Equity LifeStyle Properties (ELS) 10-Q 28 Apr 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Commission File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Name	Two North Riverside Plaza, Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of each class	Common Stock, $0.01 Par Value
Trading Symbol(s)	ELS
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		182,146,987
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000895417
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment in real estate:
Land	$ 1,526,225	$ 1,525,407
Land improvements	3,362,287	3,336,070
Buildings and other depreciable property	892,816	881,572
Investment in real estate	5,781,328	5,743,049
Accumulated depreciation	(1,812,822)	(1,776,224)
Net investment in real estate	3,968,506	3,966,825
Cash and restricted cash	96,921	28,860
Notes receivable, net	35,227	37,558
Investment in unconsolidated joint ventures	20,130	20,074
Deferred commission expense	41,230	41,149
Other assets, net	50,450	56,809
Total Assets	4,212,464	4,151,275
Liabilities:
Mortgage notes payable, net	2,260,819	2,049,509
Term loan, net	199,030	198,949
Unsecured line of credit	0	160,000
Accounts payable and other liabilities	124,396	124,665
Accrued interest payable	8,627	8,639
Rents and other customer payments received in advance and security deposits	91,152	91,234
Distributions payable	65,858	58,978
Total Liabilities	2,891,557	2,829,387
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2020 and December 31, 2019; none issued and outstanding.	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 182,144,559 and 182,089,595 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.	1,812	1,812
Paid-in capital	1,402,514	1,402,696
Distributions in excess of accumulated earnings	(153,703)	(154,318)
Accumulated other comprehensive income (loss)	(1,713)	(380)
Total Stockholders’ Equity	1,248,910	1,249,810
Non-controlling interests – Common OP Units	71,997	72,078
Total Equity	1,320,907	1,321,888
Total Liabilities and Equity	4,212,464	4,151,275
Deferred revenue – upfront payments from membership upgrade sales
Liabilities:
Deferred revenue	129,356	126,814
Deferred revenue – annual membership subscriptions
Liabilities:
Deferred revenue	$ 12,319	$ 10,599

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	182,144,559	182,089,595
Common stock, shares outstanding (in shares)	182,144,559	182,089,595

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 239,346	$ 223,566
Other income	11,059	10,370
Interest income	1,807	1,751
Income from other investments, net	643	986
Total revenues	280,476	259,090
Expenses:
Property operating and maintenance	83,634	77,948
Real estate taxes	16,841	15,323
Sales and marketing, gross	3,978	3,409
Membership sales commissions, deferred, net	(216)	(191)
Depreciation and amortization	39,024	37,977
Home selling expenses	1,213	1,083
General and administrative	10,855	9,909
Other expenses	588	427
Early debt retirement	1,054	0
Interest and related amortization	26,073	26,393
Total expenses	209,959	192,595
Gain on sale of real estate, net	0	52,507
Income before equity in income of unconsolidated joint ventures	70,517	119,002
Equity in income of unconsolidated joint ventures	207	1,533
Consolidated net income	70,724	120,535
Income allocated to non-controlling interests – Common OP Units	(3,849)	(7,226)
Net income available for Common Stockholders	66,875	113,309
Other comprehensive income (loss):
Adjustment for fair market value of swap	(1,333)	(931)
Consolidated comprehensive income	69,391	119,604
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,776)	(7,170)
Comprehensive income attributable to Common Stockholders	$ 65,615	$ 112,434
Earnings per common share – basic (usd per share)	$ 0.37	$ 0.63
Earnings per common share – fully diluted (usd per share)	$ 0.37	$ 0.63
Weighted average common shares outstanding – basic (in shares)	181,729	179,560
Weighted average number of shares outstanding, diluted (in shares)	192,564	191,248
Annual membership subscriptions
Revenues:
Contract revenue	$ 13,073	$ 12,316
Membership upgrade sales current period, gross
Revenues:
Contract revenue	4,843	3,838
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(2,542)	(1,771)
Gross revenues from home sales
Revenues:
Contract revenue	11,309	6,475
Expenses:
Cost of services	11,911	6,632
Brokered resale and ancillary services revenues, net
Revenues:
Contract revenue	938	1,559
Property management
Expenses:
Cost of services	$ 15,004	$ 13,685

Consolidated Statements of Chan

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling interests – Common OP Units
Beginning balance at Dec. 31, 2018	$ 1,193,344	$ 1,792	$ 1,328,495	$ (211,034)	$ 2,299	$ 71,792
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		66			(66)
Issuance of Common Stock through exercise of options	53		53
Issuance of Common Stock through employee stock purchase plan	652		652
Compensation expenses related to restricted stock and stock options	2,420		2,420
Repurchase of Common Stock or Common OP Units	(53)		(53)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(56)			56
Adjustment for fair market value of swap	(931)				(931)
Consolidated net income	120,535			113,309		7,226
Distributions	(58,639)			(55,123)		(3,516)
Other	(63)		(63)
Ending balance at Mar. 31, 2019	1,257,318	1,792	1,331,514	(152,848)	1,368	75,492
Beginning balance at Dec. 31, 2019	1,321,888	1,812	1,402,696	(154,318)	(380)	72,078
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	(1,333)
Ending balance at Mar. 31, 2020	1,320,907	1,812	1,402,514	(153,703)	(1,713)	71,997
Increase (Decrease) in Stockholders' Equity
Cumulative effect of change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326))	(3,875)			(3,875)
Beginning balance at Jan. 01, 2020	1,318,013	1,812	1,402,696	(158,193)	(380)	72,078
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		63			(63)
Issuance of Common Stock through employee stock purchase plan	619		619
Compensation expenses related to restricted stock and stock options	2,964		2,964
Repurchase of Common Stock or Common OP Units	(3,962)		(3,962)
Adjustment for Common OP Unitholders in the Operating Partnership	0		277			(277)
Adjustment for fair market value of swap	(1,333)				(1,333)
Consolidated net income	70,724			66,875		3,849
Distributions	(65,975)			(62,385)		(3,590)
Other	(143)		(143)
Ending balance at Mar. 31, 2020	$ 1,320,907	$ 1,812	$ 1,402,514	$ (153,703)	$ (1,713)	$ 71,997

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities:
Consolidated net income	$ 70,724	$ 120,535
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net	0	(52,507)
Early debt retirement	1,054	0
Depreciation and amortization	39,628	38,404
Amortization of loan costs	872	887
Debt premium amortization	(114)	(101)
Equity in income of unconsolidated joint ventures	(207)	(1,533)
Distributions of income from unconsolidated joint ventures	0	677
Proceeds from insurance claims, net	756	4,150
Compensation expense related to restricted stock and stock options	2,964	2,420
Revenue recognized from membership upgrade sales upfront payments	(2,301)	(2,067)
Commission expense recognized related to membership sales	940	938
Long-term incentive plan compensation	383	(3,987)
Changes in assets and liabilities:
Notes receivable, net	(317)	122
Deferred commission expense	(1,020)	(1,035)
Other assets, net	13,324	(9,238)
Accounts payable and other liabilities	(2,096)	20,402
Rents and other customer payments received in advance and security deposits	(261)	3,202
Net cash provided by operating activities	130,892	128,098
Cash Flows From Investing Activities:
Real estate acquisitions, net	(1,352)	(13,012)
Proceeds from disposition of properties, net	0	77,746
Distributions of capital from unconsolidated joint ventures	150	58
Proceeds from insurance claims	0	761
Capital improvements	(48,959)	(52,441)
Net cash provided by (used in) investing activities	(50,161)	13,112
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	619	652
Distributions:
Common Stockholders	(55,765)	(49,457)
Common OP Unitholders	(3,213)	(3,161)
Share based award tax withholding payments	(3,962)	0
Principal payments and mortgage debt repayment	(61,791)	(13,683)
Mortgage notes payable financing proceeds	275,385	0
Line of Credit repayment	(222,500)	0
Line of Credit proceeds	62,500	0
Debt issuance and defeasance costs	(3,800)	(250)
Other	(143)	(63)
Net cash used in financing activities	(12,670)	(65,962)
Net increase (decrease) in cash and restricted cash	68,061	75,248
Cash and restricted cash, beginning of period	28,860	68,974
Cash and restricted cash, end of period	96,921	144,222
Supplemental Information:
Cash paid for interest	25,518	25,729
Net investment in real estate – reclassification of rental homes	9,319	5,520
Other assets, net – reclassification of rental homes	(9,319)	(5,520)
Real estate acquisitions:
Investment in real estate	(1,531)	(25,797)
Debt assumed	0	11,208
Other liabilities	179	1,577
Real estate acquisitions, net	1,352	13,012
Real estate dispositions:
Investment in real estate	0	35,572
Notes receivable, net	0	295
Other assets, net	0	97
Mortgage notes payable, net	0	(11,175)
Other liabilities	0	450
Gain on sale of real estate, net	0	52,507
Proceeds from disposition of properties, net	0	77,746
Deferred revenue – upfront payments from membership upgrade sales
Changes in assets and liabilities:
Deferred revenue	4,843	3,838
Deferred revenue – annual membership subscriptions
Changes in assets and liabilities:
Deferred revenue	$ 1,720	$ 2,991

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and its other consolidated subsidiaries (the "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") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of March 31, 2020 . As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. 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. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . Intercompany balances and transactions have been eliminated. All adjustments to the interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. On October 15, 2019, we effected a two -for-one stock split of our common stock. Pursuant to the anti-dilution provision in the Operating Partnership's Agreement of Limited Partnership, the stock split also effected a two-for one split of the outstanding Operating Partnership units ("OP units"). All shares of common stock and OP units and per share data in the consolidated financial statements and accompanying notes, for all periods presented, have been adjusted to reflect the stock split.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Recently Adopted Accounting Pronouncements On January 1, 2020, we prospectively adopted FASB ("ASU 2018-15") Intangibles - Goodwill and Other - Internal-Use Software (ASC 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides guidance on accounting for fees paid when the arrangement includes a software license and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The adoption of this guidance did not have a material impact on our consolidated financial statements. On January 1, 2020 we adopted FASB (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) using the modified retrospective approach. 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 should use forward-looking information to better form their credit loss estimates. We are exposed to credit losses primarily through sales of annual membership subscriptions and membership upgrades and home sales. We have developed an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of our receivables considering current market conditions and estimates for forecasts when appropriate. The estimate is a result of our ongoing assessments and evaluations of collectability, historical loss experience and future expectations in estimating credit losses in each of our receivable portfolios. We recognized a cumulative-effect adjustment of $3.9 million , which decreased opening retained earnings as of January 1, 2020. The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows: Balance net of allowance Balance Sheet Location Balance at December 31, 2019 Adjustment due to ASU 2016-13 Adoption Balance at January 1, 2020 Balance at March 31, 2020 (amounts in thousands) Annual membership subscriptions Other assets, net $ 2,394 $ (1,361 ) $ 1,033 $ 1,232 Membership upgrades Notes receivable, net $ 25,236 $ (2,514 ) $ 22,722 $ 23,149 (b) Revenue Recognition Rental income is accounted for in accordance with the ASC 842, Leases , and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. Expected credit losses related to the collectability of lease receivables are presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of expected credit losses. See Note 3. Leases for additional information. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. 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. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. (c) Restricted Cash As of March 31, 2020 and December 31, 2019 , restricted cash consists of $27.6 million and $25.1 million

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases , and is recognized over the term of the respective operating lease or the length of a customer's stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months . Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of March 31, 2020 2020 $ 63,393 2021 85,220 2022 53,423 2023 20,119 2024 20,144 Thereafter 79,241 Total $ 321,540 Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054 . The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2026 . For the quarters ended March 31, 2020 and 2019 , total operating lease payments were $2.4 million and $2.3 million , respectively. The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2020 : As of March 31, 2020 (amounts in thousands) Ground Leases Office and Other Leases Total 2020 $ 1,462 $ 2,444 $ 3,906 2021 1,949 2,602 4,551 2022 1,479 916 2,395 2023 534 687 1,221 2024 534 505 1,039 Thereafter 4,984 484 5,468 Total undiscounted rental payments 10,942 7,638 18,580 Less imputed interest (2,300 ) (558 ) (2,858 ) Total lease liabilities $ 8,642 $ 7,080 $ 15,722 Right-of-use ("ROU") assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $14.7 million and $15.7 million , respectively, as of March 31, 2020 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.3% at March 31, 2020 . ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $15.1 million and $16.2 million , respectively, as of December 31, 2019 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019 .
Leases	Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases , and is recognized over the term of the respective operating lease or the length of a customer's stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months . Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of March 31, 2020 2020 $ 63,393 2021 85,220 2022 53,423 2023 20,119 2024 20,144 Thereafter 79,241 Total $ 321,540 Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054 . The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2026 . For the quarters ended March 31, 2020 and 2019 , total operating lease payments were $2.4 million and $2.3 million , respectively. The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2020 : As of March 31, 2020 (amounts in thousands) Ground Leases Office and Other Leases Total 2020 $ 1,462 $ 2,444 $ 3,906 2021 1,949 2,602 4,551 2022 1,479 916 2,395 2023 534 687 1,221 2024 534 505 1,039 Thereafter 4,984 484 5,468 Total undiscounted rental payments 10,942 7,638 18,580 Less imputed interest (2,300 ) (558 ) (2,858 ) Total lease liabilities $ 8,642 $ 7,080 $ 15,722 Right-of-use ("ROU") assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $14.7 million and $15.7 million , respectively, as of March 31, 2020 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.3% at March 31, 2020 . ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $15.1 million and $16.2 million , respectively, as of December 31, 2019 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019 .

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
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 share of common stock, as adjusted for the stock split, for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands, except per share data) 2020 2019 Numerators: Net income available for Common Stockholders – Basic $ 66,875 $ 113,309 Amounts allocated to dilutive securities 3,849 7,226 Net income available for Common Stockholders – Fully Diluted $ 70,724 $ 120,535 Denominators: Weighted average Common Shares outstanding – Basic 181,729 179,560 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 10,491 11,482 Stock options and restricted stock 344 206 Weighted average Common Shares outstanding – Fully Diluted 192,564 191,248 Earnings per Common Share – Basic $ 0.37 $ 0.63 Earnings per Common Share – Fully Diluted $ 0.37 $ 0.63

Common Stock and Other Equity R

Common Stock and Other Equity Related Transactions	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Common Stock and Other Equity Related Transactions	Common Stock and Other Equity Related Transactions Two-for-One Common Stock and OP Units Split On October 15, 2019, a two -for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019. In connection with our stock split, the OP Units of our Operating Partnership were also split on a two -for-one basis. Common Stockholder Distribution Activity The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019. Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.3063 March 31, 2019 March 29, 2019 April 12, 2019 $0.3063 June 30, 2019 June 28, 2019 July 12, 2019 $0.3063 September 30, 2019 September 27, 2019 October 11, 2019 $0.3063 December 31, 2019 December 27, 2019 January 10, 2020 $0.3425 March 31, 2020 March 27, 2020 April 10, 2020 Equity Offering Program Our at-the-market (“ATM”) equity offering program allows us to sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million . As of March 31, 2020 , we have $140.7 million of common stock available under the ATM offering program for issuance. Exchanges Subject to certain limitations, OP Unit holders 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 quarters ended March 31, 2020 and 2019 , 9,228 and 10,650 OP Units, respectively, were exchanged for an equal number of shares of Common Stock

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions On March 25, 2019, we completed the acquisitions of Drummer Boy Camping Resort, a 465 -site RV community located in Gettysburg, Pennsylvania, and Lake of the Woods Campground, a 303 -site RV community located in Wautoma, Wisconsin, for a total purchase price of $25.4 million . These acquisitions were funded with available cash and a loan assumption of approximately $10.8 million , excluding mortgage premium of $0.4 million . Dispositions On January 23, 2019 , we closed on the sale of five all-age MH communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million and recognized a gain of $52.5 million

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , respectively ) : Investment as of Income/(Loss) for Investment Location Number of Sites Economic (a) March 31, December 31, March 31, March 31, Meadows Various (2,2) 1,077 50 % $ 146 $ 146 $ — $ 397 Lakeshore Florida (3,3) 721 (b) 2,408 2,467 90 69 Voyager Arizona (1,1) 1,801 50 % (c) 588 599 (10 ) 604 Loggerhead Florida 2,343 — % (d) — — — 321 ECHO JV Various — 50 % 16,988 16,862 127 142 5,942 $ 20,130 $ 20,074 $ 207 $ 1,533 _____________________ (a) The percentages shown approximate our economic interest as of March 31, 2020 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and the Crosswinds joint venture in which we own a 49% interest. (c) Primarily consists of a 50% interest in Voyager RV Resort and a 33% interest in the utility plant servicing this Property. (d) On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture. Loggerhead sites represent marina slip count. We received approximately $0.2 million and $0.7 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2020 and 2019 , respectively. Approximately $0.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarter ended March 31, 2020 , and as such, were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceeded our basis in joint ventures for the quarter ended March 31, 2019 .

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowing Arrangements	Notes Payable Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of March 31, 2020 As of December 31, 2019 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,414,922 $ 2,285,847 $ 2,227,185 $ 2,072,416 The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of March 31, 2020 , was approximately 4.3% per annum. The debt bears interest at stated rates ranging from 2.7% to 8.9% per annum and matures on various dates ranging from 2021 to 2041 . The debt encumbered a total of 125 and 116 of our Properties as of March 31, 2020 and December 31, 2019 , respectively, and the gross carrying value of such Properties was approximately $2,634.2 million and $2,524.7 million , as of March 31, 2020 and December 31, 2019 , respectively. 2020 Activity During the quarter ended March 31, 2020 , we entered into a $275.4 million secured credit facility with Fannie Mae, maturing in 10 years and bearing a 2.7% interest rate. The facility is secured by eight MH and four RV communities. We also repaid $48.1 million of principal on three mortgage loans that were due to mature in 2020, incurring $1.0 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.2% per annum and were secured by three MH communities. 2019 Activity During the quarter ended March 31, 2019, we defeased mortgage debt of $11.2 million in conjunction with the disposition of five all-age MH communities as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.0% per annum. We also assumed mortgage debt of $10.8 million , excluding mortgage note premium of $0.4 million , as a result of the acquisitions that were closed during the quarter. This loan carries an interest rate of 5.5% per annum and matures in 2024. Unsecured Line of Credit During the quarter ended March 31, 2020 , we borrowed and paid off amounts on our unsecured Line of Credit ("LOC"), leaving no balance outstanding as of March 31, 2020 . As of March 31, 2020 , our LOC has a remaining borrowing capacity of $400 million with the option to increase the borrowing capacity by $200 million , subject to certain conditions. The LOC had $160 million outstanding at December 31, 2019 . As of March 31, 2020 , we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes. In connection with our $200.0 million senior unsecured term loan (the “Term Loan”), which has an interest rate of LIBOR plus 1.20% to 1.90% per annum, we entered into a three -year LIBOR Swap Agreement (the "Swap") allowing us to trade the variable interest rate on the Term Loan for a fixed interest rate. The Swap has a notional amount of $200.0 million of outstanding principal with an underlying LIBOR of 1.85% per annum for the first three years and matures on November 1, 2020. Based on the leverage as of March 31, 2020 , our spread over LIBOR was 1.20% resulting in an estimated all-in interest rate of 3.05% per annum. Our derivative financial instrument is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument: As of March 31, As of December 31, (amounts in thousands) Balance Sheet Location 2020 2019 Interest Rate Swap Accounts payable and other liabilities $ 1,713 $ 380 The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2020 2019 (amounts in thousands) 2020 2019 Interest Rate Swap $ 1,424 $ 606 Interest Expense $ 91 $ (325 ) During the next seven months through the maturity date of November 1, 2020, we estimate that $1.7 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of March 31, 2020 , we had not posted any collateral related to this Swap.

Equity Incentive Awards

Equity Incentive Awards	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity Incentive Awards	Equity Incentive Awards Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. During the quarter ended March 31, 2020, 90,933 shares of restricted stock were awarded to certain members of our management team. Of these shares, 50% are time-based awards, vesting in equal installments over a three -year period on January 29, 2021, January 31, 2022, and January 27, 2023, respectively, and have a grant date fair value of $3.3 million . The remaining 50% are performance-based awards vesting in equal installments on January 29, 2021, January 31, 2022, and January 27, 2023, respectively, upon meeting performance conditions as established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 15,154 shares of restricted stock subject to 2020 performance goals have a grant date fair value of $1.1 million . Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended March 31, 2020 and 2019 , was $3.0 million and $2.4 million , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal and regulatory proceedings ("Proceedings") arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, 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 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. The Operating Partnership operates and manages Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. The master lessor of these ground leases, The Nicholson Family Partnership (the “Nicholsons”), has expressed a desire to redevelop Westwinds, and in a written communication, they claimed that we were obligated to deliver the property free and clear of any and all subtenancies upon the expiration of the ground leases on August 31, 2022. In connection with any redevelopment, the City of San Jose’s conversion ordinance requires, among other things, that the landowner provide relocation, rental and purchase assistance to the impacted residents. We believe the Nicholsons’ demand is unlawful, and on December 30, 2019, the Operating Partnership filed a complaint in California Superior Court for Santa Clara County, seeking declaratory relief pursuant to which it requested that the Court determine, among other things, that the Operating Partnership has no obligation to deliver the property free and clear of the mobilehome residents upon the expiration of the ground leases. The Operating Partnership filed an amended complaint on January 29, 2020. The Nicholsons filed a demand for arbitration on January 28, 2020, which they subsequently amended, pursuant to which they request a declaration that the Operating Partnership, as the “owner and manager” of Westwinds, is “required by the Ground Leases, and State and local law to deliver the Property free of any encumbrances or third-party claims at the expiration of the lease terms.” On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the litigation, which motion is currently scheduled to be heard on June 25, 2020. We intend to continue to vigorously defend our interests in this matter. As of March 31, 2020 we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reportable Segments	dentified two reportable segments: (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 were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2020 or 2019 . The following tables summarize our segment financial information for the quarters ended March 31, 2020 and 2019 : Quarter Ended March 31, 2020 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 262,474 $ 15,552 $ 278,026 Operations expenses (117,898 ) (14,467 ) (132,365 ) Income from segment operations 144,576 1,085 145,661 Interest income 1,075 727 1,802 Depreciation and amortization (36,220 ) (2,804 ) (39,024 ) Income (loss) from operations $ 109,431 $ (992 ) $ 108,439 Reconciliation to consolidated net income: Corporate interest income 5 Income from other investments, net 643 General and administrative (10,855 ) Other expenses (588 ) Interest and related amortization (26,073 ) Equity in income of unconsolidated joint ventures 207 Early debt retirement (1,054 ) Consolidated net income $ 70,724 Total assets $ 3,936,862 $ 275,602 $ 4,212,464 Capital improvements $ 32,605 $ 16,354 $ 48,959 Quarter Ended March 31, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 246,016 $ 10,337 $ 256,353 Operations expenses (108,970 ) (8,919 ) (117,889 ) Income from segment operations 137,046 1,418 138,464 Interest income 894 850 1,744 Depreciation and amortization (35,543 ) (2,434 ) (37,977 ) Gain on sale of real estate, net 52,507 — 52,507 Income (loss) from operations $ 154,904 $ (166 ) $ 154,738 Reconciliation to consolidated net income: Corporate interest income 7 Income from other investments, net 986 General and administrative (9,909 ) Other expenses (427 ) Interest and related amortization (26,393 ) Equity in income of unconsolidated joint ventures 1,533 Consolidated net income $ 120,535 Total assets $ 3,771,453 $ 237,424 $ 4,008,877 Capital improvements $ 24,406 $ 28,035 $ 52,441 The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income $ 235,364 $ 219,982 Annual membership subscriptions 13,073 12,316 Membership upgrade sales current period, gross 4,843 3,838 Membership upgrade sales upfront payments, deferred, net (2,542 ) (1,771 ) Other income 11,059 10,370 Ancillary services revenues, net 677 1,281 Total property operations revenues 262,474 246,016 Expenses: Property operating and maintenance 82,291 76,744 Real estate taxes 16,841 15,323 Sales and marketing, gross 3,978 3,409 Membership sales commissions, deferred, net (216 ) (191 ) Property management 15,004 13,685 Total property operations expenses 117,898 108,970 Income from property operations segment $ 144,576 $ 137,046 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income (a) $ 3,982 $ 3,584 Gross revenue from home sales 11,309 6,475 Brokered resale revenues, net 261 278 Ancillary services revenues, net — — Total revenues 15,552 10,337 Expenses: Rental home operating and maintenance 1,343 1,204 Cost of home sales 11,911 6,632 Home selling expenses 1,213 1,083 Total expenses 14,467 8,919 Income from home sales and rentals operations segment $ 1,085 $ 1,418 ______________________ (a) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We are actively monitoring the rapidly evolving situation related to the novel coronavirus (COVID-19) pandemic. On April 1, 2020, we borrowed $100.0 million on our line of credit as a precautionary measure to increase liquidity and preserve financial flexibility. Our line of credit has remaining availability of $300 million , subject to certain conditions. On April 28, 2020, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 400,000,000 to 600,000,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and its other consolidated subsidiaries (the "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") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of March 31, 2020 . As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. 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.
Consolidation	Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. 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.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2020, we prospectively adopted FASB ("ASU 2018-15") Intangibles - Goodwill and Other - Internal-Use Software (ASC 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides guidance on accounting for fees paid when the arrangement includes a software license and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The adoption of this guidance did not have a material impact on our consolidated financial statements. On January 1, 2020 we adopted FASB (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) using the modified retrospective approach. 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 should use forward-looking information to better form their credit loss estimates. We are exposed to credit losses primarily through sales of annual membership subscriptions and membership upgrades and home sales. We have developed an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of our receivables considering current market conditions and estimates for forecasts when appropriate. The estimate is a result of our ongoing assessments and evaluations of collectability, historical loss experience and future expectations in estimating credit losses in each of our receivable portfolios. We recognized a cumulative-effect adjustment of $3.9 million , which decreased opening retained earnings as of January 1, 2020. The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows: Balance net of allowance Balance Sheet Location Balance at December 31, 2019 Adjustment due to ASU 2016-13 Adoption Balance at January 1, 2020 Balance at March 31, 2020 (amounts in thousands) Annual membership subscriptions Other assets, net $ 2,394 $ (1,361 ) $ 1,033 $ 1,232 Membership upgrades Notes receivable, net $ 25,236 $ (2,514 ) $ 22,722 $ 23,149 (b) Revenue Recognition Rental income is accounted for in accordance with the ASC 842, Leases , and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. Expected credit losses related to the collectability of lease receivables are presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of expected credit losses. See Note 3. Leases for additional information. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. 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. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. (c) Restricted Cash As of March 31, 2020 and December 31, 2019 , restricted cash consists of $27.6 million and $25.1 million , respectively, primarily related to cash reserved for customer deposits and amounts escrowed for insurance and real estate taxes.
Revenue Recognition	Revenue Recognition Rental income is accounted for in accordance with the ASC 842, Leases , and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. Expected credit losses related to the collectability of lease receivables are presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of expected credit losses. See Note 3. Leases for additional information. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. 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. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows: Balance net of allowance Balance Sheet Location Balance at December 31, 2019 Adjustment due to ASU 2016-13 Adoption Balance at January 1, 2020 Balance at March 31, 2020 (amounts in thousands) Annual membership subscriptions Other assets, net $ 2,394 $ (1,361 ) $ 1,033 $ 1,232 Membership upgrades Notes receivable, net $ 25,236 $ (2,514 ) $ 22,722 $ 23,149

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessor Operating Lease, Payments to be Received	The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of March 31, 2020 2020 $ 63,393 2021 85,220 2022 53,423 2023 20,119 2024 20,144 Thereafter 79,241 Total $ 321,540
Minimum Future Operating Lease Payments	The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2020 : As of March 31, 2020 (amounts in thousands) Ground Leases Office and Other Leases Total 2020 $ 1,462 $ 2,444 $ 3,906 2021 1,949 2,602 4,551 2022 1,479 916 2,395 2023 534 687 1,221 2024 534 505 1,039 Thereafter 4,984 484 5,468 Total undiscounted rental payments 10,942 7,638 18,580 Less imputed interest (2,300 ) (558 ) (2,858 ) Total lease liabilities $ 8,642 $ 7,080 $ 15,722

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 share of common stock, as adjusted for the stock split, for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands, except per share data) 2020 2019 Numerators: Net income available for Common Stockholders – Basic $ 66,875 $ 113,309 Amounts allocated to dilutive securities 3,849 7,226 Net income available for Common Stockholders – Fully Diluted $ 70,724 $ 120,535 Denominators: Weighted average Common Shares outstanding – Basic 181,729 179,560 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 10,491 11,482 Stock options and restricted stock 344 206 Weighted average Common Shares outstanding – Fully Diluted 192,564 191,248 Earnings per Common Share – Basic $ 0.37 $ 0.63 Earnings per Common Share – Fully Diluted $ 0.37 $ 0.63

Common Stock and Other Equity_2

Common Stock and Other Equity Related Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Dividends declared	The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019. Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.3063 March 31, 2019 March 29, 2019 April 12, 2019 $0.3063 June 30, 2019 June 28, 2019 July 12, 2019 $0.3063 September 30, 2019 September 27, 2019 October 11, 2019 $0.3063 December 31, 2019 December 27, 2019 January 10, 2020 $0.3425 March 31, 2020 March 27, 2020 April 10, 2020

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , respectively ) : Investment as of Income/(Loss) for Investment Location Number of Sites Economic (a) March 31, December 31, March 31, March 31, Meadows Various (2,2) 1,077 50 % $ 146 $ 146 $ — $ 397 Lakeshore Florida (3,3) 721 (b) 2,408 2,467 90 69 Voyager Arizona (1,1) 1,801 50 % (c) 588 599 (10 ) 604 Loggerhead Florida 2,343 — % (d) — — — 321 ECHO JV Various — 50 % 16,988 16,862 127 142 5,942 $ 20,130 $ 20,074 $ 207 $ 1,533 _____________________ (a) The percentages shown approximate our economic interest as of March 31, 2020 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and the Crosswinds joint venture in which we own a 49% interest. (c) Primarily consists of a 50% interest in Voyager RV Resort and a 33% interest in the utility plant servicing this Property. (d) On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture. Loggerhead sites represent marina slip count.

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Fair Value of Mortgage Debt	Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of March 31, 2020 As of December 31, 2019 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,414,922 $ 2,285,847 $ 2,227,185 $ 2,072,416

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instrument: As of March 31, As of December 31, (amounts in thousands) Balance Sheet Location 2020 2019 Interest Rate Swap Accounts payable and other liabilities $ 1,713 $ 380
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2020 2019 (amounts in thousands) 2020 2019 Interest Rate Swap $ 1,424 $ 606 Interest Expense $ 91 $ (325 )
Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2020 2019 (amounts in thousands) 2020 2019 Interest Rate Swap $ 1,424 $ 606 Interest Expense $ 91 $ (325 )

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment financial information	The following tables summarize our segment financial information for the quarters ended March 31, 2020 and 2019 : Quarter Ended March 31, 2020 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 262,474 $ 15,552 $ 278,026 Operations expenses (117,898 ) (14,467 ) (132,365 ) Income from segment operations 144,576 1,085 145,661 Interest income 1,075 727 1,802 Depreciation and amortization (36,220 ) (2,804 ) (39,024 ) Income (loss) from operations $ 109,431 $ (992 ) $ 108,439 Reconciliation to consolidated net income: Corporate interest income 5 Income from other investments, net 643 General and administrative (10,855 ) Other expenses (588 ) Interest and related amortization (26,073 ) Equity in income of unconsolidated joint ventures 207 Early debt retirement (1,054 ) Consolidated net income $ 70,724 Total assets $ 3,936,862 $ 275,602 $ 4,212,464 Capital improvements $ 32,605 $ 16,354 $ 48,959 Quarter Ended March 31, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 246,016 $ 10,337 $ 256,353 Operations expenses (108,970 ) (8,919 ) (117,889 ) Income from segment operations 137,046 1,418 138,464 Interest income 894 850 1,744 Depreciation and amortization (35,543 ) (2,434 ) (37,977 ) Gain on sale of real estate, net 52,507 — 52,507 Income (loss) from operations $ 154,904 $ (166 ) $ 154,738 Reconciliation to consolidated net income: Corporate interest income 7 Income from other investments, net 986 General and administrative (9,909 ) Other expenses (427 ) Interest and related amortization (26,393 ) Equity in income of unconsolidated joint ventures 1,533 Consolidated net income $ 120,535 Total assets $ 3,771,453 $ 237,424 $ 4,008,877 Capital improvements $ 24,406 $ 28,035 $ 52,441
Financial information for the property operations segment	The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income $ 235,364 $ 219,982 Annual membership subscriptions 13,073 12,316 Membership upgrade sales current period, gross 4,843 3,838 Membership upgrade sales upfront payments, deferred, net (2,542 ) (1,771 ) Other income 11,059 10,370 Ancillary services revenues, net 677 1,281 Total property operations revenues 262,474 246,016 Expenses: Property operating and maintenance 82,291 76,744 Real estate taxes 16,841 15,323 Sales and marketing, gross 3,978 3,409 Membership sales commissions, deferred, net (216 ) (191 ) Property management 15,004 13,685 Total property operations expenses 117,898 108,970 Income from property operations segment $ 144,576 $ 137,046 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income (a) $ 3,982 $ 3,584 Gross revenue from home sales 11,309 6,475 Brokered resale revenues, net 261 278 Ancillary services revenues, net — — Total revenues 15,552 10,337 Expenses: Rental home operating and maintenance 1,343 1,204 Cost of home sales 11,911 6,632 Home selling expenses 1,213 1,083 Total expenses 14,467 8,919 Income from home sales and rentals operations segment $ 1,085 $ 1,418 ______________________ (a) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	Oct. 15, 2019	Dec. 31, 2019
Other Ownership Interests
Stock split ratio	2
Operating Partnership
Other Ownership Interests
Ownership interest (percent)		94.60%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle		$ (3,875)
Cash and cash equivalents, restricted cash	$ 27,600		$ 25,100
ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle		$ 3,900

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net	$ 50,450		$ 56,809
Financing receivable, after allowance for credit loss	35,227		37,558
Annual membership subscriptions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net			2,394
Membership upgrades
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, after allowance for credit loss			$ 25,236
Cumulative Effect, Period Of Adoption, Adjusted Balance | Annual membership subscriptions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net	1,232	$ 1,033
Cumulative Effect, Period Of Adoption, Adjusted Balance | Membership upgrades
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, after allowance for credit loss	$ 23,149	22,722
Cumulative Effect, Period Of Adoption, Adjustment | Annual membership subscriptions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net		(1,361)
Cumulative Effect, Period Of Adoption, Adjustment | Membership upgrades
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, after allowance for credit loss		$ (2,514)

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)lease	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of non-cancelable operating leases, lessee (leases) | lease	13
Operating lease payments	$ 2,400	$ 2,300
Right of use asset	14,700		$ 15,100
Operating lease liability	$ 15,722		$ 16,200
Weighted average operating lease term	7 years		7 years
Operating lease weighted average interest rate (percent)	4.30%		4.40%
Minimum
Lessee, Lease, Description [Line Items]
Lessor operating lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Lessor operating lease term	6 months

Leases - Operating Lease Future

Leases - Operating Lease Future Proceeds (Details) $ in Thousands	Mar. 31, 2020USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2020	$ 63,393
2021	85,220
2022	53,423
2023	20,119
2024	20,144
Thereafter	79,241
Total	$ 321,540

Leases - Operating Lease Minimu

Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
2020	$ 3,906
2021	4,551
2022	2,395
2023	1,221
2024	1,039
Thereafter	5,468
Total undiscounted rental payments	18,580
Less imputed interest	(2,858)
Total lease liabilities	15,722	$ 16,200
Ground Lease
Lessee, Lease, Description [Line Items]
2020	1,462
2021	1,949
2022	1,479
2023	534
2024	534
Thereafter	4,984
Total undiscounted rental payments	10,942
Less imputed interest	(2,300)
Total lease liabilities	8,642
Office And Other Leases
Lessee, Lease, Description [Line Items]
2020	2,444
2021	2,602
2022	916
2023	687
2024	505
Thereafter	484
Total undiscounted rental payments	7,638
Less imputed interest	(558)
Total lease liabilities	$ 7,080

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
	Mar. 31, 2020	Mar. 31, 2019
Numerators:
Net income available for common stockholders	$ 66,875	$ 113,309
Amounts allocated to dilutive securities	3,849	7,226
Net income available for common stockholders – fully diluted	$ 70,724	$ 120,535
Denominators:
Weighted average common shares outstanding – basic (in shares)	181,729	179,560
Effect of dilutive securities:
Exchange of common OP units for common shares (in shares)	10,491	11,482
Restricted stock and options (in shares)	344	206
Weighted average common shares outstanding – fully diluted (in shares)	192,564	191,248
Earnings per common share – basic (usd per share)	$ 0.37	$ 0.63
Earnings per common share – fully diluted (usd per share)	$ 0.37	$ 0.63

Common Stock and Other Equity_3

Common Stock and Other Equity Related Transactions - Additional Information (Details) $ / shares in Units, $ in Millions	Oct. 15, 2019	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019shares	Dec. 31, 2019$ / shares
Class of Stock
Stock split ratio	2
Common stock, par value (usd per share) | $ / shares		$ 0.01		$ 0.01
OP units were exchanged for an equal number of shares of common stock (OP Units) | shares		9,228	10,650
ATM
Class of Stock
Common stock, par value (usd per share) | $ / shares		$ 0.01
Aggregate offering price | $		$ 200
Remaining authorized shares (shares) | $		$ 140.7

Common Stock and Other Equity_4

Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares	Apr. 10, 2020	Jan. 10, 2020	Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019
Class of Stock
Common stock, dividends paid (usd per share)		$ 0.3063	$ 0.3063	$ 0.3063	$ 0.3063
Subsequent Event
Class of Stock
Common stock, dividends paid (usd per share)	$ 0.3425

Common Stock and Other Equity_5

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Stock
Commissions paid to sales agents	$ 143	$ 63

Investment in Real Estate (Deta

Investment in Real Estate (Details) $ in Thousands	Mar. 25, 2019USD ($)site	Jan. 23, 2019USD ($)property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Business Acquisition
Gain on sale of real estate, net			$ 0	$ 52,507
Disposed of by Sale | Manufactured Homes in Indiana and Michigan
Business Acquisition
Number of properties sold | property		5
Number of sites, sold		1,463
Proceeds from sale of property held-for-sale		$ 89,700
Gain on sale of real estate, net				$ 52,500
Drummer Boy
Business Acquisition
Purchase price of acquisitions	$ 25,400
Liabilities incurred	10,800
Mortgage premium transferred	$ 400
Gettysburg, Pennsylvania and Lake of the Woods Campground | Drummer Boy
Business Acquisition
Number of acquired sites (sites) | site	465
Wautoma, Wisconsin | Drummer Boy
Business Acquisition
Number of acquired sites (sites) | site	303

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020joint_venture_site	Mar. 31, 2020	Mar. 31, 2020site	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments
Number of sites			2		5,942
Economic interest				65.00%
Investment in unconsolidated joint ventures	$ 20,130					$ 20,074
Equity in income of unconsolidated joint ventures	207	$ 1,533
Meadows | Various
Schedule of Equity Method Investments
Number of sites | site					1,077
Economic interest				50.00%
Investment in unconsolidated joint ventures	146					146
Equity in income of unconsolidated joint ventures	0	397
Lakeshore | Florida
Schedule of Equity Method Investments
Number of sites | site					721
Investment in unconsolidated joint ventures	2,408					2,467
Equity in income of unconsolidated joint ventures	90	69
Voyager | Arizona
Schedule of Equity Method Investments
Number of sites | site					1,801
Economic interest				50.00%
Investment in unconsolidated joint ventures	588					599
Equity in income of unconsolidated joint ventures	(10)	604
Loggerhead | Florida
Schedule of Equity Method Investments
Number of sites | site					2,343
Economic interest				0.00%
Investment in unconsolidated joint ventures	0					0
Equity in income of unconsolidated joint ventures	0	321
ECHO JV | Various
Schedule of Equity Method Investments
Number of sites | site					0
Economic interest				50.00%
Investment in unconsolidated joint ventures	16,988					$ 16,862
Equity in income of unconsolidated joint ventures	$ 127	$ 142

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)joint_venture_site	Mar. 31, 2019USD ($)	Mar. 31, 2020	Mar. 31, 2020site
Schedule of Equity Method Investments
Number of sites	2			5,942
Economic interest			65.00%
Income (Loss) from Equity Method Investments	$ 207	$ 1,533
Income from distribution made to us	200	$ 700
Distributions, including those in excess of basis	$ 100
Crosswinds
Schedule of Equity Method Investments
Economic interest			49.00%
Voyager | Recreational Vehicle Resort
Schedule of Equity Method Investments
Economic interest			50.00%
Voyager | Servicing Assets
Schedule of Equity Method Investments
Economic interest			33.00%

Borrowing Arrangements - Fair V

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,414,922	$ 2,227,185
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,285,847	$ 2,072,416

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loanproperty	Mar. 31, 2019USD ($)property	Dec. 31, 2019USD ($)property
Debt Instrument
Number of pledged properties | property	125		116
Pledged assets, not separately reported	$ 2,634,200		$ 2,524,700
Unsecured line of credit	0		160,000
Line of credit, remaining borrowing amount	400,000
Unsecured debt	199,030		$ 198,949
Line of credit facility, potential increase in borrowing capacity	$ 200,000
Mortgage | 2019 Asset Acquisition
Debt Instrument
Weighted average interest rate		5.50%
Liabilities incurred		$ 10,800
Mortgage premium transferred		$ 400
Mortgage | Prepaid Loans
Debt Instrument
Weighted average interest rate	5.20%
Repayments of debt	$ 48,100
Number of loans | loan	3
Payments of prepayment penalties	$ 1,000
Mortgage | Disposed of by Sale
Debt Instrument
Weighted average interest rate		5.00%
Defeasance of debt		$ 11,200
Mortgage | Disposed of by Sale | Manufactured Homes in Indiana and Michigan
Debt Instrument
Number of properties sold | property		5
Secured Debt
Debt Instrument
Weighted average interest rate	4.30%
Line of Credit | Prepaid Loans
Debt Instrument
Stated interest rate	2.70%
Proceeds from loans	$ 275,400
Debt instrument, term	10 years
Minimum | Secured Debt
Debt Instrument
Stated interest rate			2.70%
Maximum | Secured Debt
Debt Instrument
Stated interest rate			8.90%

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures
Amount of interest rate risk expected to be reclassified in the next 12 months	$ 1,700,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Notional amount	$ 200,000,000
Derivative instrument, underlying rate (percentage)	1.85%
Derivative instrument, effective rate (percentage)	3.05%
LIBOR | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Derivative instrument, variable rate (percentage)	1.20%
Term Loan
Derivative Instruments and Hedging Activities Disclosures
Debt instrument face amount	$ 200,000,000
Loans Payable
Derivative Instruments and Hedging Activities Disclosures
Derivative, contract term (years)		3 years
Loans Payable | LIBOR | Minimum
Derivative Instruments and Hedging Activities Disclosures
Debt instrument, variable rate on spread	1.20%
Loans Payable | LIBOR | Maximum
Derivative Instruments and Hedging Activities Disclosures
Debt instrument, variable rate on spread	1.90%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instrument (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Designated as Hedging Instrument | Interest Rate Swap | Accounts payable and other liabilities
Derivatives, Fair Value
Derivative liability	$ 1,713	$ 380

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss recognized in OCI on derivative	$ 1,424	$ 606
Cash Flow Hedging | Interest Expense
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss reclassified from accumulated OCI into income	$ 91	$ (325)

Equity Incentive Awards - Addit

Equity Incentive Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3	$ 2.4
Restricted Stock | 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (shares)		90,933
Shares categorized as vesting (percent)		50.00%
Vesting period	3 years
Fair value of shares issued		$ 3.3
Shares categorized as performance based (percent)	50.00%
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Shares | 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued	$ 1.1
Grants in period (in shares)	15,154

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolida

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (39,024)	$ (37,977)
Gain on sale of real estate, net	0	52,507
Reconciliation to Consolidated net income:
Income from other investments, net	11,059	10,370
General and administrative	(10,855)	(9,909)
Other expenses	(588)	(427)
Interest and related amortization	(26,073)	(26,393)
Equity in income of unconsolidated joint ventures	207	1,533
Early debt retirement	(1,054)	0
Consolidated net income	70,724	120,535
Total assets	4,212,464	4,008,877	$ 4,151,275
Capital improvements	48,959	52,441
Property Operations
Reconciliation to Consolidated net income:
Income from other investments, net	11,059	10,370
Total assets	3,936,862	3,771,453
Capital improvements	32,605	24,406
Home Sales and Rentals Operations
Reconciliation to Consolidated net income:
Total assets	275,602	237,424
Capital improvements	16,354	28,035
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	278,026	256,353
Operations expenses	(132,365)	(117,889)
Income from segment operations	145,661	138,464
Interest income	1,802	1,744
Depreciation and amortization	(39,024)	(37,977)
Gain on sale of real estate, net		52,507
Income (loss) from operations	108,439	154,738
Operating Segments | Property Operations
Segment Reporting Information [Line Items]
Operations revenues	262,474	246,016
Operations expenses	(117,898)	(108,970)
Income from segment operations	144,576	137,046
Interest income	1,075	894
Depreciation and amortization	(36,220)	(35,543)
Gain on sale of real estate, net		52,507
Income (loss) from operations	109,431	154,904
Operating Segments | Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	15,552	10,337
Operations expenses	(14,467)	(8,919)
Income from segment operations	1,085	1,418
Interest income	727	850
Depreciation and amortization	(2,804)	(2,434)
Gain on sale of real estate, net		0
Income (loss) from operations	(992)	(166)
Segment Reconciling Items
Reconciliation to Consolidated net income:
Corporate interest income	5	7
Income from other investments, net	643	986
General and administrative	(10,855)	(9,909)
Other expenses	(588)	(427)
Interest and related amortization	(26,073)	(26,393)
Equity in income of unconsolidated joint ventures	207	$ 1,533
Early debt retirement	$ (1,054)

Reportable Segments - Income fr

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Other income	$ 11,059	$ 10,370
Total revenues	280,476	259,090
Expenses:
Real estate taxes	16,841	15,323
Sales and marketing, gross	3,978	3,409
Membership sales commissions, deferred, net	(216)	(191)
Total expenses	209,959	192,595
Income before equity in income of unconsolidated joint ventures	70,517	119,002
Property Operations
Revenues:
Rental income	235,364	219,982
Other income	11,059	10,370
Total revenues	262,474	246,016
Expenses:
Property operating and maintenance	82,291	76,744
Real estate taxes	16,841	15,323
Sales and marketing, gross	3,978	3,409
Membership sales commissions, deferred, net	(216)	(191)
Total expenses	117,898	108,970
Income before equity in income of unconsolidated joint ventures	144,576	137,046
Home Sales and Rentals Operations
Revenues:
Rental home income	3,982	3,584
Total revenues	15,552	10,337
Expenses:
Property operating and maintenance	1,343	1,204
Home selling expenses	1,213	1,083
Total expenses	14,467	8,919
Income before equity in income of unconsolidated joint ventures	1,085	1,418
Annual membership subscriptions
Revenues:
Contract revenue	13,073	12,316
Annual membership subscriptions | Property Operations
Revenues:
Contract revenue	13,073	12,316
Membership upgrade sales current period, gross
Revenues:
Contract revenue	4,843	3,838
Membership upgrade sales current period, gross | Property Operations
Revenues:
Contract revenue	4,843	3,838
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(2,542)	(1,771)
Membership upgrade sales upfront payments, deferred, net | Property Operations
Revenues:
Contract revenue	(2,542)	(1,771)
Gross revenues from home sales
Revenues:
Contract revenue	11,309	6,475
Expenses:
Cost of home sales	11,911	6,632
Gross revenues from home sales | Home Sales and Rentals Operations
Revenues:
Contract revenue	11,309	6,475
Expenses:
Cost of home sales	11,911	6,632
Brokered resale revenues, net | Home Sales and Rentals Operations
Revenues:
Contract revenue	261	278
Ancillary services | Property Operations
Revenues:
Contract revenue	677	1,281
Ancillary services | Home Sales and Rentals Operations
Revenues:
Contract revenue	0	0
Property management
Expenses:
Cost of home sales	15,004	13,685
Property management | Property Operations
Expenses:
Cost of home sales	$ 15,004	$ 13,685

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 28, 2020	Apr. 27, 2020	Apr. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsequent Event
Line of credit				$ 0	$ 160,000
Line of credit, remaining borrowing amount				$ 400,000
Common stock, shares authorized (in shares)				400,000,000	400,000,000
Subsequent Event
Subsequent Event
Line of credit			$ 100,000
Line of credit, remaining borrowing amount			$ 300,000
Common stock, shares authorized (in shares)	600,000,000	400,000,000