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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Feb. 21, 2014	Jun. 30, 2013
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	ELS
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES INC
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		83,324,062
Entity Public Float			$ 3,050,678,578

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Investment in real estate:
Land	$ 1,025,246	$ 984,224
Land Improvements	2,667,213	2,565,299
Buildings and other depreciable property	535,647	495,127
Real Estate Investment Property, at Cost	4,228,106	4,044,650
Accumulated depreciation	(1,058,540)	(948,581)
Net investment in real estate	3,169,566	3,096,069
Cash	58,427	37,126
Notes receivable, net	42,990	45,469
Investment in joint ventures	11,583	8,420
Deferred financing costs, net	19,873	20,620
Deferred commission expense	25,251	22,841
Escrow deposits and other assets	63,949	47,829
Total Assets	3,391,639	3,398,226
Assets of Disposal Group, Including Discontinued Operation	0	119,852
Liabilities:
Mortgage notes payable	1,992,368	2,061,610
Term loan	200,000	200,000
Unsecured lines of credit	0	0
Accrued payroll and other operating expenses	65,157	63,672
Deferred revenue-upfront payments from right-to-use contracts	68,673	62,979
Deferred revenue-right-to-use annual payments	11,136	11,088
Accrued interest payable	9,416	10,500
Rents and other customer payments received in advance and security deposits	58,931	54,017
Distributions payable	22,753	0
Total Liabilities	2,428,434	2,473,924
Liabilities of Disposal Group, Including Discontinued Operation	0	10,058
Stockholders' Equity:
Preferred stock, $.01 par value 2,000,000 shares authorized; none issued and outstanding as of December 31, 2011 and 2010	0	0
Common stock, $.01 par value 100,000,000 shares authorized for 2011 and 2010; 41,078,200 and 30,972,353 shares issued and outstanding for 2011 and 2010, respectively	834	832
Paid-in capital	1,021,365	1,012,514
Distributions in excess of accumulated earnings	264,083	287,652
Accumulated other comprehensive loss	(927)	(2,590)
Total Stockholders' Equity	893,333	859,248
Non-controlling interests-Common OP Units	69,872	65,054
Total Equity	963,205	924,302
Total Liabilities and Equity	3,391,639	3,398,226
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Domain]
Stockholders' Equity:
Preferred stock, $.01 par value 2,000,000 shares authorized; none issued and outstanding as of December 31, 2011 and 2010	$ 136,144	$ 136,144

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2013	Dec. 31, 2012
Preferred stock, par value	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	9,945,164	9,945,539
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	100,000,000
Common stock, shares issued	83,313,677	83,193,310
Common stock, shares outstanding	83,313,677	83,193,310
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	54,461	54,461
Preferred stock, shares issued	54,458	54,458
Preferred stock, shares outstanding	54,458	54,458
Cumulative Series D Six Percent Non-Qualified Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.00
Preferred Stock, Shares Authorized	125	0
Preferred stock, shares issued	125	0
Preferred stock, shares outstanding	125	0
Cumulative Series E Eighteen Point Seventy Five Percent Non-Voting Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.00
Preferred Stock, Shares Authorized	250	0
Preferred stock, shares issued	250	0
Preferred stock, shares outstanding	250	0

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:
Community Base Rental Income	$ 409,801	$ 394,606	$ 309,230
Resort base rental income	147,234	134,327	130,489
Right-to-use annual payments	47,967	47,662	49,122
Right-to-use contracts current period, gross	13,142	13,433	17,856
Right-to-use contracts, deferred, net of prior period amortization	(5,694)	(6,694)	(11,936)
Utility and other income	63,800	62,470	53,116
Gross revenues from home sales	17,871	8,230	6,028
Brokered resale revenues, net	4,212	3,093	3,483
Interest income	8,260	8,135	5,924
Income from other investments, net	7,515	6,795	6,452
Total revenues	728,375	683,706	577,009
Expenses:
Property operating and maintenance	229,897	220,415	197,781
Real estate taxes	48,279	45,590	36,528
Sales and marketing, gross	12,836	10,845	11,218
Sales and marketing, deferred commissions, net	(2,410)	(3,155)	(4,789)
Property management	40,193	37,999	34,846
Amortization of Intangible Assets for Continuing Operations	1,940	39,467	23,126
Cost of home sales	17,296	9,018	5,615
Home selling expenses	2,085	1,391	1,591
General and administrative	28,211	26,388	42,046
Extinguishment of Debt, Amount	37,844	0	0
Interest and related amortization	118,522	123,992	99,489
Total expenses	653,167	621,858	537,000
Income before equity in income of unconsolidated joint ventures	75,208	61,848	40,009
Equity in income of unconsolidated joint ventures	2,039	1,899	1,948
Consolidated income from continuing operations	77,247	63,747	41,957
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax	7,133	6,116	547
Discontinued Operations:
(Loss) income from discontinued real estate	41,525	4,596	0
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	48,658	10,712	547
Consolidated net income	125,905	74,459	42,504
Other comprehensive loss:
Adjustment for fair market value of swap	1,663	(43)	(2,547)
Consolidated comprehensive income (loss)	127,568	74,416	39,957
Comprehensive (income) loss allocated to non-controlling interests – Common OP Units	108,443	54,742	20,467
Income allocated to non-controlling interests-Common OP Units	(9,706)	(5,067)	(3,105)
Net income available for Common Shares	$ 125,905	$ 59,846	$ 26,346
Earnings per Common Share-Basic:
Net income available for Common Shares	$ 1.29	$ 0.67	$ 0.32
Income (Loss) from Continuing Operations, Per Basic Share	0.75	0.55	0.31
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.54	0.12	0.01
Earnings per Common Share-Fully Diluted:
Net income available for Common Shares	1.28	0.66	0.32
Income (Loss) from Continuing Operations, Per Diluted Share	0.75	0.54	0.31
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	$ 0.53	$ 0.12	$ 0.01
Weighted average Common Shares outstanding-basic	83,018	82,348	71,182
Weighted average Common Shares outstanding-fully diluted	91,196	90,862	80,660
Redeemable Preferred Stock Dividends	$ (9,280)	$ (14,613)	$ (13,823)
Net income available for Common Shares-basic	106,919	54,779	22,775
Rental home income	14,267	11,649	7,245
Rental home operating and maintenance	7,474	6,369	4,493
Real Estate Depreciation Expense and Rental Homes	108,229	102,083	83,013
Rent control initiatives and other	2,771	1,456	2,043
Cumulative Series Eight Point Zero Three Four Percent Redeemable Perpetual Preferred Stock [Member]
Earnings per Common Share-Fully Diluted:
Redeemable Preferred Stock Dividends	0	(11,704)	(13,357)
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock
Earnings per Common Share-Fully Diluted:
Redeemable Preferred Stock Dividends	0	0	(466)
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Earnings per Common Share-Fully Diluted:
Redeemable Preferred Stock Dividends	(9,280)	(2,909)	0
Noncontrolling Interest Of Common Units [Member]
Other comprehensive loss:
Comprehensive (income) loss allocated to non-controlling interests – Common OP Units	(9,845)	(5,061)	(2,866)
Noncontrolling Interest Of Preferred Units [Member]
Other comprehensive loss:
Comprehensive (income) loss allocated to non-controlling interests – Common OP Units	0	0	(2,801)
Noncontrolling Interest in Net Income (Loss) Preferred Unit Holders, Redeemable	$ 0	$ 0	$ (2,801)

Consolidated Statements of Changes In Equity - USD ($)	Total	Common Stock	Paid-in Capital	Cumulative Series Eight Point Zero Three Four Percent Redeemable Perpetual Preferred Stock [Member]	Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]	Distributions in Excess of Accumulated Comprehensive Earnings	Non-controlling Interests - Common OP Units	Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock	Accumulated Other Comprehensive Income
Payments for Repurchase of Preferred Stock and Preference Stock	$ 0
Beginning Balance at Dec. 31, 2010	260,158,000	$ 726,000	$ 463,306,000	$ 0	$ 0	$ (237,002,000)	$ 33,128,000	$ 0	$ 0
Conversion of OP Units to common stock	0	4,000	4,063,000	0	0	0	(4,067,000)	0	0
Issuance of common stock through exercise of options	4,571,000	4,000	4,567,000	0	0	0	0	0	0
Issuance of common stock through employee stock purchase plan	913,000	0	913,000	0	0	0	0	0	0
Common stock offering	344,049,000	60,000	343,989,000	0	0	0	0	0	0
Compensation expenses related to stock options and restricted stock	5,762,000	0	5,762,000	0	0	0	0	0	0
Repurchase of common stock or Common OP Units	(1,682,000)	0	(1,682,000)	0	0	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	(47,100,000)	0	0	0	47,100,000	0	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	2,547,000	0	0	0	0	0	0	0	2,547,000
Stock issued for Acquisition	224,283,000	17,000	110,478,000	0	0	0	0	113,788,000	0
Redemption of Series B Preferred Stock for Common stock	0	17,000	113,771,000	0	0	0	0	(113,788,000)	0
Net income	22,775,000
Distributions	(62,573,000)	0	0	0	0	(55,794,000)	(6,313,000)	(466,000)	0
Ending Balance at Dec. 31, 2011	799,280,000	828,000	998,067,000	0	0	(270,021,000)	72,953,000	0	(2,547,000)
Net Income (Loss) Attributable to Parent	26,346,000	0	0	0	0	22,775,000	3,105,000	466,000	0
Payments for Repurchase of Preferred Stock and Preference Stock	(63,856,000)	0	0	(63,856,000)	0	0	0	0	0
Conversion of OP Units to common stock	0	3,000	6,717,000	0	0	0	(6,720,000)	0	0
Issuance of common stock through exercise of options	3,856,000	1,000	3,855,000	0	0	0	0	0	0
Issuance of common stock through employee stock purchase plan	1,076,000	0	1,076,000	0	0	0	0	0	0
Compensation expenses related to stock options and restricted stock	5,797,000	0	5,797,000	0	0	0	0	0	0
Repurchase of common stock or Common OP Units	(1,287,000)	0	(1,287,000)	0	0	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	(450,000)	0	0	0	450,000	0	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	43,000	0	0	0	0	0	0	0	43,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs, Preferred Stock Offering Costs	757,000	0	757,000	0	0	0	0	0	0
Net income	54,779,000
Distributions	(79,106,000)	0	0	0	0	(72,410,000)	(6,696,000)	0	0
Stock Exchange	0	0	0	(136,144,000)	136,144,000	0	0	0	0
Ending Balance at Dec. 31, 2012	924,302,000	832,000	1,012,514,000	0	136,144,000	(287,652,000)	65,054,000	0	(2,590,000)
Net Income (Loss) Attributable to Parent	59,846,000	0	0	0	0	54,779,000	5,067,000	0	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(504,000)	0	(504,000)	0	0	0	0	0	0
Temporary Equity Conversion To Permanent Equity	200,000,000	0	0	200,000,000	0	0	0	0	0
Payments for Repurchase of Preferred Stock and Preference Stock	0
Conversion of OP Units to common stock	0	0	280,000	0	0	0	(280,000)	0	0
Issuance of common stock through exercise of options	248,000	1,000	247,000	0	0	0	0	0	0
Issuance of common stock through employee stock purchase plan	720,000	1,000	719,000	0	0	0	0	0	0
Compensation expenses related to stock options and restricted stock	5,952,000	0	5,952,000	0	0	0	0	0	0
Repurchase of common stock or Common OP Units	(1,121,000)	0	(1,121,000)	0	0	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	(6,730,000)	0	0	0	6,730,000	0	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(1,663,000)	0	0	0	0	0	0	0	(1,663,000)
Net income	106,919,000
Distributions	(100,194,000)	0	0	0	(9,280,000)	(83,350,000)	(7,564,000)	0	0
Ending Balance at Dec. 31, 2013	963,205,000	834,000	1,021,365,000	0	136,144,000	(264,083,000)	69,872,000	0	(927,000)
Net Income (Loss) Attributable to Parent	125,905,000	0	0	0	9,280,000	106,919,000	9,706,000	0	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	544,000	0	544,000	0	0	0	0	0	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs, Preferred Stock Offering Costs	(3,412,000)	0	3,412,000	0	0	0	0	0	0
Stock Exchange	$ 9,686,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 9,686,000	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash	$ 58,427	$ 37,126	$ 70,460
Cash Flows From Operating Activities:
Consolidated net income	125,905	74,459	42,504
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on sale of discontinued real estate and other	(41,525)	(4,596)	0
Extinguishment of Debt, Amount	37,844	0	0
Depreciation expense	110,505	105,578	85,235
Amortization of in-place leases	(1,940)	(45,122)	(28,479)
Amortization loan cost	5,304	5,754	5,305
Debt premium amortization	(6,842)	(6,764)	(1,817)
Equity in income of unconsolidated joint ventures	(2,039)	(1,899)	(1,948)
Distributions from unconsolidated joint ventures	1,311	1,839	1,841
Amortization of stock-related compensation	5,952	5,797	5,762
Revenue recognized from right-to-use contract upfront payment	(7,448)	(6,739)	(5,920)
Commission expense recognized related to right-to-use contracts	2,601	2,310	1,946
Accrued long term incentive plan compensation	1,907	782	1,813
Increase in provision for uncollectible rents receivable	230	3,243	3,569
Changes in assets and liabilities:
Notes receivable activity, net	(123)	409	477
Deferred commission expense	(5,011)	(5,465)	(6,735)
Escrow deposits and other assets	7,454	5,979	(10,393)
Accrued payroll and other operating expenses	83	(3,041)	6,736
Deferred revenue-upfront payments from right-to-use contracts	13,142	13,433	17,856
Deferred revenue-right-to-use annual payments	48	(789)	(765)
Rents received in advance and security deposits	4,111	1,033	1,696
Net cash provided by operating activities	255,349	236,445	175,641
Cash Flows From Investing Activities:
Acquisition of real estate and other	(117,707)	(24,213)	(651,089)
Acquisition of notes receivable	0	0	(40,362)
Proceeds from disposition of rental properties and other	157,975	7,564	252
Net tax-deferred exchange withdrawal (deposit)	(11,976)	0	0
Payments to Acquire Interest in Joint Venture	(2,641)	0	0
Proceeds from (purchase of) short-term investments	0	0	52,266
Net (borrowings) repayments of notes receivable	(11,552)	(11,071)	(5,004)
Issuance of notes receivable	(10,343)	(5,727)	(5,887)
Capital improvements	(64,714)	(75,260)	(62,032)
Net cash used in investing activities	(37,854)	(86,565)	(701,848)
Cash Flows From Financing Activities:
Net proceeds from stock options and employee stock purchase plan	968	4,932	5,484
Net proceeds from issuance of Common Stock	0	0	344,049
Payments of Ordinary Dividends, Common Stock	(62,547)	(89,489)	(49,483)
Payments of Ordinary Dividends, Noncontrolling Interest	(5,647)	(6,696)	(6,313)
Stock repurchase and Unit redemption	(1,121)	(1,287)	(1,682)
Distributions to Preferred Unit Holders	0	0	(2,801)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(9,280)	(14,613)	(13,823)
Lines of credit:
Proceeds	20,000	0	50,000
Repayments	(20,000)	0	(50,000)
Principal payments and mortgage debt payoff	(450,492)	(167,552)	(75,658)
New mortgage notes payable financing proceeds	375,500	159,500	200,000
Term loan financing proceeds	0	0	200,000
Debt issuance costs	(43,031)	(3,062)	(15,765)
Net cash provided by (used in) financing activities	(196,194)	(183,214)	584,008
Proceeds from Noncontrolling Interests	0	170	0
Payments for Repurchase of Preferred Stock and Preference Stock	0	(63,856)	0
Net increase (decrease) in cash and cash equivalents	21,301	(33,334)	57,801
Supplemental Information:
Cash paid during the period for interest	120,497	125,121	96,261
Non-cash activities (increase (decrease)):
Capital improvements	2,591	5,313	2,685
Net repayments of notes receivable	(2,591)	(5,313)	(2,685)
Series A Cumulative Redeemable Perpetual Preferred Stock	0	0	200,000
Perpetual Preferred OP Units conversion	0	0	(200,000)
Acquisitions
Escrow deposits and other assets	(1,100)	(6,774)	0
Accrued payroll and other operating expenses	712	376	2,643
Accrued interest payable	0	0	114
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired	0	29	0
Rents and other customer payments received in advance and security deposits	1,017	440	4,800
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	133,344	18,738	1,431,339
Debt assumed and financed on acquisition	5,382	0	548,410
Noncash or Part Noncash Acquisition, Deferred Finance Costs	(59)	0	0
Noncash, Issuance of Common OP Units	9,686	0	0
Dispositions
Other assets and liabilities, net	(2,166)	0	252
Transfer of Loans Receivable	6,507	0	0
Investment in real estate	153,636	(2,968)	0
Equity issuance costs	(544)	(1,261)	0
Building and other depreciable property – reclassification of rental homes	14,401	4,127	2,371
Escrow deposits and other assets – reclassification of rental homes	(14,401)	(4,127)	(2,371)
Series A Cumulative Redeemable Perpetual Preferred Stock Exchange	0	(136,144)	0
Series C Cumulative Redeemable Perpetual Preferred Stock Exchange	0	136,144	0
Acquisitions:
Common Stock issued	0	0	110,495
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock Issued	0	0	113,788
Fair Value of Assets Acquired	0	0	830
Notes Issued	$ 0	$ 0	$ 830

Organization of the Company and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Organization of the Company and Basis of Presentation

Our Organization and Basis of Presentation

Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and other consolidated subsidiaries (the “Subsidiaries”), is referred to herein as “we,” “us,” and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties (“Properties”). We lease individual developed areas (“Sites”) with access to utilities for placement of factory built homes, cottages, cabins or recreational vehicles (“RVs”). Properties are designed and improved for several home options of various sizes and designs that are produced off-site, installed and set on designated Sites (“Site Set”) within the Properties. At certain Properties, we provide access to our Sites through right-to-use or membership contracts. We believe that we have qualified for taxation as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since our taxable year ended December 31, 1993. We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For example, to qualify as a REIT, at least 95% of our gross income must come from sources that are itemized in the REIT tax laws. We must meet a number of organizational requirements, including a requirement to distribute to stockholders at least 90% of our REIT taxable income computed without regard to our deduction for dividends paid and our net capital gain.

If we fail to qualify as a REIT, we would be subject to U.S. federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions, we would remain disqualified as a REIT for four years following the year we first failed to qualify. Even if we qualify for taxation as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income.

Our operations are conducted primarily through the Operating Partnership. We contributed the proceeds from our initial public offering and subsequent offerings to the Operating Partnership for a general partnership interest. In 2004, the general partnership interest was contributed to MHC Trust, a private REIT subsidiary we own. As of December 31, 2013, MHC Trust was merged into ELS resulting in the general partnership interest of the Operating Partnership being directly held by ELS. In connection with the merger, we issued 125 of 6% Series D Cumulative Non-Qualified Preferred Stock (the “Series D Preferred Stock”) and 250 shares of 18.75% Series E Cumulative Non-Voting Preferred Stock (the “Series E Preferred Stock”) in exchange for similar preferred stock held by stockholders of MHC Trust. The financial results of the Operating Partnership and the Subsidiaries are consolidated in our consolidated financial statements. In addition, since certain activities, if performed by us, may cause us to earn income which is not qualifying for the REIT gross income tests, we have formed taxable REIT Subsidiaries, as defined in the Internal Revenue Code of 1986, as amended (the “Code”), to engage in such activities.

We intend to treat the merger of MHC Trust into ELS for U.S. federal income tax purposes as a tax-deferred liquidation of MHC Trust under Section 332 of the Code.

Several Properties are wholly owned by Realty Systems, Inc. (“RSI”), one of our taxable REIT Subsidiaries. In addition, RSI is engaged in the business of purchasing and selling or leasing Site Set homes that are located in Properties we own and manage. RSI also provides brokerage services to residents at such Properties for those residents who move from a Property but do not relocate their homes. RSI may provide brokerage services, in competition with other local brokers, by seeking buyers for the Site Set homes. Subsidiaries of RSI also operate ancillary activities at certain Properties consisting of operations such as golf courses, pro shops, stores and restaurants.

The limited partners of the Operating Partnership (the “Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership that is shown on the Consolidated Financial Statements as Non-controlling interests—Common OP Units. As of December 31, 2013, the Non-Controlling Interests—Common OP Units represented 7,667,723 units of limited partnership interest (“OP Units”) which are convertible into an equivalent number of shares of our common stock. The issuance of additional shares of common stock or Common OP Units changes the respective ownership of the Operating Partnership for the Non-controlling interests—Common OP Units.

On July 15, 2013, we effected a two-for-one stock split of our common stock (see Note 3 in the Notes to Consolidated Financial Statements contained in this Form 10-K). All common stock and Common Operating Partnership Unit share and per share data in the accompanying Consolidated Financial Statements and notes have been adjusted retroactively to reflect the stock split.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies

We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB.” The FASB sets Generally Accepted Accounting Principles (“GAAP”), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP in the United States issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification”).


(a)	Basis of Consolidation

We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations of our Subsidiaries and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a controlling direct or indirect voting interest. All inter-company transactions have been eliminated in consolidation. For business combinations, the purchase price of Properties is accounted for in accordance with the Codification Topic “Business Combinations” (“FASB ASC 805”).

We have applied the Codification Sub-Topic “Variable Interest Entities” (“FASB ASC 810-10-15”). The objective of FASB ASC 810-10-15 is to provide guidance on how to identify a variable interest entity (“VIE”) and determine when the assets, liabilities, non-controlling interests, and results of operations of a VIE need to be included in a company’s consolidated financial statements. We have also applied the Codification Sub-Topic “Control of Partnerships and Similar Entities” (“FASB ASC 810-20”), which determines whether a general partner or the general partners as a group controls a limited partnership or similar entity and therefore should consolidate the entity. The Codification Sub-Topic FASB ASC 810-10-15 adopted amendments to the variable interest consolidation model described above. The requirement to consolidate a VIE as revised in this amendment is based on the qualitative analysis considerations for primary beneficiary determination which requires a company consolidate an entity determined to be a VIE if it has both of the following characteristics: (1) the power to direct the principal activities of the entity and (2) the obligation to absorb the expected losses or the right to receive the residual returns that could be significant to the entity. We apply FASB ASC 810-10-15 and FASB ASC 810-20 to all types of entity ownership (general and limited partnerships and corporate interests).

We apply the equity method of accounting to entities in which we do not have a controlling direct or indirect voting interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to our operations and major decisions. The cost method is applied when (i) the investment is minimal (typically less than 5%) and (ii) our investment is passive.


(b)	Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property, Site counts and acreage amounts are unaudited.


(c)	Markets

We have two reportable segments which are: (i) Property Operations and (ii) Home Sales and Rental Operations segments. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rental 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. We intend to target new acquisitions in or near markets where the Properties are located and will also consider acquisitions of Properties outside such markets.


(d)	Real Estate

Real estate is recorded at cost less accumulated depreciation. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use a 30-year estimated life for buildings and structural and land improvements acquired (including Site development), a ten-year estimated life for building upgrades, a five-year estimated life for furniture, fixtures and equipment and over the average life of acquired in-place leases. New rental units are generally depreciated using a 20-year estimated life from each model year down to a salvage value of 40% of the original costs. Used rental units are generally depreciated based on the estimated life of the unit with no estimated salvage value.

Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve the asset and extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.

Land improvements consist primarily of improvements such as grading, landscaping and infrastructure items such as streets, sidewalks or water mains. Buildings and other depreciable property consist of permanent buildings in the Properties such as clubhouses, laundry facilities, maintenance storage facilities, rental units and furniture, fixtures, equipment, and in-place leases.

The values of above and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income over the remaining term of the applicable lease. The value associated with in-place leases is amortized over the expected term, which includes an estimated probability of lease renewal.

In accordance with the Codification Sub-Topic “Impairment or Disposal of Long Lived Assets” (“FASB ASC 360-10-35”), we periodically evaluate our long-lived assets to be held and used, including our investments in real estate, for impairment indicators. Our judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal factors. Future events could occur which would cause us to conclude that impairment indicators exist and an impairment loss is warranted.

For long-lived assets to be held and used, if an impairment indicator exists, we compare the expected future undiscounted cash flows against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, we would record an impairment loss for the carrying amount in excess of the estimated fair value, if any, of the asset. For the periods presented, no impairment losses were recorded.

For Properties to be disposed of, an impairment loss is recognized when the fair value of the Property, less the estimated cost to sell, is less than the carrying amount of the Property measured at the time we have made the decision to dispose of the Property, have an agreement to sell the Property within a year period and due diligence has been completed. A Property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less costs to sell. Subsequent to the date that a Property is held for disposition, depreciation expense is not recorded. We account for our Properties held for disposition in accordance with FASB ASC 360-10-35. Accordingly, the results of operations for all assets sold or held for sale are classified as discontinued operations in all periods presented, as applicable.


(e)	Acquisitions

In accordance with FASB ASC 805, we recognize all the assets acquired and all the liabilities assumed in a transaction at the acquisition-date fair value. We also expense transaction costs as they are incurred. The results of operations of acquired assets are included in the Consolidated Statements of Income and Comprehensive Income from the dates of acquisition. Certain purchase price adjustments may be made within one year following any acquisition and applied retroactively to the date of acquisition.

In making estimates of fair values for purposes of allocating purchase price, we utilize a number of sources, including independent appraisals or valuations that may be available in connection with the acquisition or financing of the respective Property and other market data. We also consider information obtained about each Property as a result of our due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed.

The following methods and assumptions are used to estimate the fair value of each class of asset acquired and liability assumed:

Land – Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales based on both the quantitative and qualitative data.

Depreciable property – Cost approach based on market comparable data to replace adjusted for local variations, inflation and other factors.

Manufactured homes – Sales comparison approach based on market prices for similar homes adjusted for differences in age or size. Manufactured homes are included on our Consolidated Balance Sheets in buildings and other depreciable property.

In-place leases – Lease in place was determined via a combination of estimates of market rental rates and expense reimbursement levels as well as an estimate of the length of time required to replace each lease.

Notes receivable – Income approach based on discounted cash flows discounting contractual cash flows at a market rate adjusted based on particular notes’ or note holders’ down payment, credit score and delinquency status.

Below-market ground leases – Value of asset (below-market lease) based on contract rent and option price against market rent and land value. Market rent determined applying a reasonable rate of return to the value of the land as if owned. Land value is estimated and then inflated until it is anticipated that the option will be exercised. Below-market ground leases are included on our Consolidated Balance Sheets in escrow deposits, goodwill and other assets, net.

Mortgage notes payable – Income approach based on discounted cash flows comparing contractual cash flows to cash flows of similar debt discounted based on market rates.


(f)	Identified Intangibles and Goodwill

We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. In accordance with the Codification Sub-Topic “Impairment or Disposal of Long Lived Assets” (“FASB ASC 360-10-35”), intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.

The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. In accordance with Codification Topic “Goodwill and Other Intangible Assets” (“FASB ASC 350”), goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired.

As of December 31, 2013 and 2012, the gross carrying amounts of identified intangible assets and goodwill, a component of Escrow deposits, goodwill and other assets, net on our consolidated balance sheets, were approximately $12.1 million. As of December 31, 2013 and 2012, this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangibles assets was approximately $1.9 million and $1.5 million as of December 31, 2013 and 2012, respectively. For the years ended December 31, 2013 and 2012, amortization expense for the identified intangible assets was approximately $0.3 million.

Estimated amortization of identified intangible assets for each of the next five years are as follows (amounts in thousands):



Year ending December 31,	Amount
2014	$	349
2015	349
2016	251
2017	87
2018	87


(g)	Restricted Cash

Cash as of December 31, 2013 and 2012 included approximately $5.2 million and $4.9 million, respectively, of restricted cash for the payment of capital improvements, insurance or real estate taxes.


(h)	Notes and Contracts Receivable

Notes receivable generally are stated at their outstanding unpaid principal balances net of any deferred fees or costs on originated loans, unamortized discounts or premiums, and an allowance. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. In certain cases we finance the sales of homes to our customers (referred to as “Chattel Loans”) with loans secured by the homes.

During the year ended December 31, 2011, we purchased Chattel Loans that were recorded at fair value at the time of acquisition under the Codification Topic “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“FASB ASC 310-30”). (See Note 5 in the Notes to Consolidated Financial Statements contained in this Form 10-K for a detailed description of our 2011 Acquisition.) The fair value of these Chattel Loans included an estimate of losses that are expected to be incurred over the estimated remaining lives of the receivables, and therefore no allowance for losses was recorded for these Chattel Loans. The fair value is estimated based on a number of factors including customer delinquency status, credit scores, the original down payment amount and below-market stated interest rates. Through December 31, 2013, the short-term historical performance of these loans has indicated a default rate of 16% and a recovery rate of 25%, which are slightly higher than originally estimated and resulted in a higher yield for the portfolio. Management regularly reviews these assumptions and may adjust its estimates as needed as more information becomes available. A probable decrease in management’s expectation of future cash collections related to these Chattel Loans could result in the need to record an allowance for credit losses in the future. Due to the size of the Chattel Loan pool and maturity dates ranging up to 28 years, future credit losses or changes to interest income could be significant.

Financial instruments that potentially could subject us to significant concentrations of credit risk consist principally of notes receivable. Concentrations of credit risk with respect to notes receivable are limited due to the size of the receivable and geographic diversity of the underlying Properties.


(i)	Allowance for Doubtful Accounts

Our allowance for doubtful accounts is comprised of our reserves for Chattel Loans, Contracts Receivables and amounts receivable from tenants. The valuation of an allowance for doubtful accounts for the Chattel Loans is calculated based on delinquency trends, average annual default rates, loss rates, and the current estimated market value of the underlying manufactured home collateral. An allowance is established for a portion of the Contracts Receivable when an up-front payment is financed. The Contracts Receivable allowance is based upon historical collection rates and current economic trends. The allowance and the rate at which we provide for losses on our Contracts Receivable could be increased or decreased in the future based on our actual collection experience. We evaluate all amounts receivable from residents and an allowance is established for amounts greater than 30 days past due. Our allowance for uncollectible rents receivable was approximately $4.9 million and $4.7 million as of December 31, 2013 and 2012, respectively.

During the years ended December 31, 2013, 2012 and 2011, our allowance for doubtful accounts was as follows (amounts in thousands):



	2013			2012			2011
Balance, beginning of period	$	6,987		$	7,700		$	6,580
Provision for losses	5,152			4,860			4,156
Write-offs	(4,212		)	(5,573		)	(3,036		)
Balance, end of period	$	7,927		$	6,987		$	7,700


(j)	Investments in Joint Ventures

Investments in joint ventures in which we do not have a controlling direct or indirect voting interest, but can exercise significant influence over the entity with respect to our operations and major decisions, are accounted for using the equity method of accounting whereby the cost of an investment is adjusted for our share of the equity in net income or loss from the date of acquisition and reduced by distributions received. The income or loss of each entity is allocated in accordance with the provisions of the applicable operating agreements. The allocation provisions in these agreements may differ from the ownership interests held by each investor. (See Note 6 in the Notes to Consolidated Financial Statements contained in this Form 10-K.)


(k)	Insurance Claims

The Properties are covered against losses caused by various events including fire, flood, property damage, earthquake, windstorm and business interruption by insurance policies containing various deductible requirements and coverage limits. Recoverable costs are classified in other assets as incurred. Insurance proceeds are applied against the asset when received. Recoverable costs relating to capital items are treated in accordance with our capitalization policy. The book value of the original capital item is written off when the loss is incurred. Insurance proceeds relating to the capital costs are recorded as income in the period they are received. (For a detailed discussion on hurricane claims, see Note 18 in the Notes to Consolidated Financial Statements contained in this Form 10-K).


(l)	Derivative Instruments and Hedging Activities

Codification Topic “Derivatives and Hedging” (“FASB ASC 815”) provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows. Further, qualitative disclosures are required that explain our objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

As required by FASB ASC 815, we record all derivatives on the balance sheet 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. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in our exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of the designated derivative designated and that qualifies as a cash flow hedge is recorded on the Consolidated Balance Sheets in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivative will be recognized directly in earnings. (See Note 9 in the Notes to Consolidated Financial Statements contained in this Form 10-K.)


(m)	Fair Value of Financial Instruments

Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3).

Codification Topic “Fair Value Measurements and Disclosures” (“FASB ASC 820”) establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

Level 1-Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2-Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3-Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Our mortgage notes payable and term loan had a fair value and carrying value of approximately $2.2 billion as of December 31, 2013 and 2012, respectively, measured using quoted prices and observable inputs from similar liabilities (Level 2). At December 31, 2013 and 2012, our cash flow hedge of interest rate risk included in accrued payroll and other operating expenses was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values.


(n)	Deferred Financing Costs, net

Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic “Modifications and Extinguishments” (“FASB ASC 470-50-40”). Accumulated amortization for such costs was $25.4 million and $20.5 million at December 31, 2013 and 2012, respectively.


(o)	Revenue Recognition

We account for leases with our customers as operating leases. Rental income is recognized over the term of the respective lease or the length of a customer’s stay, the majority of which are for a term of not greater than one year. For the years ended December 31, 2013, 2012, and 2011, approximately 40.7%, 39.4%, and 38.5%, respectively, of our revenue was generated by Properties located in Florida, approximately 9.8%, 9.4%, and 10.8%, respectively, by Properties located in Arizona and approximately 15.7%, 15.2%, and 17.8%, respectively, by Properties located in California.

In conjunction with the acquisition of the Thousand Trails business, we adopted a revenue recognition policy for the right-to-use contracts in accordance with the Codification Topic “Revenue Recognition” (“FASB ASC 605”) after we corresponded with the Office of the Chief Accountant at the SEC. A right-to-use contract gives the customer the right to a set schedule of usage at a specified group of Properties. Customers may choose to upgrade their contracts to increase their usage and the number of Properties they may access. A contract requires the customer to make annual payments during the term of the contract and may require an upfront nonrefundable payment. The stated term of a right-to-use contract is at least one year and the customer may renew his contract by continuing to make the annual payments. We will recognize the upfront non-refundable payments over the estimated customer life which, based on historical attrition rates, we have estimated to be from one to 31 years.

Right-to-use annual payments by customers under the terms of the right-to-use contracts are deferred and recognized ratably over the one year period in which access to Sites at certain Properties are provided.

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.


(p)	Non-Controlling Interests

A non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are non-controlling interests. Under Codification Topic “Consolidation” (“FASB ASC 810”), such non-controlling interests are reported on the consolidated balance sheets within equity, separately from our equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable non-controlling interests outside of permanent equity in the consolidated balance sheets. We make this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which we have a choice to settle the contract by delivery of our own shares, we considered the guidance in the Codification Topic “Derivatives and Hedging—Contracts in Entity’s Own Equity” (“FASB ASC 815-40”) to evaluate whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract.

Net income is allocated to Common OP Unitholders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of Common OP Units held by the Common OP Unitholders by the total OP Units held by the Common OP Unitholders and us. Issuance of additional shares of common stock or Common OP Units changes the percentage ownership of both the Non-controlling interests – Common OP Units and the Company.

Due in part to the exchange rights (which provide for the conversion of Common OP Units into shares of common stock on a one-for-one basis), such transactions and the proceeds therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and Non-controlling Interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

In accordance with FASB ASC 810, we present the non-controlling interest for Common OP Units in the Equity section of the consolidated balance sheets. The caption Common OP Units on the consolidated balance sheets also includes $0.7 million of private REIT Subsidiaries preferred stock.


(q)	Preferred Stock

We account for the Preferred Stock in accordance with the Codification Topic “Distinguishing Liabilities from Equity—SEC Materials” (“FASB ASC 480-10-S99”). Holders of the 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) have certain preference rights with respect to the common stock and the Series C Preferred Stock is classified as redeemable interests inside of permanent equity on our Consolidated Balance Sheet due to the ability to issue shares upon conversion.


(r)	Income and Other Taxes

Due to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT, but we are still subject to certain foreign, state and local income, excise or franchise taxes. In addition, we have several taxable REIT Subsidiaries (“TRSs”) which are subject to federal and state income taxes at regular corporate tax rates. Overall, the TRSs have federal net operating loss carryforwards. No net tax benefits have been recorded by the TRSs since it is considered more likely than not that the deferred tax asset related to the TRSs net operating loss carryforwards will be utilized. In addition, as of December 31, 2013, the REIT had a net operating loss carryforward of approximately $88 million. The REIT will be entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, we have not recorded any net tax benefit to the REIT net operating loss carryforward.

We or one of our Subsidiaries file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and Canada. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2010.

As of December 31, 2013, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $2.7 billion (unaudited) and $47.7 million (unaudited), respectively.

During the years ended December 31, 2013, 2012 and 2011, our tax treatment of common stock distributions were as follows (unaudited, adjusted for stock split):



	2013		2012		2011
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	0.680	$	0.810	$	0.563
Long-term capital gain	0.211		0.069		—
Nondividend distributions	—		0.186		—
Unrecaptured section 1250 gain	0.067		—		—
Distributions declared per Common Share outstanding	$	0.958	$	1.065	$	0.563

The quarterly distribution paid on January 10, 2014 of $0.25 per common share will be considered a split-year distribution with $0.2087 (unaudited) considered a distribution made in 2013 for U.S. federal income tax purposes and $0.0413 (unaudited) allocable to 2014 for federal tax purposes.

(s)Stock-Based Compensation

We follow Codification Topic “Stock Compensation” (“FASB ASC 718”) in accounting for our share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee’s requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized when incurred. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees, consultants and directors. (See Note 14 in the Notes to Consolidated Financial Statements contained in this Form 10-K.) No stock options were issued in 2013, 2012 and 2011.


(t)	Reclassifications

Certain 2012 and 2011 amounts have been reclassified to conform to the 2013 presentation. Balance sheet amounts as of December 31, 2012 for Properties held for disposition, have been reclassified on the Consolidated Balance Sheets to “Assets held for disposition” and “Liabilities held for disposition.” Income statement amounts for disposed Properties have been reclassified to “Discontinued operations” on the Consolidated Statements of Income and Comprehensive Income for all periods presented. In addition, certain prior period disclosures in the accompanying footnotes have been revised to exclude amounts which have been reclassified to discontinued operations. These reclassifications had no material effect on the Consolidated Statements of Income and Comprehensive Income.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Text Block]

Earnings Per Common Share

Earnings per common share are based on the weighted average number of common shares outstanding during each year. Codification Topic “Earnings Per Share” (“FASB ASC 260”) defines the calculation of basic and fully diluted earnings per share. Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year and basic earnings per share exclude any dilutive effects of options, unvested restricted shares and convertible securities. The conversion of OP Units has been excluded from the basic earnings per share calculation. The conversion of an OP Unit for a share of common stock has no material effect on earnings per common share on a fully diluted basis.

On June 25, 2013, management announced a two-for-one split, to be effected by and in the form of a stock dividend, to take effect on July 15, 2013. On July 15, 2013, each common shareholder of record on July 5, 2013, received one additional share of common stock for each share held. The incremental par value was recorded as an increase to the common stock account on our balance sheet to reflect the newly issued shares and such amount was offset by a reduction in the paid-in capital account on our balance sheet. Pursuant to the anti-dilution provision in the Operating Partnership’s Agreement of Limited Partnership, the stock split also affected the common OP units.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011 (amounts in thousands, except per share data, prior periods adjusted for stock split):



	Years Ended December 31,
	2013			2012			2011
Numerators:
Income from Continuing Operations:
Income from continuing operations	$	77,247		$	63,747		$	41,957
Amounts allocated to dilutive securities	(5,617		)	(4,173		)	(5,856		)
Preferred Stock distributions	(9,280		)	(14,613		)	(13,823		)
Income from continuing operations available to Common Shares – basic	62,350			44,961			22,278
Amounts allocated to dilutive securities	5,617			4,173			3,105
Income from continuing operations available to Common Shares – fully diluted	$	67,967		$	49,134		$	25,383
Income from Discontinued Operations:
Income from discontinued operations, net of amounts allocated to dilutive securities	$	44,569		$	9,818		$	497
Net Income Available for Common Shares:
Net income available for Common Shares—basic	$	106,919		$	54,779		$	22,775
Amounts allocated to dilutive securities	9,706			5,067			5,906
Net income available for Common Shares—fully diluted	$	116,625		$	59,846		$	28,681
Denominator:
Weighted average Common Shares outstanding—basic	83,018			82,348			71,182
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares	7,549			7,877			8,520
Redemption of Series B Preferred Stock	—			—			306
Stock options and restricted shares	629			637			652
Weighted average Common Shares outstanding—fully diluted	91,196			90,862			80,660

Earnings per Common Share—Basic:
Income from continuing operations	$	0.75		$	0.55		$	0.31
Income from discontinued operations	0.54			0.12			0.01
Net income available for Common Shares	$	1.29		$	0.67		$	0.32

Earnings per Common Share—Fully Diluted:
Income from continuing operations	$	0.75		$	0.54		$	0.31
Income from discontinued operations	0.53			0.12			0.01
Net income available for Common Shares	$	1.28		$	0.66		$	0.32

Common Stock and Other Equity Related Transactions

12 Months Ended

Dec. 31, 2013

Employee Stock Purchase Plan Purchase Price Of Shares

The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period.

Common Stock and Other Equity Related Transactions

We adopted the 1997 Non-Qualified Employee Stock Purchase Plan (“ESPP”) in July 1997. Pursuant to the ESPP, as amended on May 3, 2006, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The aggregate number of shares of common stock available under the ESPP shall not exceed 2,000,000, subject to adjustment by our Board of Directors. The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2013, 2012 and 2011 were 18,411, 30,154 and 29,176, respectively.

On November 25, 2013, we amended our charter to increase from 100,000,000 to 200,000,000 the number of shares of common stock, par value $0.01 per share, we are authorized to issue.

The following table presents the changes in our outstanding common stock for the years ended December 31, 2013, 2012 and 2011 (excluding OP Units of 7,667,723, 7,456,320, and 8,206,134 outstanding at December 31, 2013, 2012 and 2011, respectively):



	2013		2012		2011
Shares outstanding at January 1,	83,193,310		82,156,400		61,944,706
Common stock issued through conversion of OP Units	29,566		749,814		656,706
Common stock issued through exercise of options	20,000		160,000		344,768
Common stock issued through stock grants	173,333		177,998		216,664
Common stock issued through ESPP and Dividend Reinvestment Plan	19,012		31,108		30,304
Common stock repurchased and retired	(121,544	)	(82,010	)	(8,300	)
Common stock issued through stock offering	—		—		12,075,000
Common stock issued for Acquisition	—		—		3,416,552
Redemption of Series B Preferred Stock for Common Stock	—		—		3,480,000
Shares outstanding at December 31,	83,313,677		83,193,310		82,156,400

During the year ended December 31, 2013, 2012 and 2011, we repurchased shares of common stock representing common stock we surrendered to satisfy income tax withholding obligations due as a result of the vesting of restricted stock grants at a weighted average price of $36.48, $33.31 and $31.39 per share, respectively.

As of December 31, 2013 and 2012, our percentage ownership of the Operating Partnership was approximately 91.6% and 91.8%, respectively. The remaining approximately 8.4% and 8.2%, respectively, was owned by the Common OP Unitholders.

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2011:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.1875	March 31, 2011	March 25, 2011	April 8, 2011
$0.1875	June 30, 2011	June 24, 2011	July 8, 2011
$0.1875	September 30, 2011	September 30, 2011	October 14, 2011
$0.1875	December 31, 2011	December 30, 2011	January 13, 2012
$0.2188	March 31, 2012	March 30, 2012	April 13, 2012
$0.2188	June 30, 2012	June 29, 2012	July 13, 2012
$0.2188	September 30, 2012	September 28, 2012	October 12, 2012
$0.2188	December 31, 2012	December 14, 2012	December 28, 2012
$0.2500	March 31, 2013	March 28, 2013	April 12, 2013
$0.2500	June 30, 2013	June 28, 2013	July 12, 2013
$0.2500	September 30, 2013	September 27, 2013	October 11, 2013
$0.2500	December 31, 2013	December 27, 2013	January 10, 2014

On July 15, 2013, we effected a two-for-one stock split of our common stock, by and in the form of a stock dividend and was paid to stockholders of record on July 5, 2013.

On September 6, 2012, we entered into equity distribution agreements with 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 $125.0 million. We have not sold any common stock to date under the equity distribution agreements.

On May 8, 2012, the ability to issue shares upon conversion of the Series A Preferred Stock was approved by our common stockholders. As a result, the Series A Preferred Stock has been classified as redeemable interests within permanent equity on our Consolidated Balance Sheet.

On August 9, 2012, we announced an offer to acquire all of the 8,000,000 outstanding Series A Preferred Stock. For each share of Series A Preferred Stock, we intended to exchange for one newly issued depositary share plus cash equal to the amount of all unpaid distributions accrued on such tendered Series A Preferred Stock. On September 14, 2012, we issued 54,458 shares of our Series C Preferred Stock with a liquidation value of $2,500.00 per share, which are represented by depositary shares as described below. Also on September 14, 2012, we exchanged 5,445,765 shares of our Series A Preferred Stock for 5,445,765 depositary shares, each representing 1/100^thof a share of our Series C Preferred Stock with a liquidation value of $25.00 per depositary share, plus accrued and unpaid dividends of $0.3849625 per share of Series A Preferred Stock.

On October 18, 2012, we redeemed the remaining 2,554,235 shares of Series A Preferred Stock at the $25.00 per share liquidation value plus accrued and unpaid dividends of $0.0948460 per share on such redeemed shares for approximately $64.1 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Paragraph d
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Investment in Real Estate

12 Months Ended

Dec. 31, 2013

Investment in Real Estate

The following table summarizes the carrying amounts of our investment in real estate held for disposition (at cost) as of December 31, 2013 and 2012 (amounts in thousands):

Properties Held for Disposition



	December 31, 2013		December 31, 2012
Investment in real estate:
Land	$	—	$	28,611
Land improvements	—		65,664
Buildings and other depreciable property	—		32,591
	—		126,866
Accumulated depreciation	—		(15,077		)
Net investment in real estate	$	—	$	111,789

During the year ended December 31, 2013, we recorded an additional $3.5 million in depreciation expense and accumulated depreciation to correct immaterial amounts recorded in prior periods related to land improvements.

Acquisitions

All acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with FASB ASC 805 and, accordingly, the results of operations of acquired assets are included in the statements of operations from the dates of acquisition. Certain purchase price adjustments may be made within one year following the acquisition and applied retroactively to the date of acquisition.

During the years ended December 31, 2013, 2012 and 2011 we acquired all of the following Properties from unaffiliated third parties (dollars in millions):

1) During the year ended December 31, 2013, we acquired the following Properties:

(a) On December 17, 2013, we closed on the acquisition of Neshonoc Resort, a 284-Site property for a purchase price of approximately $7.3 million funded with available cash and the assumption of mortgage debt of approximately $5.4 million. On January 7, 2014 we closed on the acquisition of Blackhawk Resort, a 490-Site property for a purchase price of $7.6 million funded with available cash and the assumption of mortgage debt of approximately $4.9 million. On January 24, 2014, we closed on the acquisition of Lakeland Resort, a 682-Site property for a purchase price of $16.6 million funded with available cash and the assumption of mortgage debt of approximately $8.4 million.

(b) On September 16, 2013, we acquired Fiesta Key, a resort Property with 324 Sites for a purchase price of approximately $24.6 million funded with available cash.

(c) On August 1, 2013, we acquired from certain affiliates of Riverside Communities three manufactured home communities (the “Riverside Acquisition”) located in the Chicago metropolitan area collectively containing approximately 1,207 Sites for a stated purchase price of $102.0 million. The purchase price was funded with approximately $9.7 million of limited partnership interests in our Operating Partnership, equivalent to 240,969 OP units, and the remainder was funded with available cash.

2) During the year ended December 31, 2012, we acquired two resort Properties with 1,765 Sites for a purchase price of $25.0 million.

3) During the year ended December 31, 2011, we acquired 75 manufactured homes communities and one RV (the “2011 Acquisition Properties”) resort containing 30,129 Sites for a purchase price of approximately $1.5 billion (the “2011 Acquisition”). We funded the purchase price of this closing with (i) the issuance of 3,416,552 shares of our common stock, to the seller with an aggregate value of approximately $111 million, (ii) the issuance of 3,480,000 shares of Series B Preferred Stock to the seller with an aggregate value of approximately $113 million, (iii) the assumption of mortgage debt secured by 35 of the 2011 Acquisition Properties with an aggregate value of approximately $548 million, (iv) the net proceeds of approximately $344 million, net of offering costs, from a common stock offering of 12,075,000 shares, (v) approximately $200 million of cash from the Term Loan we closed on July 1, 2011, and (vi) approximately $200 million of cash from new secured financings originated during the third quarter of 2011. The assumed mortgage debt had stated interest rates ranging from 4.65% to 8.87% per annum and maturities from dates ranging from 2012 to 2023. The number of shares shown in this section has been adjusted for our two-for-one stock split that was effected by and in the form of a stock dividend in July 2013.

We engaged a third-party to assist with our purchase price allocation for the acquisitions. The allocation of the fair values of the assets acquired and liabilities assumed is subject to further adjustment due primarily to information not readily available at the acquisition date and final purchase price settlement with the sellers in accordance with the terms of the purchase agreement. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the year ended December 31, 2013, which we determined using level two and level three inputs (amounts in thousands):



	2013		2012			2011
Assets acquired
Land	$	41,022	$	4,410		$	471,500
Depreciable property	87,306		18,491			855,200
Manufactured homes	1,155		—			24,000
In-place leases	3,910		2,099			74,000
Net investment in real estate	$	133,393	$	25,000		$	1,424,700
Notes receivable	—		—		—	40,000
Other assets	1,025		29			18,300
Total Assets acquired	$	134,418	$	25,029		$	1,483,000
Liabilities assumed
Mortgage notes payable	$	5,382	$	—		$	548,000
Other liabilities	1,777		816			8,000
Total liabilities assumed	$	7,159	$	816		$	556,000
Net consideration paid	$	127,259	$	24,213		$	927,000

Ground lease escrow

We are the beneficiary of an escrow, funded by the seller, related to our Colony Cove Property which was acquired as part of our 2011 Acquisition. The lease terms included an option to purchase the underlying fee interest upon the death of the lessor as well as scheduled increases of the monthly payments and the option purchase price. During 2013, we received distributions of 90,805 shares of our common stock. During the fourth quarter, we learned of the death of the lessor and we have provided the required notification of our intent to exercise the purchase option which is expected to close in early 2014. The December 31, 2013 contingent consideration asset balance of $1.9 million represents the $1.1 million fair value estimate of shares distributed to us on January 1, 2014 and the $0.8 million fair value estimate of shares distributed to us on February 12, 2014.

Dispositions

During the three years ended December 31, 2013, we disposed of the following Properties:

1) On May 8, 2013, we entered into a purchase and sale agreement to sell 11 manufactured home communities located in Michigan (the “Michigan Properties”) collectively containing approximately 5,344 Sites for a net sale price of approximately $165.0 million. We closed on the sale of ten of the Michigan Properties on July 23, 2013, and closed on the sale of the eleventh Michigan Property on September 25, 2013. In accordance with FASB Codification Sub-Topic “Property, Plant and Equipment - Real Estate Sales - Derecognition” (“FASB ASC 360-20-40-5”), we recognized a gain on sale of real estate assets of approximately $40.6 million.

2) On December 7, 2012, we sold Cascade, a 163-Site resort Property located in Snoqualmie, Washington. In accordance with FASB ASC 360-20-40-5, we recognized a gain on disposition of approximately $4.6 million, net of tax for the year ended December 31, 2012. Cash proceeds from the disposition, net of closing costs, were approximately $7.6 million. During the year ended December 31, 2013, we recognized approximately $1.0 million of gain on the sale as a result of a new U.S. Federal tax law that eliminated a previously accrued built-in-gain tax liability related to the disposition.

The following table summarizes the combined results of operations of Properties held for disposition for the respective periods that we owned such assets during the years ended December 31, 2013, 2012 and 2011 (amounts in thousands):



	Years Ended
	December 31,
	2013			2012			2011
Community base rental home income	$	11,565		$	19,564		$	9,621
Rental income	1,948			2,416			725
Utility and other income	1,384			1,961			727
Discontinued property operating revenues	14,897			23,941			11,073
Property operating expenses	6,126			9,561			4,290
Income from discontinued property operations	8,771			14,380			6,783
Loss from home sales operations	(78		)	(110		)	(26		)
Other income and expenses	332			868			566
Interest and amortization	(355		)	(534		)	(179		)
Depreciation and in place lease amortization	(1,537		)	(8,488		)	(6,597		)
Discontinued operations, net	$	7,133		$	6,116		$	547

As of December 31, 2013, we have no Properties designated as held for disposition pursuant to FASB ASC 360-10-35.

Investment in Joint Ventures

12 Months Ended

Dec. 31, 2013

Investment in Joint Ventures

We received approximately $1.3 million in distributions from joint ventures for the year ended December 31, 2013 and approximately $1.8 million for each of the years ended December 31, 2012 and 2011 from joint ventures, which were classified as a return on capital and included in operating activities on the Consolidated Statements of Cash Flows.

On April 19, 2013, we entered into an agreement with an unaffiliated third party to create a new joint venture named ECHO Financing, LLC (the “ECHO JV”). We entered into the ECHO JV to buy and sell homes, as well as to offer another financing option to purchasers of homes at our Properties. Each party to the venture made an initial contribution of $1.0 million in exchange for a pro rata ownership interest in the joint venture, which resulted in us owning 50% of the ECHO JV. We account for our investment in the ECHO JV using the equity method of accounting, since we do not have a controlling direct or indirect voting interest, but we can exercise significant influence with respect to our operations and major decisions.

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically for the years ended December 31, 2013 and 2012, respectively):



						Investment as of				Income for Years Ended ^(c)
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2013		December 31, 2012		December 31, 2013			December 31, 2012			December 31, 2011
Meadows	Various (2,2)	1,027	50	%		$	1,679	$	916	$	1,138		$	1,012		$	981
Lakeshore	Florida (2,2)	342	65	%		145		121		271			250			240
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,074		7,195		760			652			727
Other	Various (0,0)	—	20	%		—		188		(188		)	(15		)	—
Echo JV	Various (0,0)	—	50	%		2,685		—		58			—			—
		3,075				$	11,583	$	8,420	$	2,039		$	1,899		$	1,948

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 2013. Our legal ownership interest may differ.


(b)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 25% interest in the utility plant servicing the Property.


(c)	Net of approximately $1.0 million of depreciation expense for the year ended December 31, 2013 and approximately $1.2 million for each of the years ended December 31, 2012 and 2011.

Notes Receivable

12 Months Ended

Dec. 31, 2013

Notes Receivable

Occasionally, we make loans to finance the sale of homes to our customers or purchase loans made by others to finance the sale of homes to our customers (“Chattel Loans”). The Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain of the Properties. As of December 31, 2013 and 2012, we had approximately $21.9 million and $25.0 million, respectively, of these Chattel Loans included in notes receivable. In addition, as of December 31, 2012, we had approximately $7.7 million of these Chattel Loans included in notes receivable for assets held for disposition. As of December 31, 2013, the Chattel Loans receivable, including the Michigan Properties through the date of sale, had a stated per annum average rate of approximately 7.8%, with a yield of 20.0%, and had an average term remaining of approximately 12 years. These Chattel Loans are recorded net of allowances of approximately $0.4 million as of December 31, 2013 and 2012. During the years ended December 31, 2013 and 2012, approximately $4.3 million and $5.5 million, respectively, were repaid, and we issued an additional $2.8 million and $0.7 million of loans, respectively. In addition, during the years ended December 31, 2013 and 2012, approximately $2.6 million and $5.3 million, respectively, of homes serving as collateral for Chattel Loans were repossessed and sold or converted to rental units. Chattel Loans receivable as of December 31, 2013 includes $13.7 million of Chattel Loans related to the Properties acquired in 2011. During 2013, we disposed of $6.5 million of Chattel Loans due to the disposition of the Michigan Properties. During 2013, management reviewed the default and asset recovery performance of these loans related to the Properties acquired in 2011 and determined that the yield of this portfolio increased from 21.0% to 27.0% due to the disposition of Chattel Loans at the Michigan Properties and accelerated timing of cash collections and asset recoveries being experienced in the portfolio. Increases in default rates or declines in recovery rates in the future could, if significant, result in an impairment of the loans. Changes in default rates or recovery rates in the future could, if significant, result in future changes to the yield.

We also provide financing for nonrefundable sales of new or upgrades to existing right to use contracts (“Contracts Receivable”). As of December 31, 2013 and 2012, we had approximately $17.2 million and $16.1 million, respectively, of Contracts Receivable, net of allowances of approximately $0.6 million and $0.7 million, respectively. These Contracts Receivable represent loans to customers who have entered into right-to-use contracts. The Contracts Receivable yield interest at a stated per annum average rate of 16.0%, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest. During the years ended December 31, 2013 and 2012, approximately $7.1 million were repaid in each year and an additional $7.5 million and $6.6 million, respectively, were lent to customers.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Borrowing Arrangements

12 Months Ended

Dec. 31, 2013

Borrowing Arrangements

Secured Debt

2013 Activity

As of December 31, 2013 and December 31, 2012, we had outstanding mortgage indebtedness on Properties of approximately $1,992 million and $2,062 million, respectively, excluding $8.3 million as of December 31, 2012, on liabilities held for disposition (including $0.4 million of debt premium adjustment). The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the year ended December 31, 2013 was approximately 5.0% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2014 to 2038. The debt encumbered a total of 147 and 170 of our Properties as of December 31, 2013 and December 31, 2012, respectively, and the carrying value of such Properties was approximately $2,378 million and $2,485 million, respectively, as of such dates.

During the year ended December 31, 2013, we closed on 22 loans with total proceeds of $375.5 million which were secured by manufactured home communities and carried a weighted average interest rate of 4.4% per annum. The loan proceeds and available cash were used to defease approximately $312.2 million of debt with a weighted average interest rate of 5.6% per annum, secured by 29 manufactured home communities which were set to mature in 2014 and 2015. During the year ended December 31, 2013, we paid approximately $37.8 million in defeasance costs associated with the early retirement of the mortgages. We also paid off 16 maturing mortgages totaling approximately $99.8 million, with a weighted average interest rate of 6.0% per annum.

We also assumed approximately $5.4 million of mortgage debt secured by the Neshonoc property (see Note 5 in the Notes to Consolidated Financial Statements in this Form 10-K) with a stated interest rate of 6.0% per annum set to mature in 2022.

On July 18, 2013, in connection with the disposition of our Michigan Properties (see Note 5 in the Notes to Consolidated Financial Statements in this Form 10-K), we paid off the mortgage on one manufactured home community, which was scheduled to mature in 2020, for approximately $7.8 million with a stated interest rate of 7.2% per annum.

On January 2, 2014, we repaid approximately $16.6 million of debt maturing in 2014, which had a weighted average interest rate of 5.7% per annum. On February 1, 2014, we also repaid one mortgage scheduled to mature in 2014 of approximately $4.0 million with a stated interest rate of 5.4% per annum.

On January 7, 2014, we assumed approximately $4.9 million of mortgage debt secured by Blackhawk Resort (see Note 5 in the Notes to Consolidated Financial Statements in this Form 10-K) with a stated interest rate of 6.0% per annum set to mature in 2017.

On January 24, 2014, we assumed approximately $8.4 million of mortgage debt secured by Lakeland Resort (see Note 5 in the Notes to Consolidated Financial Statements in this Form 10-K) with a stated interest rate of 6.8% per annum set to mature in 2018.

2012 Activity

During the year ended December 31, 2012, we received approximately $74.0 million of financing proceeds on one manufactured home community with a stated interest rate of 3.90% per annum, maturing in 2022. The proceeds were used to pay off the mortgage on the property, which was set to mature on May 1, 2013, totaling approximately $35.1 million, with a stated interest rate of 5.69% per annum. We also closed on approximately $85.5 million of financing proceeds on two RV resorts with a weighted average interest rate of 5.10% per annum, maturing in 2022. We used the proceeds to pay off the mortgages on these two Properties, which were set to mature on June 1, 2014, totaling approximately $63.3 million, with a weighted average interest rate of 5.41% per annum. We also paid off three maturing mortgages totaling approximately $39.3 million, with a weighted average interest rate of 5.79% per annum.

Unsecured Term Loan

Our $200.0 million unsecured Term Loan matures on June 30, 2017, has an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty after July 1, 2014. Prior to July 1, 2014, a prepayment penalty of 2% of the amount prepaid would be owed. The spread over LIBOR is variable based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, we also entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “Swap”) allowing us to trade our variable interest rate for a fixed interest rate on the Term Loan. (See Note 9 in the Notes to Consolidated Financial Statements contained in this Form 10-K for further information on the accounting for the Swap.) The proceeds were used to partially fund the 2011 Acquisition discussed in detail in Note 5 in the Notes to the Consolidated Financial Statements contained in this Form 10K.

Unsecured Line of Credit

As of December 31, 2013 and 2012, our unsecured Line of Credit (“LOC”) had an availability of $380 million with no amounts outstanding. During the year ended December 31, 2013, we had proceeds of $20.0 million from the LOC and repayments of $20.0 million on the LOC. Our amended LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility rate and has a maturity date of September 15, 2016. We have a one year extension option under our LOC. We incurred commitment and arrangement fees of approximately $1.3 million to enter into the amended LOC in 2012, subject to payment of certain administrative fees and the satisfaction of certain other enumerated conditions.

As of December 31, 2013, we are in compliance in all material aspects with the covenants in our borrowing arrangements.

Future Maturities of Debt

Aggregate payments of principal on long-term borrowings for each of the next five years and thereafter are as follows (amounts in thousands):



Year	Amount
2014	$	119,452
2015	311,208
2016	246,054
2017	310,725
2018	207,592
Thereafter	979,572
Net unamortized premiums	17,765
Total	$	2,192,368

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

In connection with the Term Loan, we entered into a Swap (See Note 8 in the Notes to the Consolidated Financial Statements contained in this Form 10-K for information about the Term Loan related to the Swap) that fixes the underlying LIBOR rate on the Term Loan at 1.11% per annum for the first three years and matures on July 1, 2014. Based on actual leverage as of December 31, 2013, our spread over LIBOR was 1.95% resulting in an actual all-in interest rate of 3.06% per annum. We have designated the Swap as a cash flow hedge. No gain or loss was recognized in the Consolidated Statements of Income and Comprehensive Income related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedge during the years ended December 31, 2013 and 2012.

Amounts reported in accumulated other comprehensive loss on the Consolidated Balance Sheet related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. Through the remaining term of the swap, July 1, 2014, we estimate that an additional $1.1 million will be reclassified as an increase to interest expense.

Derivative Instruments and Hedging Activities

The table below presents the fair value of our derivative financial instrument as well as our classification on our Consolidated Balance Sheets as of December 31, 2013 and 2012 (amounts in thousands).



	Balance Sheet Location	December 31, 2013		December 31, 2012
Interest Rate Swap	Accrued payroll and other operating expenses	$	928	$	2,591

Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement

The table below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013, 2012 and 2011 (amounts in thousands).



Derivatives in Cash Flow Hedging Relationship	Amount of loss recognized in OCI on derivative (effective portion)						Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)
Derivatives in Cash Flow Hedging Relationship	December 31, 2013		December 31, 2012		December 31, 2011			December 31, 2013		December 31, 2012		December 31, 2011
Interest Rate Swap	$	188	$	1,797	$	3,445	Interest Expense	$	1,851	$	1,754	$	898

We determined that no adjustment was necessary for nonperformance risk on our derivative obligation. As of December 31, 2013, we have not posted any collateral related to this agreement.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense

12 Months Ended

Dec. 31, 2013

Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense

Up-front payments received upon the entry of right-to-use contracts are recognized in accordance with FASB ASC 605. We recognize the up-front non-refundable payments over the estimated customer life, which, based on historical attrition rates, we have estimated to be between one to 31 years. The commissions paid on the entry of right-to-use contracts will be deferred and amortized over the same period as the related sales revenue.

Components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	2013			2012
Deferred revenue—entry of right-to-use contracts, as of January 1,	$	62,979		$	56,285
Deferral of new right-to-use contracts	13,142			13,433
Deferred revenue recognized	(7,448		)	(6,739		)
Net increase in deferred revenue	5,694			6,694
Deferred revenue—entry of right-to-use contracts, as of December 31,	$	68,673		$	62,979

Deferred commission expense, as of January 1,	$	22,841		$	19,686
Costs deferred	5,011			5,465
Commission expense recognized	(2,601		)	(2,310		)
Net increase in deferred commission expense	2,410			3,155
Deferred commission expense, as of December 31,	$	25,251		$	22,841

Lease Agreements

12 Months Ended

Dec. 31, 2013

Lease Agreements

The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenant are in effect at certain Sites for 17 of the 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. Future minimum rents are scheduled to be received under non-cancelable tenant leases at December 31, 2013 are as follows (amounts in thousands):



Year	Amount
2014	$	34,844
2015	34,001
2016	23,741
2017	17,087
2018	16,082
Thereafter	43,980
Total	$	169,735

Ground Leases

We lease land under non-cancelable operating leases at certain of the Properties expiring in various years from 2015 to 2054. The majority of the lease terms require twelve equal payments per year plus additional rents calculated as a percentage of gross revenues. Future minimum rental payments exclude payments related to the Colony Cove Property lease as we have provided required notification of our intent to exercise the purchase option for the land which is expected to close in early 2014. For the year ended December 31, 2013, 2012, and 2011 ground lease rent was approximately $3.4 million, $3.3 million, and $2.5 million, respectively. Minimum future rental payments under the ground leases as of December 31, 2013 are as follows (amounts in thousands):



Year	Amount
2014	$	1,935
2015	1,941
2016	1,948
2017	1,955
2018	1,955
Thereafter	11,573
Total	$	21,307

Ground Leases

12 Months Ended

Dec. 31, 2013

Description of Lessor Leasing Arrangements, Operating Leases

The majority of the lease terms require twelve equal payments per year plus additional rents calculated as a percentage of gross revenues. Future minimum rental payments exclude payments related to the Colony Cove Property lease as we have provided required notification of our intent to exercise the purchase option for the land which is expected to close in early 2014.

Leases of Lessee Disclosure [Text Block]

Lease Agreements



Year	Amount
2014	$	34,844
2015	34,001
2016	23,741
2017	17,087
2018	16,082
Thereafter	43,980
Total	$	169,735

Ground Leases



Year	Amount
2014	$	1,935
2015	1,941
2016	1,948
2017	1,955
2018	1,955
Thereafter	11,573
Total	$	21,307

Transactions with Related Parties	3 Months Ended	12 Months Ended
Transactions with Related Parties	Dec. 31, 2012	Dec. 31, 2013
Related Party Transaction, Terms and Manner of Settlement	However, in our consideration for allowing Mr. Heneghan to perform certain services for Equity International during this period, we and Equity International agreed that Equity International would reimburse us for a portion of Mr. Heneghan’s compensation in the amount of $0.3 million.
Transactions with Related Parties		Transactions with Related Parties Riverside Portfolio acquisition On August 1, 2013, we closed on the Riverside Acquisition (See Note 5 in the Notes to Consolidated Financial Statements contained in this Form 10-K). Patrick Waite, our Executive Vice President of Operations, was formerly employed by an affiliate of Riverside Communities, as a result of which he had financial interests in the sale that resulted in him receiving his share in cash upon the closing of the acquisition. Mr. Waite did not participate in our management’s analysis, decision-making or recommendation to the Board of Directors with respect to the acquisition. In addition, David Helfand, the founder and CEO of Riverside Communities, served in various positions with us before 2005, including at various times as our Chief Financial Officer, Chief Executive Officer, and as a member of our Board of Directors. Mr. Helfand is currently Co-President of Equity Group Investments, L.L.C., an entity affiliated with Sam Zell, Chairman of our Board of Directors. Corporate Headquarters We lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Mr. Zell, Chairman of our Board of Directors. Payments made in accordance with the lease agreement to this entity amounted to approximately $1.4 million, $0.9 million, and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Other On October 18, 2012, our Chief Executive Officer, Thomas Heneghan, accepted an offer to become Chief Executive Officer of Equity International Management, LLC (“Equity International”), effective in February 2013, and he resigned as our Chief Executive Officer effective February 1, 2013. During the period from October 18, 2012 through February 1, 2013, Mr. Heneghan continued to serve as our Chief Executive Officer, but he also performed certain services for Equity International, an entity affiliated with Mr. Zell, Chairman of our Board of Directors. We paid Mr. Heneghan his regular compensation through February 1, 2013. However, in our consideration for allowing Mr. Heneghan to perform certain services for Equity International during this period, we and Equity International agreed that Equity International would reimburse us for a portion of Mr. Heneghan’s compensation in the amount of $0.3 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Stock Option Plan and Stock Grants

1 Months Ended

12 Months Ended

May 31, 2013

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

May 08, 2012

Jan. 31, 2012

May 11, 2011

Jan. 31, 2011

Feb. 28, 2010

Dec. 31, 2013

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights

These Restricted Stock Grants will vest on December 31, 2013.

One-third of the shares of restricted common stock covered by these awards vests on each of November 8, 2012, May 8, 2013, and May 8, 2014.

One-third of the shares of restricted common stock covered by these awards vests on each of November 11, 2011, May 11, 2012, and May 11, 2013.

One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2011, December 31, 2012, and December 31, 2013.

These Restricted Stock Grants vested December 31, 2011.

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock Option Plan and Stock Grants

Our Stock Option and Stock Award Plan (the “Plan”) was adopted in December 1992 and was amended and restated from time to time, most recently effective March 23, 2001 for a ten year term. Since January 1, 2011 through the expiration of the Plan we granted to certain directors and executive officers a total of 207,330 shares of restricted stock. After March 23, 2011, when the Plan expired, we granted to certain directors, executive officers and a consultant a total of 383,330 shares of restricted stock net of the number of shares that were subsequently forfeited before vesting in private placements exempt from registration.

All the restricted stock shares (the “Restricted Stock Grants”) issued were approved by our Board of Directors at the recommendation of the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors (the “Compensation Committee”). The Restricted Stock Grants were subject to conditions and restrictions, including vesting schedule and term, determined by the Compensation Committee. The amount and vesting terms of the Restricted Stock Grants were disclosed in the appropriate periods in our previously filed reports. Under Maryland law, the Restricted Stock Grants were duly authorized and validly issued, and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, were validly issued private placements exempt from registration. The expiration of the Plan did not materially impact the accounting for these awards. At our 2014 Annual Meeting of Stockholders, we intend to ask our stockholders to ratify the Restricted Stock Grants. Shares that did not vest were forfeited. Dividends are paid on restricted stock and are not returnable, even if the underlying stock does not entirely vest. Stock Options are awarded at the New York Stock Exchange closing price of our common stock on the grant date.

Grants Issued

On May 8, 2013, we awarded Restricted Stock Grants for 40,000 shares of common stock at a fair market value of approximately $1.7 million to the members of the Board of Directors. One-third of the shares of restricted common stock covered by these awards vest on each of November 8, 2013, May 8, 2014, and May 8, 2015.

On April 10, 2013, we awarded Restricted Stock Grants for 2,000 shares of common stock at a fair market value of $80,200 to a member of our senior management. These Restricted Stock Grants will vest on December 31, 2013.

On March 13, 2013, we awarded Restricted Stock Grants for 666 shares of common stock at a fair market value of approximately $24,800 to a member of the Board of Directors. One-third of the shares of restricted common stock covered by these awards vests on each of September 13, 2013, March 13, 2014, and March 13, 2015.

On February 1, 2013, we awarded Restricted Stock Grants for 68,666 shares of common stock at a fair market value of $2.5 million to certain members of our senior management. These Restricted Stock Grants will vest on December 31, 2013.

On January 31, 2013, we awarded Restricted Stock Grants for 62,000 shares of common stock at a fair market value of approximately $2.2 million to certain members of the Board of Directors for services rendered in 2012. One-third of the shares of restricted common stock covered by these awards vest on each of December 31, 2013, December 31, 2014, and December 31, 2015. The fair market value of our restricted stock grants is recorded as compensation expense and paid in capital over the vesting period.

On May 8, 2012, we awarded Restricted Stock Grants for 32,000 shares of common stock at a fair market value of approximately $1.1 million to the Board of Directors. One-third of the shares of restricted common stock covered by these awards vests on each of November 8, 2012, May 8, 2013, and May 8, 2014.

On January 31, 2012, we awarded Restricted Stock Grants for 62,000 shares of common stock at a fair market value of approximately $2.2 million to certain members of the Board of Directors for services rendered in 2011. One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2012, December 31, 2013, and December 31, 2014.

On January 31, 2012, we awarded Restricted Stock Grants for 120,664 shares of common stock to certain members of our senior management. These Restricted Stock Grants vested on December 31, 2012. The fair market value of these Restricted Stock Grants was approximately $4.2 million as of the date of grant and is recorded as a compensation expense and paid in capital over the vesting period. During 2012, 36,666 shares of this restricted stock grant valued at issuance date of approximately $1.3 million were relinquished by certain members of senior management.

On May 11, 2011, we awarded Restricted Stock Grants for 32,000 shares of common stock at a fair market value of approximately $0.9 million to the Board of Directors. One-third of the shares of restricted common stock covered by these awards vests on each of November 11, 2011, May 11, 2012, and May 11, 2013.

On February 1, 2011, we awarded Restricted Stock Grants for 145,330 shares of common stock to certain members of our senior management. These Restricted Stock Grants vested December 31, 2011. The fair market value of these Restricted Stock Grants was approximately $4.2 million as of the date of grant and is recorded as a compensation expense and paid in capital over the vesting period.

On January 31, 2011, we awarded Restricted Stock Grants for 62,000 shares of common stock at a fair market value of approximately $1.8 million to certain members of the Board of Directors. One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2011, December 31, 2012, and December 31, 2013.

We recognized compensation expense of approximately $6.0 million, $5.8 million and $5.8 million primarily related to Restricted Stock Grants in 2013, 2012 and 2011, respectively.

A summary of our restricted stock activity, and related information for the years ended December 31, 2013, 2012, and 2011 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2010	104,686		$	18.61
Shares granted	239,330		28.75
Shares canceled/forfeited	(22,666	)	28.70
Shares vested	(227,330	)	24.50
Balance at December 31, 2011	94,020		27.75
Shares granted	214,664		35.06
Shares canceled/forfeited	(36,666	)	35.07
Shares vested	(177,998	)	32.30
Balance at December 31, 2012	94,020		32.97
Shares granted	173,332		37.32
Shares vested	(167,564	)	34.97
Balance at December 31, 2013	99,788		37.17

Compensation expense to be recognized subsequent to December 31, 2013 for Restricted Stock Grants issued prior to 2014 that has not yet vested was approximately $3.3 million, which is expected to be recognized over a weighted average term of 1.4 years.

Stock Options

The fair value of each grant is estimated on the grant date using the Black-Scholes-Merton model. No options were issued, forfeited or expired during the years ended December 31, 2013, 2012, and 2011.

A summary of our stock option activity, and related information for the years ended December 31, 2013, 2012, and 2011 follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)
Balance at December 31, 2010	1,610,368		$	20.16	4.9
Options canceled	(344,768	)	13.14
Balance at December 31, 2011	1,265,600		22.07		4.9
Options exercised	(160,000	)	24.10
Balance at December 31, 2012	1,105,600		21.78		4.0
Options exercised	(20,000	)	12.34
Balance at December 31, 2013	1,085,600		21.95		3.1
Exercisable at December 31, 2013	1,085,600		21.95		3.1

The intrinsic value of outstanding and exercisable stock options represents the excess of the closing stock price as of the end of the year, over the exercise price multiplied by the applicable number of shares that may be acquired upon exercise of stock options. For the years ending December 31, 2013, 2012 and 2011, the intrinsic value of exercised options was $0.5 million, $1.7 million and $6.1 million, respectively. For the years ending December 31, 2013, 2012 and 2011, the intrinsic value of outstanding and exercisable options was $15.5 million, $13.1 million and $14.3 million, respectively.

Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights

One-third of the shares of restricted common stock covered by these awards vest on each of November 8, 2013, May 8, 2014, and May 8, 2015.

One-third of the shares of restricted common stock covered by these awards vests on each of September 13, 2013, March 13, 2014, and March 13, 2015.

of the shares of restricted common stock covered by these awards vest on each of December 31, 2013, December 31, 2014, and December 31, 2015.

One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2012, December 31, 2013, and December 31, 2014.

Senior Management

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights

These Restricted Stock Grants vested on December 31, 2012.

Preferred Stock

12 Months Ended

Dec. 31, 2013

Preferred Stock

Our Board of Directors is authorized under our charter, without further stockholder approval, to issue, from time to time, in one or more series, 10,000,000 shares of $0.01 par value preferred stock (the “Preferred Stock”), with specific rights, preferences and other attributes as the Board may determine, which may include preferences, powers and rights that are senior to the rights of holders of our common stock. However, under certain circumstances, the issuance of preferred stock may require stockholder approval pursuant to the rules and regulations of The New York Stock Exchange.

On December 30, 2013, in connection with the MHC Trust merger, we authorized and issued: 125 shares of our Series D Preferred Stock with a liquidation value of $1,000.00 per share, having substantially the same terms and same rights as shares of MHC Trust’s 6% Series A Cumulative Non-Qualified Preferred Stock, and 250 shares of our Series E Preferred Stock with a liquidation value of $1,000.00 per share, having substantially the same terms and same rights as shares of MHC Trust’s 18.75% Series B Cumulative Non-Voting Preferred Stock.

On May 8, 2012, the ability to issue shares upon conversion of the Series A Preferred Stock was approved by our common stockholders. As a result, at September 30, 2012 the Series A Preferred Stock were classified as redeemable interests within of permanent equity on our Consolidated Balance Sheet. On September 14, 2012, we issued 54,458 shares of our Series C Preferred Stock with a liquidation value of $2,500.00 per share, which is represented by depositary shares as described below. Also on September 14, 2012, we exchanged 5,445,765 shares of our Series A Preferred Stock for 5,445,765 depositary shares, each representing 1/100^thof a share of our Series C Preferred Stock with a liquidation value of $25.00 per depositary share, plus accrued and unpaid dividends of $0.3849625 per share of Series A Preferred Stock. On October 18, 2012, we redeemed the remaining 2,554,235 shares of Series A Preferred Stock at the $25.00 per share liquidation value plus accrued and unpaid dividends of $0.0948460 per share on such redeemed shares for approximately $64.1 million. Therefore, as of December 31, 2012, we did not have any Series A Preferred Stock outstanding.

Long-Term Cash Incentive Plan

12 Months Ended

Dec. 31, 2013

Long-Term Cash Incentive Plan

On January 24, 2013, our Compensation, Nominating and Corporate Governance Committee (the “Committee”) approved a Long-Term Cash Incentive Plan Award (the “2013 LTIP”) to provide a long-term cash bonus opportunity to certain members of our management. The 2013 LTIP was approved by the Committee pursuant to the authority set forth in the Long Term Cash Incentive Plan approved by the Board of Directors on May 15, 2007. The total cumulative payment for all participants (the “Eligible Payment”) is based upon certain performance conditions being met over a three year period ending December 31, 2015.

The Committee has responsibility for administering the 2013 LTIP and may use its reasonable discretion to adjust the performance criteria or Eligible Payments to take into account the impact of any major or unforeseen transaction or event. Our executive officers are not participants in the 2013 LTIP. The Eligible Payment will be paid in cash upon completion of our annual audit for the 2015 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2013 LTIP and, including employer costs, is currently estimated to be approximately $5.8 million. For the year ended December 31, 2013, we had accrued compensation expense of approximately $1.9 million.

The amount accrued for the 2013 LTIP reflects our estimate of the 2013 LTIP payout based on forecasts and other available information and is subject to performance in line with forecasts and final evaluation and determination by the Committee. There can be no assurances that our estimates of the probable outcome will be representative of the actual outcome.

On May 11, 2010, our Board of Directors approved a Long-Term Cash Incentive Plan (the “2010 LTIP”) to provide a long-term cash bonus opportunity to certain members of our management. Such Board approval was upon recommendation of the Committee. One participant in the 2010 LTIP was promoted to Chief Financial Officer in 2012. No other executive officers were participants in the 2010 LTIP. As of December 31, 2012, we had accrued compensation expense and payroll benefits of approximately $2.6 million, for the 2010 LTIP including approximately $0.8 million in the year ended December 31, 2012. On January 24, 2013, the Committee approved payments under the 2010 LTIP of approximately $2.3 million to the participants.

Savings Plan

12 Months Ended

Dec. 31, 2013

Savings Plan

We have a qualified retirement plan, with a salary deferral feature designed to qualify under Section 401 of the Code (the “401(k) Plan”), to cover our employees and those of our Subsidiaries, if any. The 401(k) Plan permits our eligible employees and those of any Subsidiary to defer up to 60% of their eligible compensation on a pre-tax basis subject to certain maximum amounts. In addition, we will match 100% of the participant’s contribution up to the first 3% and then 50% of the next 2% for a maximum potential match of 4%.

In addition, amounts we contributed will vest, on a prorated basis, according to the participant’s vesting schedule. After five years of employment with us, the participants will be 100% vested for all amounts we contributed. Additionally, a discretionary profit sharing component of the 401(k) Plan provides for a contribution to be made annually for each participant in an amount, if any, as we determined. All employee contributions are 100% vested. Our contribution to the 401(k) Plan was approximately $1.3 million for each of the years ended December 31, 2013 and 2012 and approximately $1.1 million for the year ended December 31, 2011.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies

California Rent Control Litigation

As part of our effort to realize the value of our Properties subject to rent control, we have previously initiated lawsuits against certain localities in California, with the goal of achieving a level of regulatory fairness in California’s rent control jurisdictions, and in particular those jurisdictions that prohibit increasing rents to market upon turnover. Such regulations allow tenants to sell their homes for a price that includes a premium above the intrinsic value of the homes. The premium represents the value of the future discounted rent-controlled rents, which is fully capitalized into the prices of the homes sold. In our view, such regulations result in a transfer to the tenants of the value of our land, which would otherwise be reflected in market rents. We have discovered through the litigation process that certain municipalities considered condemning our Properties at values well below the value of the underlying land. In our view, a failure to articulate market rents for Sites governed by restrictive rent control would put us at risk for condemnation or eminent domain proceedings based on artificially reduced rents. Such a physical taking, should it occur, could represent substantial lost value to stockholders. We are cognizant of the need for affordable housing in the jurisdictions, but assert that restrictive rent regulation does not promote this purpose because tenants pay to their sellers as part of the purchase price of the home all the future rent savings that are expected to result from the rent control regulations, eliminating any supposed improvement in the affordability of housing. In a more well-balanced regulatory environment, we would receive market rents that would eliminate the price premium for homes, which would trade at or near their intrinsic value. Such efforts have included the following matters:

City of San Rafael

We sued the City of San Rafael on October 13, 2000 in the U.S. District Court for the Northern District of California, challenging its rent control ordinance (the “Ordinance”) on constitutional grounds. We believe the litigation was settled by the City’s agreement to amend the ordinance to permit adjustments to market rent upon turnover. The City subsequently rejected the settlement agreement. The Court refused to enforce the settlement agreement, and submitted to a jury the claim that it had been breached. In October 2002, a jury found no breach of the settlement agreement.

Our constitutional claims against the City were tried in a bench trial during April 2007. On April 17, 2009, the Court issued its Order for Entry of Judgment in our favor (the “April 2009 Order”). On June 10, 2009, the Court ordered the City to pay us net fees and costs of approximately $2.1 million. On June 30, 2009, as anticipated by the April 2009 Order, the Court entered final judgment that gradually phased out the City’s Site rent regulation scheme that the Court found unconstitutional. Pursuant to the final judgment, existing residents of our Property in San Rafael would be able to continue to pay Site rent as if the Ordinance were to remain in effect for a period of 10 years, enforcement of the Ordinance was immediately enjoined with respect to new residents of the Property, and the Ordinance would expire entirely ten years from the June 30, 2009 date of judgment.

The City and the residents’ association (which intervened in the case) appealed, and we cross-appealed. On April 17, 2013, the United States Court of Appeals for the Ninth Circuit issued an opinion in which, among other rulings, it reversed the trial court’s determinations that the Ordinance had unconstitutionally taken our property and that we were entitled to an award of attorneys’ fees and costs, and affirmed the jury verdict that the City had not breached the settlement agreement and affirmed the award to the City of approximately $1.25 million of attorneys’ fees and costs on the settlement agreement claims. On May 1, 2013, we filed with the Court of Appeals a petition for panel rehearing and rehearing en banc, which was denied on June 3, 2013. On June 26, 2013, the Court of Appeals’ mandate issued. On September 3, 2013, we filed a petition for review by the U.S. Supreme Court. On September 10, 2013, the City and the residents’ association each waived the right to respond to our petition. On October 7, 2013, the Supreme Court requested that a response be filed, which was filed on December 6, 2013. We filed a reply supporting our petition on December 20, 2013. On January 13, 2014, the Supreme Court issued an order denying our petition for review.

During the year ended December 31, 2013, we paid approximately $1.4 million related to the ruling of the Court of Appeals. On July 10, 2013, we paid to the City $1.27 million to satisfy, including interest, the attorneys’ fees and costs judgment affirmed by the Court of Appeals. In August 2013, we also paid to the City approximately $0.08 million to satisfy its claim for attorney’s fees on appeal.

City of Santee

On January 31, 2012, we sued the City of Santee in the United States District for the Southern District of California alleging that the City’s rent control ordinance effectuates a regulatory and private taking of our property and is unconstitutional under the Fifth and Fourteenth Amendments to the United States Constitution. On April 2, 2012, the City filed a motion to dismiss the complaint. On December 21, 2012, the Court entered an order in which it: (a) denied the City’s motion to dismiss our private taking and substantive due process claims; (b) granted the City’s motion to dismiss our procedural due process claim as not cognizable because of the availability of a state remedy of a writ of mandamus; and (c) granted the City’s motion to dismiss our regulatory taking claim as being not ripe. In addition, we also filed in the California Superior Court on February 1, 2012 a petition for a writ of administrative mandamus, and on September 28, 2012 a motion for writ of administrative mandamus, seeking orders directing that a rent increase petition we had filed with the City be granted. On April 5, 2013, the Court denied our petition for writ of administrative mandamus. On June 3, 2013, we filed an appeal to the California Court of Appeal from the denial of our petition for writ of administrative mandamus.

On September 26, 2013, we entered a settlement agreement with the City of Santee pursuant to which the City agreed to the entry of a peremptory writ of mandate by the Superior Court directing the City to grant us a special adjustment under the City’s rent control ordinance permitting us, subject to the terms of the agreement, to increase Site rents at the Meadowbrook community through January 1, 2034 as follows: (a) a one-time 2.5% rent increase on all Sites in January 2014; plus (b) annual rent increases of 100% of the consumer price index (CPI) beginning in 2014; and (c) a 10% increase in the rent on a site upon turnover of that site. Absent the settlement, the rent control ordinance limited us to annual rent increases of at most 70% of CPI with no increases on turnover of a site.

Colony Park

On December 1, 2006, a group of tenants at our Colony Park Property in Ceres, California filed a complaint in the California Superior Court for Stanislaus County alleging that we had failed to properly maintain the Property and had improperly reduced the services provided to the tenants, among other allegations. We answered the complaint by denying all material allegations and filed a counterclaim for declaratory relief and damages. The case proceeded in Superior Court because our motion to compel arbitration was denied and the denial was upheld on appeal. Trial of the case began on July 27, 2010. After just over three months of trial in which the plaintiffs asked the jury to award a total of approximately $6.8 million in damages, the jury rendered verdicts awarding a total of less than $44,000 to six out of the 72 plaintiffs, and awarding nothing to the other 66 plaintiffs. The plaintiff’s who were awarded nothing filed a motion for a new trial or alternatively for judgment notwithstanding the jury’s verdict, which the Court denied on February 14, 2011. All but three of the 66 plaintiffs to whom the jury awarded nothing appealed. Oral argument in the appeal was held on September 19, 2013 and the matter was taken under submission by the California Court of Appeal.

By orders entered on December 14, 2011, the Superior Court awarded us approximately $2.0 million in attorneys’ fees and other costs jointly and severally against the plaintiffs to whom the jury awarded nothing, and awarded no attorneys’ fees or costs to either side with respect to the six plaintiffs to whom the jury awarded less than $44,000. Plaintiffs filed an appeal from the approximately $2.0 million award of our attorneys’ fees and other costs. Oral argument in that appeal was also held on September 19, 2013. On December 3, 2013, the Court of Appeal issued a partially published opinion that rejected all of plaintiffs’ claims on appeal except one, relating to whether the park’s rules prohibited the renting of spaces to recreational vehicles. The Court of Appeal reversed the judgment on the recreational vehicle issue and remanded for further proceedings regarding that issue. Because the judgment was reversed, the award of attorney’s fees and other costs was also reversed. Both sides filed rehearing petitions with the Court of Appeal. On December 31, 2013, the Court of Appeal granted the defendants’ rehearing petition and ordered the parties to submit supplemental briefing. On January 17, 2014, each side submitted their supplemental brief. The parties await the court’s decision on rehearing.

California Hawaiian

On April 30, 2009, a group of tenants at our California Hawaiian Property in San Jose, California filed a complaint in the California Superior Court for Santa Clara County alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We moved to compel arbitration and stay the proceedings, to dismiss the case, and to strike portions of the complaint. By order dated October 8, 2009, the Court granted our motion to compel arbitration and stayed the court proceedings pending the outcome of the arbitration. The plaintiffs filed with the California Court of Appeal a petition for a writ seeking to overturn the trial court’s arbitration and stay orders. On May 10, 2011, the Court of Appeal granted the petition and ordered the trial court to vacate its order compelling arbitration and to restore the matter to its litigation calendar for further proceedings. On May 24, 2011, we filed a petition for rehearing requesting the Court of Appeal to reconsider its May 10, 2011 decision. On June 8, 2011, the Court of Appeal denied the petition for rehearing. On June 16, 2011, we filed with the California Supreme Court a petition for review of the Court of Appeal’s decision. On August 17, 2011, the California Supreme Court denied the petition for review. The trial commenced on January 27, 2014. We believe that the allegations in the complaint are without merit, and intend to vigorously defend the litigation.

Membership litigation

On July 29, 2011, we were served with a class action lawsuit in California state court filed by two named plaintiffs, who are husband and wife. Among other allegations, the suit alleged that the plaintiffs purchased a membership in our Thousand Trails network of campgrounds and paid annual dues; that they were unable to make a reservation to utilize one of the campgrounds because, they were told, their membership did not permit them to utilize that particular campground; that we failed to comply with the written disclosure requirements of various states’ membership camping statutes; that we misrepresented that we provide a money-back guaranty; and that we misrepresented that the campgrounds or portions of the campgrounds would be limited to use by members. On August 19, 2011, we filed an answer generally denying the allegations of the complaint, and asserting affirmative defenses. On August 23, 2011, we removed the case from the California state court to the federal district court in San Jose. On July 23, 2012, we filed a motion to deny class certification. On March 18, 2013, the Court entered an order denying class certification and denying the plaintiffs’ motion for leave to amend their class action complaint. The parties agreed to a confidential settlement of the individual claims of the two named plaintiffs.

Litigation Relating to Potential Acquisition of Certain RV Resorts

On November 9, 2012, we entered a letter of intent with Morgan RV Resorts (“Morgan”), which granted us a right of exclusive dealing and a right of first refusal (“ROFR”) with respect to the purchase of 15 of Morgan’s RV resorts. On December 13, 2012, Sun Communities, Inc. announced in an SEC filing that certain of its affiliates (collectively, “Sun”) had entered into a contract with Morgan to purchase 11 of those same properties, as a result of which we subsequently exercised our ROFR. In a suit initiated by Sun on December 26, 2012 against us and Morgan in the Oakland County (Michigan) Circuit Court, the parties litigated the issue of who had the right to the properties. On February 12, 2013, Sun announced in an SEC filing that it had closed its purchase from Morgan on ten of the 11 properties at issue. On September 16, 2013, the parties resolved the dispute by entering a confidential settlement agreement as a result of which we acquired the eleventh property, Fiesta Key RV Resort, and certain other assets, and the litigation was dismissed with prejudice.

Hurricane Claim Litigation

On June 22, 2007, we filed suit in the Circuit Court of Cook County, Illinois (Case No. 07CH16548), against our insurance carriers, Hartford Fire Insurance Company, Essex Insurance Company (“Essex”), Lexington Insurance Company and Westchester Surplus Lines Insurance Company (“Westchester”), regarding a coverage dispute arising from losses we suffered as a result of hurricanes that occurred in Florida in 2004 and 2005. We also brought claims against Aon Risk Services, Inc. of Illinois (“Aon”), our former insurance broker, regarding the procurement of our appropriate insurance coverage. We sought declaratory relief establishing the coverage obligations of our carriers, as well as a judgment for breach of contract, breach of the covenant of good faith and fair dealing, unfair settlement practices and, as to Aon, for failure to provide ordinary care in the selling and procuring of insurance. The claims involved in this action were approximately $11.0 million.

In response to motions to dismiss, the trial court dismissed: (1) the requests for declaratory relief as being duplicative of the claims for breach of contract and (2) certain of the breach of contract claims as being not ripe until the limits of underlying insurance policies have been exhausted. On or about January 28, 2008, we filed our Second Amended Complaint (“SAC”), which the insurers answered. In response to the court’s dismissal of the SAC’s claims against Aon, we ultimately filed, on February 2, 2009, a new Count VIII against Aon alleging a claim for breach of contract, which Aon answered. In January 2010, the parties engaged in a settlement mediation, which did not result in a settlement. In June 2010, we filed motions for partial summary judgment against the insurance companies seeking a finding that our hurricane debris cleanup costs were within the extra expense coverage of our excess insurance policies. On December 13, 2010, the Court granted the motion. Discovery proceeded with respect to various remaining issues, including the amounts of the debris cleanup costs we were entitled to collect pursuant to the Court’s order granting us partial summary judgment.

On August 6, 2012, we were served with motions by Essex and Westchester seeking leave to amend their pleadings, which the Court subsequently allowed, to add affirmative defenses seeking to bar recovery on the alleged ground that the claim we submitted for hurricane-related losses allegedly intentionally concealed and misrepresented that a portion of that claim was not hurricane-related, and to add a counterclaim seeking on the same alleged ground reimbursement of approximately $2.4 million Essex previously paid (the “Additional Affirmative Defenses and Counterclaim”). We believe that the Additional Affirmative Defenses and Counterclaim were without merit, and vigorously contested them. The parties filed motions for partial summary judgment with respect to certain of the claims for coverage that remained in the case, on which the court heard oral argument on April 2, 2013 and took under advisement. On April 22, 2013, Essex and Westchester filed an additional motion for summary judgment, which related to their Additional Affirmative Defenses and Counterclaim, on which the court heard oral arguments on June 27, 2013. On August 12, 2013, the court ruled in our favor on most of the issues presented in the motions for summary judgment, except that it reversed the earlier decision (made by a different judge who subsequently retired) that had granted us partial summary judgment that our hurricane debris cleanup costs were within the extra expense coverage of our excess insurance policies. On September 11, 2013, in response to our request for reconsideration of that reversal, the court ordered full briefing and a hearing on the issue. On December 2, 2013, the remaining parties entered a settlement agreement, pursuant to which the case was dismissed with prejudice.

Since suffering the losses at issue we have entered settlements of our claims with the various insurers and Aon and also received additional payments from certain of the insurers since filing the lawsuit collectively totaling approximately $9.4 million. During the year ended December 31, 2013, we received insurance proceeds of approximately $1.6 million net of $0.4 million of legal expenses (amounts are presented in the Income from Other Investment, net line in our Consolidated Statement of Income).

Other

We are involved in various other legal and regulatory proceedings arising in the ordinary course of business. Such proceedings include, but are not limited to, notices, consent decrees, information requests, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our water and wastewater treatment plants and other waste treatment facilities. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes that all proceedings herein described or referred to, taken together, are not expected to have a material adverse impact on us. In addition, to the extent any such proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.

Reportable Segments

12 Months Ended

Dec. 31, 2013

Reportable Segments

Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income, depreciation and amortization of in-place leases.

We have two reportable segments which are: (i) the Property Operations and (ii) Home Sales and Rentals Operations Segments. 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.

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the three years ended December 31, 2013, 2012, and 2011.

Note 19—Reportable Segments (continued)

The following tables summarize our segment financial information (amounts in thousands):

Year Ended December 31, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	679,319		$	33,281		$	712,600
Operations expenses	(328,795		)	(26,855		)	(355,650		)
Income from segment operations	350,524			6,426			356,950
Interest income	3,397			4,373			7,770
Depreciation on real estate and rental homes	(101,374		)	(6,855		)	(108,229		)
Amortization of in-place leases	(1,940		)	—			(1,940		)
Income from operations	$	250,607		$	3,944		254,551
Reconciliation to Consolidated net income
Corporate interest income							490
Other revenues							7,515
General and administrative							(28,211		)
Early debt retirement							(37,844		)
Interest and related amortization							(118,522		)
Rent control initiatives and other							(2,771		)
Equity in income of unconsolidated joint ventures							2,039
Gain on sale of property, net of tax							41,525
Discontinued operations							7,133
Consolidated net income							$	125,905

Total assets	$	3,096,156		$	295,483		$	3,391,639
Capital improvements	$	26,430		$	38,284		$	64,714

Note 19—Reportable Segments (continued)

Year Ended December 31, 2012



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	647,731		$	21,045		$	668,776
Operations expenses	(311,694		)	(16,778		)	(328,472		)
Income from segment operations	336,037			4,267			340,304
Interest income	3,075			4,614			7,689
Depreciation on real estate and rental homes	(96,419		)	(5,664		)	(102,083		)
Amortization of in-place leases	(38,694		)	(773		)	(39,467		)
Income from operations	$	203,999		$	2,444		206,443
Reconciliation to Consolidated net income
Corporate interest income							446
Other revenues							6,795
General and administrative							(26,388		)
Interest and related amortization							(123,992		)
Rent control initiatives and other							(1,456		)
Equity in income of unconsolidated joint ventures							1,899
Gain on sale of property, net of tax							4,596
Discontinued operations							6,116
Consolidated net income							$	74,459

Assets held for use	$	2,984,766		$	293,608		$	3,278,374
Assets held for disposition							119,852
Total assets							$	3,398,226
Capital improvements	$	30,863		$	44,397		$	75,260

Year Ended December 31, 2011



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	550,529		$	14,104		$	564,633
Operations expenses	(275,584		)	(11,699		)	(287,283		)
Income from segment operations	274,945			2,405			277,350
Interest income	3,377			2,264			5,641
Depreciation on real estate	(78,838		)	(4,175		)	(83,013		)
Amortization of in-place leases	(22,683		)	(443		)	(23,126		)
Income from operations	$	176,801		$	51		176,852
Reconciliation to Consolidated net income
Corporate interest income							283
Other revenues							6,452
General and administrative							(42,046		)
Interest and related amortization							(99,489		)
Rent control initiatives and other							(2,043		)
Equity in income of unconsolidated joint ventures							1,948
Discontinued operations							547
Consolidated net income							$	42,504

Assets held for use	$	3,172,222		$	201,551		$	3,373,773
Assets held for disposition							122,328
Total assets							$	3,496,101
Capital improvements	$	26,224		$	35,808		$	62,032

Note 19—Reportable Segments (continued)

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2013, 2012, and 2011 (amounts in thousands):



	December 31, 2013			December 31, 2012			December 31, 2011
Revenues:
Community base rental income	$	409,801		$	394,606		$	309,230
Resort base rental income	147,234			134,327			130,489
Right-to-use annual payments	47,967			47,662			49,122
Right-to-use contracts current period, gross	13,142			13,433			17,856
Right-to-use contracts current period, deferred	(5,694		)	(6,694		)	(11,936		)
Utility income and other	63,800			62,470			53,116
Ancillary services revenues, net	3,069			1,927			2,652
Total property operations revenues	679,319			647,731			550,529
Expenses:
Property operating and maintenance	229,897			220,415			197,781
Real estate taxes	48,279			45,590			36,528
Sales and marketing, gross	12,836			10,845			11,218
Sales and marketing deferred commissions, net	(2,410		)	(3,155		)	(4,789		)
Property management	40,193			37,999			34,846
Total property operations expenses	328,795			311,694			275,584
Income from property operations segment	$	350,524		$	336,037		$	274,945

The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the years ended December 31, 2013, 2012, and 2011 (amounts in thousands):



	December 31, 2013		December 31, 2012		December 31, 2011
Revenues:
Gross revenue from home sales	$	17,871	$	8,230	$	6,028
Brokered resale revenues, net	1,143		1,166		831
Rental home income ^(a)	14,267		11,649		7,245
Total revenues	33,281		21,045		14,104
Expenses:
Cost of home sales	17,296		9,018		5,615
Home selling expenses	2,085		1,391		1,591
Rental home operating and maintenance	7,474		6,369		4,493
Total expenses	26,855		16,778		11,699
Income from home sales and rentals operations segment	$	6,426	$	4,267	$	2,405


(a)	Segment information does not include Site rental income included in Community base rental income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 29
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Data (unaudited)

The following is unaudited quarterly data for 2013 and 2012 (amounts in thousands, except for per share amounts):



2013	First Quarter 03/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	183,775	$	176,753	$	187,966	$	179,881
Income from operations	$	70,332	$	56,597	$	64,779	$	62,843
Consolidated net income	$	40,470	$	21,786	$	34,936	$	28,713
Net income available for Common Shares	$	35,027	$	17,860	$	29,872	$	24,160
Weighted average Common Shares outstanding—Basic	83,026		83,021		83,021		83,003
Weighted average Common Shares outstanding—Diluted	91,060		91,128		91,259		91,334
Net income per Common Share outstanding—Basic	$	0.42	$	0.22	$	0.36	$	0.29
Net income per Common Share outstanding—Diluted	$	0.42	$	0.21	$	0.36	$	0.29



2012	First Quarter 03/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues ^(a)	$	174,947	$	168,383	$	175,064	$	165,312
Income from operations ^(a)	$	52,535	$	41,657	$	53,882	$	58,369
Consolidated net income^(a)	$	17,654	$	6,298	$	21,492	$	29,015
Net income available for Common Shares ^(a)	$	12,432	$	2,063	$	16,009	$	24,275
Weighted average Common Shares outstanding—Basic	82,176		82,262		82,380		82,569
Weighted average Common Shares outstanding—Diluted	90,738		90,780		90,894		90,944
Net income per Common Share outstanding—Basic	$	0.15	$	0.03	$	0.19	$	0.29
Net income per Common Share outstanding—Diluted	$	0.15	$	0.02	$	0.19	$	0.29

______________________________________


(a)	Certain 2012 amounts have been reclassified to conform to the 2013 presentation. The reclassification had no material effect on the consolidated financial statements.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2013

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

During the years ended December 31, 2013, 2012 and 2011, our allowance for doubtful accounts was as follows (amounts in thousands):



	2013			2012			2011
Balance, beginning of period	$	6,987		$	7,700		$	6,580
Provision for losses	5,152			4,860			4,156
Write-offs	(4,212		)	(5,573		)	(3,036		)
Balance, end of period	$	7,927		$	6,987		$	7,700

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Allowance for Doubtful Accounts [Policy Text Block]


	Allowance for Doubtful Accounts

During the years ended December 31, 2013, 2012 and 2011, our allowance for doubtful accounts was as follows (amounts in thousands):



	2013			2012			2011
Balance, beginning of period	$	6,987		$	7,700		$	6,580
Provision for losses	5,152			4,860			4,156
Write-offs	(4,212		)	(5,573		)	(3,036		)
Balance, end of period	$	7,927		$	6,987		$	7,700

Tax Treatment Of Dividends And Distributions Table [Text Block]

During the years ended December 31, 2013, 2012 and 2011, our tax treatment of common stock distributions were as follows (unaudited, adjusted for stock split):



	2013		2012		2011
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	0.680	$	0.810	$	0.563
Long-term capital gain	0.211		0.069		—
Nondividend distributions	—		0.186		—
Unrecaptured section 1250 gain	0.067		—		—
Distributions declared per Common Share outstanding	$	0.958	$	1.065	$	0.563

Stock-Based Compensation

Income Tax, Policy [Policy Text Block]


	Income and Other Taxes

As of December 31, 2013, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $2.7 billion (unaudited) and $47.7 million (unaudited), respectively.

During the years ended December 31, 2013, 2012 and 2011, our tax treatment of common stock distributions were as follows (unaudited, adjusted for stock split):



	2013		2012		2011
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	0.680	$	0.810	$	0.563
Long-term capital gain	0.211		0.069		—
Nondividend distributions	—		0.186		—
Unrecaptured section 1250 gain	0.067		—		—
Distributions declared per Common Share outstanding	$	0.958	$	1.065	$	0.563

Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]


	Preferred Stock

Noncontrolling Interests Policy [Text Block]


	Non-Controlling Interests

Revenue Recognition, Policy [Policy Text Block]


	Revenue Recognition

Deferred Charges, Policy [Policy Text Block]


	Deferred Financing Costs, net

Derivatives, Policy [Policy Text Block]


	Derivative Instruments and Hedging Activities

Equity Method Investments, Policy [Policy Text Block]


	Investments in Joint Ventures

Receivables, Policy [Policy Text Block]


	Notes and Contracts Receivable

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]


	Restricted Cash

Cash as of December 31, 2013 and 2012 included approximately $5.2 million and $4.9 million, respectively, of restricted cash for the payment of capital improvements, insurance or real estate taxes

Goodwill and Intangible Assets, Policy [Policy Text Block]


	Identified Intangibles and Goodwill

Estimated amortization of identified intangible assets for each of the next five years are as follows (amounts in thousands):



Year ending December 31,	Amount
2014	$	349
2015	349
2016	251
2017	87
2018	87

Business Combinations Policy [Policy Text Block]


	Acquisitions

The following methods and assumptions are used to estimate the fair value of each class of asset acquired and liability assumed:

Land – Market approach based on similar, but not identical, transactions in the market. Adjustments to comparable sales based on both the quantitative and qualitative data.

Depreciable property – Cost approach based on market comparable data to replace adjusted for local variations, inflation and other factors.

Mortgage notes payable – Income approach based on discounted cash flows comparing contractual cash flows to cash flows of similar debt discounted based on market rates

Basis of Consolidation

Use of Estimates

Markets

Real Estate


	Real Estate

Reclassification, Policy [Policy Text Block]


	Reclassifications

Property Liability Reserve Estimate, Policy [Policy Text Block]


	Insurance Claims

Fair Value of Financial Instruments, Policy [Policy Text Block]


	Fair Value of Financial Instruments

Level 1-Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 3-Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

During the years ended December 31, 2013, 2012 and 2011, our allowance for doubtful accounts was as follows (amounts in thousands):



	2013			2012			2011
Balance, beginning of period	$	6,987		$	7,700		$	6,580
Provision for losses	5,152			4,860			4,156
Write-offs	(4,212		)	(5,573		)	(3,036		)
Balance, end of period	$	7,927		$	6,987		$	7,700

Estimated Amortization of Identified Intangible Assets for Next Five Years

Estimated amortization of identified intangible assets for each of the next five years are as follows (amounts in thousands):



Year ending December 31,	Amount
2014	$	349
2015	349
2016	251
2017	87
2018	87

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]



	Years Ended December 31,
	2013			2012			2011
Numerators:
Income from Continuing Operations:
Income from continuing operations	$	77,247		$	63,747		$	41,957
Amounts allocated to dilutive securities	(5,617		)	(4,173		)	(5,856		)
Preferred Stock distributions	(9,280		)	(14,613		)	(13,823		)
Income from continuing operations available to Common Shares – basic	62,350			44,961			22,278
Amounts allocated to dilutive securities	5,617			4,173			3,105
Income from continuing operations available to Common Shares – fully diluted	$	67,967		$	49,134		$	25,383
Income from Discontinued Operations:
Income from discontinued operations, net of amounts allocated to dilutive securities	$	44,569		$	9,818		$	497
Net Income Available for Common Shares:
Net income available for Common Shares—basic	$	106,919		$	54,779		$	22,775
Amounts allocated to dilutive securities	9,706			5,067			5,906
Net income available for Common Shares—fully diluted	$	116,625		$	59,846		$	28,681
Denominator:
Weighted average Common Shares outstanding—basic	83,018			82,348			71,182
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares	7,549			7,877			8,520
Redemption of Series B Preferred Stock	—			—			306
Stock options and restricted shares	629			637			652
Weighted average Common Shares outstanding—fully diluted	91,196			90,862			80,660

Earnings per Common Share—Basic:
Income from continuing operations	$	0.75		$	0.55		$	0.31
Income from discontinued operations	0.54			0.12			0.01
Net income available for Common Shares	$	1.29		$	0.67		$	0.32

Earnings per Common Share—Fully Diluted:
Income from continuing operations	$	0.75		$	0.54		$	0.31
Income from discontinued operations	0.53			0.12			0.01
Net income available for Common Shares	$	1.28		$	0.66		$	0.32

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2013

Changes in Outstanding Common Stock



	2013		2012		2011
Shares outstanding at January 1,	83,193,310		82,156,400		61,944,706
Common stock issued through conversion of OP Units	29,566		749,814		656,706
Common stock issued through exercise of options	20,000		160,000		344,768
Common stock issued through stock grants	173,333		177,998		216,664
Common stock issued through ESPP and Dividend Reinvestment Plan	19,012		31,108		30,304
Common stock repurchased and retired	(121,544	)	(82,010	)	(8,300	)
Common stock issued through stock offering	—		—		12,075,000
Common stock issued for Acquisition	—		—		3,416,552
Redemption of Series B Preferred Stock for Common Stock	—		—		3,480,000
Shares outstanding at December 31,	83,313,677		83,193,310		82,156,400

Regular Quarterly Distributions Declared and Paid to Common Stockholders and Common OP Unit Non-Controlling Interests

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2011:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.1875	March 31, 2011	March 25, 2011	April 8, 2011
$0.1875	June 30, 2011	June 24, 2011	July 8, 2011
$0.1875	September 30, 2011	September 30, 2011	October 14, 2011
$0.1875	December 31, 2011	December 30, 2011	January 13, 2012
$0.2188	March 31, 2012	March 30, 2012	April 13, 2012
$0.2188	June 30, 2012	June 29, 2012	July 13, 2012
$0.2188	September 30, 2012	September 28, 2012	October 12, 2012
$0.2188	December 31, 2012	December 14, 2012	December 28, 2012
$0.2500	March 31, 2013	March 28, 2013	April 12, 2013
$0.2500	June 30, 2013	June 28, 2013	July 12, 2013
$0.2500	September 30, 2013	September 27, 2013	October 11, 2013
$0.2500	December 31, 2013	December 27, 2013	January 10, 2014

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate Held for Sale [Table Text Block]

The following table summarizes the carrying amounts of our investment in real estate held for disposition (at cost) as of December 31, 2013 and 2012 (amounts in thousands):

Properties Held for Disposition



	December 31, 2013		December 31, 2012
Investment in real estate:
Land	$	—	$	28,611
Land improvements	—		65,664
Buildings and other depreciable property	—		32,591
	—		126,866
Accumulated depreciation	—		(15,077		)
Net investment in real estate	$	—	$	111,789

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]



	Years Ended
	December 31,
	2013			2012			2011
Community base rental home income	$	11,565		$	19,564		$	9,621
Rental income	1,948			2,416			725
Utility and other income	1,384			1,961			727
Discontinued property operating revenues	14,897			23,941			11,073
Property operating expenses	6,126			9,561			4,290
Income from discontinued property operations	8,771			14,380			6,783
Loss from home sales operations	(78		)	(110		)	(26		)
Other income and expenses	332			868			566
Interest and amortization	(355		)	(534		)	(179		)
Depreciation and in place lease amortization	(1,537		)	(8,488		)	(6,597		)
Discontinued operations, net	$	7,133		$	6,116		$	547

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the year ended December 31, 2013, which we determined using level two and level three inputs (amounts in thousands):



	2013		2012			2011
Assets acquired
Land	$	41,022	$	4,410		$	471,500
Depreciable property	87,306		18,491			855,200
Manufactured homes	1,155		—			24,000
In-place leases	3,910		2,099			74,000
Net investment in real estate	$	133,393	$	25,000		$	1,424,700
Notes receivable	—		—		—	40,000
Other assets	1,025		29			18,300
Total Assets acquired	$	134,418	$	25,029		$	1,483,000
Liabilities assumed
Mortgage notes payable	$	5,382	$	—		$	548,000
Other liabilities	1,777		816			8,000
Total liabilities assumed	$	7,159	$	816		$	556,000
Net consideration paid	$	127,259	$	24,213		$	927,000

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Investment in Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2013

Investments in Unconsolidated Joint Ventures



						Investment as of				Income for Years Ended ^(c)
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2013		December 31, 2012		December 31, 2013			December 31, 2012			December 31, 2011
Meadows	Various (2,2)	1,027	50	%		$	1,679	$	916	$	1,138		$	1,012		$	981
Lakeshore	Florida (2,2)	342	65	%		145		121		271			250			240
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,074		7,195		760			652			727
Other	Various (0,0)	—	20	%		—		188		(188		)	(15		)	—
Echo JV	Various (0,0)	—	50	%		2,685		—		58			—			—
		3,075				$	11,583	$	8,420	$	2,039		$	1,899		$	1,948

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 2013. Our legal ownership interest may differ.


(b)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 25% interest in the utility plant servicing the Property.


(c)	Net of approximately $1.0 million of depreciation expense for the year ended December 31, 2013 and approximately $1.2 million for each of the years ended December 31, 2012 and 2011.

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2013

Aggregate Payments of Principal on Long-Term Borrowings

Aggregate payments of principal on long-term borrowings for each of the next five years and thereafter are as follows (amounts in thousands):



Year	Amount
2014	$	119,452
2015	311,208
2016	246,054
2017	310,725
2018	207,592
Thereafter	979,572
Net unamortized premiums	17,765
Total	$	2,192,368

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Derivative Financial Instruments and their Classification on Consolidated Balance Sheet



	Balance Sheet Location	December 31, 2013		December 31, 2012
Interest Rate Swap	Accrued payroll and other operating expenses	$	928	$	2,591

Effect of Derivative Instruments on Consolidated Statements of Operations



Derivatives in Cash Flow Hedging Relationship	Amount of loss recognized in OCI on derivative (effective portion)						Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)
Derivatives in Cash Flow Hedging Relationship	December 31, 2013		December 31, 2012		December 31, 2011			December 31, 2013		December 31, 2012		December 31, 2011
Interest Rate Swap	$	188	$	1,797	$	3,445	Interest Expense	$	1,851	$	1,754	$	898

Fair Value of Derivative Financial Instruments and their Classification on Consolidated Balance Sheet Level 3 (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]



	Balance Sheet Location	December 31, 2013		December 31, 2012
Interest Rate Swap	Accrued payroll and other operating expenses	$	928	$	2,591

Effect of Derivative Instruments on Consolidated Statements of Operations Level 3 (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]



Derivatives in Cash Flow Hedging Relationship	Amount of loss recognized in OCI on derivative (effective portion)						Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)
Derivatives in Cash Flow Hedging Relationship	December 31, 2013		December 31, 2012		December 31, 2011			December 31, 2013		December 31, 2012		December 31, 2011
Interest Rate Swap	$	188	$	1,797	$	3,445	Interest Expense	$	1,851	$	1,754	$	898

Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense (Tables)

12 Months Ended

Dec. 31, 2013

Components of Change in Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense

Components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	2013			2012
Deferred revenue—entry of right-to-use contracts, as of January 1,	$	62,979		$	56,285
Deferral of new right-to-use contracts	13,142			13,433
Deferred revenue recognized	(7,448		)	(6,739		)
Net increase in deferred revenue	5,694			6,694
Deferred revenue—entry of right-to-use contracts, as of December 31,	$	68,673		$	62,979

Deferred commission expense, as of January 1,	$	22,841		$	19,686
Costs deferred	5,011			5,465
Commission expense recognized	(2,601		)	(2,310		)
Net increase in deferred commission expense	2,410			3,155
Deferred commission expense, as of December 31,	$	25,251		$	22,841

Components of Change in Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense Level 3 (Tables)

12 Months Ended

Dec. 31, 2013

Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense [Abstract]

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

Components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	2013			2012
Deferred revenue—entry of right-to-use contracts, as of January 1,	$	62,979		$	56,285
Deferral of new right-to-use contracts	13,142			13,433
Deferred revenue recognized	(7,448		)	(6,739		)
Net increase in deferred revenue	5,694			6,694
Deferred revenue—entry of right-to-use contracts, as of December 31,	$	68,673		$	62,979

Deferred commission expense, as of January 1,	$	22,841		$	19,686
Costs deferred	5,011			5,465
Commission expense recognized	(2,601		)	(2,310		)
Net increase in deferred commission expense	2,410			3,155
Deferred commission expense, as of December 31,	$	25,251		$	22,841

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2013

Future Minimum Rents Scheduled to be Received under Non-Cancelable Tenant Leases

Future minimum rents are scheduled to be received under non-cancelable tenant leases at December 31, 2013 are as follows (amounts in thousands):



Year	Amount
2014	$	34,844
2015	34,001
2016	23,741
2017	17,087
2018	16,082
Thereafter	43,980
Total	$	169,735

Minimum Future Rental Payments under Ground Leases Level 3 (Tables)

12 Months Ended

Dec. 31, 2013

Ground Leases [Abstract]

Future Minimum Lease Payments Under Noncancelable Operating Leases [Text Block]

Minimum future rental payments under the ground leases as of December 31, 2013 are as follows (amounts in thousands):



Year	Amount
2014	$	1,935
2015	1,941
2016	1,948
2017	1,955
2018	1,955
Thereafter	11,573
Total	$	21,307

Stock Option Plan and Stock Grants (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]



	Number of Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2010	104,686		$	18.61
Shares granted	239,330		28.75
Shares canceled/forfeited	(22,666	)	28.70
Shares vested	(227,330	)	24.50
Balance at December 31, 2011	94,020		27.75
Shares granted	214,664		35.06
Shares canceled/forfeited	(36,666	)	35.07
Shares vested	(177,998	)	32.30
Balance at December 31, 2012	94,020		32.97
Shares granted	173,332		37.32
Shares vested	(167,564	)	34.97
Balance at December 31, 2013	99,788		37.17

Summary of Stock Option Activity

A summary of our stock option activity, and related information for the years ended December 31, 2013, 2012, and 2011 follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)
Balance at December 31, 2010	1,610,368		$	20.16	4.9
Options canceled	(344,768	)	13.14
Balance at December 31, 2011	1,265,600		22.07		4.9
Options exercised	(160,000	)	24.10
Balance at December 31, 2012	1,105,600		21.78		4.0
Options exercised	(20,000	)	12.34
Balance at December 31, 2013	1,085,600		21.95		3.1
Exercisable at December 31, 2013	1,085,600		21.95		3.1

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]



	2013		2012			2011
Assets acquired
Land	$	41,022	$	4,410		$	471,500
Depreciable property	87,306		18,491			855,200
Manufactured homes	1,155		—			24,000
In-place leases	3,910		2,099			74,000
Net investment in real estate	$	133,393	$	25,000		$	1,424,700
Notes receivable	—		—		—	40,000
Other assets	1,025		29			18,300
Total Assets acquired	$	134,418	$	25,029		$	1,483,000
Liabilities assumed
Mortgage notes payable	$	5,382	$	—		$	548,000
Other liabilities	1,777		816			8,000
Total liabilities assumed	$	7,159	$	816		$	556,000
Net consideration paid	$	127,259	$	24,213		$	927,000

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Segment Financial Information

The following tables summarize our segment financial information (amounts in thousands):

Year Ended December 31, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	679,319		$	33,281		$	712,600
Operations expenses	(328,795		)	(26,855		)	(355,650		)
Income from segment operations	350,524			6,426			356,950
Interest income	3,397			4,373			7,770
Depreciation on real estate and rental homes	(101,374		)	(6,855		)	(108,229		)
Amortization of in-place leases	(1,940		)	—			(1,940		)
Income from operations	$	250,607		$	3,944		254,551
Reconciliation to Consolidated net income
Corporate interest income							490
Other revenues							7,515
General and administrative							(28,211		)
Early debt retirement							(37,844		)
Interest and related amortization							(118,522		)
Rent control initiatives and other							(2,771		)
Equity in income of unconsolidated joint ventures							2,039
Gain on sale of property, net of tax							41,525
Discontinued operations							7,133
Consolidated net income							$	125,905

Total assets	$	3,096,156		$	295,483		$	3,391,639
Capital improvements	$	26,430		$	38,284		$	64,714

Year Ended December 31, 2012



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	647,731		$	21,045		$	668,776
Operations expenses	(311,694		)	(16,778		)	(328,472		)
Income from segment operations	336,037			4,267			340,304
Interest income	3,075			4,614			7,689
Depreciation on real estate and rental homes	(96,419		)	(5,664		)	(102,083		)
Amortization of in-place leases	(38,694		)	(773		)	(39,467		)
Income from operations	$	203,999		$	2,444		206,443
Reconciliation to Consolidated net income
Corporate interest income							446
Other revenues							6,795
General and administrative							(26,388		)
Interest and related amortization							(123,992		)
Rent control initiatives and other							(1,456		)
Equity in income of unconsolidated joint ventures							1,899
Gain on sale of property, net of tax							4,596
Discontinued operations							6,116
Consolidated net income							$	74,459

Assets held for use	$	2,984,766		$	293,608		$	3,278,374
Assets held for disposition							119,852
Total assets							$	3,398,226
Capital improvements	$	30,863		$	44,397		$	75,260

Year Ended December 31, 2011



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	550,529		$	14,104		$	564,633
Operations expenses	(275,584		)	(11,699		)	(287,283		)
Income from segment operations	274,945			2,405			277,350
Interest income	3,377			2,264			5,641
Depreciation on real estate	(78,838		)	(4,175		)	(83,013		)
Amortization of in-place leases	(22,683		)	(443		)	(23,126		)
Income from operations	$	176,801		$	51		176,852
Reconciliation to Consolidated net income
Corporate interest income							283
Other revenues							6,452
General and administrative							(42,046		)
Interest and related amortization							(99,489		)
Rent control initiatives and other							(2,043		)
Equity in income of unconsolidated joint ventures							1,948
Discontinued operations							547
Consolidated net income							$	42,504

Assets held for use	$	3,172,222		$	201,551		$	3,373,773
Assets held for disposition							122,328
Total assets							$	3,496,101
Capital improvements	$	26,224		$	35,808		$	62,032

Financial Information for Operation Segments

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2013, 2012, and 2011 (amounts in thousands):



	December 31, 2013			December 31, 2012			December 31, 2011
Revenues:
Community base rental income	$	409,801		$	394,606		$	309,230
Resort base rental income	147,234			134,327			130,489
Right-to-use annual payments	47,967			47,662			49,122
Right-to-use contracts current period, gross	13,142			13,433			17,856
Right-to-use contracts current period, deferred	(5,694		)	(6,694		)	(11,936		)
Utility income and other	63,800			62,470			53,116
Ancillary services revenues, net	3,069			1,927			2,652
Total property operations revenues	679,319			647,731			550,529
Expenses:
Property operating and maintenance	229,897			220,415			197,781
Real estate taxes	48,279			45,590			36,528
Sales and marketing, gross	12,836			10,845			11,218
Sales and marketing deferred commissions, net	(2,410		)	(3,155		)	(4,789		)
Property management	40,193			37,999			34,846
Total property operations expenses	328,795			311,694			275,584
Income from property operations segment	$	350,524		$	336,037		$	274,945



	December 31, 2013		December 31, 2012		December 31, 2011
Revenues:
Gross revenue from home sales	$	17,871	$	8,230	$	6,028
Brokered resale revenues, net	1,143		1,166		831
Rental home income ^(a)	14,267		11,649		7,245
Total revenues	33,281		21,045		14,104
Expenses:
Cost of home sales	17,296		9,018		5,615
Home selling expenses	2,085		1,391		1,591
Rental home operating and maintenance	7,474		6,369		4,493
Total expenses	26,855		16,778		11,699
Income from home sales and rentals operations segment	$	6,426	$	4,267	$	2,405


(a)	Segment information does not include Site rental income included in Community base rental income.

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Quarterly Financial Data

The following is unaudited quarterly data for 2013 and 2012 (amounts in thousands, except for per share amounts):



2013	First Quarter 03/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	183,775	$	176,753	$	187,966	$	179,881
Income from operations	$	70,332	$	56,597	$	64,779	$	62,843
Consolidated net income	$	40,470	$	21,786	$	34,936	$	28,713
Net income available for Common Shares	$	35,027	$	17,860	$	29,872	$	24,160
Weighted average Common Shares outstanding—Basic	83,026		83,021		83,021		83,003
Weighted average Common Shares outstanding—Diluted	91,060		91,128		91,259		91,334
Net income per Common Share outstanding—Basic	$	0.42	$	0.22	$	0.36	$	0.29
Net income per Common Share outstanding—Diluted	$	0.42	$	0.21	$	0.36	$	0.29



2012	First Quarter 03/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues ^(a)	$	174,947	$	168,383	$	175,064	$	165,312
Income from operations ^(a)	$	52,535	$	41,657	$	53,882	$	58,369
Consolidated net income^(a)	$	17,654	$	6,298	$	21,492	$	29,015
Net income available for Common Shares ^(a)	$	12,432	$	2,063	$	16,009	$	24,275
Weighted average Common Shares outstanding—Basic	82,176		82,262		82,380		82,569
Weighted average Common Shares outstanding—Diluted	90,738		90,780		90,894		90,944
Net income per Common Share outstanding—Basic	$	0.15	$	0.03	$	0.19	$	0.29
Net income per Common Share outstanding—Diluted	$	0.15	$	0.02	$	0.19	$	0.29



2012	First Quarter 03/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues ^(a)	$	174,947	$	168,383	$	175,064	$	165,312
Income from operations ^(a)	$	52,535	$	41,657	$	53,882	$	58,369
Consolidated net income^(a)	$	17,654	$	6,298	$	21,492	$	29,015
Net income available for Common Shares ^(a)	$	12,432	$	2,063	$	16,009	$	24,275
Weighted average Common Shares outstanding—Basic	82,176		82,262		82,380		82,569
Weighted average Common Shares outstanding—Diluted	90,738		90,780		90,894		90,944
Net income per Common Share outstanding—Basic	$	0.15	$	0.03	$	0.19	$	0.29
Net income per Common Share outstanding—Diluted	$	0.15	$	0.02	$	0.19	$	0.29

______________________________________


(a)	Certain 2012 amounts have been reclassified to conform to the 2013 presentation. The reclassification had no material effect on the consolidated financial statements.

Organization of the Company and Basis of Presentation - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2013	Dec. 30, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred Stock, Shares Authorized	9,945,164		9,945,539
Non-Controlling Interests - Common OP Units	7,667,723		7,456,320	8,206,134
Cumulative Series E Eighteen Point Seventy Five Percent Non-Voting Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred Stock, Shares Authorized	250	250	0
Preferred Stock, Dividend Rate, Percentage	18.75%
Cumulative Series D Six Percent Non-Qualified Preferred Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred Stock, Shares Authorized	125	125	0
Preferred Stock, Dividend Rate, Percentage	6.00%

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended												12 Months Ended
	Sep. 14, 2012 $ / shares shares	Dec. 31, 2013 USD ($) $ / shares Rate shares	Sep. 30, 2013 $ / shares	Jun. 30, 2013 $ / shares	Mar. 31, 2013 $ / shares	Dec. 31, 2012 USD ($) $ / shares shares	Sep. 30, 2012 $ / shares	Jun. 30, 2012 $ / shares	Mar. 31, 2012 $ / shares	Dec. 31, 2011 USD ($) $ / shares shares	Sep. 30, 2011 $ / shares	Jun. 30, 2011 $ / shares	Mar. 31, 2011 $ / shares	Dec. 31, 2014 $ / shares	Dec. 31, 2013 USD ($) integer $ / shares Rate shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Oct. 18, 2012 $ / shares	Dec. 31, 2010 USD ($)
Significant Accounting Policies [Line Items]
Operating Loss Carryforwards		$ 88,000													$ 88,000
Valuation Allowances and Reserves, Balance		$ 7,927				$ 6,987				$ 7,700					$ 7,927	$ 6,987	$ 7,700		$ 6,580
Ordinary Income Dividends Per Share \| $ / shares															$ 0.680	$ 0.810	$ 0.563
Loans Receivable Default Rate		16.00%													16.00%
Loans Receivable Recovery Rate		25.00%													25.00%
Dividends Payable, Date to be Paid		Jan. 10, 2014	Oct. 11, 2013	Jul. 12, 2013	Apr. 12, 2013	Dec. 28, 2012	Oct. 12, 2012	Jul. 13, 2012	Apr. 13, 2012	Jan. 13, 2012	Oct. 14, 2011	Jul. 08, 2011	Apr. 08, 2011
Intangible Assets, Net (Including Goodwill)		$ 12,100				$ 12,100									$ 12,100	$ 12,100
Intangible assets		4,300				4,300									4,300	4,300
Goodwill		7,800				7,800									7,800	7,800
Accumulated amortization of identified intangible assets		1,900				1,500									1,900	1,500
Amortization of Intangible Assets															1,940	45,122	$ 28,479
Cash and cash equivalents, restricted cash		5,200				4,900									5,200	4,900
Accumulated amortization for deferred financing costs		$ 25,400				$ 20,500									$ 25,400	$ 20,500
Non-Controlling Interests - Common OP Units \| shares		7,667,723				7,456,320				8,206,134					7,667,723	7,456,320	8,206,134
Net investment in real estate U.S federal tax basis		$ 2,700,000													$ 2,700,000
Net investment in notes receivable U.S federal tax basis		47,700													47,700
Provision for uncollectable rents receivable		4,900				$ 4,700									4,900	$ 4,700
Private REIT Subsidiaries preferred stock		$ 69,872				$ 65,054									69,872	65,054
Perpetual Preferred OP Units conversion															$ 0	$ 0	$ (200,000)
Quarterly distribution paid per common share \| $ / shares		$ 0.2500	$ 0.2500	$ 0.2500	$ 0.2500	$ 0.2188	$ 0.2188	$ 0.2188	$ 0.2188	$ 0.1875	$ 0.1875	$ 0.1875	$ 0.1875		$ 0.25
Common Stock, Dividends, Per Share, Cash Paid, Taxable \| $ / shares														$ 0.0413	$ 0.2087
Preferred Stock, Shares Authorized \| shares		9,945,164				9,945,539									9,945,164	9,945,539
Peferred Stock, Shares Exchanged \| shares	5,445,765
Depositary Shares, Issued \| shares	5,445,765
Depositary Share, Liquidation Preference Per Share \| $ / shares	$ 25.00
Preferred Stock, Dividend Rate, Per-Dollar-Amount \| $ / shares	$ 0.3849625
Capital Gains Dividends Per Share \| $ / shares															$ 0.211	$ 0.069	$ 0.00
Nondividend Distribution \| $ / shares															0.000	0.186	0.00
Unrecaptured Section 1250 Gain Dividends Per Share \| $ / shares															0.067	0.000	0.00
Common Stock Dividends Per Share Tax Treatment \| $ / shares															$ 0.958	$ 1.065	$ 0.563
Valuation Allowances and Reserves, Charged to Cost and Expense															$ 5,152	$ 4,860	$ 4,156
Valuation Allowances and Reserves, Deductions															$ (4,212)	(5,573)	$ (3,036)
Maximum
Significant Accounting Policies [Line Items]
Investment percentage to apply cost method accounting, maximum		5.00%													5.00%
Number of Reportable Segments \| integer															2
Rental income recognition period		1 year													1 year
Deferred revenue, estimated period of recognition		31 years													31 years
Minimum
Significant Accounting Policies [Line Items]
Deferred revenue, estimated period of recognition		1 year													1 year
Right-to-use properties contract, term															1 year
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable, fair value		$ 2,200,000				$ 2,200,000									$ 2,200,000	$ 2,200,000
Florida
Significant Accounting Policies [Line Items]
Percentage of company revenue															40.70%	39.40%	38.50%
Arizona
Significant Accounting Policies [Line Items]
Percentage of company revenue															9.80%	9.40%	10.80%
California
Significant Accounting Policies [Line Items]
Percentage of company revenue															15.70%	15.20%	17.80%
Chattel Loans
Significant Accounting Policies [Line Items]
Loans receivable, amortization term		12 years													12 years
Chattel Loans \| Maximum
Significant Accounting Policies [Line Items]
Loans receivable, amortization term		28 years													28 years
Buildings and structural and land improvements
Significant Accounting Policies [Line Items]
Estimated useful life															30 years
Building Improvements
Significant Accounting Policies [Line Items]
Estimated useful life															10 years
Furniture, Fixtures and Equipment
Significant Accounting Policies [Line Items]
Estimated useful life															5 years
Real Estate
Significant Accounting Policies [Line Items]
Estimated useful life															20 years
Property, Plant and Equipment, Salvage Value, Percentage \| Rate		40.00%													40.00%
Preferred Stock
Significant Accounting Policies [Line Items]
Private REIT Subsidiaries preferred stock		$ 700													$ 700
Cumulative Series Eight Point Zero Three Four Percent Redeemable Perpetual Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Preferred Stock, Liquidation Preference Per Share \| $ / shares																		$ 25.00
Preferred Stock, Dividend Rate, Per-Dollar-Amount \| $ / shares						$ 0.0948460
Stock Redeemed or Called During Period, Shares \| shares						2,554,235
Stock Redeemed or Called During Period, Value						$ 64,100
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Preferred Stock, Dividend Rate, Percentage															6.75%
Preferred Stock, Shares Authorized \| shares	54,458	54,461				54,461									54,461	54,461
Preferred Stock, Liquidation Preference Per Share \| $ / shares	$ 2,500.00
Purchase Price Allocation Adjustments
Significant Accounting Policies [Line Items]
Final Adjustment Period Maximum Range															1 year
Identified Intangible Assets [Member]
Significant Accounting Policies [Line Items]
Amortization of Intangible Assets															$ 300	$ 300

Estimated Amortization of Identified Intangible Assets for Next Five Years (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Expected Amortization Expense [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Year One	$ 349
Estimated amortization of identified intangible assets, year ending December 31, 2013	349
Estimated amortization of identified intangible assets, year ending December 31, 2015	251
Estimated amortization of identified intangible assets, year ending December 31, 2016	87
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 87

Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income from Continuing Operations:
Income from continuing operations-basic	$ 28,713	$ 34,936	$ 21,786	$ 40,470	$ 29,015	$ 21,492	$ 6,298	$ 17,654	$ 77,247	$ 63,747	$ 41,957
Net Income (Loss) Attributable to Noncontrolling Interest, Operating Partnerships (Deprecated 2013-01-31)									(9,706)	(5,067)	(3,105)
Net Income Available for Common Shares-Fully Diluted:
Net income available for Common Shares-basic									106,919	54,779	22,775
Amounts allocated to dilutive securities									9,706	5,067	5,906
Net income available for Common Shares-fully diluted									116,625	59,846	28,681
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent									44,569	9,818	497
Redeemable Preferred Stock Dividends									$ (9,280)	$ (14,613)	$ (13,823)
Denominator:
Weighted average Common Shares outstanding-basic	83,003	83,021	83,021	83,026	82,569	82,380	82,262	82,176	83,018	82,348	71,182
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares									7,549	7,877	8,520
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock									0	0	306
Employee stock options and restricted shares									629	637	652
Weighted average Common Shares outstanding-fully diluted	91,334	91,259	91,128	91,060	90,944	90,894	90,780	90,738	91,196	90,862	80,660
Earnings per Common Share-Basic:
Income (Loss) from Continuing Operations, Per Basic Share									$ 0.75	$ 0.55	$ 0.31
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share									0.54	0.12	0.01
Net income available for Common Shares	$ 0.29	$ 0.36	$ 0.22	$ 0.42	$ 0.29	$ 0.19	$ 0.03	$ 0.15	1.29	0.67	0.32
Earnings per Common Share-Fully Diluted:
Income (Loss) from Continuing Operations, Per Diluted Share									0.75	0.54	0.31
Net income available for Common Shares	$ 0.29	$ 0.36	$ 0.21	$ 0.42	$ 0.29	$ 0.19	$ 0.02	$ 0.15	1.28	0.66	0.32
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share									$ 0.53	$ 0.12	$ 0.01
Continuing Operations [Member]
Income from Continuing Operations:
Net Income (Loss) Attributable to Noncontrolling Interest, Operating Partnerships (Deprecated 2013-01-31)									$ (5,617)	$ (4,173)	$ (5,856)
Net Income Available for Common Shares-Fully Diluted:
Net income available for Common Shares-basic									62,350	44,961	22,278
Amounts allocated to dilutive securities									5,617	4,173	3,105
Net income available for Common Shares-fully diluted									67,967	49,134	25,383
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Net Income Available for Common Shares-Fully Diluted:
Redeemable Preferred Stock Dividends									$ (9,280)	$ (2,909)	$ 0

Common Stock and Other Equity Related Transactions - Additional Information (Detail)	2 Months Ended	3 Months Ended	12 Months Ended
	Sep. 14, 2012 $ / shares shares	Sep. 30, 2013	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Sep. 30, 2012 USD ($)
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share \| $ / shares			$ 0.01	$ 0.01
Stockholders' Equity Note, Stock Split, Conversion Ratio		2
Stockholders' Equity Note, Stock Split		On June 25, 2013, management announced a two-for-one split, to be effected by and in the form of a stock dividend, to take effect on July 15, 2013. On July 15, 2013, each common shareholder of record on July 5, 2013, received one additional share of common stock for each share held.On July 15, 2013, we effected a two-for-one stock split of our common stock, by and in the form of a stock dividend and was paid to stockholders of record on July 5, 2013.
At The Market Offering Value \| $						$ 125,000,000
Temporary Equity, Shares Outstanding					8,000,000
Preferred Stock, Shares Authorized			9,945,164	9,945,539
Peferred Stock, Shares Exchanged	5,445,765
Depositary Shares, Issued	5,445,765
Employee Stock Purchase Plan Purchase Price Of Shares			The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period.
Common stock issued through the employee stock purchase plan			18,411	30,154	29,176
Common Stock, Shares Authorized			200,000,000	100,000,000
Non-Controlling Interests - Common OP Units			7,667,723	7,456,320	8,206,134
Share Based Compensation Arrangement By Share Based Payment Award Repurchased Shares For Taxes \| $ / shares			$ 36.48	$ 33.31	$ 31.39
Percentage ownership of the Operating Partnership			91.60%	91.80%
Percentage ownership of the Operating Partnership by the Common OP Unitholders			8.40%	8.20%
Common stock issued in equity offering			0	0	12,075,000
Net proceeds from issuance of Common Stock \| $			$ 0	$ 0	$ 344,049,000
Perpetual Preferred OP Units conversion \| $			0	$ 0	$ (200,000,000)
Number of acquired site property				1,765	30,129
Depositary Share, Liquidation Preference Per Share \| $ / shares	$ 25.00
Preferred Stock, Dividend Rate, Per-Dollar-Amount \| $ / shares	$ 0.3849625
Maximum
Class of Stock [Line Items]
Stock purchases under employee stock purchase plan \| $			$ 250,000
Number Of Shares Authorized Employee Stock Purchase Plan			2,000,000
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Stock issued for acquisition properties			0	0	3,480,000
Common Stock
Class of Stock [Line Items]
Stock issued for acquisition properties			0	0	3,416,552
Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Employee stock purchase plan amendement date			May 3, 2006

Changes in Outstanding Common Stock (Detail) - shares	12 Months Ended
Changes in Outstanding Common Stock (Detail) - shares	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Capital Unit [Line Items]
Shares outstanding, beginning balance	83,193,310	82,156,400	61,944,706
Common stock issued through conversion of OP Units	29,566	749,814	656,706
Common stock issued through exercise of options	20,000	160,000	344,768
Common stock issued through stock grants	173,333	177,998	216,664
Common stock issued through ESPP and Dividend Reinvestment Plan	19,012	31,108	30,304
Common stock repurchased and retired	(121,544)	(82,010)	(8,300)
Common stock issued through stock offering	0	0	12,075,000
Shares outstanding, ending balance	83,313,677	83,193,310	82,156,400
Common Stock
Capital Unit [Line Items]
Stock issued for acquisition properties	0	0	3,416,552
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock
Capital Unit [Line Items]
Stock issued for acquisition properties	0	0	3,480,000

Regular Quarterly Distributions Declared and Paid to Common Stockholders and Common OP Unit Non-Controlling Interests (Detail) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Distribution Amount Per Share	$ 0.2500	$ 0.2500	$ 0.2500	$ 0.2500	$ 0.2188	$ 0.2188	$ 0.2188	$ 0.2188	$ 0.1875	$ 0.1875	$ 0.1875	$ 0.1875	$ 0.25
Stockholder Record Date	Dec. 27, 2013	Sep. 27, 2013	Jun. 28, 2013	Mar. 28, 2013	Dec. 14, 2012	Sep. 28, 2012	Jun. 29, 2012	Mar. 30, 2012	Dec. 30, 2011	Sep. 30, 2011	Jun. 24, 2011	Mar. 25, 2011
Payment Date	Jan. 10, 2014	Oct. 11, 2013	Jul. 12, 2013	Apr. 12, 2013	Dec. 28, 2012	Oct. 12, 2012	Jul. 13, 2012	Apr. 13, 2012	Jan. 13, 2012	Oct. 14, 2011	Jul. 08, 2011	Apr. 08, 2011

Investment in Real Estate - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 30, 2013 USD ($) integer shares	May 31, 2013 integer	Sep. 30, 2013 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2013 USD ($) integer shares	Dec. 31, 2012 USD ($) integer shares	Dec. 31, 2011 USD ($) integer shares	Feb. 12, 2014 USD ($)	Jan. 24, 2014 USD ($)	Jan. 07, 2014 USD ($)	Jan. 03, 2014 USD ($)	Dec. 30, 2013 $ / shares	Dec. 17, 2013 USD ($)	Sep. 16, 2013 USD ($)	Aug. 01, 2013 USD ($) integer	May 08, 2013 USD ($)
Real Estate Properties [Line Items]
Land					$ 1,025,246	$ 984,224
Escrow Share Distribution \| shares					90,805
Fair Value of Escrow Fund					$ 1,900			$ 800			$ 1,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					133,393	25,000	$ 1,424,700
Community Base Rental Income					409,801	$ 394,606	$ 309,230
Depreciation Expense Adjustment					3,500
Number of acquired sites						1,765	30,129
Business Acquisition, Purchase Price						$ 25,000	$ 1,500,000
Stock Issued During Period, Value, Acquisitions	$ 9,700
Units Issued During Period, Shares, Acquisition \| shares	240,969
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares							12,075,000
Noncash, Issuance of Common OP Units					9,686	0	$ 0
Gain (Loss) on Disposition of Real Estate, Discontinued Operations			$ 40,600
Gain (Loss) on Sale of Property Plant Equipment					4,600
Proceeds from Sale of Property, Plant, and Equipment					7,600
Total Liabilities assumed					7,159	816	556,000
Proceeds from sale of property					157,975	7,564	$ 252
Number of closed acquisition properties							75
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax					41,525	4,596	$ 0
Rental home income					14,267	11,649	7,245
Utility and other income					63,800	62,470	53,116
Interest Expense, Debt					118,522	123,992	99,489
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest					48,658	10,712	547
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables					0	0	40,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other					1,025	29	18,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets					134,418	25,029	1,483,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities					5,382	0	548,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities					1,777	816	8,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					$ 127,259	$ 24,213	927,000
Number Of Pledged Properties \| integer					147	170
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt							548,000
Business Acquisition, Cash Paid							344,000
Proceeds from Issuance of Unsecured Debt					$ 0	$ 0	200,000
Proceeds from Issuance of Long-term Debt				$ 200,000	$ 375,500	159,500	$ 200,000
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum					3.90%		0.00%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum					8.90%		0.00%
Stockholders' Equity Note, Stock Split, Conversion Ratio			2
Land Improvements					$ 2,667,213	2,565,299
Buildings and Improvements, Gross					535,647	495,127
Real Estate Investment Property, at Cost					4,228,106	4,044,650
Real Estate Investment Property, Accumulated Depreciation					1,058,540	948,581
Real Estate Investment Property, Net					3,169,566	$ 3,096,069
Acquired Property [Member]
Real Estate Properties [Line Items]
Number Of Pledged Properties \| integer							35
R V Resort [Member]
Real Estate Properties [Line Items]
Number of acquired properties \| integer						2
Leases, Acquired-in-Place [Member]
Real Estate Properties [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					3,910	$ 2,099	$ 74,000
Land [Member]
Real Estate Properties [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					41,022	4,410	471,500
Depreciable Assets [Member]
Real Estate Properties [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					87,306	18,491	855,200
Manufactured Home [Member]
Real Estate Properties [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					$ 1,155	0	24,000
Purchase Price Allocation Adjustments
Real Estate Properties [Line Items]
Asset acquisition price adjustments period					1 year
Manufactured Home [Member]
Real Estate Properties [Line Items]
Number Of Properties Disposed \| integer		11
Number of acquired sites \| integer															1,207
Business Acquisition, Purchase Price															$ 102,000
Number of manufactured home communities acquired \| integer	3
Number of Sites Disposed \| integer		5,344
Purchase Price For Disposed Properties																$ 165,000
R V Resort [Member]
Real Estate Properties [Line Items]
Location					Snoqualmie, Washington
Number of acquired sites													284	324
Business Acquisition, Purchase Price													$ 7,300	$ 24,600
Number of Sites Disposed \| integer					163
Cascade [Member]
Real Estate Properties [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax					$ 1,000
Discontinued Operations [Member]
Real Estate Properties [Line Items]
Land					0	28,611
Community Base Rental Income					11,565	19,564	9,621
Rental home income					1,948	2,416	725
Utility and other income					1,384	1,961	727
Disposal Group, Including Discontinued Operation, Revenue					14,897	23,941	11,073
Disposal Group, Including Discontinued Operation, Operating Expense					6,126	9,561	4,290
Disposal Group, Including Discontinued Operation, Operating Income (Loss)					8,771	14,380	6,783
Gains (Losses) on Sales of Other Real Estate					(78)	(110)	(26)
Disposal Group Including Discontinued Operation Other Income and Expenses					332	868	566
Disposal Group, Including Discontinued Operation, Interest Expense					(355)	(534)	(179)
Disposal Group, Including Discontinued Operation, Depreciation and Amortization					(1,537)	(8,488)	(6,597)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest					7,133	6,116	$ 547
Land Improvements					0	65,664
Buildings and Improvements, Gross					0	32,591
Real Estate Investment Property, at Cost					0	126,866
Real Estate Investment Property, Accumulated Depreciation					0	15,077
Real Estate Investment Property, Net					$ 0	$ 111,789
Subsequent Event [Member] \| R V Resort [Member]
Real Estate Properties [Line Items]
Number of acquired sites									682	490
Business Acquisition, Purchase Price									$ 16,600	$ 7,600
New Credit Facilities [Member] \| Manufactured Home [Member]
Real Estate Properties [Line Items]
Number Of Pledged Properties \| integer					22	1
Proceeds from Issuance of Long-term Debt						$ 74,000
Debt Instrument Maturity Year						2022
New Credit Facilities [Member] \| R V Resort [Member]
Real Estate Properties [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt					$ 5,400
Debt Instrument Maturity Year					2022
New Credit Facilities [Member] \| Subsequent Event [Member] \| R V Resort [Member]
Real Estate Properties [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt									$ 8,400	$ 4,900
Debt Instrument Maturity Year									2018	2017
Cumulative Series D Six Percent Non-Qualified Preferred Stock [Member]
Real Estate Properties [Line Items]
Preferred Stock, Liquidation Preference Per Share \| $ / shares												$ 1,000.00
Common Stock
Real Estate Properties [Line Items]
Stock issued for acquisition properties \| shares					0	0	3,416,552
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned							$ 111,000
Redeemable Preferred Stock [Member]
Real Estate Properties [Line Items]
Stock issued for acquisition properties \| shares					0	0	3,480,000
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned							$ 113,000
Cumulative Series E Eighteen Point Seventy Five Percent Non-Voting Preferred Stock [Member]
Real Estate Properties [Line Items]
Preferred Stock, Liquidation Preference Per Share \| $ / shares												$ 1,000.00
Minimum
Real Estate Properties [Line Items]
Debt Instrument Maturity Year					2014		2012
Maximum
Real Estate Properties [Line Items]
Debt Instrument Maturity Year					2038		2023

Combined Results of Operations of Properties Held for Sale or Disposed (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income	$ 3,400	$ 3,300	$ 2,500
Utility and other income	63,800	62,470	53,116
Property operating expenses	(229,897)	(220,415)	(197,781)
Income from operations	254,551	206,443	176,852
Income from home sales operations	17,871	8,230	6,028
Interest and related amortization	(118,522)	(123,992)	(99,489)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 41,525	$ 4,596	$ 0

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Apr. 19, 2013
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures	$ 2,039	$ 1,899	$ 1,948
Adjustment Depreciation	1,000	1,200	1,200
Distributions from equity unconsolidated joint ventures	1,311	1,839	1,841
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	11,583	8,420
Other Regions [Member] \| ECHO Financing [Member]
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures	$ 58	0	$ 0
Economic Interest	50.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 2,685	$ 0		$ 1,000

Investments in Unconsolidated Joint Ventures (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Apr. 19, 2013
Schedule of Equity Method Investments [Line Items]
Number of Sites	3,075
Investment in joint ventures	$ 11,583	$ 8,420
Equity in income of unconsolidated joint ventures	2,039	1,899	$ 1,948
Adjustment Depreciation	$ 1,000	1,200	1,200
Meadows Investments \| Various
Schedule of Equity Method Investments [Line Items]
Number of Sites	1,027
Economic Interest	50.00%
Investment in joint ventures	$ 1,679	916
Equity in income of unconsolidated joint ventures	$ 1,138	1,012	981
Lakeshore Investments \| Florida
Schedule of Equity Method Investments [Line Items]
Number of Sites	342
Economic Interest	65.00%
Investment in joint ventures	$ 145	121
Equity in income of unconsolidated joint ventures	$ 271	250	240
Voyager \| Arizona
Schedule of Equity Method Investments [Line Items]
Number of Sites	1,706
Economic Interest	50.00%
Investment in joint ventures	$ 7,074	7,195
Equity in income of unconsolidated joint ventures	$ 760	652	727
Other Investments [Member] \| Various
Schedule of Equity Method Investments [Line Items]
Number of Sites	0
Economic Interest	20.00%
Investment in joint ventures	$ 0	188
Equity in income of unconsolidated joint ventures	$ (188)	(15)	0
Servicing Assets \| Voyager
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%
Recreational Vehicle Resort [Member] \| Voyager
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
ECHO Financing [Member] \| Various
Schedule of Equity Method Investments [Line Items]
Number of Sites	0
Economic Interest	50.00%
Investment in joint ventures	$ 2,685	0		$ 1,000
Equity in income of unconsolidated joint ventures	$ 58	$ 0	$ 0

Investments in Unconsolidated Joint Ventures (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
Adjustment Depreciation	$ 1.0	$ 1.2	$ 1.2
Voyager \| Recreational Vehicle Resort [Member]
Schedule of Equity Method Investments [Line Items]
Economic Interest	50.00%
Voyager \| Servicing Assets
Schedule of Equity Method Investments [Line Items]
Economic Interest	25.00%

Notes Receivable - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	$ 42,990,000	$ 45,469,000
Chattel Loans receivable	21,900,000
Loans Receivable Held-for-sale, Net		7,700,000
Contract receivables	17,200,000	16,100,000
Receivables, allowances	4,900,000	4,700,000
Fair value of Chattel loans acquired	13,700,000
Certain Loans Acquired in Transfer, Accretable Yield	0.270	0.210
Non Cash Repossession	$ 2,591,000	5,313,000	$ 2,685,000
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, stated interest yield per annum	7.80%
Notes Receivable Yield Rate	20.00%
Loans receivable, amortization term	12 years
Proceeds from receivables repaid	$ 4,300,000	5,500,000
Additional loan to customers	2,800,000	700,000
Allowance for Loan and Lease Losses, Real Estate	400,000	400,000
Non Cash Repossession	2,600,000	5,300,000
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, allowances	$ 600,000	700,000
Contract Receivable, weighted average rate	16.00%
Loans receivable, amortization term	4 years
Proceeds from receivables repaid	$ 7,100,000	7,100,000
Additional loan to customers	7,500,000	6,600,000
Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Chattel Loans receivable	$ 6,500,000
Continuing Operations [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Chattel Loans receivable		$ 25,000,000

Borrowing Arrangements - Additional Information (Detail) $ in Thousands		1 Months Ended			3 Months Ended		12 Months Ended
	Jul. 30, 2013 USD ($)	Feb. 28, 2014 USD ($)	Jan. 31, 2014 USD ($)	Jul. 31, 2012 Rate	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2013 USD ($) integer Rate	Dec. 31, 2012 USD ($) integer	Dec. 31, 2011 USD ($)	Feb. 02, 2014	Jan. 24, 2014 USD ($)	Jan. 07, 2014 USD ($)	Jan. 03, 2014	Jul. 18, 2013 integer
Debt Instrument [Line Items]
Mortgage notes payable							$ 1,992,368	$ 2,061,610
Mortgage notes payable, weighted average interest rate							5.00%
Debt, minimum interest rate							3.90%		0.00%
Payments of Debt Extinguishment Costs							$ 37,800
Debt, maximum interest rate							8.90%		0.00%
Number Of Pledged Properties \| integer							147	170
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt									$ 548,000
Carrying values of properties encumbered							$ 2,378,000	$ 2,485,000
New mortgage notes payable financing proceeds						$ 200,000	375,500	159,500	200,000
Extinguishment of Debt, Amount							37,844	0	0
Lines of credit, borrowing capacity							380,000
Proceeds from Lines of Credit							$ 20,000	0	50,000
Line of credit facility, interest rate based on a margin over LIBOR							amended LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility rate and has a maturity date of September 15, 2016. We have a one year extension option under our LOC.
Repayments of Lines of Credit							$ 20,000	$ 0	$ 50,000
Lines of credit, commitment and arrangement fees					$ 1,300
Minimum
Debt Instrument [Line Items]
Debt Instrument Maturity Year							2014		2012
Maximum
Debt Instrument [Line Items]
Debt Instrument Maturity Year							2038		2023
Old Credit Facilities [Member]
Debt Instrument [Line Items]
Mortgage notes payable, weighted average interest rate								5.79%
Number Of Pledged Properties							16	3
Debt Instrument, Interest Rate, Stated Percentage							6.00%
Repayments of Long-term Debt							$ 99,800	$ 39,300
Amended Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Lines of credit, maturity date				Sep. 15, 2016
Lines of credit, extension option period				1 year
Amended Line Of Credit Facility [Member] \| Minimum
Debt Instrument [Line Items]
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate Rate \| Rate				1.40%
Line of Credit Facility, Interest Rate During Period \| Rate				0.25%
Amended Line Of Credit Facility [Member] \| Maximum
Debt Instrument [Line Items]
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate Rate \| Rate				2.00%
Line of Credit Facility, Interest Rate During Period				0.40%
Term Loans
Debt Instrument [Line Items]
Debt instrument face amount							$ 200,000
Debt, maturity date							Jun. 30, 2017
Debt, percentage of prepayment penalty							2.00%
Derivative, Remaining Maturity							3 years
Start Date To Repay Debt Without Penalty On Prepayment							Jul. 01, 2014
Term Loans \| Minimum
Debt Instrument [Line Items]
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate Rate \| Rate							1.85%
Term Loans \| Maximum
Debt Instrument [Line Items]
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate Rate							2.80%
Unsecured Debt
Debt Instrument [Line Items]
Mortgage notes payable, weighted average interest rate								0.00%
Manufactured Home [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Mortgage notes payable							$ 375,500
Debt Instrument Maturity Year								2022
Number Of Pledged Properties \| integer							22	1
Debt Instrument, Interest Rate, Stated Percentage							4.40%	3.90%
New mortgage notes payable financing proceeds								$ 74,000
Manufactured Home [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year														2020
Number Of Pledged Properties \| integer							29							1
Debt Instrument, Interest Rate, Stated Percentage							5.60%	5.69%						7.20%
Debt, maturity date								May 01, 2013
Repayments of Long-term Debt	$ 7,800						$ 312,200	$ 35,100
Manufactured Home [Member] \| Old Credit Facilities [Member] \| Minimum
Debt Instrument [Line Items]
Debt Instrument Maturity Year							2014
Manufactured Home [Member] \| Old Credit Facilities [Member] \| Maximum
Debt Instrument [Line Items]
Debt Instrument Maturity Year							2015
R V Resort [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year							2022
Debt Instrument, Interest Rate, Stated Percentage							6.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt							$ 5,400
Recreational Vehicle Resort [Member]
Debt Instrument [Line Items]
Number Of Pledged Properties \| integer								2
Recreational Vehicle Resort [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Mortgage notes payable, weighted average interest rate								5.098%
Debt Instrument Maturity Year								2022
New mortgage notes payable financing proceeds								$ 85,500
Recreational Vehicle Resort [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Mortgage notes payable, weighted average interest rate								5.409%
Debt, maturity date								Jun. 01, 2014
Repayments of Long-term Debt								$ 63,300
Discontinued Operations [Member]
Debt Instrument [Line Items]
Mortgage notes payable								$ 8,300
Debt Instrument, Unamortized Premium							$ 400
Subsequent Event [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year										2014			2014
Debt Instrument, Interest Rate, Stated Percentage										5.40%			5.70%
Repayments of Long-term Debt		$ 4,000	$ 16,600
Subsequent Event [Member] \| R V Resort [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year											2018	2017
Debt Instrument, Interest Rate, Stated Percentage											6.80%	6.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt											$ 8,400	$ 4,900

Aggregate Payments of Principal on Long-Term Borrowings (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Long term debt maturities repayments of principal in year 2012	$ 119,452
2014	311,208
2015	246,054
2016	310,725
2017	207,592
Long term debt maturities repayments of principal thereafter	979,572
Net unamortized premiums	17,765
Long term debt maturities repayments of principal	$ 2,192,368

Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) Rate
Derivative [Line Items]
Reclassification of accumulated other comprehensive loss to interest expense during the next twelve months \| $	$ 1.1
Term Loans
Derivative [Line Items]
Derivative, Remaining Maturity	3 years
Swap, fixed interest rate	1.11%
Spread over LIBOR	1.95%
Debt Instrument, Interest Rate at Period End	3.06%

Fair Value of Derivative Financial Instruments and their Classification on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swap	$ 928	$ 2,591

Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative [Line Items]
Amount of loss recognized in OCI on derivative (effective portion)	$ 188,000	$ 1,797,000	$ 3,445
Interest Rate Swap [Member] \| Derivatives in Cash Flow Hedging Relationships \| Interest Expense
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 1,851,000	$ 1,754,000	$ 0

Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense - Additional Information (Detail)	Dec. 31, 2013
Minimum
Deferred Revenue Arrangement [Line Items]
Deferred revenue, estimated period of recognition	1 year
Maximum
Deferred Revenue Arrangement [Line Items]
Deferred revenue, estimated period of recognition	31 years

Components of Change in Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deferred Revenue Arrangement [Line Items]
Right To Use Contracts Current Period Gross	$ 13,142	$ 13,433	$ 17,856
Deferred revenue - entry of right-to-use contracts, beginning balance	62,979	56,285
Net increase in deferred revenue	5,694	6,694
Deferred revenue - entry of right-to-use contracts, ending balance	68,673	62,979	56,285
Deferred commission expense, beginning balance	22,841	19,686
Costs deferred	5,011	5,465	6,735
Commission expense recognized	(2,601)	(2,310)	(1,946)
Net increase in deferred commission expense	2,410	3,155	4,789
Deferred commission expense, ending balance	25,251	22,841	19,686
Recognition of Deferred Revenue	$ (7,448)	$ (6,739)	$ (5,920)

Lease Agreements - Additional Information (Detail)	12 Months Ended
Lease Agreements - Additional Information (Detail)	Dec. 31, 2013 integer
Schedule of Operating Leases [Line Items]
Operating Lease terms	The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute.
Number of properties where non-cancelable long-term leases are in effect	17
Minimum
Schedule of Operating Leases [Line Items]
Operating Lease, expiration period year	1 year
Maximum
Schedule of Operating Leases [Line Items]
Operating Lease, expiration period year	10 years

Future Minimum Rents Scheduled to be Received under Non-Cancelable Tenant Leases (Detail)	Dec. 31, 2013 USD ($)
Schedule of Operating Leases [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	$ 34,844
2014	34,001
2015	23,741
2016	17,087
2017	16,082
Operating leases, future minimum payments receivable thereafter	43,980
Operating leases, future minimum payments receivable	$ 169,735

Ground Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Operating Leases [Line Items]
Description of Lessor Leasing Arrangements, Operating Leases	The majority of the lease terms require twelve equal payments per year plus additional rents calculated as a percentage of gross revenues. Future minimum rental payments exclude payments related to the Colony Cove Property lease as we have provided required notification of our intent to exercise the purchase option for the land which is expected to close in early 2014.
Operating Lease, rent revenue	$ 3.4	$ 3.3	$ 2.5
Operating Lease terms	The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute.
Minimum
Schedule of Operating Leases [Line Items]
Ground leases, expiration period year	2015
Maximum
Schedule of Operating Leases [Line Items]
Ground leases, expiration period year	2054

Minimum Future Rental Payments under Ground Leases (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Schedule of Operating Leases [Line Items]
Operating leases, future minimum payments payment year 2013	$ 1,941
Operating leases, future minimum payments payment year 2014	1,948
Operating leases, future minimum payments payment year 2015	1,955
Operating leases, future minimum payments payment year 2016	1,955
Operating leases, future minimum payments payment thereafter	11,573
Operating leases, future minimum payments payment	21,307
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 1,935

Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Lease payments	$ 1.4	$ 0.9	$ 1.0
Percentage of ownership interests in Previleged Access	91.60%	91.80%
Lease agreement, term	The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute.
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	$ 0.3

Stock Option Plan and Stock Grants - Additional Information (Detail) - USD ($)	1 Months Ended											3 Months Ended		12 Months Ended			25 Months Ended
	May 31, 2013	Apr. 30, 2013	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	May 08, 2012	Jan. 31, 2012	May 11, 2011	Feb. 28, 2011	Jan. 31, 2011	Feb. 28, 2010	Sep. 30, 2012	Mar. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	May 31, 2013	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross														173,332	214,664	239,330
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited															(36,666)	(22,666)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value														$ 500,000	$ 1,700,000	$ 6,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value														15,500,000	13,100,000	$ 14,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		These Restricted Stock Grants will vest on December 31, 2013.		These Restricted Stock Grants will vest on December 31, 2013.		One-third of the shares of restricted common stock covered by these awards vests on each of November 8, 2012, May 8, 2013, and May 8, 2014.		One-third of the shares of restricted common stock covered by these awards vests on each of November 11, 2011, May 11, 2012, and May 11, 2013.		One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2011, December 31, 2012, and December 31, 2013.	These Restricted Stock Grants vested December 31, 2011.
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period																344,768
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	One-third of the shares of restricted common stock covered by these awards vest on each of November 8, 2013, May 8, 2014, and May 8, 2015.		One-third of the shares of restricted common stock covered by these awards vests on each of September 13, 2013, March 13, 2014, and March 13, 2015.		of the shares of restricted common stock covered by these awards vest on each of December 31, 2013, December 31, 2014, and December 31, 2015.		One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2012, December 31, 2013, and December 31, 2014.
Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights							These Restricted Stock Grants vested on December 31, 2012.
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period													207,330				383,330
Share based compensation expense, restricted stock grant														6,000,000	$ 5,800,000	$ 5,800,000
Share based compensation expense to be recognized														$ 3,300,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition														1 year 4 months 25 days
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	40,000		666		62,000	32,000	62,000	32,000		62,000
Share based compensation, fair market value	$ 1,700,000		$ 0		$ 2,200,000	$ 1,100,000	$ 2,200,000	$ 900,000		$ 1,800,000
Restricted Stock [Member] \| Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		2,000		68,666			120,664		145,330
Share based compensation, fair market value		$ 80,200		$ 2,500,000			$ 4,200,000		$ 4,200,000
Share based compensation, restricted stock, vesting date		Dec. 31, 2013		Dec. 31, 2013			Dec. 31, 2012		Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period												36,666
DeferredCompensationArrangementWithIndividualFairValueOfSharesCancelled												$ 1,300,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodNetOfForfeitures														99,788	94,020	94,020		104,686
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period														(167,564)	(177,998)	(227,330)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value														$ 34.97	$ 32.30	$ 24.50
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value															35.07	28.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value														37.32	35.06	28.75
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value														$ 37.17	$ 32.97	$ 27.75		$ 18.61
Phase One [Member] \| Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date	Nov. 08, 2013		Sep. 13, 2013		Dec. 31, 2013	Nov. 08, 2012	Dec. 31, 2012	Nov. 11, 2011		Dec. 31, 2011
Phase Two [Member] \| Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date	May 08, 2014		Mar. 13, 2014		Dec. 31, 2014	May 08, 2013	Dec. 31, 2013	May 11, 2012		Dec. 31, 2012
Phase Three [Member] \| Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date	May 08, 2015		Mar. 13, 2015		Dec. 31, 2015	May 08, 2014	Dec. 31, 2014	May 11, 2013		Dec. 31, 2013

Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value	$ 0.5	$ 1.7	$ 6.1
Shares Subject To Options
Beginning Balance	1,105,600	1,265,600	1,610,368
Options exercised	(20,000)	(160,000)	(344,768)
Options canceled			(344,768)
Ending Balance	1,085,600	1,105,600	1,265,600	1,610,368
Exercisable at end of year	1,085,600
Weighted Average Exercise Price Per Share
Beginning Balance	$ 21.78	$ 22.07	$ 20.16
Options exercised	12.34	24.10
Options canceled			13.14
Ending Balance	21.95	$ 21.78	$ 22.07	$ 20.16
Exercisable at end of year	$ 21.95
Weighted Average Outstanding Contractual Life (in years)
Weighted Average Outstanding Contractual Life (in years)	3 years 1 month 1 day	4 years 6 days	4 years 10 months 21 days	4 years 10 months 21 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months 25 days

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	12 Months Ended
	Sep. 14, 2012	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 30, 2013	Oct. 18, 2012	Sep. 30, 2012
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, shares authorized			10,000,000
Preferred Stock, par value per share		$ 0.01	$ 0.01	$ 0.01
Perpetual Preferred OP Units conversion			$ 0	$ 0	$ (200,000)
Common Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01	$ 0.01
At The Market Offering Value								$ 125,000
Preferred Stock, Shares Authorized		9,945,539	9,945,164	9,945,539
Peferred Stock, Shares Exchanged	5,445,765
Depositary Shares, Issued	5,445,765
Depositary Share, Liquidation Preference Per Share	$ 25.00
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 0.3849625
Cumulative Series D Six Percent Non-Qualified Preferred Stock [Member]
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, par value per share		$ 0.00	$ 0.01	$ 0.00
Preferred Stock, Dividend Rate, Percentage			6.00%
Preferred Stock, Shares Authorized		0	125	0		125
Preferred Stock, Liquidation Preference Per Share						$ 1,000.00
Cumulative Series E Eighteen Point Seven Five Percent Nonvoting Preferred Stock [Member]
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, par value per share		$ 0.00	$ 0.01	$ 0.00
Preferred Stock, Dividend Rate, Percentage			18.75%
Preferred Stock, Shares Authorized		0	250	0		250
Preferred Stock, Liquidation Preference Per Share						$ 1,000.00
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, par value per share		$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Dividend Rate, Percentage			6.75%
Preferred Stock, Shares Authorized	54,458	54,461	54,461	54,461
Preferred Stock, Liquidation Preference Per Share	$ 2,500.00
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock
Auction Market Preferred Securities, Stock Series [Line Items]
Stock issued for acquisition properties			0	0	3,480,000
Cumulative Series Eight Point Zero Three Four Percent Redeemable Perpetual Preferred Stock [Member]
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, Liquidation Preference Per Share							$ 25.00
Preferred Stock, Dividend Rate, Per-Dollar-Amount		$ 0.0948460
Stock Redeemed or Called During Period, Shares		2,554,235
Stock Redeemed or Called During Period, Value		$ 64,100

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Accrued compensation expense		$ 2.6
Long Term Incentive Plan Twenty Thirteen [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payment of plan including employer cost	$ 5.8
Accrued compensation expense	1.9
Long Term Incentive Plan Twenty Ten [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Accrued compensation expense		$ 0.8
Payments For Employee Long Term Incentive Plan	$ 2.3

Savings Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Savings Plan, 401(k) Disclosure [Line Items]
Employees eligible compensation deferral for 401(k) Plan	60.00%
401(k) Plan, employer matching percentage for the first 3% of participants' contribution	100.00%
401(k) Plan, employer matching percentage for the second 2% of participants' contribution	50.00%
Maximum potential employer match for 401(k) Plan	4.00%
Vested percentage for amounts contributed by the Company, after five years of employment	100.00%
Company's contribution to the 401(k) Plan	$ 1.3	$ 1.3	$ 1.1

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended			6 Months Ended	12 Months Ended
	Aug. 30, 2013 USD ($)	Jul. 31, 2013 USD ($)	Apr. 30, 2013 USD ($)	Jun. 30, 2009 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 integer	Dec. 31, 2010 USD ($) integer	Aug. 06, 2012 USD ($)	Jun. 22, 2007 USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss									$ 2,400,000
San Rafael [Member] [Member]
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed by the company		$ 1,270,000
Loss Contingency Damages Sought By Plaintiff								$ 1,400,000
Colony Park
Loss Contingencies [Line Items]
Loss Contingency Damages Sought By Plaintiff								$ 6,800,000
Number of plaintiff the jury rendered verdicts								6
Loss Contingency, Number of Plaintiffs								72
Loss Contingency, Claims Dismissed, Number \| integer								66
Number of plaintiffs dismissed and not appealed								3
Colony Park \| Maximum
Loss Contingencies [Line Items]
Loss awarded to plaintiffs								$ 44,000
Membership Class Action
Loss Contingencies [Line Items]
Loss Contingency, Number of Plaintiffs \| integer							2
Hurricane Claim Litigation
Loss Contingencies [Line Items]
Claims filed against Aon										$ 11,000,000
Insurance Recoveries					$ 9,400,000
Insurance Settlement [Member]
Loss Contingencies [Line Items]
Insurance Recoveries					1,600,000
Attorney Fees \| San Rafael [Member] [Member]
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed by the company	$ 80,000		$ 1,250,000
Attorney Fees \| Colony Park
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed by the company								$ 2,000,000
Attorney Fees \| Legal Claim One [Member] \| Final Resolution in Favor of Company
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed by the company				$ 2,100,000
Expiration period of Ordinance from June 30, 2009 date of judgment				10 years
Morgan RV Resorts [Domain]
Loss Contingencies [Line Items]
Number of Intended Purchase Properties						15
Number of Acquisition Properties Contested						11
Number of Contested Properties Closed						10
Insurance Settlement [Member]
Loss Contingencies [Line Items]
Legal Fees					$ 400,000

Acquisitions - Additional Information (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2011 USD ($)	Dec. 31, 2013 USD ($) integer shares	Dec. 31, 2012 USD ($) integer shares	Dec. 31, 2011 USD ($) shares
Business Acquisition [Line Items]
Number of acquired site property			1,765	30,129
Business Acquisition, Purchase Price			$ 25,000	$ 1,500,000
Number of closed acquisition properties				75
Term loan financing proceeds		$ 0	0	$ 200,000
New mortgage notes payable financing proceeds	$ 200,000	$ 375,500	$ 159,500	$ 200,000
Number of properties used as a pledge \| integer		147	170
Debt, minimum interest rate		3.90%		0.00%
Debt, maximum interest rate		8.90%		0.00%
Amortization of Intangible Assets		$ 1,940	$ 45,122	$ 28,479
Minimum
Business Acquisition [Line Items]
Debt Instrument Maturity Year		2014		2012
Maximum
Business Acquisition [Line Items]
Debt Instrument Maturity Year		2038		2023
Common Stock
Business Acquisition [Line Items]
Stock issued for the acquisition properties, share \| shares		0	0	3,416,552
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock
Business Acquisition [Line Items]
Stock issued for the acquisition properties, share \| shares		0	0	3,480,000
R V Resort [Member]
Business Acquisition [Line Items]
Number of acquired portfolio \| integer			2

Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition Determined using Level Two and Level Three Inputs (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets acquired
Property, plant And equipment	$ 133,393	$ 25,000	$ 1,424,700
Notes receivable	0	0	40,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	1,025	29	18,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	134,418	25,029	1,483,000
Liabilities assumed
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	5,382	0	548,000
Accrued payroll and other operating expenses	1,777	816	8,000
Total Liabilities assumed	7,159	816	556,000
Net consideration paid	127,259	24,213	927,000
Leases, Acquired-in-Place [Member]
Assets acquired
Property, plant And equipment	3,910	2,099	74,000
Manufactured Home [Member]
Assets acquired
Property, plant And equipment	1,155	0	24,000
Depreciable Assets [Member]
Assets acquired
Property, plant And equipment	87,306	18,491	855,200
Land [Member]
Assets acquired
Property, plant And equipment	$ 41,022	$ 4,410	$ 471,500

Segment Financial Information (Detail) $ in Thousands	3 Months Ended								12 Months Ended
Segment Financial Information (Detail) $ in Thousands	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) integer	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Segment Reporting Information [Line Items]
Revenue for Reportable Segment									$ 712,600	$ 668,776	$ 564,633
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									75,208	61,848	40,009
Operations expenses									(355,650)	(328,472)	(287,283)
Income from segment operations									356,950	340,304	277,350
Interest income									7,770	7,689	5,641
Income from operations									254,551	206,443	176,852
Reconciliation to Net income available for Common Shares
Corporate Interest Income									490	446	283
General and administrative									(7,515)	(6,795)	(6,452)
Transaction costs									(37,844)	0	0
Interest and related amortization									(28,211)	(26,388)	(42,046)
Rent Control Initiatives Expenses and Other									(2,771)	(1,456)	(2,043)
Interest Expense, Debt									(118,522)	(123,992)	(99,489)
Equity in income of unconsolidated joint ventures									2,039	1,899	1,948
Consolidated income from continuing operations	$ 28,713	$ 34,936	$ 21,786	$ 40,470	$ 29,015	$ 21,492	$ 6,298	$ 17,654	77,247	63,747	41,957
Consolidated net income									125,905	74,459	42,504
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax									41,525	4,596	0
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax									7,133	6,116	547
Total Assets	3,391,639				3,398,226				3,391,639	3,398,226	3,496,101
Assets of Disposal Group, Including Discontinued Operation	0				119,852				0	119,852	122,328
Capital Improvements									64,714	75,260	62,032
Real Estate Depreciation Expense and Rental Homes									(108,229)	(102,083)	(83,013)
Amortization of Intangible Assets for Continuing Operations									1,940	39,467	23,126
Property Operations segment
Segment Reporting Information [Line Items]
Revenue for Reportable Segment									679,319	647,731	550,529
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									350,524	336,037	274,945
Operations expenses									(328,795)	(311,694)	(275,584)
Income from segment operations									350,524	336,037	274,945
Interest income									3,397	3,075	3,377
Income from operations									250,607	203,999	176,801
Reconciliation to Net income available for Common Shares
Total Assets	3,096,156								3,096,156
Capital Improvements									26,430	30,863	26,224
Real Estate Depreciation Expense and Rental Homes									(101,374)	(96,419)	(78,838)
Amortization of Intangible Assets for Continuing Operations									1,940	38,694	22,683
Home Sales and Rentals Operations segment
Segment Reporting Information [Line Items]
Revenue for Reportable Segment									33,281	21,045	14,104
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									6,426	4,267	2,405
Operations expenses									(26,855)	(16,778)	(11,699)
Income from segment operations									6,426	4,267	2,405
Interest income									4,373	4,614	2,264
Income from operations									3,944	2,444	51
Reconciliation to Net income available for Common Shares
Total Assets	$ 295,483								295,483
Capital Improvements									38,284	44,397	35,808
Real Estate Depreciation Expense and Rental Homes									(6,855)	(5,664)	(4,175)
Amortization of Intangible Assets for Continuing Operations									$ 0	773	443
Maximum
Segment Reporting Information [Line Items]
Number of Reportable Segments \| integer									2
Continuing Operations [Member]
Reconciliation to Net income available for Common Shares
Total Assets					3,278,374					3,278,374	3,373,773
Continuing Operations [Member] \| Property Operations segment
Reconciliation to Net income available for Common Shares
Total Assets					2,984,766					2,984,766	3,172,222
Continuing Operations [Member] \| Home Sales and Rentals Operations segment
Reconciliation to Net income available for Common Shares
Total Assets					$ 293,608					$ 293,608	$ 201,551

Segment Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Interest income attributable to corporate operations	$ 8,260	$ 8,135	$ 5,924

Financial Information for Operation Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									$ 75,208	$ 61,848	$ 40,009
Revenues:
Community Base Rental Income									409,801	394,606	309,230
Gross revenue from home sales									17,871	8,230	6,028
Resort base rental income									147,234	134,327	130,489
Brokered resale revenues, net									4,212	3,093	3,483
Right-to-use annual payments									47,967	47,662	49,122
Rental operations revenues									3,400	3,300	2,500
Right-to-use contracts current period, gross									13,142	13,433	17,856
Right-to-use contracts current period, deferred									(5,694)	(6,694)	(11,936)
Utility income and other									63,800	62,470	53,116
Expenses:
Property operating and maintenance									229,897	220,415	197,781
Cost of home sales									17,296	9,018	5,615
Real estate taxes									48,279	45,590	36,528
Home selling expenses									2,085	1,391	1,591
Sales and marketing, gross									12,836	10,845	11,218
Sales and marketing deferred commissions, net									(2,410)	(3,155)	(4,789)
Property management									40,193	37,999	34,846
Total expenses									653,167	621,858	537,000
Rental home income									14,267	11,649	7,245
Total revenues	$ 179,881	$ 187,966	$ 176,753	$ 183,775	$ 165,312	$ 175,064	$ 168,383	$ 174,947	728,375	683,706	577,009
Rental home operating and maintenance									7,474	6,369	4,493
Property Operations segment
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									350,524	336,037	274,945
Revenues:
Community Base Rental Income									409,801	394,606	309,230
Resort base rental income									147,234	134,327	130,489
Right-to-use annual payments									47,967	47,662	49,122
Right-to-use contracts current period, gross									13,142	13,433	17,856
Right-to-use contracts current period, deferred									(5,694)	(6,694)	(11,936)
Utility income and other									63,800	62,470	53,116
Ancillary services revenues, net									3,069	1,927	2,652
Expenses:
Property operating and maintenance									229,897	220,415	197,781
Real estate taxes									48,279	45,590	36,528
Sales and marketing, gross									12,836	10,845	11,218
Sales and marketing deferred commissions, net									(2,410)	(3,155)	(4,789)
Property management									40,193	37,999	34,846
Total expenses									328,795	311,694	275,584
Total revenues									679,319	647,731	550,529
Home Sales and Rentals Operations segment
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest									6,426	4,267	2,405
Revenues:
Gross revenue from home sales									17,871	8,230	6,028
Brokered resale revenues, net									1,143	1,166	831
Expenses:
Cost of home sales									17,296	9,018	5,615
Home selling expenses									2,085	1,391	1,591
Total expenses									26,855	16,778	11,699
Rental home income									14,267	11,649	7,245
Total revenues									33,281	21,045	14,104
Rental home operating and maintenance									$ 7,474	$ 6,369	$ 4,493

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information [Line Items]
Total revenues	$ 179,881	$ 187,966	$ 176,753	$ 183,775	$ 165,312	$ 175,064	$ 168,383	$ 174,947	$ 728,375	$ 683,706	$ 577,009
Gross Profit	62,843	64,779	56,597	70,332	58,369	53,882	41,657	52,535
Consolidated income from continuing operations	28,713	34,936	21,786	40,470	29,015	21,492	6,298	17,654	77,247	63,747	41,957
Net income available for Common Shares	$ 24,160	$ 29,872	$ 17,860	$ 35,027	$ 24,275	$ 16,009	$ 2,063	$ 12,432	$ 125,905	$ 59,846	$ 26,346
Weighted average Common Shares outstanding - Basic	83,003	83,021	83,021	83,026	82,569	82,380	82,262	82,176	83,018	82,348	71,182
Weighted average Common Shares outstanding - Diluted	91,334	91,259	91,128	91,060	90,944	90,894	90,780	90,738	91,196	90,862	80,660
Net income (loss) per Common Share outstanding-Basic	$ 0.29	$ 0.36	$ 0.22	$ 0.42	$ 0.29	$ 0.19	$ 0.03	$ 0.15	$ 1.29	$ 0.67	$ 0.32
Net income (loss) per Common Share outstanding-Diluted	$ 0.29	$ 0.36	$ 0.21	$ 0.42	$ 0.29	$ 0.19	$ 0.02	$ 0.15	$ 1.28	$ 0.66	$ 0.32

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning Of Period	$ 6,987	$ 7,700	$ 6,580
Valuation Allowances and Reserves, Charged to Cost and Expense	5,152	4,860	4,156
Deductions	4,212	5,573	3,036
Balance at End of Period	$ 7,927	$ 6,987	$ 7,700

Changes in Total Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]
Balance, beginning of year	$ 4,044,650	$ 3,960,692	$ 2,584,987
Real Estate, Other Acquisitions	133,344	18,738	1,312,658
Improvements	64,714	67,850	61,256
Dispositions and other	14,602	2,630	(1,791)
Balance, end of year	$ 4,228,106	$ 4,044,650	$ 3,960,692

Changes In Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]
Beginning Balance	$ 948,581	$ 807,329	$ 700,665
Real Estate Depreciation Expense and Rental Homes	108,229	102,083	83,013
Amortization of Intangible Assets	1,940	39,467	23,126
Dispositions and other	210	298	(525)
Ending Balance	$ 1,058,540	$ 948,581	$ 807,329