida (3,3) 720 (c) 2,435 2,530 123 147 Voyager Arizona (1,1) 1,801 50 % (d) 3,614 3,205 883 800 Loggerhead Florida 2,343 49 % 35,205 31,414 689 — ECHO JV Various — 50 % 15,919 15,624 294 113 5,941 $ 57,699 $ 53,080 $ 2,808 $ 2,190 _____________________ (a) Loggerhead sites represent marina slip count. (b) The percentages shown approximate our economic interest as of June 30, 2018 . Our legal ownership interest may differ. (c) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (d) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property. On March 29, 2018, the Crosswinds joint venture repaid a short-term loan to us in the amount of $13.8 million . We provided the loan to Crosswinds in conjunction with the formation of the joint venture in June 2017. We received approximately $1.8 million in distributions from these joint ventures for both the six months ended June 30, 2018 and 2017 . Approximately $0.3 million of the distributions made to us exceeded our basis in joint ventures for the six months ended June 30, 2017 , and as such were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceed our basis in joint ventures for the six months ended June 30, 2018 .

Borrowing Arrangements

Borrowing Arrangements	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable During the six months ended June 30, 2018 , we closed on one loan, secured by two RV resorts, for gross proceeds of approximately $64.0 million . The loan carries an interest rate of 4.83% per annum and matures in 2038. In connection with the Serendipity acquisition during the first quarter of 2018, we assumed a loan of approximately $9.2 million and obtained additional financing of $8.8 million for a total mortgage debt, secured by the manufactured home community, of $18.0 million with an interest rate of 4.75% that matures in 2039. As of June 30, 2018 and December 31, 2017 , we had outstanding mortgage indebtedness of approximately $2,028.5 million and $1,971.7 million , respectively, net of deferred financing costs. The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, for the six months ended June 30, 2018 was approximately 4.7% per annum. The debt bears interest at stated rates ranging from 3.1% to 8.9% per annum and matures on various dates ranging from 2018 to 2041 . The debt encumbered a total of 124 and 120 of our Properties as of June 30, 2018 and December 31, 2017 , respectively, and the carrying value of such Properties was approximately $2,499.0 million and $2,323.1 million , as of June 30, 2018 and December 31, 2017 , respectively. Unsecured Line of Credit During the six months ended June 30, 2018 , we paid off our unsecured line of credit balance, including approximately $30.0 million outstanding as of December 31, 2017 . As of June 30, 2018 , 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, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Awards	Equity Incentive Awards Compensation expense related to restricted stock and stock options, reported in General and administrative on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended June 30, 2018 and 2017 was approximately $2.7 million and $2.5 million and for the six months ended June 30, 2018 and 2017 was approximately $4.5 million and $4.3 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. 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. The Compensation Committee determines the vesting schedule, if any, of each restricted stock grant or stock option grant and the term of each stock 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, 2018 , 2,934,810 shares remained available for grant. On May 1, 2018, we awarded to certain members of our Board of Directors, 51,388 shares of Restricted Stock at a fair market value of approximately $4.6 million and Options to purchase 6,270 shares of common stock with an exercise price of $89.65 per share. The shares of common stock covered by these awards are subject to multiple tranches that vest between November 1, 2018 and May 1, 2021. On February 1, 2018, we awarded 70,250 shares of restricted stock (the “2018 Awards”) at a fair market value of approximately $5.9 million to certain members of our senior management for their service in 2018. These restricted stock grants vest over a three -year vesting period, with one-third vesting on December 28, 2018 and the remaining two-thirds vesting on each of December 28, 2019 and December 28, 2020, respectively (the “Extended Vesting Portion”). One-half of the Extended Vesting Portion of the 2018 Awards provide solely for time-based vesting and will vest in equal installments on December 28, 2019 and December 28, 2020. The remaining one-half of the Extended Vesting Portion of the 2018 Awards provide for performance-based vesting and will vest, subject to the satisfaction of the performance conditions to be established by the Compensation Committee in the year of the vesting period, in equal installments on December 28, 2019 and December 28, 2020. Additionally, on February 1, 2018, we awarded a one-time transition award of time-based restricted stock (the "Transition Awards") as a transition from our prior practice of granting annual restricted stock awards which vest in full on December 31 of the relevant grant year. On February 1, 2018, we awarded Transition Awards for 70,250 shares of common stock at a fair market value of approximately $5.9 million to certain members of our senior management. These Transition Awards are intended to mitigate the impact of a reduction in the realized pay for certain members of our senior management in 2018 and 2019 resulting from the three -year vesting period for the 2018 Awards. Two-thirds of each Transition Award will vest on December 28, 2018, and the remaining one-third will vest on December 28, 2019. The Transition Awards are not subject to performance goals. The Compensation Committee does not intend to replicate these Transition Awards in future years. 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. Time-based restricted stock awards are recorded as stock-based compensation expense and paid in capital over the vesting period. Stock-based compensation for restricted stock awards with performance conditions will be recognized using the closing price of our common stock at the grant date when the key terms and conditions are known to all parties.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 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, 2018
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, 2018 or 2017 . The following tables summarize our segment financial information for the quarters and six months ended June 30, 2018 and 2017 : Quarter Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 222,167 $ 13,060 $ 235,227 Operations expenses (110,046 ) (12,234 ) (122,280 ) Income from segment operations 112,121 826 112,947 Interest income 823 1,033 1,856 Depreciation on real estate assets and rental homes (30,061 ) (2,391 ) (32,452 ) Amortization of in-place leases (1,893 ) — (1,893 ) Income (loss) from operations $ 80,990 $ (532 ) $ 80,458 Reconciliation to consolidated net income: Corporate interest income 6 Income from other investments, net 3,413 General and administrative (9,669 ) Other expenses (367 ) Interest and related amortization (26,285 ) Equity in income of unconsolidated joint ventures 1,613 Consolidated net income $ 49,169 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 26,602 $ 23,459 $ 50,061 Quarter Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 Capital improvements $ 18,534 $ 10,576 $ 29,110 Six Months Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 453,183 $ 25,179 $ 478,362 Operations expenses (215,558 ) (23,307 ) (238,865 ) Income from segment operations 237,625 1,872 239,497 Interest income 1,631 1,940 3,571 Depreciation on real estate assets and rental homes (53,084 ) (10,690 ) (63,774 ) Amortization of in-place leases (2,945 ) — (2,945 ) Income (loss) from operations $ 183,227 $ (6,878 ) $ 176,349 Reconciliation to consolidated net income: Corporate interest income 241 Income from other investments, net 4,353 General and administrative (17,707 ) Other expenses (710 ) Interest and related amortization (51,988 ) Equity in income of unconsolidated joint ventures 2,808 Consolidated net income $ 113,346 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 47,870 $ 33,507 $ 81,377 Six Months Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 128,579 $ 121,964 $ 255,318 $ 242,656 Resort base rental income 55,231 50,055 119,485 111,123 Right-to-use annual payments 11,891 11,350 23,410 22,602 Right-to-use contracts current period, gross 3,944 3,798 7,106 7,004 Right-to-use contract upfront payments, deferred, net (2,021 ) (1,321 ) (3,306 ) (2,096 ) Utility and other income 24,320 20,650 49,841 42,776 Ancillary services revenues, net 223 98 1,329 1,517 Total property operations revenues 222,167 206,594 453,183 425,582 Expenses: Property operating and maintenance 80,091 72,901 154,999 140,955 Real estate taxes 13,440 13,943 27,575 27,980 Sales and marketing, gross 3,305 2,894 6,117 5,584 Right-to-use contract commissions, deferred, net (262 ) (112 ) (286 ) (196 ) Property management 13,472 13,023 27,153 25,583 Total property operations expenses 110,046 102,649 215,558 199,906 Income from property operations segment $ 112,121 $ 103,945 $ 237,625 $ 225,676 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 9,105 $ 7,833 $ 17,414 $ 14,860 Brokered resale revenues, net 369 346 651 588 Rental home income (a) 3,561 3,632 7,076 7,237 Ancillary services revenues, net 25 — 38 — Total revenues 13,060 11,811 25,179 22,685 Expenses: Cost of home sales 9,632 7,895 18,206 15,014 Home selling expenses 973 929 2,048 1,854 Rental home operating and maintenance 1,629 1,657 3,053 3,208 Total expenses 12,234 10,481 23,307 20,076 Income from home sales and rentals operations segment $ 826 $ 1,330 $ 1,872 $ 2,609 ______________________ (a) Segment information does not include Site rental income included in Community base rental income.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 20, 2018, we completed the acquisition of Everglades Lakes, a 612 -site MH community in Fort Lauderdale, Florida. The purchase price was $72.0 million and was funded with net proceeds from sales of common stock under our ATM equity offering program and proceeds from our line of credit. During July 2018, we sold 252,864 shares of common stock as part of our ATM equity offering program at a weighted average price per share of $91.85 , resulting in net cash proceeds of approximately $22.9 million . As of July 26, 2018, $126.8 million of common stock remains available for issuance under the ATM equity offering program.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities ("VIEs") with respect to which we are the primary beneficiary. We have determined the Operating Partnership, which is our sole significant asset, meets the definition of a VIE. Therefore, we consolidate the Operating Partnership. 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. 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. Basis of Presentation
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 $24.1 million and $23.7 million as of June 30, 2018 and December 31, 2017 , respectively, had an aggregate carrying value of approximately $2,251.1 million and $2,193.7 million as of June 30, 2018 and December 31, 2017 , respectively, and a fair value of approximately $2,230.7 million and $2,184.0 million as of June 30, 2018 and December 31, 2017 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2018 and December 31, 2017 , our cash flow hedge of interest rate risk included in Escrow deposits, goodwill and other assets, net 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.
Revenue Recognition, Leases	Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), Leases , which include the following classifications on our Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site in which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer’s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute.
Revenue Recognition- Leases	We enter into right-to-use contracts that give the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized ratably over the one year period in which access to Sites at certain Properties are provided. Right-to-use upgrade contracts grant certain additional access rights to the customer and require upfront non-refundable payments. The right-to-use upfront non-refundable payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See Recently Adopted Accounting Pronouncements within Note 2 for further discussion. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted on a prospective basis ("ASU 2017-01") Business Combinations : Clarifying the Definition of a Business (Topic 805) . This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, is accounted for as an asset acquisition rather than a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $1.3 million were capitalized for the six months ended June 30, 2018. On January 1, 2018, the Company adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230) . ASU 2016-18 requires companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance did not have any effect on the Company's Consolidated Financial Statements. On January 1, 2018, the Company adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. ASU 2016-15 adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 impacted our classification of proceeds from the settlement of insurance claims and distributions received from equity method investments. The retrospective adoption of this guidance resulted in the reclassification of $0.6 million of insurance proceeds from Operating Activities to Investing Activities and $0.5 million of distributions from equity method investments from Operating Activities to Investing Activities in our Statement of Cash Flows for the six months ended June 30, 2017 . On January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. As a result of the cumulative impact of adopting this guidance, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings in the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In addition to the information included within Note 2 regarding the impact of ASU 2014-09, also see Note 10, Reportable Segments, for further disaggregation of our various revenue streams by major source. New Accounting Pronouncements In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging : Targeted Improvements to Accounting for Hedging Activities (Topic 815) . ASU 2017-12 provides guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments including ineffectiveness will be recorded in Other comprehensive income ("OCI") and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The new guidance also amends the presentation and disclosure requirements. The intention is to align hedge accounting with companies' risk management strategies more closely, thereby simplifying the application of hedge accounting and increasing transparency as to the scope and results of hedging programs. ASU 2017-12 is effective in fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that the 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: Measurement of Credit Losses on Financial Instruments (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. As the lessor, we generate rental income and other income when customers rent the Sites at our Properties. We are the lessee in other arrangements, primarily for office space, ground leases and certain equipment. We are currently in the process of evaluating the potential impact, as both a lessor and a lessee, this standard may have on our Consolidated Financial Statements and related disclosures.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of cumulative effect adjustments resulting from the adoption of ASU 2014-09	The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows: (amounts in thousands) Balance at December 31, 2017 Adjustment due to ASU 2014-09 Adoption Balance at January 1, 2018 Assets Deferred commission expense $ 31,443 $ 8,200 $ 39,643 Liabilities Deferred revenue-upfront payment from right-to-use contracts $ 85,596 $ 23,386 $ 108,982 Equity Distribution in excess of accumulated earnings $ (211,980 ) $ (15,186 ) $ (227,166 ) The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (2,021 ) $ (1,286 ) $ 735 Total revenues $ 240,502 $ 241,237 $ (735 ) Expenses Right-to-use contract commissions, deferred, net $ (262 ) $ (43 ) $ 219 Total expenses $ 192,946 $ 193,165 $ (219 ) Consolidated net income $ 49,169 $ 49,685 $ (516 ) Net income available for Common Stockholders $ 46,137 $ 46,629 $ (492 ) Earnings per Common Share - Basic $ 0.52 $ 0.53 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 0.52 $ 0.53 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (3,306 ) $ (1,837 ) $ 1,469 Total revenues $ 486,527 $ 487,996 $ (1,469 ) Expenses Right-to-use contract commissions, deferred, net $ (286 ) $ 164 $ 450 Total expenses $ 375,989 $ 376,439 $ (450 ) Consolidated net income $ 113,346 $ 114,365 $ (1,019 ) Net income available for Common Stockholders $ 106,359 $ 107,323 $ (964 ) Earnings per Common Share - Basic $ 1.20 $ 1.21 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 1.20 $ 1.21 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted 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, 2018 and 2017 : Quarters Ended Six Months Ended June 30, June 30, (amounts in thousands, except per share data) 2018 2017 2018 2017 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 46,137 $ 39,498 $ 106,359 $ 96,385 Amounts allocated to dilutive securities 3,024 2,649 6,979 6,539 Net income available for Common Stockholders – fully diluted $ 49,161 $ 42,147 $ 113,338 $ 102,924 Denominator: Weighted average Common Shares outstanding – basic 88,549 86,763 88,537 86,408 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 5,826 5,886 5,827 6,235 Stock options and restricted shares 248 414 236 398 Weighted average Common Shares outstanding – fully diluted 94,623 93,063 94,600 93,041 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.52 $ 0.46 $ 1.20 $ 1.12 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.52 $ 0.45 $ 1.20 $ 1.11

Common Stock and Other Equity21

Common Stock and Other Equity Related Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Dividends declared	The following quarterly distributions have been declared and paid to common stockholders and non-controlling common operating partnership unit ("OP Unit") holders for the six months ended June 30, 2018 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.5500 March 31, 2018 March 30, 2018 April 13, 2018 $0.5500 June 30, 2018 June 29, 2018 July 13, 2018

Investment in Unconsolidated 22

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of our investment in unconsolidated joint ventures	The following table summarizes our Investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2018 and December 31, 2017 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites (a) Economic (b) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 526 $ 307 $ 819 $ 1,130 Lakeshore Florida (3,3) 720 (c) 2,435 2,530 123 147 Voyager Arizona (1,1) 1,801 50 % (d) 3,614 3,205 883 800 Loggerhead Florida 2,343 49 % 35,205 31,414 689 — ECHO JV Various — 50 % 15,919 15,624 294 113 5,941 $ 57,699 $ 53,080 $ 2,808 $ 2,190 _____________________ (a) Loggerhead sites represent marina slip count. (b) The percentages shown approximate our economic interest as of June 30, 2018 . Our legal ownership interest may differ. (c) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (d) 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, 2018
Segment Reporting [Abstract]
Schedule of segment financial information	The following tables summarize our segment financial information for the quarters and six months ended June 30, 2018 and 2017 : Quarter Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 222,167 $ 13,060 $ 235,227 Operations expenses (110,046 ) (12,234 ) (122,280 ) Income from segment operations 112,121 826 112,947 Interest income 823 1,033 1,856 Depreciation on real estate assets and rental homes (30,061 ) (2,391 ) (32,452 ) Amortization of in-place leases (1,893 ) — (1,893 ) Income (loss) from operations $ 80,990 $ (532 ) $ 80,458 Reconciliation to consolidated net income: Corporate interest income 6 Income from other investments, net 3,413 General and administrative (9,669 ) Other expenses (367 ) Interest and related amortization (26,285 ) Equity in income of unconsolidated joint ventures 1,613 Consolidated net income $ 49,169 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 26,602 $ 23,459 $ 50,061 Quarter Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 Capital improvements $ 18,534 $ 10,576 $ 29,110 Six Months Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 453,183 $ 25,179 $ 478,362 Operations expenses (215,558 ) (23,307 ) (238,865 ) Income from segment operations 237,625 1,872 239,497 Interest income 1,631 1,940 3,571 Depreciation on real estate assets and rental homes (53,084 ) (10,690 ) (63,774 ) Amortization of in-place leases (2,945 ) — (2,945 ) Income (loss) from operations $ 183,227 $ (6,878 ) $ 176,349 Reconciliation to consolidated net income: Corporate interest income 241 Income from other investments, net 4,353 General and administrative (17,707 ) Other expenses (710 ) Interest and related amortization (51,988 ) Equity in income of unconsolidated joint ventures 2,808 Consolidated net income $ 113,346 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 47,870 $ 33,507 $ 81,377 Six Months Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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
Financial information for the property operations segment	The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 128,579 $ 121,964 $ 255,318 $ 242,656 Resort base rental income 55,231 50,055 119,485 111,123 Right-to-use annual payments 11,891 11,350 23,410 22,602 Right-to-use contracts current period, gross 3,944 3,798 7,106 7,004 Right-to-use contract upfront payments, deferred, net (2,021 ) (1,321 ) (3,306 ) (2,096 ) Utility and other income 24,320 20,650 49,841 42,776 Ancillary services revenues, net 223 98 1,329 1,517 Total property operations revenues 222,167 206,594 453,183 425,582 Expenses: Property operating and maintenance 80,091 72,901 154,999 140,955 Real estate taxes 13,440 13,943 27,575 27,980 Sales and marketing, gross 3,305 2,894 6,117 5,584 Right-to-use contract commissions, deferred, net (262 ) (112 ) (286 ) (196 ) Property management 13,472 13,023 27,153 25,583 Total property operations expenses 110,046 102,649 215,558 199,906 Income from property operations segment $ 112,121 $ 103,945 $ 237,625 $ 225,676 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 9,105 $ 7,833 $ 17,414 $ 14,860 Brokered resale revenues, net 369 346 651 588 Rental home income (a) 3,561 3,632 7,076 7,237 Ancillary services revenues, net 25 — 38 — Total revenues 13,060 11,811 25,179 22,685 Expenses: Cost of home sales 9,632 7,895 18,206 15,014 Home selling expenses 973 929 2,048 1,854 Rental home operating and maintenance 1,629 1,657 3,053 3,208 Total expenses 12,234 10,481 23,307 20,076 Income from home sales and rentals operations segment $ 826 $ 1,330 $ 1,872 $ 2,609 ______________________ (a) Segment information does not include Site rental income included in Community base rental income.

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
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	3,000		2,900
Cash and cash equivalents, restricted cash	5,300		5,300
Deferred financing costs, net	24,100		23,700
Capitalized transaction costs	1,300
Proceeds from insurance claims, operating activities	1,809	$ 4,482
Proceeds from insurance claims, investing activities	2,335	590
Distributions of capital from unconsolidated joint ventures	110	530
Distributions of income from unconsolidated joint ventures	1,732	1,270
Reported Value Measurement
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,251,100		2,193,700
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,230,700		2,184,000
Leases, Acquired-in-Place
Significant Accounting Policies [Line Items]
Intangible assets	84,400		76,700
Accumulated amortization of identified intangible assets	$ 77,600		76,500
Accounting Standard Update 2016-15
Significant Accounting Policies [Line Items]
Proceeds from insurance claims, investing activities		$ 600
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Significant Accounting Policies [Line Items]
Retained earnings			$ 15,200

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Revenue Adjustment - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets
Deferred commission expense	$ 39,843	$ 39,643	$ 31,443
Liabilities:
Deferred revenue – upfront payments from right-to-use contracts		108,982
Equity
Distribution in excess of accumulated earnings	$ (218,453)	(227,166)	(211,980)
Calculated under Revenue Guidance in Effect before Topic 606
Assets
Deferred commission expense			31,443
Liabilities:
Deferred revenue – upfront payments from right-to-use contracts			85,596
Equity
Distribution in excess of accumulated earnings			$ (211,980)
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Assets
Deferred commission expense		8,200
Liabilities:
Deferred revenue – upfront payments from right-to-use contracts		23,386
Equity
Distribution in excess of accumulated earnings		$ (15,186)

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Revenue Adjustment - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 240,502	$ 221,312	$ 486,527	$ 453,701
Right-to-use contract commissions, deferred, net	(262)	(112)	(286)	(196)
Operating Expenses [Abstract]
Total expenses	192,946	177,889	375,989	348,354
Consolidated net income	49,169	44,463	113,346	107,537
Net income available for Common Stockholders	$ 46,137	$ 39,498	$ 106,359	$ 96,385
Earnings per common share - Basic (usd per share)	$ 0.52	$ 0.46	$ 1.20	$ 1.12
Earnings per common share - Fully Diluted (usd per share)	$ 0.52	$ 0.45	$ 1.20	$ 1.11
Calculated under Revenue Guidance in Effect before Topic 606
Revenues:
Total revenues	$ 241,237		$ 487,996
Right-to-use contract commissions, deferred, net	(43)		164
Operating Expenses [Abstract]
Total expenses	193,165		376,439
Consolidated net income	49,685		114,365
Net income available for Common Stockholders	$ 46,629		$ 107,323
Earnings per common share - Basic (usd per share)	$ 0.53		$ 1.21
Earnings per common share - Fully Diluted (usd per share)	$ 0.53		$ 1.21
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenues:
Total revenues	$ (735)		$ (1,469)
Right-to-use contract commissions, deferred, net	219		450
Operating Expenses [Abstract]
Total expenses	(219)		(450)
Consolidated net income	(516)		(1,019)
Net income available for Common Stockholders	$ (492)		$ (964)
Earnings per common share - Basic (usd per share)	$ (0.01)		$ (0.01)
Earnings per common share - Fully Diluted (usd per share)	$ (0.01)		$ (0.01)
Right-to-use contract upfront payments, deferred, net
Revenues:
Right-to-use contract upfront payments, deferred, net	$ (2,021)	$ (1,321)	$ (3,306)	$ (2,096)
Right-to-use contract upfront payments, deferred, net | Calculated under Revenue Guidance in Effect before Topic 606
Revenues:
Right-to-use contract upfront payments, deferred, net	(1,286)		(1,837)
Right-to-use contract upfront payments, deferred, net | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenues:
Right-to-use contract upfront payments, deferred, net	$ 735		$ 1,469

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income available for Common Stockholders – basic	$ 46,137	$ 39,498	$ 106,359	$ 96,385
Amounts allocated to dilutive securities	3,024	2,649	6,979	6,539
Net income available for Common Stockholders – fully diluted	$ 49,161	$ 42,147	$ 113,338	$ 102,924
Denominator:
Weighted average Common Shares outstanding – basic (shares)	88,549	86,763	88,537	86,408
Effect of dilutive securities:
Conversion of Common OP Units to Common Shares (shares)	5,826	5,886	5,827	6,235
Stock options and restricted shares (shares)	248	414	236	398
Weighted average Common Shares outstanding – fully diluted (shares)	94,623	93,063	94,600	93,041
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 0.52	$ 0.46	$ 1.20	$ 1.12
Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 0.52	$ 0.45	$ 1.20	$ 1.11

Common Stock and Other Equity28

Common Stock and Other Equity Related Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 13, 2018	Apr. 13, 2018	Jun. 30, 2018	Jul. 26, 2018
Class of Stock [Line Items]
Common stock, dividends paid (usd per share)		$ 0.550
OP units were exchanged for an equal number of shares of common stock (OP Units)			13,838
Private Placement
Class of Stock [Line Items]
Common stock, available for issuance			$ 150
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (usd per share)	$ 0.5500
Subsequent Event | Private Placement
Class of Stock [Line Items]
Common stock, available for issuance				$ 126.8

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Millions	Apr. 20, 2018USD ($)site	Mar. 15, 2018USD ($)site	Mar. 08, 2018USD ($)site	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Business Acquisition [Line Items]
Proceeds from loans					$ 64
Serendipity
Business Acquisition [Line Items]
Liabilities incurred				$ 9.2
Proceeds from loans				$ 8.8
Holiday, Florida | Holiday Travel Park
Business Acquisition [Line Items]
Number of acquired sites | site	613
Purchase price	$ 22.5
Transaction costs	$ 0.3
Clear Water, Florida | Serendipity
Business Acquisition [Line Items]
Number of acquired sites | site		425
Purchase price		$ 30.7
Transaction costs		0.6
Liabilities incurred		9.2
Proceeds from loans		$ 8.8
Riverview, Florida | Kingswood
Business Acquisition [Line Items]
Number of acquired sites | site			229
Purchase price			$ 17.5
Transaction costs			$ 0.4

Investment in Unconsolidated 30

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands	Mar. 29, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018joint_venture_site	Jun. 30, 2018	Jun. 30, 2018site	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number of sites						2		5,941
Economic interest (in percentage)							65.00%
Investment in unconsolidated joint ventures		$ 57,699		$ 57,699					$ 53,080
Joint venture income/(loss)		1,613	$ 1,040	2,808	$ 2,190
Income from distribution made to us				1,800	1,800
Distributions, including those in excess of basis					300
Crosswinds
Schedule of Equity Method Investments [Line Items]
Economic interest (in percentage)							49.00%
Short term loan repaid	$ 13,800
Various | Meadows
Schedule of Equity Method Investments [Line Items]
Number of sites | site								1,077
Economic interest (in percentage)							50.00%
Investment in unconsolidated joint ventures		526		526					307
Joint venture income/(loss)				819	1,130
Various | ECHO JV
Schedule of Equity Method Investments [Line Items]
Number of sites | site								0
Economic interest (in percentage)							50.00%
Investment in unconsolidated joint ventures		15,919		15,919					15,624
Joint venture income/(loss)				294	113
Florida | Lakeshore
Schedule of Equity Method Investments [Line Items]
Number of sites | site								720
Investment in unconsolidated joint ventures		2,435		2,435					2,530
Joint venture income/(loss)				123	147
Florida | Loggerhead
Schedule of Equity Method Investments [Line Items]
Number of sites | site								2,343
Economic interest (in percentage)							49.00%
Investment in unconsolidated joint ventures		35,205		35,205					31,414
Joint venture income/(loss)				689	0
Arizona | Voyager
Schedule of Equity Method Investments [Line Items]
Number of sites | site								1,801
Economic interest (in percentage)							50.00%
Investment in unconsolidated joint ventures		$ 3,614		3,614					$ 3,205
Joint venture income/(loss)				$ 883	$ 800
Recreational Vehicle Resort | Voyager
Schedule of Equity Method Investments [Line Items]
Economic interest (in percentage)							50.00%
Servicing Assets | Voyager
Schedule of Equity Method Investments [Line Items]
Economic interest (in percentage)							33.00%

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018Property	Jun. 30, 2018loan	Jun. 30, 2018property	Jun. 30, 2018	Jun. 30, 2018Rate	Dec. 31, 2017USD ($)Property
Debt Instrument [Line Items]
Number of loans | loan				1
Number of pledged properties			124		2			120
Proceeds from loans		$ 64,000
Stated interest rate (in percentage)						4.83%
Pledged assets, not separately reported		2,499,000						$ 2,323,100
Mortgage notes payable, net		2,028,535						$ 1,971,715
Weighted average interest rate (percentage) | Rate							4.70%
Repayments of unsecured line of credit		$ 30,000
Secured Debt | Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)						3.05%
Secured Debt | Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)						8.87%
Serendipity
Debt Instrument [Line Items]
Proceeds from loans	$ 8,800
Stated interest rate (in percentage)	4.75%
Liabilities incurred	$ 9,200
Pledged assets, not separately reported	$ 18,000

Equity Incentive Awards - Addit

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 01, 2018	Feb. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 13, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award (in years)					10 years
Number of shares available for grant (in shares)			2,934,810		2,934,810
Grants during the period (in shares)	6,270
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)							3,750,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 2.7	$ 2.5	$ 4.5	$ 4.3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)	51,388	70,250
Fair value of shares issued	$ 4.6	$ 5.9
Exercise price ( in usd per share)	$ 89.65
Management | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)		3 years
Management | Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)		70,250
Fair value of shares issued		$ 5.9
Award vesting period (years)		3 years
Vesting on December 28, 2018 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)					33.00%
Vesting on December 28, 2018 | Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)					67.00%
Vesting on December 28, 2019 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)					33.00%
Vesting on December 28, 2019 | Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)					33.00%
Vesting on December 28, 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)					33.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Oct. 20, 2015demolition
Commitments and Contingencies Disclosure [Abstract]
Number of historical demolition and renovation projects	200

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018integer
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolida

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Depreciation on real estate assets and rental homes	$ (32,452)	$ (30,247)	$ (63,774)	$ (60,357)
Amortization of in-place leases	(1,893)	(958)	(2,945)	(1,990)
Reconciliation to Consolidated net income:
Income from other investments, net	3,413	1,109	4,353	1,866
General and administrative	(9,669)	(8,461)	(17,707)	(15,834)
Other expenses	(367)	(271)	(710)	(490)
Interest and related amortization	(26,285)	(24,822)	(51,988)	(49,701)
Equity in income of unconsolidated joint ventures	1,613	1,040	2,808	2,190
Consolidated net income	49,169	44,463	113,346	107,537
Total assets	3,700,189	3,485,358	3,700,189	3,485,358	$ 3,610,032
Capital improvements	50,061	29,110	81,377	53,464
Property Operations
Reconciliation to Consolidated net income:
Total assets	3,477,455	3,267,947	3,477,455	3,267,947
Capital improvements	26,602	18,534	47,870	31,731
Home Sales and Rentals Operations
Reconciliation to Consolidated net income:
Total assets	222,734	217,411	222,734	217,411
Capital improvements	23,459	10,576	33,507	21,733
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	235,227	218,405	478,362	448,267
Operations expenses	(122,280)	(113,130)	(238,865)	(219,982)
Income from segment operations	112,947	105,275	239,497	228,285
Interest income	1,856	1,795	3,571	3,563
Depreciation on real estate assets and rental homes	(32,452)	(30,247)	(63,774)	(60,357)
Amortization of in-place leases	(1,893)	(958)	(2,945)	(1,990)
Income (loss) from operations	80,458	75,865	176,349	169,501
Operating Segments | Property Operations
Segment Reporting Information [Line Items]
Operations revenues	222,167	206,594	453,183	425,582
Operations expenses	(110,046)	(102,649)	(215,558)	(199,906)
Income from segment operations	112,121	103,945	237,625	225,676
Interest income	823	754	1,631	1,484
Depreciation on real estate assets and rental homes	(30,061)	(27,609)	(53,084)	(55,062)
Amortization of in-place leases	(1,893)	(958)	(2,945)	(1,990)
Income (loss) from operations	80,990	76,132	183,227	170,108
Operating Segments | Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	13,060	11,811	25,179	22,685
Operations expenses	(12,234)	(10,481)	(23,307)	(20,076)
Income from segment operations	826	1,330	1,872	2,609
Interest income	1,033	1,041	1,940	2,079
Depreciation on real estate assets and rental homes	(2,391)	(2,638)	(10,690)	(5,295)
Amortization of in-place leases	0	0	0	0
Income (loss) from operations	(532)	(267)	(6,878)	(607)
Segment Reconciling Items
Reconciliation to Consolidated net income:
Corporate interest income	6	3	241	5
Income from other investments, net	3,413	1,109	4,353	1,866
General and administrative	(9,669)	(8,461)	(17,707)	(15,834)
Other expenses	(367)	(271)	(710)	(490)
Interest and related amortization	(26,285)	(24,822)	(51,988)	(49,701)
Equity in income of unconsolidated joint ventures	$ 1,613	$ 1,040	$ 2,808	$ 2,190

Reportable Segments - Income fr

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Community base rental income	$ 128,579	$ 121,964	$ 255,318	$ 242,656
Rental home income	3,561	3,632	7,076	7,237
Total revenues	240,502	221,312	486,527	453,701
Expenses:
Property operating and maintenance	80,091	72,901	154,999	140,955
Real estate taxes	13,440	13,943	27,575	27,980
Sales and marketing, gross	3,305	2,894	6,117	5,584
Right-to-use contract commissions, deferred, net	(262)	(112)	(286)	(196)
Home selling expenses	973	929	2,048	1,854
Rental home operating and maintenance	1,629	1,657	3,053	3,208
Total expenses	192,946	177,889	375,989	348,354
Income before equity in income of unconsolidated joint ventures	47,556	43,423	110,538	105,347
Property Operations
Revenues:
Community base rental income	128,579	121,964	255,318	242,656
Rental home income	55,231	50,055	119,485	111,123
Utility and other income	24,320	20,650	49,841	42,776
Total revenues	222,167	206,594	453,183	425,582
Expenses:
Property operating and maintenance	80,091	72,901	154,999	140,955
Real estate taxes	13,440	13,943	27,575	27,980
Sales and marketing, gross	3,305	2,894	6,117	5,584
Right-to-use contract commissions, deferred, net	(262)	(112)	(286)	(196)
Total expenses	110,046	102,649	215,558	199,906
Income before equity in income of unconsolidated joint ventures	112,121	103,945	237,625	225,676
Home Sales and Rentals Operations
Revenues:
Rental home income	3,561	3,632	7,076	7,237
Total revenues	13,060	11,811	25,179	22,685
Expenses:
Home selling expenses	973	929	2,048	1,854
Rental home operating and maintenance	1,629	1,657	3,053	3,208
Total expenses	12,234	10,481	23,307	20,076
Income before equity in income of unconsolidated joint ventures	826	1,330	1,872	2,609
Gross revenues from home sales
Revenues:
Contract revenue	9,105	7,833	17,414	14,860
Expenses:
Cost of home sales	9,632	7,895	18,206	15,014
Gross revenues from home sales | Home Sales and Rentals Operations
Revenues:
Contract revenue	9,105	7,833	17,414	14,860
Expenses:
Cost of home sales	9,632	7,895	18,206	15,014
Brokered resale revenues, net | Home Sales and Rentals Operations
Revenues:
Contract revenue	369	346	651	588
Right-to-use annual payments
Revenues:
Contract revenue	11,891	11,350	23,410	22,602
Right-to-use annual payments | Property Operations
Revenues:
Contract revenue	11,891	11,350	23,410	22,602
Right-to-use contracts current period, gross
Revenues:
Contract revenue	3,944	3,798	7,106	7,004
Right-to-use contracts current period, gross | Property Operations
Revenues:
Contract revenue	3,944	3,798	7,106	7,004
Right-to-use contract upfront payments, deferred, net
Revenues:
Contract revenue	(2,021)	(1,321)	(3,306)	(2,096)
Right-to-use contract upfront payments, deferred, net | Property Operations
Revenues:
Contract revenue	(2,021)	(1,321)	(3,306)	(2,096)
Ancillary services | Property Operations
Revenues:
Contract revenue	223	98	1,329	1,517
Ancillary services | Home Sales and Rentals Operations
Revenues:
Contract revenue	25	0	38	0
Property management
Expenses:
Cost of home sales	13,472	13,023	27,153	25,583
Property management | Property Operations
Expenses:
Cost of home sales	$ 13,472	$ 13,023	$ 27,153	$ 25,583

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Jul. 20, 2018USD ($)property	Jul. 26, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)
Fort Lauderdale | Everglades Lake | Subsequent Event
Subsequent Event [Line Items]
Number of acquired sites | property	612
Purchase price	$ 72
Private Placement
Subsequent Event [Line Items]
Common stock, available for issuance			$ 150
Private Placement | Subsequent Event
Subsequent Event [Line Items]
Shares sold (shares) | shares		252,864
Shares sold during period, weighted average share price (usd per share) | $ / shares		$ 91.85
Proceeds from sale of shares		$ 22.9
Common stock, available for issuance		$ 126.8