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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Oct. 30, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	ELS
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES INC
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		83,909,012

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Investment in real estate:
Land	$ 1,068,236	$ 1,025,246
Land improvements	2,706,662	2,667,213
Buildings and other depreciable property	551,522	535,647
Real Estate Investment Property, at Cost, Total	4,326,420	4,228,106
Accumulated depreciation	(1,143,800)	(1,058,540)
Net investment in real estate	3,182,620	3,169,566
Cash	109,144	58,427
Notes receivable, net	38,051	42,990
Investment in joint ventures	15,414	11,583
Deferred financing costs, net	22,676	19,873
Deferred commission expense	27,885	25,251
Escrow deposits, goodwill, and other assets, net	55,358	64,619
Total Assets	3,451,148	3,392,309
Liabilities:
Mortgage notes payable	2,005,942	1,992,368
Term loan	200,000	200,000
Unsecured lines of credit	0	0
Accrued payroll and other operating expenses	85,879	65,157
Deferred revenue - upfront payments from right-to-use contracts	72,976	68,673
Deferred revenue - right-to-use annual payments	10,762	11,136
Accrued interest payable	8,865	9,416
Rents and other customer payments received in advance and security deposits	60,560	59,601
Distributions payable	29,620	22,753
Total Liabilities	2,474,604	2,429,104
Stockholders' Equity:
Preferred stock value	0	0
Common stock, $0.01 par value	838	834
Paid-in capital	1,028,912	1,021,365
Distributions in excess of accumulated earnings	256,340	264,083
Accumulated other comprehensive loss	141	(927)
Total Stockholders’ Equity	909,695	893,333
Non-controlling interests - Common OP Units	66,849	69,872
Total Equity	976,544	963,205
Total Liabilities and Equity	3,451,148	3,392,309
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Domain]
Stockholders' Equity:
Preferred stock value	$ 136,144	$ 136,144

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	9,945,164	9,945,164
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Value, Issued	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	83,905,662	83,313,677
Common Stock, Shares, Outstanding	83,905,662	83,313,677
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	54,461	54,461
Preferred Stock, Shares Issued	54,458	54,458
Preferred Stock, Shares Outstanding	54,458	54,458
Cumulative Series D Six Percent Non-Qualified Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	125	125
Preferred Stock, Shares Issued	125	125
Preferred Stock, Shares Outstanding	125	125
Cumulative Series E Eighteen Point Seven Five Percent Nonvoting Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	250	250
Preferred Stock, Shares Issued	250	250
Preferred Stock, Shares Outstanding	250	250

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Community base rental income	$ 106,967	$ 103,157	$ 319,514	$ 305,401
Rental home income	3,684	3,584	11,187	10,576
Resort base rental income	44,351	39,932	126,188	113,868
Right-to-use annual payments	11,404	12,323	33,859	35,889
Right-to-use contracts current period, gross	3,944	3,707	9,956	9,899
Right-to-use contracts, deferred, net of prior period amortization	(1,989)	(1,856)	(4,303)	(4,446)
Utility And Other Income	18,581	16,224	53,070	48,694
Gross revenues from home sales	8,717	5,415	20,455	12,328
Brokered resale revenues and ancillary services revenues, net	1,124	1,395	3,491	4,122
Interest income	1,902	2,200	6,477	6,173
Income from other investments, net	1,869	1,885	6,098	5,989
Total revenues	200,554	187,966	585,992	548,493
Expenses:
Property operating and maintenance	66,105	61,782	186,018	175,183
Rental home operating and maintenance	1,829	1,950	5,376	5,307
Real estate taxes	12,263	11,584	36,905	35,873
Sales and marketing, gross	3,018	3,842	8,118	9,536
Sales and marketing, deferred commissions, net	(757)	(706)	(2,022)	(1,824)
Property management	11,086	10,077	32,169	30,380
Depreciation on real estate and rental homes	27,831	26,460	83,234	81,793
Amortization of Intangible Assets for Continuing Operations	1,075	485	3,791	803
Cost of home sales	8,156	5,137	19,679	11,837
Home selling expenses	513	563	1,710	1,544
General and administrative	7,623	7,606	20,178	21,261
Extinguishment of Debt, Amount	5,087	36,530	5,087	37,911
Rent control initiatives and other	751	521	2,063	2,377
Interest and related amortization	27,864	29,206	84,177	89,706
Total expenses	172,444	195,037	486,483	501,687
Income before equity in income of unconsolidated joint ventures	28,110	(7,071)	99,509	46,806
Equity income from unconsolidated joint ventures	1,237	439	3,768	1,624
Gain (Loss) on Condemnation	929	0	929	0
Consolidated income from continuing operations	30,276	(6,632)	104,206	48,430
Discontinued Operations:
Net income from discontinued operations	0	982	0	7,215
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0	40,586	0	41,544
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0	41,568	0	48,759
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	(2,219)	(2,753)	(7,929)	(7,483)
Net income (loss) available for Common Shares – basic	25,746	29,872	89,328	82,755
Consolidated net income	30,276	34,936	104,206	97,189
Other comprehensive loss:
Adjustment for fair market value of swap	141	361	1,068	1,233
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	30,417	35,297	105,274	98,422
Comprehensive income (loss) attributable to Common Shareholders	$ 25,876	$ 30,203	$ 90,309	$ 83,886
Earnings per Common Share - Basic:
Income from continuing operations	$ 0.31	$ (0.10)	$ 1.07	$ 0.46
Income from discontinued operations	0.00	0.46	0.00	0.54
Net income available for Common Shares	0.31	0.36	1.07	1.00
Earnings per Common Share - Fully Diluted:
Income from continuing operations	0.31	(0.10)	1.06	0.46
Income from discontinued operations	0.00	0.46	0.00	0.53
Net income available for Common Shares	0.31	0.36	1.06	0.99
Distributions declared per Common Share outstanding	$ 0.325	$ 0.25	$ 0.975	$ 0.75
Weighted average Common Shares outstanding – basic	83,531	83,021	83,295	83,023
Weighted average Common Shares outstanding – fully diluted	91,528	91,259	91,471	91,149
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Other comprehensive loss:
Redeemable Preferred Stock Dividends	$ (2,311)	$ (2,311)	$ (6,949)	$ (6,951)
Non-controlling interests - Common OP Units
Other comprehensive loss:
Comprehensive income (loss) allocated to non-controlling interests	$ (2,230)	$ (2,783)	$ (8,016)	$ (7,585)

Consolidated Statements of Changes In Equity - 9 months ended Sep. 30, 2014 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]	Distributions in Excess of Accumulated Earnings	Non-controlling interests - Common OP Units	Accumulated Other Comprehensive Loss
Stock Issued During Period, Value, Conversion of Units	$ 0	$ (4,000)	$ (4,085,000)	$ 0	$ 0	$ (4,089,000)	$ 0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(154,000)	0	(154,000)	0	0	0	0
Beginning Balance at Dec. 31, 2013	963,205,000	834,000	1,021,365,000	136,144,000	(264,083,000)	69,872,000	(927,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through employee stock purchase plan	929,000	1,000	928,000	0	0	0	0
Compensation expenses related to stock options and restricted stock	4,998,000	0	4,998,000	0	0	0	0
Stock Repurchased During Period, Value	(32,000)	0	(32,000)	0	0	0	0
Adjustment for fair market value of swap	1,068,000	0	0	0	0	0	1,068,000
Release Of Common Shares From Escrow	(1,934,000)	(1,000)	(1,933,000)	0	0	0	0
Adjustment For Common Unitholders In Operating Partnership	0	0	(345,000)	0	0	345,000	0
Net income available to Common Shares	104,206,000	0	0	6,949,000	89,328,000	7,929,000	0
Distributions	(95,742,000)	0	0	(6,949,000)	(81,585,000)	(7,208,000)	0
Ending Balance at Sep. 30, 2014	$ 976,544,000	$ 838,000	$ 1,028,912,000	$ 136,144,000	$ (256,340,000)	$ 66,849,000	$ 141,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities:
Consolidated net income	$ 104,206	$ 97,189
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of property, net of tax	(929)	(41,544)
Extinguishment of Debt, Amount	5,087	37,911
Depreciation expense	83,821	83,872
Amortization of in-place leases	3,791	803
Amortization of loan costs	3,655	4,039
Debt premium amortization	(3,956)	(5,597)
Equity in income of unconsolidated joint ventures	(3,768)	(1,624)
Distributions from unconsolidated joint ventures	2,869	1,251
Amortization of stock-related compensation	4,998	4,332
Revenue recognized from right-to-use contract upfront payments	(5,653)	(5,453)
Commission expense recognized related to right-to-use contracts	2,100	1,933
Accrued Long Term Incentive Plan Compensation	1,425	1,431
Provision for uncollectible rents receivable	(219)	380
Changes in assets and liabilities:
Notes receivable activity, net	(1,345)	48
Deferred commission expense	(4,734)	(3,757)
Escrow deposits and other assets	13,362	(1,299)
Accrued payroll and other operating expenses, net	15,436	14,759
Deferred revenue - upfront payments from right-to-use contracts	9,956	9,899
Deferred revenue - right-to-use annual payments	(374)	367
Rents received in advance and security deposits	(1,386)	(1,204)
Net cash provided by operating activities	228,342	197,736
Cash Flows From Investing Activities:
Real estate acquisition	(54,645)	(116,359)
Proceeds from Sale of Other Real Estate	2,102	157,975
Payments for (Proceeds from) Delayed Tax Exempt Exchange	10,576	(13,755)
Cash Received from Joint Venture	411	0
Payments to Acquire Interest in Joint Venture	(3,489)	(1,149)
Proceeds from Collection of Notes Receivable	12,524	9,270
Issuance of Notes Receivable	(7,266)	(7,792)
Capital improvements	(41,645)	(48,571)
Net cash used in investing activities	(81,432)	(20,381)
Cash Flows From Financing Activities:
Net proceeds from stock options and employee stock purchase plan	896	774
Payments of Ordinary Dividends, Common Stock	(75,077)	(41,712)
Payments of Ordinary Dividends, Noncontrolling Interest	(6,772)	(3,728)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(6,949)	(6,951)
Repayments of Lines of Credit	0	(20,000)
Proceeds from Lines of Credit	0	20,000
Principal payments and mortgage debt payoff	(165,578)	(415,977)
Proceeds from Issuance of Long-term Debt	169,000	347,060
Debt issuance costs	(11,559)	(41,919)
Equity issuance costs	(154)	(502)
Net cash (used in) provided by financing activities	(96,193)	(162,955)
Cash, Period Increase (Decrease)	50,717	14,400
Cash	109,144	51,526
Supplemental Information:
Cash paid during the period for interest	90,376	92,904
Non-cash activities (increase/(decrease)):
Capital improvements - used homes acquired by repossessions	1,026	1,724
Net repayments of notes receivable - used homes acquired by repossessions	1,026	1,724
Building and other depreciable property - reclassification of rental homes	16,881	10,011
Escrow deposits and other assets - reclassification of rental homes	(16,881)	(10,011)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	73,597	126,186
Noncash or Part Noncash Acquisition, Deferred Finance Costs	180	0
Noncash or Part Noncash Acquisition, Other Liabilities Assumed	2,345	506
Noncash or Part Noncash Acquisition, Payables Assumed	1,848	446
Noncash or Part Noncash Acquisition, Other Assets Acquired	(371)	(811)
Noncash or Part Noncash Acquisition, Debt Assumed	14,564	0
Noncash, Issuance of Common OP Units	0	9,686
Real Estate Owned, Transfer from Real Estate Owned	86,309	113,050
Transfer of Loans Receivable	0	6,507
Disposition of Other Assets	$ 0	$ (2,166)

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

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 GAAP, which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification”).


(a)	Basis of Consolidation

The accompanying Consolidated Financial Statements include the consolidation of our accounts. We do not have controlling interests in any of our joint ventures (“JV”), which are therefore treated under the equity method of accounting and not consolidated in our financial statements. The holders of limited partnership interests in the Operating Partnership (“Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership which is shown in our Consolidated Financial Statements as Non-controlling interests-Common OP Units. All significant intercompany balances and transactions have been eliminated in consolidation.


(b)	Real Estate

Our policy is to estimate useful lives associated with our real estate assets and to depreciate the assets based on our estimates. We review useful lives periodically to ensure that these estimates accurately reflect the economic use of the assets. In January 2014, we completed a review of the useful lives and salvage values of our manufactured homes. During the first quarter of 2014, we prospectively changed the depreciable life of our new manufactured homes to 25 years straight-lined with no residual value and our used manufactured homes to 10-25 years straight-lined with no residual value. This change in estimate did not have a material impact in our financial statements.


(c)	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 September 30, 2014 and December 31, 2013, 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 September 30, 2014 and December 31, 2013, this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangible assets was approximately $2.1 million and $1.9 million as of September 30, 2014 and December 31, 2013, respectively. For each of the quarters ended September 30, 2014 and 2013, amortization expense for the identified intangible assets was approximately $0.1 million. For the nine months ended September 30, 2014 and 2013, 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
2015	$	349
2016	251
2017	87
2018	87
2019	87


(d)	Restricted Cash

Cash as of September 30, 2014 and December 31, 2013 included approximately $5.0 million and $5.2 million, respectively, of restricted cash for the payment of capital improvements, insurance or real estate taxes.


(e)	Fair Value of Financial Instruments

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

Our mortgage notes payable and term loan had a fair value of approximately $2.3 billion and $2.2 billion as of September 30, 2014 and December 31, 2013, respectively, measured using quoted prices and observable inputs from similar liabilities (Level 2). At September 30, 2014 and December 31, 2013, 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 derivatives. The fair values of our notes receivable, accounts receivable, accounts payable, other accrued expenses and interest rate swaps approximate their carrying or contract values.


(f)	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 $28.8 million and $25.4 million at September 30, 2014 and December 31, 2013, respectively.


(g)	Reclassifications

Certain 2013 amounts have been reclassified to conform to the 2014 presentation. Income statement amounts for disposed Properties were reclassified in 2013 to “Discontinued operations” on the Consolidated Statements of Income and Comprehensive Income for all transactions that occurred in 2013. 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.


(h)	Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standard Update 2014-08, “Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). The definition of discontinued operations has been revised to limit the criteria for the classification and presentation to disposals of components of a company that represent strategic shifts that have (or will have) a major effect on a company’s operations and financial results. Required expanded disclosures for disposals or disposal groups that qualify for discontinued operations are intended to provide users of financial statements with enhanced information about the assets, liabilities, revenues and expenses of such discontinued operations. While the threshold for a disposal or disposal group to qualify for discontinued operations has been revised, this pronouncement retains the held for sale classification and presentation concepts of previous authoritative literature. Accordingly, under this pronouncement, a disposal or disposal group may qualify for held for sale classification but not meet the threshold for discontinued operations treatment. This pronouncement allows for early adoption permitted January 1, 2014. Pursuant to its terms we have elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have a material impact on our consolidated financial statements for the nine months ended September 30, 2014. The gain on sale of property recognized during the current quarter, is presented separately as continuing operations in our Consolidated Statement of Income and Comprehensive Income.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016, and early adoption is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are in the process of assessing the impact of this ASU on our consolidated financial statements.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share

Earnings Per Common Share

Earnings per common share are based on the weighted average number of common shares outstanding during each period. 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 period 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.

The following table sets forth the computation of the basic and diluted earnings per common share for the quarters and nine months ended September 30, 2014 and 2013 (amounts in thousands, except per share data):



	Quarters Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Numerators:
Income (loss) from Continuing Operations:
Income (loss) from continuing operations	$	30,276		$	(6,632	)	$	104,206		$	48,430
Amounts allocated to dilutive securities	(2,219		)	755			(7,929		)	(3,385		)
Preferred Stock distributions	(2,311		)	(2,311		)	(6,949		)	(6,951		)
Income (loss) from continuing operations available to Common Shares – basic	25,746			(8,188		)	89,328			38,094
Amounts allocated to dilutive securities	2,219			(755		)	7,929			3,385
Income (loss) from continuing operations available to Common Shares – fully diluted	$	27,965		$	(8,943	)	$	97,257		$	41,479
Income from Discontinued Operations:
Income from discontinued operations, net of amounts allocated to dilutive securities	$	—		$	38,060		$	—		$	44,661
Net Income Available for Common Shares:
Net income available for Common Shares – basic	$	25,746		$	29,872		$	89,328		$	82,755
Amounts allocated to dilutive securities	2,219			2,753			7,929			7,483
Net income available for Common Shares – fully diluted	$	27,965		$	32,625		$	97,257		$	90,238
Denominator:
Weighted average Common Shares outstanding – basic	83,531			83,021			83,295			83,023
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	7,254			7,604			7,471			7,506
Stock options and restricted shares	743			634			705			620
Weighted average Common Shares outstanding – fully diluted	91,528			91,259			91,471			91,149

Earnings per Common Share – Basic:
Income (loss) from continuing operations	$	0.31		$	(0.10	)	$	1.07		$	0.46
Income from discontinued operations	—			0.46			—			0.54
Net income available for Common Shares	$	0.31		$	0.36		$	1.07		$	1.00

Earnings per Common Share – Fully Diluted:
Income (loss) from continuing operations	$	0.31		$	(0.10	)	$	1.06		$	0.46
Income from discontinued operations	—			0.46			—			0.53
Net income available for Common Shares	$	0.31		$	0.36		$	1.06		$	0.99

Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 2014

Common Stock and Other Equity Related Transactions

On September 30, 2014, we paid a $0.421875 per share distribution on our Depositary Shares (each representing 1/100 of a share of our Series C Preferred Stock) to stockholders of record on September 19, 2014. On June 30, 2014, we paid a $0.421875 per share distribution on our Depositary Shares (each representing 1/100 of a share of our Series C Preferred Stock) to stockholders of record on June 20, 2014. On March 31, 2014, we paid a $0.421875 per share distribution on our Depositary Shares (each representing 1/100 of a share of our Series C Preferred Stock) to stockholders of record on March 21, 2014.

On October 10, 2014, we paid a $0.325 per share distribution to common stockholders of record on September 26, 2014. On July 11, 2014, we paid a $0.325 per share distribution to common stockholders of record on June 27, 2014. On April 11, 2014, we paid a $0.325 per share distribution to common stockholders of record on March 28, 2014.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

Investment in Real Estate

9 Months Ended

Sep. 30, 2014

Investment in Real Estate

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

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.

In January 2014, we completed the acquisition of two RV resorts, Blackhawk, a 490-Site RV Resort and Lakeland, a 682-Site RV Resort. On December 17, 2013, we closed on the acquisition of Neshonoc, a 284-Site RV Resort. The combined purchase price of $31.8 million was funded with available cash and the assumption of mortgage debt of approximately $18.7 million, excluding note premiums of $1.3 million.

On March 10, 2014, we exercised a purchase option and purchased land comprising a portion of our Colony Cove Property which was part of our 2011 Hometown acquisition. The total purchase price of $35.9 million was funded with available cash. In connection with the acquisition of the land, we terminated the ground lease related to the Property. During the quarter ended March 31, 2014, we received the final distribution of 51,290 shares of our common stock from the escrow funded by the seller.

In September 2014, we completed the acquisition of three RV resorts, Pine Acres, a 421-Site RV Resort, Echo Farms, a 237-Site RV Resort, and Mays Landing, a 168-Site RV Resort. The combined purchase price of $11.8 million was funded with available cash.

On October 1, 2014, we completed the acquisition of Space Coast, a 270-Site RV Resort. The total purchase price of $6.1 million was funded with available cash.

During the year ended December 31, 2013, we acquired Fiesta Key, a 324-Site RV Resort for a purchase price of approximately $24.6 million funded with available cash. We also acquired three manufactured home communities 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.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the nine months ended September 30, 2014 and year ended December 31, 2013, which we determined using Level two and Level three inputs (amounts in thousands):



	Nine Months Ended September 30, 2014		Year Ended December 31, 2013
Assets acquired
Land	$	43,761	$	41,022
Depreciable property	29,493		87,306
Manufactured homes	769		1,155
In-place leases	773		3,910
Net investment in real estate	74,796		133,393
Other Assets	1,197		1,025
Total Assets acquired	$	75,993	$	134,418

Liabilities assumed
Mortgage notes payable	14,230		5,382
Other liabilities	4,193		1,777
Total Liabilities assumed	18,423		7,159
Net assets acquired	$	57,570	$	127,259

Dispositions and real estate held for disposition

On July 11, 2014, we received payment of approximately $2.1 million from the Arizona Department of Transportation related to the value of certain property taken for state highway purposes at our Seyenna Vista property in Maricopa County, Arizona, of which $0.9 million was in excess of our basis and recognized as a gain on sale of property in the current quarter.

During the year ended December 31, 2013, we closed on the sale of 11 manufactured home communities located in Michigan (the “Michigan Properties”) collectively containing approximately 5,344 sites for a net purchase price of approximately $165.0 million. We recognized a gain on sale of real estate assets of approximately $40.6 million in the third quarter of 2013.

Results of operations for the Michigan Properties have been presented separately as discontinued operations for the quarter and nine months ended September 30, 2013 in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes the components of income and expense relating to discontinued operations for the quarter and nine months ended September 30, 2013 (amounts in thousands):



	Quarter Ended			Nine Months Ended
	September 30, 2013			September 30, 2013
Community base rental home income	$	1,448		$	11,565
Rental income	328			1,948
Utility and other income	378			1,375
Discontinued property operating revenues	2,154			14,888
Property operating expenses	1,116			6,039
Income from discontinued property operations	1,038			8,849
Income (loss) from home sales operations	2			(77		)
Other income and expenses	37			334
Interest and amortization	(95		)	(355		)
Depreciation and in place lease amortization	—			(1,536		)
Discontinued operations, net	$	982		$	7,215

During the year ended December 31, 2013, we recognized approximately $1.0 million of gain on the sale of the Cascade Property during 2012 as a result of a new U.S. Federal tax law that eliminated a previously accrued built-in-gain tax liability related to such disposition.

As of September 30, 2014, we have no properties designated as held for disposition pursuant to FASB ASC 360-10-35.

Investment in Joint Ventures

9 Months Ended

Sep. 30, 2014

Investment in Joint Ventures

Investment in Unconsolidated Joint Ventures

We recorded approximately $3.8 million and $1.6 million (net of approximately $0.7 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the nine months ended September 30, 2014 and 2013, respectively. We received approximately $3.3 million and $1.3 million in distributions from such joint ventures for each of the nine months ended September 30, 2014 and 2013, respectively. Approximately $2.0 million of the distributions received exceeded our basis in our joint venture and as such were recorded as income from unconsolidated joint ventures for the nine months ended September 30, 2014.

In 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 in order to buy and sell homes, as well as to offer financing to purchasers of homes at our Properties. Under certain circumstances, the ECHO JV may also rent homes in our communities. 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 its 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 as of September 30, 2014 and December 31, 2013):



						Investment as of				JV Income for the Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2014		December 31, 2013		September 30, 2014		September 30, 2013
Meadows	Various (2,2)	1,077	50	%		$	1,999	$	1,679	$	1,703	$	856
Lakeshore	Florida (2,2)	342	65	%		21		145		1,288		203
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,166		7,074		724		720
Other	Various (0,0)	—	20	%	^(c)	—		—		25		(188		)
ECHO JV	Various (0,0)	—	50	%		6,228		2,685		28		33
		3,125				$	15,414	$	11,583	$	3,768	$	1,624

_____________________


(a)	The percentages shown approximate our economic interest as of September 30, 2014. Our legal ownership interest may differ.


(b)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility providing water to the Property.


(c)	During the quarter ended September 30, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.

Notes Receivable

9 Months Ended

Sep. 30, 2014

Notes Receivable

Occasionally, we 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 September 30, 2014 and December 31, 2013, we had approximately $19.6 million and $21.9 million, respectively, of these Chattel Loans included in notes receivable. As of September 30, 2014, the Chattel Loans receivable had a stated per annum average rate of approximately 7.8%, with a yield of 22.8%, 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 September 30, 2014 and December 31, 2013.

During the nine months ended September 30, 2014, we received principal payment of approximately $1.0 million on a previously reserved loan related to one of our previous acquisitions.

We also provide financing for non-refundable upgrades to existing right-to-use contracts (“Contracts Receivable”). As of September 30, 2014 and December 31, 2013, we had approximately $18.4 million and $17.2 million, respectively, of Contracts Receivable, net of allowances of approximately $0.3 million and $0.6 million, respectively. These Contracts Receivable represent loans to customers who have entered into right-to-use contracts. The Contracts Receivable have an average stated interest rate of 16.0% per annum, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest.

- 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	9 Months Ended
Borrowing Arrangements	Sep. 30, 2014
Text Block [Abstract]
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable As of September 30, 2014 and December 31, 2013, we had outstanding mortgage indebtedness of approximately $2,006 million and $1,992 million, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the nine months ended September 30, 2014 was approximately 5.2% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2015 to 2039. The debt encumbered a total of 137 and 147 of our Properties as of September 30, 2014 and December 31, 2013, respectively, and the carrying value of such Properties was approximately $2,315 million and $2,378 million, respectively, as of such dates. During the nine months ended September 30, 2014, we closed on four loans with total proceeds of $54.0 million that are secured by two manufactured home communities and two RV resorts. The loans have a weighted average interest rate of 4.54% per annum and are set to mature in 2034 and 2038. We also refinanced the $53.8 million loan secured by our Colony Cove community with a stated interest rate of 4.65% per annum that was scheduled to mature in 2017. The new loan, with gross proceeds of $115.0 million, has a 25 year term and carries a stated interest rate of 4.64% per annum. We paid a prepayment fee of approximately $5.1 million associated with the early retirement of the prior loan. The aforementioned loan proceeds were used to pay off 16 mortgages totaling approximately $86.3 million that had a weighted average interest rate of 5.57% per annum. We also assumed approximately $13.3 million of mortgage debt, excluding note premiums of $1.0 million, secured by Blackhawk and Lakeland resort properties with a weighted average stated interest rate of 6.48% per annum which are set to mature in 2017 and 2018. Term Loan As of September 30, 2014, our amended $200.0 million Term Loan (the “Term Loan”) matures on January 10, 2020 and has an interest rate of LIBOR plus 1.35% to 1.95% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty. 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 amendment of the Term Loan, we also entered into a three year LIBOR Swap Agreement (the “2014 Swap”) allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. (See Note 8 in the Notes to Consolidated Financial Statements contained in this Form 10-Q for further information on the accounting for the Swap.) As of December 31, 2013, our Term Loan matured on June 30, 2017, had an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, was prepayable at any time without premium or penalty. In connection with the original Term Loan, we entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “2011 Swap”), which allowed us to trade the variable interest rate for a fixed interest rate on the Term Loan and matured July 1, 2014. Unsecured Line of Credit As of September 30, 2014, our amended, unsecured Line of Credit (“LOC”) had a borrowing capacity of $400.0 million, with the option to increase the borrowing capacity by $100.0 million, subject to certain conditions. The amended LOC bears interest at a rate of LIBOR plus a maximum of 1.20% to 1.65%, requires an annual facility fee of 0.20% to 0.35% and matures on July 17, 2018, with an option to extend an additional year, subject to certain conditions. The spread over LIBOR is variable based on leverage throughout the loan term. We incurred commitment and arrangement fees of approximately $3.5 million to enter into the amended LOC and Term Loan extension. As of December 31, 2013, our LOC had availability of $380.0 million with no amounts outstanding. Our LOC bore a LIBOR rate plus a maximum of 1.40% to 2.00%, contained a 0.25% to 0.40% facility fee and had a maturity date of September 15, 2016, with the option to extend for one year, subject to certain conditions. As of September 30, 2014, we are in compliance in all material respects with the covenants in our borrowing arrangements.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

In connection with our amended Term Loan, we entered into the 2014 Swap (see Note 7 in the the Notes to the Consolidated Financial Statements contained in this Form 10-Q for information about the Term Loan related to the 2014 Swap) allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. The 2014 Swap fixes the underlying LIBOR rate on the Term Loan at 1.04% per annum for the first three years and matures on August 1, 2017. Based on the leverage as of September 30, 2014, our spread over LIBOR will be 1.35% resulting in an initial estimated all-in interest rate of 2.39% per annum.

In connection with the original Term Loan in 2011, we entered into the 2011 Swap (see Note 7 in the Notes to the Consolidated Financial Statements contained in this Form 10-Q for information about the Term Loan related to the 2011 Swap) that fixed the underlying LIBOR rate on the Term Loan at 1.11% per annum for the first three years and matured on July 1, 2014.

We have designated the 2014 and 2011 Swap as cash flow hedges. 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 quarter and nine months ended September 30, 2014.

Amounts reported in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets related to derivatives are reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $1.6 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the under underlying LIBOR rate changes.

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 September 30, 2014 and December 31, 2013 (amounts in thousands).



	Balance Sheet Location	September 30, 2014		December 31, 2013
Interest Rate Swap	Escrow deposits, goodwill, and other assets, net	$	141	$	—
Interest Rate Swap	Accrued payroll and other operating expenses	$	—	$	927

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

The tables below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the quarters ended September 30, 2014 and 2013 (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	September 30, 2014		September 30, 2013			September 30, 2014		September 30, 2013
Interest Rate Swap	$	233	$	106	Interest Expense	$	374	$	467

The tables below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the nine months ended September 30, 2014 and 2013 (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	September 30, 2014		September 30, 2013			September 30, 2014		September 30, 2013
Interest Rate Swap	$	256	$	141	Interest Expense	$	1,324	$	1,374

We determined that no adjustment was necessary for nonperformance risk on our derivative obligation. As of September 30, 2014, 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-Right-to-use contracts and Deferred commission expense

9 Months Ended

Sep. 30, 2014

Deferred Revenue Entry Of Right To Use Contracts And Deferred Commission Expense [Text Block]

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 31 years. The commissions paid on the entry of right-to-use contracts are deferred and amortized over the same period as the related revenue.

Note 9 – Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense (continued)

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



	Nine Months Ended September 30,
	2014			2013
Deferred revenue – right-to-use contracts, as of January 1,	$	68,673		$	62,979
Deferral of new right-to-use contracts	9,956			9,899
Deferred revenue recognized	(5,653		)	(5,453		)
Net increase in deferred revenue	4,303			4,446
Deferred revenue – right-to-use contracts, as of September 30,	$	72,976		$	67,425

Deferred commission expense, as of January 1,	$	25,251		$	22,841
Costs deferred	4,734			3,757
Commission expense recognized	(2,100		)	(1,933		)
Net increase in deferred commission expense	2,634			1,824
Deferred commission expense, as of September 30,	$	27,885		$	24,665

Stock Option Plan and Stock Grants

9 Months Ended

Sep. 30, 2014

Stock Option Plan and Stock Grants

Equity Incentive Awards

We account for our stock-based compensation in accordance with the Codification Topic “Compensation – Stock Compensation” (“FASB ASC 718”).

Stock-based compensation expense, reported in “General and administrative” on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended September 30, 2014 and 2013 was approximately $2.6 million and $1.6 million, respectively, and for the nine months ended September 30, 2014 and 2013 was approximately $5.0 million and $4.3 million, respectively.

Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by our Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Pursuant to the 2014 Plan, our officers, directors, employees and consultants may be awarded (i) shares of common stock (“Restricted Stock Grants”), (ii) options to acquire shares of common stock (“Options”), including non-qualified stock options and incentive stock options within the meaning of Section 422 of the Internal Revenue Code, and (iii) other forms of equity awards, subject to conditions and restrictions determined by the Compensation Committee. The Compensation Committee will determine the vesting schedule, if any, of each Restricted Stock Grant or Option and the term of each Option, which term shall not exceed ten years from the date of grant. Shares that do not vest are forfeited. Dividends paid on restricted stock are not returnable, even if the underlying stock does not entirely vest. Options are awarded at the New York Stock Exchange closing price of our common stock on the grant date. A maximum of 3,750,000 shares of common stock are available for grant under the 2014 Plan.

Grants under the 2014 Plan are made by the Compensation Committee, which determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award.

Grants Issued

On May 13, 2014, we awarded Restricted Stock Grants for 84,666 shares of common stock at a fair market value of $3.6 million to certain members of our senior management. These Restricted Stock Grants will vest on December 31, 2014.

On May 13, 2014, we awarded Restricted Stock Grants for 62,000 shares of common stock at a fair market value of approximately $2.6 million to certain members of our Board of Directors for services rendered for the remainder of 2014. One-third of the shares of restricted common stock covered by these awards vests on each of December 31, 2014, December 31, 2015, and December 31, 2016.

On May 13, 2014, we awarded Restricted Stock Grants for 40,000 shares of common stock at a fair market value of approximately $1.7 million to the Board of Directors. One-third of the shares of restricted common stock covered by these awards vests on each of November 13, 2014, May 13, 2015, and May 13, 2016.

Long-Term Cash Incentive Plan

9 Months Ended

Sep. 30, 2014

Long-Term Cash Incentive Plan

On January 24, 2013, our Compensation 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 Compensation 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 Compensation 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. As of September 30, 2014, we had accrued compensation expense of approximately $3.3 million for the 2013 LTIP, including approximately $1.4 million in the nine months ended September 30, 2014 and 2013, respectively.

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

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

California Rent Control Litigation

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

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 were 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 was 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 plaintiffs 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, which the parties did. On March 10, 2014, the Court of Appeal issued a new partially published opinion in which it again rejected all of plaintiffs’ claims on appeal except the one relating to whether the park’s rules prohibited the renting of spaces to recreational vehicles, reversing the judgment on that issue and remanding it for further proceedings, and accordingly vacating the award of attorney’s fees and other costs. A case management conference is scheduled for December 15, 2014 for purposes of setting a schedule and procedure for resolving the RV issue.

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, Case No. 109CV140751, 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. On April 14-15, 2014, the jury entered verdicts against our Operating Partnership of approximately $15.3 million in compensatory damages and approximately $95.8 million in punitive damages. We will vigorously seek to overturn these verdicts in the trial court or on appeal, including but not limited to asking the trial judge to grant a new trial and to reduce the damages. On October 6, 2014, we filed a motion for a new trial and a motion for partial judgment notwithstanding the jury’s verdict. The plaintiffs’ responses are due on November 5, 2014, our replies on November 17, 2014 and oral argument will be held on November 25, 2014. The court has until December 5, 2014 to rule on our motion for a new trial, and until December 15, 2014 to specify in detail the reasons for granting relief. At September 30, 2014, based on the information available to us, a material loss was neither probable nor estimable. We have taken into consideration the events that have occurred after the reporting period and before the financial statements were issued. We anticipate a lengthy time period to achieve resolution of this case.

Given the uncertainty related to the ultimate resolution of this case as well as the time period to reach a conclusion, we are unable to provide an estimate of any possible loss, although we currently estimate a range of possible outcomes between zero and approximately $111.1 million based on all of the facts presented. At this time, we cannot determine that any amount within the range is a better estimate and therefore we conclude that we should accrue the minimum of zero as of September 30, 2014. We will continue to evaluate the possible outcomes of this case in light of future developments and their potential impact on factors relevant to our assessment of any possible loss.

Other

In addition to legal matters discussed above, we are involved in various other legal and regulatory proceedings (“Other Proceedings”) arising in the ordinary course of business. The Other Proceedings include, but are not limited to, notices, consent decrees, information requests, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our 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 these Other Proceedings taken together do not represent a material liability. In addition, to the extent any such proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.

Reportable Segments

9 Months Ended

Sep. 30, 2014

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) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties.

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters or nine months ended September 30, 2014 or 2013.

The following tables summarize our segment financial information for the quarters ended September 30, 2014 and 2013 (amounts in thousands):

Quarter Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	184,046		$	12,737		$	196,783
Operations expenses	(91,715		)	(10,498		)	(102,213		)
Income from segment operations	92,331			2,239			94,570
Interest income	696			1,185			1,881
Depreciation on real estate and rental homes	(25,010		)	(2,821		)	(27,831		)
Amortization of in-place leases	(1,075		)	—			(1,075		)
Income from operations	$	66,942		$	603		$	67,545
Reconciliation to Consolidated net income
Corporate interest income							21
Income from other investments, net							1,869
General and administrative							(7,623		)
Interest and related amortization							(27,864		)
Early debt retirement							(5,087		)
Property rights initiatives							(751		)
Equity in income of unconsolidated joint ventures							1,237
Gain on sale of property							929
Consolidated net income							$	30,276

Total assets	$	3,170,718		$	280,430		$	3,451,148

Quarter Ended September 30, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	174,657		$	9,224		$	183,881
Operations expenses	(86,579		)	(7,650		)	(94,229		)
Income from segment operations	88,078			1,574			89,652
Interest income	856			1,216			2,072
Depreciation on real estate and rental homes	(24,730		)	(1,730		)	(26,460		)
Amortization of in-place leases	(485		)	—			(485		)
Income from operations	$	63,719		$	1,060		$	64,779
Reconciliation to Consolidated net income
Corporate interest income							128
Income from other investments, net							1,885
General and administrative							(7,606		)
Interest and related amortization							(29,206		)
Early debt retirement							(36,530		)
Property rights initiatives							(521		)
Equity in income of unconsolidated joint ventures							439
Discontinued operations							982
Gain on sale of property, net of tax							40,586
Consolidated net income							$	34,936

Total assets	$	3,099,625		$	297,505		$	3,397,130

The following tables summarize our segment financial information for the nine months ended September 30, 2014 and 2013 (amounts in thousands):

Nine Months Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	540,859		$	32,558		$	573,417
Operations expenses	(261,188		)	(26,765		)	(287,953		)
Income from segment operations	279,671			5,793			285,464
Interest income	2,266			3,339			5,605
Depreciation on real estate and rental homes	(74,815		)	(8,419		)	(83,234		)
Amortization of in-place leases	(3,791		)	—			(3,791		)
Income from operations	$	203,331		$	713		$	204,044
Reconciliation to Consolidated net income
Corporate interest income							872
Income from other investments, net							6,098
General and administrative							(20,178		)
Early debt retirement							(5,087		)
Interest and related amortization							(84,177		)
Property rights initiatives							(2,063		)
Equity in income of unconsolidated joint ventures							3,768
Gain on sale of property							929
Consolidated net income							$	104,206

Total assets	$	3,170,718		$	280,430		$	3,451,148
Capital improvements	$	22,111		$	19,534		$	41,645

Nine Months Ended September 30, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	512,587		$	23,744		$	536,331
Operations expenses	(249,148		)	(18,688		)	(267,836		)
Income from segment operations	263,439			5,056			268,495
Interest income	2,589			3,220			5,809
Depreciation on real estate and rental homes	(76,704		)	(5,089		)	(81,793		)
Amortization of in-place leases	(803		)	—			(803		)
Income from operations	$	188,521		$	3,187		$	191,708
Reconciliation to Consolidated net income
Corporate interest income							364
Income from other investments, net							5,989
General and administrative							(21,261		)
Interest and related amortization							(89,706		)
Early debt retirement							(37,911		)
Property rights initiatives							(2,377		)
Equity in income of unconsolidated joint ventures							1,624
Discontinued operations							7,215
Gain on sale of property, net of tax							41,544
Consolidated net income							$	97,189

Total assets	$	3,099,625		$	297,505		$	3,397,130
Capital improvements	$	17,787		$	30,784		$	48,571

The following table summarizes our financial information for the Property Operations segment, specific to continuing operations, for the quarters and nine months ended September 30, 2014 and 2013 (amounts in thousands):



	Quarters Ended						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
Revenues:
Community base rental income	$	106,967		$	103,157		$	319,514		$	305,401
Resort base rental income	44,351			39,932			126,188			113,868
Right-to-use annual payments	11,404			12,323			33,859			35,889
Right-to-use contracts current period, gross	3,944			3,707			9,956			9,899
Right-to-use contracts current period, deferred	(1,989		)	(1,856		)	(4,303		)	(4,446		)
Utility income and other	18,581			16,224			53,070			48,694
Ancillary services revenues, net	788			1,170			2,575			3,282
Total property operations revenues	184,046			174,657			540,859			512,587
Expenses:
Property operating and maintenance	66,105			61,782			186,018			175,183
Real estate taxes	12,263			11,584			36,905			35,873
Sales and marketing, gross	3,018			3,842			8,118			9,536
Sales and marketing deferred commissions, net	(757		)	(706		)	(2,022		)	(1,824		)
Property management	11,086			10,077			32,169			30,380
Total property operations expenses	91,715			86,579			261,188			249,148
Income from property operations segment	$	92,331		$	88,078		$	279,671		$	263,439

The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the quarters and nine months ended September 30, 2014 and 2013 (amounts in thousands):



	Quarters Ended				Nine Months Ended
	September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
Revenues:
Gross revenue from home sales	$	8,717	$	5,415	$	20,455	$	12,328
Brokered resale revenues, net	336		225		916		840
Rental home income ^(a)	3,684		3,584		11,187		10,576
Total revenues	12,737		9,224		32,558		23,744
Expenses:
Cost of home sales	8,156		5,137		19,679		11,837
Home selling expenses	513		563		1,710		1,544
Rental home operating and maintenance	1,829		1,950		5,376		5,307
Total expenses	10,498		7,650		26,765		18,688
Income from home sales and rentals operations segment	$	2,239	$	1,574	$	5,793	$	5,056

______________________


(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
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-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
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-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
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

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

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Consolidation, Policy [Policy Text Block]

Basis of Consolidation

Real Estate Assets And Depreciation Of Investment In Real Estate Policy [Text Block]

Real Estate

Reclassifications Policy [Text Block]

Reclassifications

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
2015	$	349
2016	251
2017	87
2018	87
2019	87

Cash and Cash Equivalents

Restricted Cash

Fair Value of Financial Instruments

Deferred Financing Costs, net

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

- Definition

Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.

+ References + Details

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References + Details

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
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-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

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
2015	$	349
2016	251
2017	87
2018	87
2019	87

Earnings Per Common Share Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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



	Quarters Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Numerators:
Income (loss) from Continuing Operations:
Income (loss) from continuing operations	$	30,276		$	(6,632	)	$	104,206		$	48,430
Amounts allocated to dilutive securities	(2,219		)	755			(7,929		)	(3,385		)
Preferred Stock distributions	(2,311		)	(2,311		)	(6,949		)	(6,951		)
Income (loss) from continuing operations available to Common Shares – basic	25,746			(8,188		)	89,328			38,094
Amounts allocated to dilutive securities	2,219			(755		)	7,929			3,385
Income (loss) from continuing operations available to Common Shares – fully diluted	$	27,965		$	(8,943	)	$	97,257		$	41,479
Income from Discontinued Operations:
Income from discontinued operations, net of amounts allocated to dilutive securities	$	—		$	38,060		$	—		$	44,661
Net Income Available for Common Shares:
Net income available for Common Shares – basic	$	25,746		$	29,872		$	89,328		$	82,755
Amounts allocated to dilutive securities	2,219			2,753			7,929			7,483
Net income available for Common Shares – fully diluted	$	27,965		$	32,625		$	97,257		$	90,238
Denominator:
Weighted average Common Shares outstanding – basic	83,531			83,021			83,295			83,023
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	7,254			7,604			7,471			7,506
Stock options and restricted shares	743			634			705			620
Weighted average Common Shares outstanding – fully diluted	91,528			91,259			91,471			91,149

Earnings per Common Share – Basic:
Income (loss) from continuing operations	$	0.31		$	(0.10	)	$	1.07		$	0.46
Income from discontinued operations	—			0.46			—			0.54
Net income available for Common Shares	$	0.31		$	0.36		$	1.07		$	1.00

Earnings per Common Share – Fully Diluted:
Income (loss) from continuing operations	$	0.31		$	(0.10	)	$	1.06		$	0.46
Income from discontinued operations	—			0.46			—			0.53
Net income available for Common Shares	$	0.31		$	0.36		$	1.06		$	0.99

Investment in Real Estate Properties Disposed (Tables)

9 Months Ended

Sep. 30, 2013

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

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



	Quarter Ended			Nine Months Ended
	September 30, 2013			September 30, 2013
Community base rental home income	$	1,448		$	11,565
Rental income	328			1,948
Utility and other income	378			1,375
Discontinued property operating revenues	2,154			14,888
Property operating expenses	1,116			6,039
Income from discontinued property operations	1,038			8,849
Income (loss) from home sales operations	2			(77		)
Other income and expenses	37			334
Interest and amortization	(95		)	(355		)
Depreciation and in place lease amortization	—			(1,536		)
Discontinued operations, net	$	982		$	7,215

- 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 Real Estate Schedule of Identified Assets Acquired and Liabilities Assumed (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

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



	Nine Months Ended September 30, 2014		Year Ended December 31, 2013
Assets acquired
Land	$	43,761	$	41,022
Depreciable property	29,493		87,306
Manufactured homes	769		1,155
In-place leases	773		3,910
Net investment in real estate	74,796		133,393
Other Assets	1,197		1,025
Total Assets acquired	$	75,993	$	134,418

Liabilities assumed
Mortgage notes payable	14,230		5,382
Other liabilities	4,193		1,777
Total Liabilities assumed	18,423		7,159
Net assets acquired	$	57,570	$	127,259

Investment in Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Equity Method Investments [Table Text Block]



						Investment as of				JV Income for the Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2014		December 31, 2013		September 30, 2014		September 30, 2013
Meadows	Various (2,2)	1,077	50	%		$	1,999	$	1,679	$	1,703	$	856
Lakeshore	Florida (2,2)	342	65	%		21		145		1,288		203
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,166		7,074		724		720
Other	Various (0,0)	—	20	%	^(c)	—		—		25		(188		)
ECHO JV	Various (0,0)	—	50	%		6,228		2,685		28		33
		3,125				$	15,414	$	11,583	$	3,768	$	1,624

_____________________


(a)	The percentages shown approximate our economic interest as of September 30, 2014. Our legal ownership interest may differ.


(b)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility providing water to the Property.


(c)	During the quarter ended September 30, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.

Effect of Derivative Financial Instruments on Consolidated Statements of Income and Comprehensive Income schedule of derivative instruments in statement of financial position (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of derivative instruments in statement of financial position [Abstract]

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



	Balance Sheet Location	September 30, 2014		December 31, 2013
Interest Rate Swap	Escrow deposits, goodwill, and other assets, net	$	141	$	—
Interest Rate Swap	Accrued payroll and other operating expenses	$	—	$	927

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	September 30, 2014		September 30, 2013			September 30, 2014		September 30, 2013
Interest Rate Swap	$	233	$	106	Interest Expense	$	374	$	467



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	September 30, 2014		September 30, 2013			September 30, 2014		September 30, 2013
Interest Rate Swap	$	256	$	141	Interest Expense	$	1,324	$	1,374

Deferred Revenue-Right-to-use contracts and Deferred commission expense (Tables)

9 Months Ended

Sep. 30, 2014

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

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



	Nine Months Ended September 30,
	2014			2013
Deferred revenue – right-to-use contracts, as of January 1,	$	68,673		$	62,979
Deferral of new right-to-use contracts	9,956			9,899
Deferred revenue recognized	(5,653		)	(5,453		)
Net increase in deferred revenue	4,303			4,446
Deferred revenue – right-to-use contracts, as of September 30,	$	72,976		$	67,425

Deferred commission expense, as of January 1,	$	25,251		$	22,841
Costs deferred	4,734			3,757
Commission expense recognized	(2,100		)	(1,933		)
Net increase in deferred commission expense	2,634			1,824
Deferred commission expense, as of September 30,	$	27,885		$	24,665

Reportable Segments Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Segment Reporting Information by Segment [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables summarize our segment financial information for the quarters ended September 30, 2014 and 2013 (amounts in thousands):

Quarter Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	184,046		$	12,737		$	196,783
Operations expenses	(91,715		)	(10,498		)	(102,213		)
Income from segment operations	92,331			2,239			94,570
Interest income	696			1,185			1,881
Depreciation on real estate and rental homes	(25,010		)	(2,821		)	(27,831		)
Amortization of in-place leases	(1,075		)	—			(1,075		)
Income from operations	$	66,942		$	603		$	67,545
Reconciliation to Consolidated net income
Corporate interest income							21
Income from other investments, net							1,869
General and administrative							(7,623		)
Interest and related amortization							(27,864		)
Early debt retirement							(5,087		)
Property rights initiatives							(751		)
Equity in income of unconsolidated joint ventures							1,237
Gain on sale of property							929
Consolidated net income							$	30,276

Total assets	$	3,170,718		$	280,430		$	3,451,148

Quarter Ended September 30, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	174,657		$	9,224		$	183,881
Operations expenses	(86,579		)	(7,650		)	(94,229		)
Income from segment operations	88,078			1,574			89,652
Interest income	856			1,216			2,072
Depreciation on real estate and rental homes	(24,730		)	(1,730		)	(26,460		)
Amortization of in-place leases	(485		)	—			(485		)
Income from operations	$	63,719		$	1,060		$	64,779
Reconciliation to Consolidated net income
Corporate interest income							128
Income from other investments, net							1,885
General and administrative							(7,606		)
Interest and related amortization							(29,206		)
Early debt retirement							(36,530		)
Property rights initiatives							(521		)
Equity in income of unconsolidated joint ventures							439
Discontinued operations							982
Gain on sale of property, net of tax							40,586
Consolidated net income							$	34,936

Total assets	$	3,099,625		$	297,505		$	3,397,130

The following tables summarize our segment financial information for the nine months ended September 30, 2014 and 2013 (amounts in thousands):

Nine Months Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	540,859		$	32,558		$	573,417
Operations expenses	(261,188		)	(26,765		)	(287,953		)
Income from segment operations	279,671			5,793			285,464
Interest income	2,266			3,339			5,605
Depreciation on real estate and rental homes	(74,815		)	(8,419		)	(83,234		)
Amortization of in-place leases	(3,791		)	—			(3,791		)
Income from operations	$	203,331		$	713		$	204,044
Reconciliation to Consolidated net income
Corporate interest income							872
Income from other investments, net							6,098
General and administrative							(20,178		)
Early debt retirement							(5,087		)
Interest and related amortization							(84,177		)
Property rights initiatives							(2,063		)
Equity in income of unconsolidated joint ventures							3,768
Gain on sale of property							929
Consolidated net income							$	104,206

Total assets	$	3,170,718		$	280,430		$	3,451,148
Capital improvements	$	22,111		$	19,534		$	41,645

Nine Months Ended September 30, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	512,587		$	23,744		$	536,331
Operations expenses	(249,148		)	(18,688		)	(267,836		)
Income from segment operations	263,439			5,056			268,495
Interest income	2,589			3,220			5,809
Depreciation on real estate and rental homes	(76,704		)	(5,089		)	(81,793		)
Amortization of in-place leases	(803		)	—			(803		)
Income from operations	$	188,521		$	3,187		$	191,708
Reconciliation to Consolidated net income
Corporate interest income							364
Income from other investments, net							5,989
General and administrative							(21,261		)
Interest and related amortization							(89,706		)
Early debt retirement							(37,911		)
Property rights initiatives							(2,377		)
Equity in income of unconsolidated joint ventures							1,624
Discontinued operations							7,215
Gain on sale of property, net of tax							41,544
Consolidated net income							$	97,189

Total assets	$	3,099,625		$	297,505		$	3,397,130
Capital improvements	$	17,787		$	30,784		$	48,571

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]



	Quarters Ended						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
Revenues:
Community base rental income	$	106,967		$	103,157		$	319,514		$	305,401
Resort base rental income	44,351			39,932			126,188			113,868
Right-to-use annual payments	11,404			12,323			33,859			35,889
Right-to-use contracts current period, gross	3,944			3,707			9,956			9,899
Right-to-use contracts current period, deferred	(1,989		)	(1,856		)	(4,303		)	(4,446		)
Utility income and other	18,581			16,224			53,070			48,694
Ancillary services revenues, net	788			1,170			2,575			3,282
Total property operations revenues	184,046			174,657			540,859			512,587
Expenses:
Property operating and maintenance	66,105			61,782			186,018			175,183
Real estate taxes	12,263			11,584			36,905			35,873
Sales and marketing, gross	3,018			3,842			8,118			9,536
Sales and marketing deferred commissions, net	(757		)	(706		)	(2,022		)	(1,824		)
Property management	11,086			10,077			32,169			30,380
Total property operations expenses	91,715			86,579			261,188			249,148
Income from property operations segment	$	92,331		$	88,078		$	279,671		$	263,439



	Quarters Ended				Nine Months Ended
	September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
Revenues:
Gross revenue from home sales	$	8,717	$	5,415	$	20,455	$	12,328
Brokered resale revenues, net	336		225		916		840
Rental home income ^(a)	3,684		3,584		11,187		10,576
Total revenues	12,737		9,224		32,558		23,744
Expenses:
Cost of home sales	8,156		5,137		19,679		11,837
Home selling expenses	513		563		1,710		1,544
Rental home operating and maintenance	1,829		1,950		5,376		5,307
Total expenses	10,498		7,650		26,765		18,688
Income from home sales and rentals operations segment	$	2,239	$	1,574	$	5,793	$	5,056

______________________


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

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Year One	$ 349		$ 349
Intangible assets and goodwill	12,100		12,100		$ 12,100
Intangible assets	4,300		4,300		4,300
Goodwill	7,800		7,800		7,800
Accumulated amortization of identified intangible assets	2,100		2,100		1,900
Amortization expense for identified intangible assets			3,791	$ 803
Cash and cash equivalents, restricted cash	5,000		5,000		5,200
Accumulated amortization for deferred financing costs	28,800		28,800		25,400
Finite-Lived Intangible Assets, Amortization Expense, Year Two	251		251
Finite-Lived Intangible Assets, Amortization Expense, Year Three	87		87
Finite-Lived Intangible Assets, Amortization Expense, Year Four	87		87
Finite-Lived Intangible Assets, Amortization Expense, Year Five	87		87
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,300,000		2,300,000		$ 2,200,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization expense for identified intangible assets	$ 100	$ 100	$ 300	$ 300
New Manufactured Home [Member]
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			25 years
Minimum [Member] \| Used Manufactured Home [Member]
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			10 years
Maximum [Member] \| Used Manufactured Home [Member]
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			25 years

Estimated Amortization of Identified Intangible Assets for Next Five Years (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Expected Amortization Expense [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Year One	$ 349
Finite-Lived Intangible Assets, Amortization Expense, Year Two	251
Finite-Lived Intangible Assets, Amortization Expense, Year Three	87
Finite-Lived Intangible Assets, Amortization Expense, Year Four	87
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 87

Earnings Per Common Share Calculation of numerator and denominator in eps table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerators:
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ 30,276	$ (6,632)	$ 104,206	$ 48,430
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	(2,219)	(2,753)	(7,929)	(7,483)
Net income (loss) available for Common Shares – basic	25,746	29,872	89,328	82,755
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	38,060	0	44,661
Net Income Available for Common Shares – Fully Diluted:
Amounts allocated to dilutive securities	2,219	2,753	7,929	7,483
Net income (loss) available for Common Shares – fully diluted	$ 27,965	$ 32,625	$ 97,257	$ 90,238
Denominator:
Weighted average Common Shares outstanding – basic	83,531	83,021	83,295	83,023
Effect of dilutive securities:
Employee stock options and restricted shares	743	634	705	620
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock	7,254	7,604	7,471	7,506
Weighted average Common Shares outstanding - fully diluted	91,528	91,259	91,471	91,149
Earnings per Common Share - Basic:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.31	$ (0.10)	$ 1.07	$ 0.46
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.00	0.46	0.00	0.54
Net income available for Common Shares	0.31	0.36	1.07	1.00
Earnings Per Share, Diluted [Abstract]
Income (Loss) from Continuing Operations, Per Diluted Share	0.31	(0.10)	1.06	0.46
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.00	0.46	0.00	0.53
Net income available for Common Shares	$ 0.31	$ 0.36	$ 1.06	$ 0.99
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Numerators:
Redeemable Preferred Stock Dividends	$ (2,311)	$ (2,311)	$ (6,949)	$ (6,951)
Segment, Continuing Operations [Member]
Numerators:
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	(2,219)	755	(7,929)	(3,385)
Net income (loss) available for Common Shares – basic	25,746	(8,188)	89,328	38,094
Net Income Available for Common Shares – Fully Diluted:
Amounts allocated to dilutive securities	2,219	(755)	7,929	3,385
Net income (loss) available for Common Shares – fully diluted	$ 27,965	$ (8,943)	$ 97,257	$ 41,479

Common Stock and Other Equity Related Transactions - Additional Information (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
Class of Stock [Line Items]
Dividends Payable, Date to be Paid	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.421875	$ 0.421875	$ 0.421875
Dividends Payable, Date of Record	Sep. 19, 2014	Jun. 20, 2014	Mar. 21, 2014
Common Stock
Class of Stock [Line Items]
Dividends Payable, Date to be Paid	Oct. 10, 2014	Jul. 11, 2014	Apr. 11, 2014
Common Stock, Dividends, Per Share, Cash Paid	$ 0.325	$ 0.325	$ 0.325
Dividends Payable, Date of Record	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014

Investment in Real Estate - Additional Information (Detail) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 17, 2014 USD ($)	Jan. 31, 2014 integer	Aug. 30, 2013 USD ($) integer shares	Sep. 30, 2014 USD ($) site	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) site	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($) Property site	Oct. 01, 2014 USD ($) site	Sep. 29, 2014 site	Sep. 26, 2014 site	Mar. 31, 2014 USD ($)	Mar. 10, 2014 USD ($) shares	Jan. 24, 2014 site	Jan. 07, 2014 site	Dec. 17, 2013	Sep. 16, 2013 USD ($)	Aug. 01, 2013 USD ($) integer	May 08, 2013 USD ($)
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				$ 74,796		$ 74,796		$ 133,393
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other				1,197		1,197		1,025
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax				0	$ 40,586	0	$ 41,544
Escrow Share Distribution \| shares													51,290
Community Base Rental Income				106,967	103,157	319,514	305,401
Rental Home Income				3,684	3,584	11,187	10,576
Utility And Other Income				18,581	16,224	53,070	48,694
Disposal Group, Including Discontinued Operation, Revenue					2,154		14,888
Disposal Group, Including Discontinued Operation, Operating Expense					1,116		6,039
Disposal Group, Including Discontinued Operation, Operating Income (Loss)					1,038		8,849
Disposal Group Including Discontinued Operation Other Income and Expenses					37		334
Disposal Group, Including Discontinued Operation, Interest Expense					(95)		(355)
Disposal Group, Including Discontinued Operation, Depreciation and Amortization					0		(1,536)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				75,993		75,993		134,418
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities				14,230		14,230		5,382
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities				4,193		4,193		1,777
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				18,423		18,423		7,159
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				57,570		57,570		127,259
Units Issued During Period, Value, Acquisition			$ 9,700
Units Issued During Period, Shares, Acquisition \| shares			240,969
Gain (Loss) on Condemnation	$ 900			929	0	929	0
Proceeds from Condemnation	$ 2,100
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest				$ 0	41,568	$ 0	48,759
Purchase Price Allocation Adjustments
Business Acquisition Purchase Price Allocation Assets [Abstract]
Asset acquisition price adjustments period						1 year
Cascade [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax								$ 1,000
Segment, Discontinued Operations [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Community Base Rental Income					1,448		11,565
Rental Home Income					328		1,948
Utility And Other Income					378		1,375
Gains (Losses) on Sales of Other Real Estate					2		(77)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest					$ 982		$ 7,215
R V Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number of RV Resorts Acquired \| integer		2
Number Of Acquired Sites																	324
Business Acquisition, Purchase Price																	$ 24,600
R V Resort [Member] \| Blackhawk Camping Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites \| site															490
R V Resort [Member] \| Lakeland Camping Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites \| site														682
R V Resort [Member] \| Neshonoc Lakeside [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites																284
R V Resort [Member] \| Diversified Portfolio [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Acquisition, Purchase Price												$ 31,800
R V Resort [Member] \| Pine Acres Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites \| site											421
R V Resort [Member] \| Echo Farm Campground [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites \| site										237
R V Resort [Member] \| Mays Landing Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites \| site				168		168
R V Resort [Member] \| Auction Properties [Domain]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Acquisition, Purchase Price				$ 11,800		$ 11,800
R V Resort [Member] \| Subsequent Event [Member] \| Space Coast RV Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Acquired Sites \| site									270
Business Acquisition, Purchase Price									$ 6,100
Manufactured Home [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Number Of Properties Disposed \| Property								11
Number of Sites Disposed \| site								5,344
Purchase Price For Disposed Properties																			$ 165,000
Number Of Acquired Sites \| integer																		1,207
Business Acquisition, Purchase Price																		$ 102,000
Number of manufactured home communities acquired \| integer			3
Manufactured Home [Member] \| Colony Cove [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Acquisition, Purchase Price													$ 35,900
Leases, Acquired-in-Place [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				773		773		$ 3,910
Manufactured Home [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				769		769		1,155
Depreciable Assets [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				29,493		29,493		87,306
Land [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				43,761		43,761		$ 41,022
New Credit Facilities [Member] \| R V Resort [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				13,300		13,300
Debt Instrument, Unamortized Discount (Premium), Net				$ 1,000		$ 1,000
New Credit Facilities [Member] \| R V Resort [Member] \| Diversified Portfolio [Member]
Business Acquisition Purchase Price Allocation Assets [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt												18,700
Debt Instrument, Unamortized Discount (Premium), Net												$ 1,300

Investment in Joint Ventures - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014 USD ($) site	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) site	Sep. 30, 2013 USD ($)	Jul. 14, 2014	Dec. 31, 2013 USD ($)	Sep. 16, 2013 USD ($)	Apr. 19, 2013 USD ($)
Schedule of Equity Method Investments [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 0	$ 40,586	$ 0	$ 41,544
Equity income from unconsolidated joint ventures	$ 1,237	$ 439	3,768	1,624
Adjustment Depreciation			700	700
Distributions from Unconsolidated Joint Ventures, net			3,300
Proceeds from Equity Method Investment, Dividends or Distributions			2,869	1,251
Unconsolidated Joint Venture Distribution in Excess of Basis			$ 2,000
Number Of Joint Venture Sites \| site	3,125		3,125
Proceeds from Sale of Equity Method Investments	$ 100
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 15,414		$ 15,414			$ 11,583
Arizona \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures			$ 724	720
Number Of Joint Venture Sites \| site	1,706		1,706
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 7,166		$ 7,166			7,074
Other Regions [Member] \| ECHO Financing [Member]
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures			$ 28	33
Number Of Joint Venture Sites \| site	0		0
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 6,228		$ 6,228			2,685		$ 1,000
Other Regions [Member] \| Meadows Investments
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures			$ 1,703	856
Number Of Joint Venture Sites \| site	1,077		1,077
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 1,999		$ 1,999			1,679
Other Regions [Member] \| Other Investments
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures			$ 25	(188)
Number Of Joint Venture Sites \| site	0		0
Equity Method Investment, Ownership Percentage	20.00%		20.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 0		$ 0			0
Florida \| Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Equity income from unconsolidated joint ventures			$ 1,288	$ 203
Number Of Joint Venture Sites \| site	342		342
Equity Method Investment, Ownership Percentage	65.00%		65.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 21		$ 21			$ 145
Servicing Assets \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	33.00%		33.00%
Recreational Vehicle Resort [Member] \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Other Regions [Member] \| Other Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					20.00%
R V Resort [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Purchase Price							$ 24,600
R V Resort [Member] \| Auction Properties [Domain]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Purchase Price	$ 11,800		$ 11,800

Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Net	$ 19.6	$ 21.9
Proceeds from Collection of Loans Receivable	1.0
Contract receivables	$ 18.4	17.2
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables Weighted Average Remaining Amortization Period	4 years
Provision for uncollectible receivable	$ 0.3	0.6
Contracts Receivable, yield interest at a stated per annum average	16.00%
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, stated interest yield per annum	7.80%
Notes Receivable Yield Rate	22.80%
Receivables Weighted Average Remaining Amortization Period	12 years
Notes receivable, allowance	$ 0.4	$ 0.4

Borrowing Arrangements - Additional Information (Detail) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 02, 2014 USD ($)	Sep. 30, 2014 USD ($) Property Rate	Sep. 30, 2014 USD ($) Property Rate	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($) Property Rate
Debt Instrument [Line Items]
Unsecured Debt \| $		$ 200,000	$ 200,000		$ 200,000
Mortgage notes payable \| $		$ 2,005,942	$ 2,005,942		$ 1,992,368
Debt, Weighted Average Interest Rate		5.20%	5.20%
Payments of Debt Extinguishment Costs \| $	$ 5,100
Debt, minimum interest rate			3.90%
Debt, maximum interest rate			8.90%
Proceeds from Issuance of Long-term Debt \| $			$ 169,000	$ 347,060
Number of pledge properties \| Property		137	137		147
Carrying values of properties encumbered \| $		$ 2,315,000	$ 2,315,000		$ 2,378,000
Old Credit Facilities [Member]
Debt Instrument [Line Items]
Unsecured Debt \| $					200,000
Number of pledge properties \| Property		16	16
Repayments of Long-term Debt \| $			$ 86,300
Debt Instrument, Interest Rate, Stated Percentage		5.57%	5.57%
Lines of credit, borrowing capacity \| $					$ 380,000
Lines of credit, maturity date					Sep. 15, 2016
Lines of credit, extension option					1 year
New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate		4.54%	4.54%
Proceeds from Issuance of Long-term Debt \| $	115,000		$ 54,000
Number of pledge properties \| Property		4	4
Debt Instrument, Interest Rate, Stated Percentage		4.64%	4.64%
Amended Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Lines of credit, borrowing capacity \| $		$ 400,000	$ 400,000
Line of Credit Facility, Additional Borrowing Capacity \| $		$ 100,000	$ 100,000
Lines of credit, maturity date			Jul. 17, 2018
Line of Credit Facility, Commitment Fee Amount \| $			$ 3,500
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year			2015
Minimum [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR					1.40%
Line of credit, facility rate					0.25%
Minimum [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year			2034
Minimum [Member] \| Amended Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR			1.20%
Line of credit, facility rate			0.20%
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year			2039
Maximum [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR					2.00%
Line of credit, facility rate					0.40%
Maximum [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year			2038
Debt Instrument, Term			25 years
Maximum [Member] \| Amended Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR			1.65%
Line of credit, facility rate			0.35%
Term Loans \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date					Jun. 30, 2017
Derivative, Fixed Interest Rate					1.11%
Derivative, Maturity Years					3 years
Term Loans \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jan. 10, 2020
Derivative, Fixed Interest Rate		1.04%	1.04%
Derivative, Basis Spread on Variable Rate		1.35%	1.35%
Debt Instrument, Interest Rate at Period End		2.39%	2.39%
Term Loans \| Minimum [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR					1.85%
Term Loans \| Minimum [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR		1.35%
Term Loans \| Maximum [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR					2.80%
Term Loans \| Maximum [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate based on margin over LIBOR		1.95%
R V Resort [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Number of pledge properties \| Property		2	2
Debt Instrument, Interest Rate, Stated Percentage		6.48%	6.48%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt \| $		$ 13,300	$ 13,300
Debt Instrument, Unamortized Discount (Premium), Net \| $		$ 1,000	$ 1,000
R V Resort [Member] \| Minimum [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year			2017
R V Resort [Member] \| Maximum [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Year			2018
Manufactured Home [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt \| $	$ 53,800
Manufactured Home [Member] \| Old Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.65%	4.65%
Manufactured Home [Member] \| New Credit Facilities [Member]
Debt Instrument [Line Items]
Number of pledge properties \| Property		2	2
New policy [Member] \| Term Loans
Debt Instrument [Line Items]
Derivative, Maturity Years			3 years

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Derivative [Line Items]
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion	$ 233	$ 106	$ 256	$ 141
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net			1,600
Other Intangible Assets [Member]
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	141		141		$ 0
Accrued Liabilities [Member]
Derivative [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	$ 0		$ 0		$ 927
Old Credit Facilities [Member]
Derivative [Line Items]
Derivative, Maturity Date					Jul. 01, 2014
Old Credit Facilities [Member] \| Term Loans
Derivative [Line Items]
Derivative, Fixed Interest Rate					1.11%
Derivative, Maturity Years					3 years
New Credit Facilities [Member]
Derivative [Line Items]
Derivative, Maturity Date			Aug. 01, 2017
New Credit Facilities [Member] \| Term Loans
Derivative [Line Items]
Derivative, Fixed Interest Rate	1.04%		1.04%
Derivative, Basis Spread on Variable Rate	1.35%		1.35%
Debt Instrument, Interest Rate at Period End	2.39%		2.39%
New policy [Member] \| Term Loans
Derivative [Line Items]
Derivative, Maturity Years			3 years

Effect of Derivative Financial Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative [Line Items]
Amount of loss recognized in OCI on derivative (effective portion)	$ 233	$ 106	$ 256	$ 141
Derivatives in Cash Flow Hedging Relationships \| Interest Expense [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 374	$ 467	$ 1,324	$ 1,374

Deferred Revenue-Right-to-use contracts and Deferred commission expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Deferred Revenue Arrangement [Line Items]
Deferred revenue - right-to-use contracts, as of January 1			$ 68,673	$ 62,979
Right-to-use contracts current period, gross	$ 3,944	$ 3,707	9,956	9,899
Recognition of Deferred Revenue			(5,653)	(5,453)
Deferred Revenue, Period Increase (Decrease)			4,303	4,446
Deferred revenue - right-to-use contracts, as of June 30	72,976	67,425	72,976	67,425
Deferred commission expense, as of January 1			25,251	22,841
Increase (Decrease) in Deferred Charges			4,734	3,757
Commission expense recognized related to right-to-use contracts			(2,100)	(1,933)
Sales And Marketing Deferred Commissions Net			2,634	1,824
Deferred commission expense, as of June 30	$ 27,885	$ 24,665	$ 27,885	$ 24,665
Deferred Revenue Estimated Period Of Recognition			31 years

Stock Option Plan and Stock Grants - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2014	May 13, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of stock-related compensation			$ 2,600	$ 1,600	$ 4,998	$ 4,332
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance			3,750,000		3,750,000
Management [Member]
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 will vest on December 31, 2014.
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 vests on each of December 31, 2014, December 31, 2015, and December 31, 2016.	One-third of the shares of restricted common stock covered by these awards vests on each of November 13, 2014, May 13, 2015, and May 13, 2016.
Restricted Stock [Member] \| Management [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	84,666
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued	$ 3,600
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vesting Date	Dec. 31, 2014
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	62,000	40,000
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued	$ 2,600	$ 1,700
Restricted Stock [Member] \| Director [Member] \| Phase One [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 Vesting Date	Dec. 31, 2014	Nov. 13, 2014
Restricted Stock [Member] \| Director [Member] \| Phase Two [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 Vesting Date	Dec. 31, 2015	May 13, 2015
Restricted Stock [Member] \| Director [Member] \| Phase Three [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 Vesting Date	Dec. 31, 2016	May 13, 2016

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Accrued Long Term Incentive Plan Compensation	$ 1,425	$ 1,431
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent	3,300
Long Term Incentive Plan Twenty Thirteen [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated Payments For Employee Long Term Incentive Plan	$ 5,800

Commitments and Contingencies - Additional Information (Detail)		1 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Apr. 15, 2014 USD ($)	Aug. 30, 2013 USD ($)	Jul. 31, 2013 USD ($)	Apr. 30, 2013 USD ($)	Jun. 30, 2009 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) integer	Dec. 31, 2013 USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss						zero and approximately $111.1 million based on all of the facts presented. At this time, we cannot determine that any amount within the range is a better estimate and therefore we conclude that we should accrue the minimum of zero
Attorney Fees [Member] \| California Rent Control Litigation
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed					$ 2,100,000
Expiration period of Ordinance from June 30, 2009 date of judgment					10 years
San Rafael [Member]
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed			$ 1,270,000
Loss award claimed by plaintiffs									$ 1,400,000
San Rafael [Member] \| Attorney Fees [Member]
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed		$ 80,000		$ 1,250,000
Colony Park [Member]
Loss Contingencies [Line Items]
Loss award claimed by plaintiffs								$ 6,800,000
Number of plaintiff								72
Number of plaintiff the jury rendered verdicts								6
Number of plaintiffs dismissed \| integer								66
Loss Contingency Claims Dismissed And Not Appealed Number								3
Colony Park [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Loss awarded to plaintiffs								$ 44,000
Colony Park [Member] \| Attorney Fees [Member]
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed							$ 2,000,000
Compensatory Damages [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 15,300,000
Punitive Damages [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 95,800,000
California Hawaiian [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Minimum						$ 0
Loss Contingency, Range of Possible Loss, Maximum						111,100,000
Loss Contingency Accrual						$ 0

Reportable Segments - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 17, 2014 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) integer	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Disclosure [Line Items]
Total property operations expenses		$ 172,444	$ 195,037	$ 486,483	$ 501,687
Revenue for Reportable Segment		196,783	183,881	573,417	536,331
Operating Costs and Expenses		102,213	94,229	287,953	267,836
Operating Income Loss Before Depreciation And Other		94,570	89,652	285,464	268,495
Interest Income		1,881	2,072	5,605	5,809
Real Estate Depreciation Expense and Rental Homes		(27,831)	(26,460)	(83,234)	(81,793)
Amortization of Intangible Assets for Continuing Operations		(1,075)	(485)	(3,791)	(803)
Operating Income (Loss)		67,545	64,779	$ 204,044	191,708
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Major customers description				All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters or nine months ended September 30, 2014 or 2013.
Corporate Interest Income		21	128	$ 872	364
Income from other investments, net		1,869	1,885	6,098	5,989
General and Administrative Expense		(7,623)	(7,606)	(20,178)	(21,261)
Interest Expense, Debt		(27,864)	(29,206)	(84,177)	(89,706)
Extinguishment of Debt, Amount		(5,087)	(36,530)	(5,087)	(37,911)
Rent Control Initiatives Expenses and Other		(751)	(521)	(2,063)	(2,377)
Equity income from unconsolidated joint ventures		1,237	439	3,768	1,624
Gain (Loss) on Condemnation	$ 900	929	0	929	0
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax		0	982	0	7,215
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		0	40,586	0	41,544
Consolidated net income		30,276	34,936	104,206	97,189
Total Assets		3,451,148	3,397,130	3,451,148	3,397,130	$ 3,392,309
Capital improvements				$ 41,645	48,571
Maximum [Member]
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Number of reportable segments \| integer				2
Property Operations Segment [Member]
Segment Reporting Disclosure [Line Items]
Total property operations expenses		91,715	86,579	$ 261,188	249,148
Revenue for Reportable Segment		184,046	174,657	540,859	512,587
Operating Costs and Expenses		91,715	86,579	261,188	249,148
Operating Income Loss Before Depreciation And Other		92,331	88,078	279,671	263,439
Interest Income		696	856	2,266	2,589
Real Estate Depreciation Expense and Rental Homes		(25,010)	(24,730)	(74,815)	(76,704)
Amortization of Intangible Assets for Continuing Operations		(1,075)	(485)	(3,791)	(803)
Operating Income (Loss)		66,942	63,719	203,331	188,521
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Total Assets		3,170,718	3,099,625	3,170,718	3,099,625
Capital improvements				22,111	17,787
Home Sales And Rentals [Member]
Segment Reporting Disclosure [Line Items]
Total property operations expenses		10,498	7,650	26,765	18,688
Revenue for Reportable Segment		12,737	9,224	32,558	23,744
Operating Costs and Expenses		10,498	7,650	26,765	18,688
Operating Income Loss Before Depreciation And Other		2,239	1,574	5,793	5,056
Interest Income		1,185	1,216	3,339	3,220
Real Estate Depreciation Expense and Rental Homes		(2,821)	(1,730)	(8,419)	(5,089)
Amortization of Intangible Assets for Continuing Operations		0	0	0	0
Operating Income (Loss)		603	1,060	713	3,187
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Total Assets		$ 280,430	$ 297,505	280,430	297,505
Capital improvements				$ 19,534	$ 30,784

Financial Information for Operation Segments (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 17, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Gain (Loss) on Condemnation	$ 900	$ 929	$ 0	$ 929	$ 0
Extinguishment of Debt, Amount		5,087	36,530	5,087	37,911
Assets		3,451,148	3,397,130	3,451,148	3,397,130	$ 3,392,309
Capital improvements				41,645	48,571
Revenues:
Community base rental income		106,967	103,157	319,514	305,401
Resort base rental income		44,351	39,932	126,188	113,868
Right-to-use annual payments		11,404	12,323	33,859	35,889
Right-to-use contracts current period, gross		3,944	3,707	9,956	9,899
Right-to-use contracts current period, deferred		(1,989)	(1,856)	(4,303)	(4,446)
Utility And Other Income		18,581	16,224	53,070	48,694
Gross revenue from home sales		8,717	5,415	20,455	12,328
Brokered resale revenues, net		1,124	1,395	3,491	4,122
Rental home income		3,684	3,584	11,187	10,576
Total revenues		200,554	187,966	585,992	548,493
Expenses:
Property operating and maintenance		66,105	61,782	186,018	175,183
Real estate taxes		12,263	11,584	36,905	35,873
Sales and marketing, gross		3,018	3,842	8,118	9,536
Sales and marketing, deferred commissions, net		(757)	(706)	(2,022)	(1,824)
Property management		11,086	10,077	32,169	30,380
Cost of home sales		8,156	5,137	19,679	11,837
Home selling expenses		513	563	1,710	1,544
Rental home operating and maintenance		1,829	1,950	5,376	5,307
Income from operations		28,110	(7,071)	99,509	46,806
Property Operations Segment [Member]
Segment Reporting Information [Line Items]
Assets		3,170,718	3,099,625	3,170,718	3,099,625
Capital improvements				22,111	17,787
Revenues:
Community base rental income		106,967	103,157	319,514	305,401
Resort base rental income		44,351	39,932	126,188	113,868
Right-to-use annual payments		11,404	12,323	33,859	35,889
Right-to-use contracts current period, gross		3,944	3,707	9,956	9,899
Right-to-use contracts current period, deferred		(1,989)	(1,856)	(4,303)	(4,446)
Utility And Other Income		18,581	16,224	53,070	48,694
Ancillary services revenues, net		788	1,170	2,575	3,282
Total revenues		184,046	174,657	540,859	512,587
Expenses:
Property operating and maintenance		66,105	61,782	186,018	175,183
Real estate taxes		12,263	11,584	36,905	35,873
Sales and marketing, gross		3,018	3,842	8,118	9,536
Sales and marketing, deferred commissions, net		(757)	(706)	(2,022)	(1,824)
Property management		11,086	10,077	32,169	30,380
Income from operations		92,331	88,078	279,671	263,439
Home Sales and Rentals Operations segment
Segment Reporting Information [Line Items]
Assets		280,430	297,505	280,430	297,505
Capital improvements				19,534	30,784
Revenues:
Gross revenue from home sales		8,717	5,415	20,455	12,328
Brokered resale revenues, net		336	225	916	840
Rental home income		3,684	3,584	11,187	10,576
Total revenues		12,737	9,224	32,558	23,744
Expenses:
Cost of home sales		8,156	5,137	19,679	11,837
Home selling expenses		513	563	1,710	1,544
Rental home operating and maintenance		1,829	1,950	5,376	5,307
Income from operations		$ 2,239	$ 1,574	$ 5,793	$ 5,056