Equity LifeStyle Properties (ELS) 10-Q 26 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	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 (in shares)		186,078,265
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investment in real estate:
Land	$ 2,073,106	$ 2,019,787
Land improvements	4,031,259	3,912,062
Buildings and other depreciable property	1,138,211	1,057,215
Investment in real estate	7,242,576	6,989,064
Accumulated depreciation	(2,197,013)	(2,103,774)
Net investment in real estate	5,045,563	4,885,290
Cash and restricted cash	42,426	123,398
Notes receivable, net	41,925	39,955
Investment in unconsolidated joint ventures	84,113	70,312
Deferred commission expense	48,806	47,349
Other assets, net	136,755	141,567
Total Assets	5,399,588	5,307,871
Liabilities:
Mortgage notes payable, net	2,724,040	2,627,783
Term loan, net	496,373	297,436
Unsecured line of credit	47,800	349,000
Accounts payable and other liabilities	185,961	172,285
Deferred membership revenue	188,582	176,439
Accrued interest payable	9,520	9,293
Rents and other customer payments received in advance and security deposits	145,265	118,696
Distributions payable	80,311	70,768
Total Liabilities	3,877,852	3,821,700
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 186,076,327 and 185,640,379 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.	1,916	1,913
Paid-in capital	1,622,876	1,593,362
Distributions in excess of accumulated earnings	(191,828)	(183,689)
Accumulated other comprehensive income	16,241	3,524
Total Stockholders’ Equity	1,449,205	1,415,110
Non-controlling interests – Common OP Units	72,531	71,061
Total Equity	1,521,736	1,486,171
Total Liabilities and Equity	$ 5,399,588	$ 5,307,871

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in 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 (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	186,076,327	185,640,379
Common stock, shares outstanding (in shares)	186,076,327	185,640,379

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental income	$ 275,330	$ 255,698	$ 560,395	$ 504,720
Other income	14,195	14,185	27,736	24,706
Interest income	1,722	1,742	3,481	3,509
Income from other investments, net	2,617	1,222	4,521	2,158
Total revenues	365,305	330,104	725,507	633,832
Expenses:
Property operating and maintenance	114,307	102,663	218,299	191,536
Real estate taxes	19,182	17,896	38,639	35,746
Sales and marketing, gross	6,409	6,298	11,323	12,474
Membership sales commissions, deferred, net	(957)	(1,438)	(1,540)	(2,937)
Depreciation and amortization	50,796	48,316	100,190	93,714
Home selling expenses and ancillary operating expenses	7,584	6,090	14,066	11,031
General and administrative	11,695	10,228	23,992	20,740
Other expenses	4,189	800	5,009	1,498
Early debt retirement	640	755	1,156	2,784
Interest and related amortization	28,053	27,131	55,517	53,406
Total expenses	301,968	267,092	575,291	502,642
Loss on sale of real estate, net	0	0	0	(59)
Income before equity in income of unconsolidated joint ventures	63,337	63,012	150,216	131,131
Equity in income of unconsolidated joint ventures	1,253	1,068	1,424	1,936
Consolidated net income	64,590	64,080	151,640	133,067
Income allocated to non-controlling interests – Common OP Units	(3,073)	(3,021)	(7,217)	(6,768)
Redeemable perpetual preferred stock dividends	(8)	(8)	(8)	(8)
Net income available for Common Stockholders	61,509	61,051	144,415	126,291
Other comprehensive income (loss):
Adjustment for fair market value of swap	2,793	110	12,717	239
Consolidated comprehensive income	67,383	64,190	164,357	133,306
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,207)	(3,027)	(7,823)	(6,781)
Comprehensive income attributable to Common Stockholders	$ 64,168	$ 61,155	$ 156,526	$ 126,517
Earnings per Common Share – Basic (in usd per share)	$ 0.33	$ 0.33	$ 0.78	$ 0.69
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.33	$ 0.33	$ 0.78	$ 0.69
Weighted average common shares outstanding – basic (in shares)	185,767	182,337	185,729	182,142
Weighted average common shares outstanding – fully diluted (in shares)	195,227	192,701	195,253	192,668
Annual membership subscriptions
Revenues:
Contract revenue	$ 15,592	$ 14,267	$ 30,749	$ 27,921
Membership upgrade sales current period, gross
Revenues:
Contract revenue	9,535	9,207	16,686	19,221
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(6,367)	(6,454)	(10,451)	(13,881)
Home sales, brokered resales and ancillary services
Revenues:
Contract revenue	52,681	40,237	92,390	65,478
Expenses:
Cost of services	40,971	31,793	71,670	50,710
Property management
Expenses:
Cost of services	$ 19,099	$ 16,560	$ 36,970	$ 31,940

Consolidated Statements of Chan

Consolidated Statements 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 Income (Loss)	Non-controlling Interests – Common OP Units
Beginning balance at Dec. 31, 2020	$ 1,304,755	$ 1,813	$ 1,411,397	$ 0	$ (179,523)	$ 0	$ 71,068
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		58				(58)
Issuance of Common Stock through employee stock purchase plan	732		732
Compensation expenses related to restricted stock and stock options	2,556		2,556
Repurchase of Common Stock or Common OP Units	(2,814)		(2,814)
Adjustment for fair market value of swap	129					129
Consolidated net income	68,987				65,240		3,747
Distributions	(69,883)				(66,087)		(3,796)
Other	(116)		(116)
Ending balance at Mar. 31, 2021	1,304,346	1,813	1,411,813	0	(180,370)	129	70,961
Beginning balance at Dec. 31, 2020	1,304,755	1,813	1,411,397	0	(179,523)	0	71,068
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	239
Ending balance at Jun. 30, 2021	1,301,991	1,827	1,424,350	0	(185,930)	239	61,505
Beginning balance at Mar. 31, 2021	1,304,346	1,813	1,411,813	0	(180,370)	129	70,961
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0	14	9,310				(9,324)
Issuance of Common Stock through employee stock purchase plan	605		605
Compensation expenses related to restricted stock and stock options	2,821		2,821
Adjustment for Common OP Unitholders in the Operating Partnership	0		(143)				143
Adjustment for fair market value of swap	110					110
Consolidated net income	64,080			8	61,051		3,021
Distributions	(69,915)			(8)	(66,611)		(3,296)
Other	(56)		(56)
Ending balance at Jun. 30, 2021	1,301,991	1,827	1,424,350	0	(185,930)	239	61,505
Beginning balance at Dec. 31, 2021	1,486,171	1,913	1,593,362	0	(183,689)	3,524	71,061
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		67				(67)
Issuance of Common Stock through employee stock purchase plan	513		513
Issuance of Common Stock	28,370	3	28,367
Compensation expenses related to restricted stock and stock options	2,590		2,590
Repurchase of Common Stock or Common OP Units	(3,449)		(3,449)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(1,641)				1,641
Adjustment for fair market value of swap	9,924					9,924
Consolidated net income	87,050				82,906		4,144
Distributions	(80,187)				(76,375)		(3,812)
Other	(645)		(645)
Ending balance at Mar. 31, 2022	1,530,337	1,916	1,619,164	0	(177,158)	13,448	72,967
Beginning balance at Dec. 31, 2021	1,486,171	1,913	1,593,362	0	(183,689)	3,524	71,061
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	12,717
Ending balance at Jun. 30, 2022	1,521,736	1,916	1,622,876	0	(191,828)	16,241	72,531
Beginning balance at Mar. 31, 2022	1,530,337	1,916	1,619,164	0	(177,158)	13,448	72,967
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	1,388		1,388
Compensation expenses related to restricted stock and stock options	2,681		2,681
Adjustment for Common OP Unitholders in the Operating Partnership	0		(303)				303
Adjustment for fair market value of swap	2,793					2,793
Consolidated net income	64,590			8	61,509		3,073
Distributions	(79,999)			(8)	(76,179)		(3,812)
Other	(54)		(54)
Ending balance at Jun. 30, 2022	$ 1,521,736	$ 1,916	$ 1,622,876	$ 0	$ (191,828)	$ 16,241	$ 72,531

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities:
Consolidated net income	$ 151,640	$ 133,067
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate, net	0	59
Early debt retirement	1,156	2,784
Depreciation and amortization	102,173	95,188
Amortization of loan costs	2,422	2,346
Debt premium amortization	(105)	(165)
Equity in income of unconsolidated joint ventures	(1,424)	(1,936)
Distributions of income from unconsolidated joint ventures	200	41
Proceeds from insurance claims, net	59	144
Compensation expense related to incentive plans	1,932	6,135
Revenue recognized from membership upgrade sales upfront payments	(6,236)	(5,339)
Commission expense recognized related to membership sales	2,070	1,903
Changes in assets and liabilities:
Notes receivable, net	(1,223)	(2,250)
Deferred commission expense	(3,527)	(4,719)
Other assets, net	44,339	18,901
Accounts payable and other liabilities	16,650	33,112
Deferred membership revenue	18,064	22,279
Rents and other customer payments received in advance and security deposits	26,273	27,376
Net cash provided by operating activities	354,463	328,926
Cash Flows From Investing Activities:
Real estate acquisitions, net	(111,917)	(356,605)
Proceeds from disposition of properties, net	0	(7)
Investment in unconsolidated joint ventures	(12,291)	(493)
Distributions of capital from unconsolidated joint ventures	1,788	1,617
Proceeds from insurance claims	1,405	0
Capital improvements	(181,035)	(119,723)
Net cash used in investing activities	(302,050)	(475,211)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,901	1,337
Gross proceeds from the issuance of common stock	28,370	0
Distributions:
Common Stockholders	(143,557)	(128,501)
Common OP Unitholders	(7,185)	(7,385)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(3,449)	(2,814)
Principal payments and mortgage debt repayment	(103,734)	(94,271)
Mortgage notes payable financing proceeds	200,000	270,016
Term loan repayment	0	(300,000)
Term loan proceeds	200,000	600,000
Line of Credit repayment	(423,000)	(317,500)
Line of Credit proceeds	121,800	157,500
Debt issuance and defeasance costs	(3,826)	(11,225)
Other	(697)	(171)
Net cash (used in) provided by financing activities	(133,385)	166,978
Net (decrease) increase in cash and restricted cash	(80,972)	20,693
Cash and restricted cash, beginning of year	123,398	24,060
Cash and restricted cash, end of period	42,426	44,753
Supplemental Information:
Cash paid for interest	53,987	51,040
Net investment in real estate – reclassification of rental homes	48,562	33,793
Other assets, net – reclassification of rental homes	(48,562)	(33,793)
Real estate acquisitions:
Investment in real estate	(112,458)	(366,043)
Notes receivable, net	(772)	0
Other assets, net	0	(2,815)
Deferred revenue - sale of right-to-use contracts	315	0
Accrued expenses and accounts payable	0	1,313
Other liabilities	702	0
Rents and other customer payments received in advance and security deposits	296	10,940
Real estate acquisitions, net	(111,917)	(356,605)
Real estate dispositions:
Investment in real estate	0	52
Loss on sale of real estate, net	0	(59)
Real estate dispositions, net	$ 0	$ (7)

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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 of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats 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 95.2% interest as of June 30, 2022. 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, 2021. Intercompany balances and transactions have been eliminated. All adjustments to the unaudited 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. Certain prior period amounts have been reclassified on our unaudited interim consolidated financial statements to conform with current year presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective 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. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses. 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. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. 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. (b) Restricted Cash As of June 30, 2022 and December 31, 2021, restricted cash consisted of $25.8 million and $29.3 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lessor The leases entered into between the customer and us for 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 June 30, 2022 2022 $ 83,785 2023 169,442 2024 104,386 2025 40,557 2026 21,644 Thereafter 67,178 Total $ 486,992 Lessee We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between August 31, 2022 and 2054. For additional information regarding the Westwinds and Nicholson Plaza ground leases that expire August 31, 2022, see Part 1. Item 1. Note 11. Commitments and Contingencies. 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 2032. For the quarters ended June 30, 2022 and 2021, total operating lease payments were $2.9 million and $2.6 million, respectively. For the six months ended June 30, 2022 and 2021, total operating lease payments were $5.5 million and $5.1 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 June 30, 2022: As of June 30, 2022 (amounts in thousands) Ground Leases Office and Other Leases Total 2022 $ 653 $ 2,072 $ 2,725 2023 626 3,523 4,149 2024 632 3,097 3,729 2025 637 2,763 3,400 2026 615 2,543 3,158 Thereafter 4,325 13,140 17,465 Total undiscounted rental payments 7,488 27,138 34,626 Less imputed interest (1,766) (4,101) (5,867) Total lease liabilities $ 5,722 $ 23,037 $ 28,759 Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net Accounts payable and other liabilities ROU assets and lease liabilities from our operating leases, included within Other assets, net Accounts payable and other liabilities
Leases	Leases Lessor The leases entered into between the customer and us for 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 June 30, 2022 2022 $ 83,785 2023 169,442 2024 104,386 2025 40,557 2026 21,644 Thereafter 67,178 Total $ 486,992 Lessee We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between August 31, 2022 and 2054. For additional information regarding the Westwinds and Nicholson Plaza ground leases that expire August 31, 2022, see Part 1. Item 1. Note 11. Commitments and Contingencies. 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 2032. For the quarters ended June 30, 2022 and 2021, total operating lease payments were $2.9 million and $2.6 million, respectively. For the six months ended June 30, 2022 and 2021, total operating lease payments were $5.5 million and $5.1 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 June 30, 2022: As of June 30, 2022 (amounts in thousands) Ground Leases Office and Other Leases Total 2022 $ 653 $ 2,072 $ 2,725 2023 626 3,523 4,149 2024 632 3,097 3,729 2025 637 2,763 3,400 2026 615 2,543 3,158 Thereafter 4,325 13,140 17,465 Total undiscounted rental payments 7,488 27,138 34,626 Less imputed interest (1,766) (4,101) (5,867) Total lease liabilities $ 5,722 $ 23,037 $ 28,759 Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net Accounts payable and other liabilities ROU assets and lease liabilities from our operating leases, included within Other assets, net Accounts payable and other liabilities

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2022
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 for the quarters and six months ended June 30, 2022 and 2021: Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands, except per share data) 2022 2021 2022 2021 Numerators: Net income available for Common Stockholders – Basic $ 61,509 $ 61,051 $ 144,415 $ 126,291 Amounts allocated to non controlling interest (dilutive securities) 3,073 3,021 7,217 6,768 Net income available for Common Stockholders – Fully Diluted $ 64,582 $ 64,072 $ 151,632 $ 133,059 Denominators: Weighted average Common Shares outstanding – Basic 185,767 182,337 185,729 182,142 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 9,297 10,153 9,299 10,312 Stock options and restricted stock 163 211 225 214 Weighted average Common Shares outstanding – Fully Diluted 195,227 192,701 195,253 192,668 Earnings per Common Share – Basic $ 0.33 $ 0.33 $ 0.78 $ 0.69 Earnings per Common Share – Fully Diluted $ 0.33 $ 0.33 $ 0.78 $ 0.69

Common Stock and Other Equity R

Common Stock and Other Equity Related Transactions	6 Months Ended
	Jun. 30, 2022
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 the Operating Partnership unit (“OP Unit”) holders since January 1, 2021. Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.3625 March 31, 2021 March 26, 2021 April 9, 2021 $0.3625 June 30, 2021 June 25, 2021 July 9, 2021 $0.3625 September 30, 2021 September 24, 2021 October 8, 2021 $0.3625 December 31, 2021 December 31, 2021 January 14, 2022 $0.4100 March 31, 2022 March 25, 2022 April 8, 2022 $0.4100 June 30, 2022 June 24, 2022 July 8, 2022 Equity Offering Program On February 24, 2022, we entered into our current at-the-market (“ATM”) equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $500.0 million. Prior to the new program, the aggregate offering price was up to $200.0 million. The following table presents the shares that were issued under our prior ATM equity offering program during the quarter ended March 31, 2022. (amounts in thousands, except share data) Shares of common stock sold 328,123 Weighted average price $ 86.46 Total gross proceeds $ 28,370 Commissions paid to sales agents $ 389 There has been no ATM activity under the current ATM equity offering program during the six months ended June 30, 2022 and as of June 30, 2022, the full capacity remained available for issuance. There was no ATM equity activity during the six months ended June 30, 2021. 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 six months ended June 30, 2022 and 2021, 8,640 and 1,386,716 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

Investment in Real Estate

Investment in Real Estate	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions 2022 On February 18, 2022, we completed the acquisition of Blue Mesa Recreational Ranch, a 385-site membership RV community located in Gunnison, Colorado, and Pilot Knob RV Resort a 247-site RV community located in Winterhaven, California for a combined purchase price of $15.9 million. The acquisition was funded with available cash. On June 1, 2022 we completed the acquisition of a nine acre vacant land parcel in Sarasota, Florida, adjacent to one of our properties, for a purchase price of $2.3 million. The acquisition was funded with available cash. On June 15, 2022 we completed the acquisition of Holiday Trav-L-Park Resort, a 299-site oceanfront RV community located in Emerald Isle, North Carolina for a purchase price of $50.7 million. The acquisition was funded with available cash and debt financing from the unsecured line of credit.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments 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, 2022 and December 31, 2021 , respectively): Investment as of Income/(Loss) for Investment Location Number of Sites Economic (a) June 30, 2022 December 31, 2021 June 30, 2022 June 30, 2021 Meadows Various (2,2) 1,077 50 % $ 58 $ — $ 858 $ 1,050 Lakeshore Florida (3,3) 721 (b) 2,608 2,638 318 286 Voyager Arizona (1,1) — 33 % (c) 177 141 38 293 ECHO JV Various — 50 % 18,669 18,136 533 307 RVC Various 1,194 80 % 54,687 49,397 (323) — Mulberry Farms Various — 50 % (d) 7,914 — — — 2,992 $ 84,113 $ 70,312 $ 1,424 $ 1,936 _____________________ (a) The percentages shown approximate our economic interest as of June 30, 2022. Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest. (c) Consists of a 33% interest in the utility plant servicing Voyager RV Resort. On October 14, 2021, we completed the acquisition of the remaining 50% interest in Voyager RV Resort. (d) On January 18, 2022, we acquired a 50% equity interest in an entity developing an age-restricted community in Prescott Valley, Arizona. We received approximately $2.0 million and $1.7 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2022 and 2021, respectively. Approximately $0.8 million and $1.5 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2022 and 2021, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements

Borrowing Arrangements	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Mortgage 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 June 30, 2022 As of December 31, 2021 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,329,554 $ 2,750,224 $ 2,743,527 $ 2,654,086 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 June 30, 2022, was approximately 3.7% per annum. The debt bears interest at stated rates ranging from 2.4% to 8.9% per annum and matures on various dates ranging from 2023 to 2041. The debt encumbered a total of 114 and 117 of our Properties as of June 30, 2022 and December 31, 2021, respectively, and the gross carrying value of such Properties was approximately $2,834.0 million and $2,817.5 million, as of June 30, 2022 and December 31, 2021, respectively. During the six months ended June 30, 2022, we repaid $14.2 million of principal on two mortgage loans that were due to mature in 2022, incurring $0.5 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.25% per annum and were secured by three RV communities. During the six months ended June 30, 2022, we entered into a $200.0 million secured refinancing transaction. The loan is secured by one MH community, has a fixed interest rate of 3.36% per annum and has a maturity date of May 1, 2034. The net proceeds from the transaction were used to repay all debt scheduled to mature in 2022 and to repay amounts outstanding on the Line of Credit (“LOC”). Unsecured Debt During the six months ended June 30, 2022 we entered into a $200.0 million senior unsecured term loan agreement. The maturity date is January 21, 2027, with an interest rate of Secured Overnight Financing Rate (“SOFR”) plus approximately 1.30% to 1.80%, depending on leverage levels. The LOC had a balance of $47.8 million and $349.0 million outstanding as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, our LOC had a remaining borrowing capacity of $452.2 million. As of June 30, 2022, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Derivative Instruments and Hedg

Derivative Instruments and Hedging	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging	Derivative Instruments and Hedging 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. We have a three-year LIBOR Swap Agreement (the “Swap”) allowing us to trade the variable interest rate associated with our variable rate debt for a fixed interest rate. The Swap has a notional amount of $300.0 million of outstanding principal with a fixed interest rate of 0.39% per annum and matures on March 25, 2024. Based on the leverage as of June 30, 2022, our spread over LIBOR was 1.40% resulting in an estimated all-in interest rate of 1.79% per annum. Our derivative financial instrument was classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument: As of June 30, As of December 31, (amounts in thousands) Balance Sheet Location 2022 2021 Interest Rate Swap Other assets, net $ 16,240 $ 3,524 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) 2022 2021 (amounts in thousands) 2022 2021 Interest Rate Swap $ (12,719) $ (2) Interest Expense $ (2) $ 237 During the next twelve months, we estimate that $8.1 million will be reclassified as a decrease 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 June 30, 2022, we had not posted any collateral related to the Swap.

Equity Incentive Awards

Equity Incentive Awards	6 Months Ended
	Jun. 30, 2022
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, 2022, 79,078 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 27, 2023, January 26, 2024 and January 31, 2025, respectively, and have a grant date fair value of $3.0 million. The remaining 50% are performance-based awards vesting in equal installments on January 27, 2023, January 26, 2024 and January 31, 2025, 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 13,178 shares of restricted stock subject to 2022 performance goals have a grant date fair value of $1.0 million. During the quarter ended June 30, 2022 we awarded to certain members of our Board of Directors 51,522 shares of restricted stock at a fair value of approximately $4.1 million and options to purchase 7,210 shares of common stock with an exercise price of $79.72. These are time-based awards subject to various vesting dates between October 26, 2022 and April 26, 2025. Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $2.7 million and $2.8 million for the quarters ended June 30, 2022 and 2021, respectively, and $5.3 million and $5.4 million for the six months ended June 30, 2022 and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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, together with certain interested parties, 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 and the interested parties 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 (i) 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,” (ii) that the Operating Partnership anticipatorily breached the ground leases by publicly repudiating any such obligation and (iii) that the Operating Partnership is required to indemnify the Nicholsons with respect to the claims brought by the interested parties in the Superior Court proceeding. On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the Superior Court litigation, which motion was heard on June 25, 2020. On July 29, 2020, the Superior Court issued a final order denying the Nicholsons' motion to compel arbitration. The Nicholsons filed a notice of appeal on August 7, 2020. On February 4, 2022, the California Court of Appeal affirmed the Superior Court’s order denying the Nicholsons' motion to compel arbitration. On February 22, 2022, the Nicholsons filed a petition for rehearing, which the Court of Appeal denied on March 2, 2022. On March 16, 2022, the Nicholsons filed a petition for review with the California Supreme Court, which the California Supreme Court denied on April 20, 2022. On May 18, 2022, the Nicholsons filed a cross complaint alleging that the Operating Partnership is obligated to deliver Westwinds free and clear of encumbrances and in good condition and repair. The cross complaint asserts that it is no longer feasible for the Operating Partnership to cure its alleged breaches given that the ground leases terminate on August 31, 2022. The Operating Partnership has filed a demurrer seeking dismissal of the cross complaint, and the Nicholsons also filed a demurrer to our complaint. On July 19, 2022, the Nicholsons sent two notices of default to the Operating Partnership, one related to Westwinds and the other related to Nicholson Plaza, the adjacent shopping center. The notices generally assert that the Operating Partnership failed to maintain or repair certain infrastructure and improvements at Westwinds and Nicholson Plaza. The Operating Partnership is evaluating the notices but expects to dispute the contention that it has not maintained Westwinds and Nicholson Plaza in compliance with the terms of the applicable ground leases. The arbitration which was previously stayed pursuant to an agreement between the Operating Partnership and the Nicholsons is now proceeding with respect to the Nicholsons’ indemnification claim that the Operating Partnership is required to indemnify the Nicholsons with respect to the claims brought by the interested parties in the Superior Court proceeding and a claim by the Operating Partnership for recovery of fees incurred in connection with the Nicholsons’ failed motion to compel arbitration. We intend to continue to vigorously defend our interests in this matter. As of June 30, 2022, 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	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments We have identified 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 and six months ended ended June 30, 2022 or 2021. The following tables summarize our segment financial information for the quarters and six months ended June 30, 2022 and 2021: Quarter Ended June 30, 2022 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 320,888 $ 40,078 $ 360,966 Operations expenses (171,960) (34,635) (206,595) Income from segment operations 148,928 5,443 154,371 Interest income 1,381 341 1,722 Depreciation and amortization (48,297) (2,499) (50,796) Income from operations $ 102,012 $ 3,285 $ 105,297 Reconciliation to consolidated net income: Corporate interest income — Income from other investments, net 2,617 General and administrative (11,695) Other expenses (4,189) Interest and related amortization (28,053) Equity in income of unconsolidated joint ventures 1,253 Early debt retirement (640) Consolidated net income $ 64,590 Total assets $ 5,150,884 $ 248,704 $ 5,399,588 Capital improvements $ 64,690 $ 32,698 $ 97,388 Quarter Ended June 30, 2021 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 297,847 $ 29,293 $ 327,140 Operations expenses (153,136) (26,726) (179,862) Income from segment operations 144,711 2,567 147,278 Interest income 1,252 468 1,720 Depreciation and amortization (45,631) (2,685) (48,316) Income (loss) from operations $ 100,332 $ 350 $ 100,682 Reconciliation to consolidated net income: Corporate interest income 22 Income from other investments, net 1,222 General and administrative (10,228) Other expenses (800) Interest and related amortization (27,131) Equity in income of unconsolidated joint ventures 1,068 Early debt retirement (755) Consolidated net income $ 64,080 Total assets $ 4,566,507 $ 257,500 $ 4,824,007 Capital improvements $ 41,306 $ 21,639 $ 62,945 Six Months Ended June 30, 2022 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 646,327 $ 71,178 $ 717,505 Operations expenses (326,964) (62,463) (389,427) Income from segment operations 319,363 8,715 328,078 Interest income 2,758 721 3,479 Depreciation and amortization (95,174) (5,016) (100,190) Income (loss) from operations $ 226,947 $ 4,420 $ 231,367 Reconciliation to consolidated net income: Corporate interest income 2 Income from other investments, net 4,521 General and administrative (23,992) Other expenses (5,009) Interest and related amortization (55,517) Equity in income of unconsolidated joint ventures 1,424 Early debt retirement (1,156) Consolidated net income $ 151,640 Total assets $ 5,150,884 $ 248,704 $ 5,399,588 Capital improvements $ 119,680 $ 61,355 $ 181,035 Six Months Ended June 30, 2021 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 578,927 $ 49,238 $ 628,165 Operations expenses (286,198) (44,302) (330,500) Income from segment operations 292,729 4,936 297,665 Interest income 2,400 1,083 3,483 Depreciation and amortization (88,409) (5,305) (93,714) Loss on sale of real estate, net (59) — (59) Income (loss) from operations $ 206,661 $ 714 $ 207,375 Reconciliation to consolidated net income: Corporate interest income 26 Income from other investments, net 2,158 General and administrative (20,740) Other expenses (1,498) Interest and related amortization (53,406) Equity in income of unconsolidated joint ventures 1,936 Early debt retirement (2,784) Consolidated net income $ 133,067 Total assets $ 4,566,507 $ 257,500 $ 4,824,007 Capital improvements $ 77,774 $ 41,949 $ 119,723 The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2022 and 2021: Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2022 2021 2022 2021 Revenues: Rental income $ 271,516 $ 251,420 $ 552,620 $ 496,149 Annual membership subscriptions 15,592 14,267 30,749 27,921 Membership upgrade sales current period, gross 9,535 9,207 16,686 19,221 Membership upgrade sales upfront payments, deferred, net (6,367) (6,454) (10,451) (13,881) Other income 14,195 14,185 27,736 24,706 Gross revenues from ancillary services 16,417 15,222 28,987 24,811 Total property operations revenues 320,888 297,847 646,327 578,927 Expenses: Property operating and maintenance 113,081 101,351 215,671 188,981 Real estate taxes 19,182 17,896 38,639 35,746 Sales and marketing, gross 6,409 6,298 11,323 12,474 Membership sales commissions, deferred, net (957) (1,438) (1,540) (2,937) Cost of ancillary services 9,138 7,725 14,874 11,615 Ancillary operating expenses 6,008 4,744 11,027 8,379 Property management 19,099 16,560 36,970 31,940 Total property operations expenses 171,960 153,136 326,964 286,198 Income from property operations segment $ 148,928 $ 144,711 $ 319,363 $ 292,729 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2022 and 2021: Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2022 2021 2022 2021 Revenues: Rental income (a) $ 3,814 $ 4,278 $ 7,775 $ 8,571 Gross revenue from home sales and brokered resales 36,264 25,015 63,403 40,667 Total revenues 40,078 29,293 71,178 49,238 Expenses: Rental home operating and maintenance 1,226 1,312 2,628 2,555 Cost of home sales and brokered resales 31,833 24,068 56,796 39,095 Home selling expenses 1,576 1,346 3,039 2,652 Total expenses 34,635 26,726 62,463 44,302 Income from home sales and rentals operations segment $ 5,443 $ 2,567 $ 8,715 $ 4,936 ______________________ (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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats 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 95.2% interest as of June 30, 2022. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership.
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.
Revenue Recognition	Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective 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. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses. 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. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. 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.
Restricted Cash	Restricted CashAs of June 30, 2022 and December 31, 2021, restricted cash consisted of $25.8 million and $29.3 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Future Minimum Rents Expected 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 June 30, 2022 2022 $ 83,785 2023 169,442 2024 104,386 2025 40,557 2026 21,644 Thereafter 67,178 Total $ 486,992
Summary of 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 June 30, 2022: As of June 30, 2022 (amounts in thousands) Ground Leases Office and Other Leases Total 2022 $ 653 $ 2,072 $ 2,725 2023 626 3,523 4,149 2024 632 3,097 3,729 2025 637 2,763 3,400 2026 615 2,543 3,158 Thereafter 4,325 13,140 17,465 Total undiscounted rental payments 7,488 27,138 34,626 Less imputed interest (1,766) (4,101) (5,867) Total lease liabilities $ 5,722 $ 23,037 $ 28,759

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share of common stock for the quarters and six months ended June 30, 2022 and 2021: Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands, except per share data) 2022 2021 2022 2021 Numerators: Net income available for Common Stockholders – Basic $ 61,509 $ 61,051 $ 144,415 $ 126,291 Amounts allocated to non controlling interest (dilutive securities) 3,073 3,021 7,217 6,768 Net income available for Common Stockholders – Fully Diluted $ 64,582 $ 64,072 $ 151,632 $ 133,059 Denominators: Weighted average Common Shares outstanding – Basic 185,767 182,337 185,729 182,142 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 9,297 10,153 9,299 10,312 Stock options and restricted stock 163 211 225 214 Weighted average Common Shares outstanding – Fully Diluted 195,227 192,701 195,253 192,668 Earnings per Common Share – Basic $ 0.33 $ 0.33 $ 0.78 $ 0.69 Earnings per Common Share – Fully Diluted $ 0.33 $ 0.33 $ 0.78 $ 0.69

Common Stock and Other Equity_2

Common Stock and Other Equity Related Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Dividends Declared	The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2021. Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.3625 March 31, 2021 March 26, 2021 April 9, 2021 $0.3625 June 30, 2021 June 25, 2021 July 9, 2021 $0.3625 September 30, 2021 September 24, 2021 October 8, 2021 $0.3625 December 31, 2021 December 31, 2021 January 14, 2022 $0.4100 March 31, 2022 March 25, 2022 April 8, 2022 $0.4100 June 30, 2022 June 24, 2022 July 8, 2022
Schedule of Stock by Class	The following table presents the shares that were issued under our prior ATM equity offering program during the quarter ended March 31, 2022. (amounts in thousands, except share data) Shares of common stock sold 328,123 Weighted average price $ 86.46 Total gross proceeds $ 28,370 Commissions paid to sales agents $ 389

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021 , respectively): Investment as of Income/(Loss) for Investment Location Number of Sites Economic (a) June 30, 2022 December 31, 2021 June 30, 2022 June 30, 2021 Meadows Various (2,2) 1,077 50 % $ 58 $ — $ 858 $ 1,050 Lakeshore Florida (3,3) 721 (b) 2,608 2,638 318 286 Voyager Arizona (1,1) — 33 % (c) 177 141 38 293 ECHO JV Various — 50 % 18,669 18,136 533 307 RVC Various 1,194 80 % 54,687 49,397 (323) — Mulberry Farms Various — 50 % (d) 7,914 — — — 2,992 $ 84,113 $ 70,312 $ 1,424 $ 1,936 _____________________ (a) The percentages shown approximate our economic interest as of June 30, 2022. Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest. (c) Consists of a 33% interest in the utility plant servicing Voyager RV Resort. On October 14, 2021, we completed the acquisition of the remaining 50% interest in Voyager RV Resort. (d) On January 18, 2022, we acquired a 50% equity interest in an entity developing an age-restricted community in Prescott Valley, Arizona.

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Fair Value of Mortgage Debt	The following table presents the fair value of our mortgage notes payable: As of June 30, 2022 As of December 31, 2021 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,329,554 $ 2,750,224 $ 2,743,527 $ 2,654,086

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instrument: As of June 30, As of December 31, (amounts in thousands) Balance Sheet Location 2022 2021 Interest Rate Swap Other assets, net $ 16,240 $ 3,524
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations	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) 2022 2021 (amounts in thousands) 2022 2021 Interest Rate Swap $ (12,719) $ (2) Interest Expense $ (2) $ 237

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Segment Financial Information	The following tables summarize our segment financial information for the quarters and six months ended June 30, 2022 and 2021: Quarter Ended June 30, 2022 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 320,888 $ 40,078 $ 360,966 Operations expenses (171,960) (34,635) (206,595) Income from segment operations 148,928 5,443 154,371 Interest income 1,381 341 1,722 Depreciation and amortization (48,297) (2,499) (50,796) Income from operations $ 102,012 $ 3,285 $ 105,297 Reconciliation to consolidated net income: Corporate interest income — Income from other investments, net 2,617 General and administrative (11,695) Other expenses (4,189) Interest and related amortization (28,053) Equity in income of unconsolidated joint ventures 1,253 Early debt retirement (640) Consolidated net income $ 64,590 Total assets $ 5,150,884 $ 248,704 $ 5,399,588 Capital improvements $ 64,690 $ 32,698 $ 97,388 Quarter Ended June 30, 2021 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 297,847 $ 29,293 $ 327,140 Operations expenses (153,136) (26,726) (179,862) Income from segment operations 144,711 2,567 147,278 Interest income 1,252 468 1,720 Depreciation and amortization (45,631) (2,685) (48,316) Income (loss) from operations $ 100,332 $ 350 $ 100,682 Reconciliation to consolidated net income: Corporate interest income 22 Income from other investments, net 1,222 General and administrative (10,228) Other expenses (800) Interest and related amortization (27,131) Equity in income of unconsolidated joint ventures 1,068 Early debt retirement (755) Consolidated net income $ 64,080 Total assets $ 4,566,507 $ 257,500 $ 4,824,007 Capital improvements $ 41,306 $ 21,639 $ 62,945 Six Months Ended June 30, 2022 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 646,327 $ 71,178 $ 717,505 Operations expenses (326,964) (62,463) (389,427) Income from segment operations 319,363 8,715 328,078 Interest income 2,758 721 3,479 Depreciation and amortization (95,174) (5,016) (100,190) Income (loss) from operations $ 226,947 $ 4,420 $ 231,367 Reconciliation to consolidated net income: Corporate interest income 2 Income from other investments, net 4,521 General and administrative (23,992) Other expenses (5,009) Interest and related amortization (55,517) Equity in income of unconsolidated joint ventures 1,424 Early debt retirement (1,156) Consolidated net income $ 151,640 Total assets $ 5,150,884 $ 248,704 $ 5,399,588 Capital improvements $ 119,680 $ 61,355 $ 181,035 Six Months Ended June 30, 2021 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 578,927 $ 49,238 $ 628,165 Operations expenses (286,198) (44,302) (330,500) Income from segment operations 292,729 4,936 297,665 Interest income 2,400 1,083 3,483 Depreciation and amortization (88,409) (5,305) (93,714) Loss on sale of real estate, net (59) — (59) Income (loss) from operations $ 206,661 $ 714 $ 207,375 Reconciliation to consolidated net income: Corporate interest income 26 Income from other investments, net 2,158 General and administrative (20,740) Other expenses (1,498) Interest and related amortization (53,406) Equity in income of unconsolidated joint ventures 1,936 Early debt retirement (2,784) Consolidated net income $ 133,067 Total assets $ 4,566,507 $ 257,500 $ 4,824,007 Capital improvements $ 77,774 $ 41,949 $ 119,723
Summary of 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, 2022 and 2021: Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2022 2021 2022 2021 Revenues: Rental income $ 271,516 $ 251,420 $ 552,620 $ 496,149 Annual membership subscriptions 15,592 14,267 30,749 27,921 Membership upgrade sales current period, gross 9,535 9,207 16,686 19,221 Membership upgrade sales upfront payments, deferred, net (6,367) (6,454) (10,451) (13,881) Other income 14,195 14,185 27,736 24,706 Gross revenues from ancillary services 16,417 15,222 28,987 24,811 Total property operations revenues 320,888 297,847 646,327 578,927 Expenses: Property operating and maintenance 113,081 101,351 215,671 188,981 Real estate taxes 19,182 17,896 38,639 35,746 Sales and marketing, gross 6,409 6,298 11,323 12,474 Membership sales commissions, deferred, net (957) (1,438) (1,540) (2,937) Cost of ancillary services 9,138 7,725 14,874 11,615 Ancillary operating expenses 6,008 4,744 11,027 8,379 Property management 19,099 16,560 36,970 31,940 Total property operations expenses 171,960 153,136 326,964 286,198 Income from property operations segment $ 148,928 $ 144,711 $ 319,363 $ 292,729 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2022 and 2021: Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2022 2021 2022 2021 Revenues: Rental income (a) $ 3,814 $ 4,278 $ 7,775 $ 8,571 Gross revenue from home sales and brokered resales 36,264 25,015 63,403 40,667 Total revenues 40,078 29,293 71,178 49,238 Expenses: Rental home operating and maintenance 1,226 1,312 2,628 2,555 Cost of home sales and brokered resales 31,833 24,068 56,796 39,095 Home selling expenses 1,576 1,346 3,039 2,652 Total expenses 34,635 26,726 62,463 44,302 Income from home sales and rentals operations segment $ 5,443 $ 2,567 $ 8,715 $ 4,936 ______________________ (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)	Jun. 30, 2022
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (percent)	95.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated membership upgrade contract term	20 years
Cash and cash equivalents, restricted cash	$ 25.8	$ 29.3
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	1 month
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	6 months

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2022	$ 83,785
2023	169,442
2024	104,386
2025	40,557
2026	21,644
Thereafter	67,178
Total	$ 486,992

Leases - Narratives (Details)

Leases - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) | property	14		14
Operating lease payments	$ 2,900	$ 2,600	$ 5,500	$ 5,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net		Other assets, net		Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities		Accounts payable and other liabilities		Accounts payable and other liabilities
Right of use asset	$ 26,800		$ 26,800		$ 30,300
Operating lease liability	$ 28,759		$ 28,759		$ 30,700
Weighted average operating lease term	9 years		9 years		7 years
Operating lease weighted average interest rate (percent)	3.80%		3.80%		3.80%

Leases - Summary of Minimum Fut

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2022	$ 2,725
2023	4,149
2024	3,729
2025	3,400
2026	3,158
Thereafter	17,465
Total undiscounted rental payments	34,626
Less imputed interest	(5,867)
Total lease liabilities	28,759	$ 30,700
Ground Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2022	653
2023	626
2024	632
2025	637
2026	615
Thereafter	4,325
Total undiscounted rental payments	7,488
Less imputed interest	(1,766)
Total lease liabilities	5,722
Office and Other Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2022	2,072
2023	3,523
2024	3,097
2025	2,763
2026	2,543
Thereafter	13,140
Total undiscounted rental payments	27,138
Less imputed interest	(4,101)
Total lease liabilities	$ 23,037

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerators:
Net income available for Common Stockholders – Basic	$ 61,509	$ 61,051	$ 144,415	$ 126,291
Amounts allocated to non controlling interest (dilutive securities)	3,073	3,021	7,217	6,768
Net income available for Common Stockholders – Fully Diluted	$ 64,582	$ 64,072	$ 151,632	$ 133,059
Denominators:
Weighted average Common Shares outstanding – Basic (in shares)	185,767	182,337	185,729	182,142
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	9,297	10,153	9,299	10,312
Stock options and restricted stock (in shares)	163	211	225	214
Weighted average common shares outstanding – fully diluted (in shares)	195,227	192,701	195,253	192,668
Earnings per Common Share – Basic (in usd per share)	$ 0.33	$ 0.33	$ 0.78	$ 0.69
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.33	$ 0.33	$ 0.78	$ 0.69

Common Stock and Other Equity_3

Common Stock and Other Equity Related Transactions - Distributions (Details) - $ / shares	Jul. 08, 2022	Apr. 08, 2022	Jan. 14, 2022	Oct. 08, 2021	Jul. 09, 2021	Apr. 09, 2021
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)		$ 0.4100	$ 0.3625	$ 0.3625	$ 0.3625	$ 0.3625
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)	$ 0.4100

Common Stock and Other Equity_4

Common Stock and Other Equity Related Transactions - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Feb. 24, 2022	Feb. 23, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.01				$ 0.01
OP units were exchanged for an equal number of shares of common stock (in shares)	8,640	1,386,716
Private Placement
Class of Stock [Line Items]
Common stock, par value (in usd per share)			$ 0.01
Aggregate offering price			$ 500	$ 200

Common Stock and Other Equity_5

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Total gross proceeds		$ 28,370	$ 0
Commissions paid to sales agents		$ 697	$ 171
Private Placement | Common Stock
Class of Stock [Line Items]
Shares in common stock sold (in shares)	328,123
Weighted average price (in usd per share)	$ 86.46
Total gross proceeds	$ 28,370
Commissions paid to sales agents	$ 389

Investment in Real Estate (Deta

Investment in Real Estate (Details) $ in Thousands					6 Months Ended
	Jun. 16, 2022 USD ($) site	Jun. 15, 2022 USD ($) site	Jun. 01, 2022 USD ($) a	Feb. 18, 2022 USD ($) site	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Asset Acquisition [Line Items]
Purchase price					$ 0	$ 7
Blue Mesa Recreational Ranch
Asset Acquisition [Line Items]
Number of sites acquired | site				385
Purchase price				$ 15,900
Pilot Knob RV Resort
Asset Acquisition [Line Items]
Number of sites acquired | site				247
Vacant Land Parcel In Sarasota
Asset Acquisition [Line Items]
Purchase price			$ 2,300
Area of land acquired | a			9
Holiday Trav-L-Park Resort
Asset Acquisition [Line Items]
Number of sites acquired | site		299
Purchase price		$ 50,700
Oceanside RV Resort
Asset Acquisition [Line Items]
Number of sites acquired | site	139
Purchase price	$ 44,400

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 site	Jun. 30, 2022	Jun. 30, 2022 joint_venture	Jan. 18, 2022	Dec. 31, 2021 USD ($)	Oct. 14, 2021
Schedule of Equity Method Investments
Number of Sites					2,992		2
Investment in unconsolidated joint ventures	$ 84,113		$ 84,113						$ 70,312
Equity in income (loss) of unconsolidated joint ventures	1,253	$ 1,068	1,424	$ 1,936
Voyager | Servicing Assets
Schedule of Equity Method Investments
Economic interest						33%				50%
Lakeshore Investment One
Schedule of Equity Method Investments
Economic interest						65%
Lakeshore Investment Two
Schedule of Equity Method Investments
Economic interest						65%
Crosswinds
Schedule of Equity Method Investments
Economic interest						49%
Various | Meadows
Schedule of Equity Method Investments
Number of Sites | site					1,077
Economic interest						50%
Investment in unconsolidated joint ventures	58		58						0
Equity in income (loss) of unconsolidated joint ventures			858	1,050
Various | ECHO JV
Schedule of Equity Method Investments
Number of Sites | site					0
Economic interest						50%
Investment in unconsolidated joint ventures	18,669		18,669						18,136
Equity in income (loss) of unconsolidated joint ventures			533	307
Various | RVC
Schedule of Equity Method Investments
Number of Sites | site					1,194
Economic interest						80%
Investment in unconsolidated joint ventures	54,687		54,687						49,397
Equity in income (loss) of unconsolidated joint ventures			(323)	0
Various | Mulberry Farms
Schedule of Equity Method Investments
Number of Sites | site					0
Economic interest						50%
Investment in unconsolidated joint ventures	7,914		7,914						0
Equity in income (loss) of unconsolidated joint ventures			0	0
Florida | Lakeshore
Schedule of Equity Method Investments
Number of Sites | site					721
Investment in unconsolidated joint ventures	2,608		2,608						2,638
Equity in income (loss) of unconsolidated joint ventures			318	286
Arizona | Voyager
Schedule of Equity Method Investments
Number of Sites | site					0
Economic interest						33%
Investment in unconsolidated joint ventures	$ 177		177						$ 141
Equity in income (loss) of unconsolidated joint ventures			$ 38	$ 293
Arizona | Mulberry Farms
Schedule of Equity Method Investments
Economic interest								50%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Narratives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Distributions from joint ventures	$ 2	$ 1.7
Distributions from joint ventures, including those in excess of basis	$ 0.8	$ 1.5

Borrowing Arrangements - Fair V

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,329,554	$ 2,743,527
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,750,224	$ 2,654,086

Borrowing Arrangements - Narrat

Borrowing Arrangements - Narratives (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) property loan commmunity	Dec. 31, 2021 USD ($) property
Debt Instrument
Weighted average interest rate (in percentage)	3.70%
Number of pledged properties | property	114	117
Real Estate Investment Property, Net	$ 5,045,563,000	$ 4,885,290,000
Unsecured line of credit	47,800,000	349,000,000
Senior Unsecured Term Loan | Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity	200,000,000
Asset Pledged as Collateral
Debt Instrument
Real Estate Investment Property, Net	$ 2,834,000,000	2,817,500,000
Minimum | Senior Unsecured Term Loan | Line of Credit | SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.30%
Maximum | Senior Unsecured Term Loan | Line of Credit | SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.80%
Secured Debt | Secured Refinancing Loan
Debt Instrument
Stated interest rate (in percentage)	3.36%
Proceeds from loans	$ 200,000,000
Secured Debt | Secured Refinancing Loan | M H Resorts
Debt Instrument
Number of pledged properties | commmunity	1
Secured Debt | Minimum
Debt Instrument
Stated interest rate (in percentage)	2.40%
Secured Debt | Maximum
Debt Instrument
Stated interest rate (in percentage)	8.90%
Mortgage | Prepaid Loans
Debt Instrument
Weighted average interest rate (in percentage)	5.25%
Repayments of debt	$ 14,200,000
Number of loans | loan	2
Payments of debt extinguishment costs	$ 500,000
Mortgage | Prepaid Loans | R V Resort
Debt Instrument
Number of pledged properties | commmunity	3
Line of Credit | Revolving Credit Facility
Debt Instrument
Unsecured line of credit	$ 47,800,000	$ 349,000,000
Line of credit, remaining borrowing amount	$ 452,200,000

Derivative Instruments and He_3

Derivative Instruments and Hedging - Narratives (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Derivative
Reclassified as a decrease to interest expense	$ 8,100,000
Interest Rate Swap
Derivative
Derivative, contract term (years)	3 years
Derivative, notional amount	$ 300,000,000
Derivative fixed interest rate ( in percentage)	0.39%
Derivative instrument, effective interest rate	1.79%
Interest Rate Swap | LIBOR
Derivative
Basis spread on variable rate (in percentage)	1.40%

Derivative Instruments and He_4

Derivative Instruments and Hedging - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Designated as Hedging Instrument | Interest Rate Swap | Other assets, net
Derivative
Derivative asset	$ 16,240	$ 3,524

Derivative Instruments and He_5

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative
Amount of (gain)/loss recognized in OCI on derivative	$ (12,719)	$ (2)
Cash Flow Hedging | Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (2)	$ 237

Equity Incentive Awards (Detail

Equity Incentive Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to incentive plans	$ 2.7		$ 2.8	$ 5.3	$ 5.4
Options issued (in shares)	7,210
Options issued (in usd per share)	$ 79.72
Restricted Stock | 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	51,522	79,078
Shares categorized as vesting (in percentage)		50%
Vesting period (in years)		3 years
Fair value of shares issued	$ 4.1	$ 3
Shares categorized as performance based (in percentage)		50%
Restricted Stock | 2014 Awards | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Restricted Stock | 2014 Awards | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Restricted Stock | 2014 Awards | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Performance Shares | 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		13,178
Fair value of shares issued		$ 1

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2022 site
Westwinds | Operating Partnership | Mobile Home Community
Loss Contingencies
Number of sites	720

Reportable Segments - Narrative

Reportable Segments - Narratives (Details)	6 Months Ended
	Jun. 30, 2022 segment
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information
Depreciation and amortization	$ (50,796)	$ (48,316)	$ (100,190)	$ (93,714)
Loss on sale of real estate, net	0	0	0	(59)
Reconciliation to consolidated net income:
Income from other investments, net	14,195	14,185	27,736	24,706
General and administrative	(11,695)	(10,228)	(23,992)	(20,740)
Other expenses	(4,189)	(800)	(5,009)	(1,498)
Interest and related amortization	(28,053)	(27,131)	(55,517)	(53,406)
Equity in income of unconsolidated joint ventures	1,253	1,068	1,424	1,936
Early debt retirement	(640)	(755)	(1,156)	(2,784)
Consolidated net income	64,590	64,080	151,640	133,067
Total assets	5,399,588	4,824,007	5,399,588	4,824,007	$ 5,307,871
Capital improvements	97,388	62,945	181,035	119,723
Property Operations
Reconciliation to consolidated net income:
Income from other investments, net	14,195	14,185	27,736	24,706
Total assets	5,150,884	4,566,507	5,150,884	4,566,507
Capital improvements	64,690	41,306	119,680	77,774
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	248,704	257,500	248,704	257,500
Capital improvements	32,698	21,639	61,355	41,949
Operating Segments
Segment Reporting Information
Operations revenues	360,966	327,140	717,505	628,165
Operations expenses	(206,595)	(179,862)	(389,427)	(330,500)
Income from segment operations	154,371	147,278	328,078	297,665
Interest income	1,722	1,720	3,479	3,483
Depreciation and amortization	(50,796)	(48,316)	(100,190)	(93,714)
Loss on sale of real estate, net				(59)
Income from operations	105,297	100,682	231,367	207,375
Operating Segments | Property Operations
Segment Reporting Information
Operations revenues	320,888	297,847	646,327	578,927
Operations expenses	(171,960)	(153,136)	(326,964)	(286,198)
Income from segment operations	148,928	144,711	319,363	292,729
Interest income	1,381	1,252	2,758	2,400
Depreciation and amortization	(48,297)	(45,631)	(95,174)	(88,409)
Loss on sale of real estate, net				(59)
Income from operations	102,012	100,332	226,947	206,661
Operating Segments | Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	40,078	29,293	71,178	49,238
Operations expenses	(34,635)	(26,726)	(62,463)	(44,302)
Income from segment operations	5,443	2,567	8,715	4,936
Interest income	341	468	721	1,083
Depreciation and amortization	(2,499)	(2,685)	(5,016)	(5,305)
Loss on sale of real estate, net				0
Income from operations	3,285	350	4,420	714
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	0	22	2	26
Income from other investments, net	2,617	1,222	4,521	2,158
General and administrative	(11,695)	(10,228)	(23,992)	(20,740)
Other expenses	(4,189)	(800)	(5,009)	(1,498)
Interest and related amortization	(28,053)	(27,131)	(55,517)	(53,406)
Equity in income of unconsolidated joint ventures	1,253	1,068	1,424	1,936
Early debt retirement	$ (640)	$ (755)	$ (1,156)	$ (2,784)

Reportable Segments - Income fr

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Other income	$ 14,195	$ 14,185	$ 27,736	$ 24,706
Total revenues	365,305	330,104	725,507	633,832
Expenses:
Real estate taxes	19,182	17,896	38,639	35,746
Sales and marketing, gross	6,409	6,298	11,323	12,474
Membership sales commissions, deferred, net	(957)	(1,438)	(1,540)	(2,937)
Total expenses	301,968	267,092	575,291	502,642
Income before equity in income of unconsolidated joint ventures	63,337	63,012	150,216	131,131
Annual membership subscriptions
Revenues:
Revenue from contract with customer	15,592	14,267	30,749	27,921
Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	9,535	9,207	16,686	19,221
Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(6,367)	(6,454)	(10,451)	(13,881)
Property management
Expenses:
Property management and cost of ancillary services	19,099	16,560	36,970	31,940
Property Operations
Revenues:
Rental income	271,516	251,420	552,620	496,149
Other income	14,195	14,185	27,736	24,706
Total revenues	320,888	297,847	646,327	578,927
Expenses:
Operating and maintenance	113,081	101,351	215,671	188,981
Real estate taxes	19,182	17,896	38,639	35,746
Sales and marketing, gross	6,409	6,298	11,323	12,474
Membership sales commissions, deferred, net	(957)	(1,438)	(1,540)	(2,937)
Ancillary operating expenses	6,008	4,744	11,027	8,379
Total expenses	171,960	153,136	326,964	286,198
Income before equity in income of unconsolidated joint ventures	148,928	144,711	319,363	292,729
Property Operations | Annual membership subscriptions
Revenues:
Revenue from contract with customer	15,592	14,267	30,749	27,921
Property Operations | Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	9,535	9,207	16,686	19,221
Property Operations | Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(6,367)	(6,454)	(10,451)	(13,881)
Property Operations | Ancillary services
Revenues:
Revenue from contract with customer	16,417	15,222	28,987	24,811
Expenses:
Property management and cost of ancillary services	9,138	7,725	14,874	11,615
Property Operations | Property management
Expenses:
Property management and cost of ancillary services	19,099	16,560	36,970	31,940
Home Sales and Rentals Operations
Revenues:
Rental income	3,814	4,278	7,775	8,571
Total revenues	40,078	29,293	71,178	49,238
Expenses:
Operating and maintenance	1,226	1,312	2,628	2,555
Home selling expenses	1,576	1,346	3,039	2,652
Total expenses	34,635	26,726	62,463	44,302
Income before equity in income of unconsolidated joint ventures	5,443	2,567	8,715	4,936
Home Sales and Rentals Operations | Home sales And brokered resales
Revenues:
Revenue from contract with customer	36,264	25,015	63,403	40,667
Expenses:
Property management and cost of ancillary services	$ 31,833	$ 24,068	$ 56,796	$ 39,095