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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 26, 2015
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
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		84,298,493

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment in real estate:
Land	$ 1,101,685	$ 1,091,550
Land improvements	2,773,269	2,734,304
Buildings and other depreciable property	584,132	562,059
Investment in real estate	4,459,086	4,387,913
Accumulated depreciation	(1,254,085)	(1,169,492)
Net investment in real estate	3,205,001	3,218,421
Cash	89,395	73,714
Notes receivable, net	36,334	37,137
Investment in unconsolidated joint ventures	17,554	13,512
Deferred financing costs, net	24,263	21,833
Deferred commission expense	30,781	28,589
Escrow deposits, goodwill, and other assets, net	40,062	53,133
Total Assets	3,443,390	3,446,339
Liabilities:
Mortgage notes payable	1,956,246	2,012,246
Term loan	200,000	200,000
Unsecured lines of credit	0	0
Accrued expenses and accounts payable	96,900	64,520
Deferred revenue – upfront payments from right-to-use contracts	78,103	74,174
Deferred revenue – right-to-use annual payments	10,860	9,790
Accrued interest payable	8,579	9,496
Rents and other customer payments received in advance and security deposits	69,212	67,463
Distributions payable	34,314	29,623
Total Liabilities	2,454,214	2,467,312
Stockholders’ Equity:
Preferred stock value	0	0
Common stock, $0.01 par value	843	838
Paid-in capital	1,039,842	1,029,601
Distributions in excess of accumulated earnings	(253,396)	(254,209)
Accumulated other comprehensive loss	(1,612)	(381)
Total Stockholders’ Equity	921,821	911,993
Non-controlling interests – Common OP Units	67,355	67,034
Total Equity	989,176	979,027
Total Liabilities and Equity	3,443,390	3,446,339
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders’ Equity:
Preferred stock value	$ 136,144	$ 136,144

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	9,945,539	9,765,900
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	84,296,350	83,879,779
Common Stock, Shares, Outstanding	84,296,350	83,879,779
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Preferred Stock, Par or Stated Value Per Share (usd 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 6% Non-Qualified Preferred Stock
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	0	179,639
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Community base rental income	$ 110,908	$ 106,967	$ 330,251	$ 319,514
Rental home income	3,413	3,684	10,526	11,187
Resort base rental income	49,765	44,351	142,837	126,188
Right-to-use annual payments	11,334	11,404	33,260	33,859
Right-to-use contracts current period, gross	3,889	4,168	10,264	10,512
Right-to-use contract upfront payments, deferred, net	(1,701)	(1,989)	(3,929)	(4,303)
Utility and other income	20,027	18,581	58,010	53,070
Gross revenues from home sales	7,878	8,717	24,341	20,455
Brokered resale revenues and ancillary services revenues, net	1,051	1,124	4,045	3,491
Interest income	1,758	1,902	5,314	6,477
Income from other investments, net	1,822	1,869	5,119	6,098
Total revenues	210,144	200,778	620,038	586,548
Expenses:
Property operating and maintenance	69,227	66,105	194,522	186,018
Rental home operating and maintenance	1,874	1,829	5,232	5,376
Real estate taxes	12,923	12,263	38,169	36,905
Sales and marketing, gross	3,105	3,242	9,139	8,674
Right-to-use contract commissions, deferred, net	(464)	(757)	(1,471)	(2,022)
Property management	11,361	11,086	33,750	32,169
Depreciation on real estate assets and rental homes	28,410	27,831	84,861	83,234
Amortization of in-place leases	616	1,075	1,950	3,791
Cost of home sales	7,868	8,156	23,685	19,679
Home selling expenses	861	513	2,386	1,710
General and administrative	7,225	7,623	22,172	20,178
Property rights initiatives and other	687	751	1,934	2,063
Early debt retirement	0	5,087	16,922	5,087
Interest and related amortization	26,227	27,864	79,648	84,177
Total expenses	169,920	172,668	512,899	487,039
Income before equity in income of unconsolidated joint ventures and gain on sale of property	40,224	28,110	107,139	99,509
Equity in income of unconsolidated joint ventures	1,882	1,237	3,606	3,768
Gain (Loss) on Condemnation	0	929	0	929
Income allocated to non-controlling interests – Common OP Units	(3,136)	(2,219)	(8,191)	(7,929)
Net income available for Common Shares	36,673	25,746	95,644	89,328
Consolidated net income	42,106	30,276	110,745	104,206
Other comprehensive (loss) income (“OCI”):
Adjustment for fair market value of swap	(578)	141	(1,231)	1,068
Consolidated comprehensive income	41,528	30,417	109,514	105,274
Comprehensive income attributable to Common Stockholders	$ 36,141	$ 25,876	$ 94,511	$ 90,309
Earnings per Common Share – Basic:
Net income available for Common Shares (usd per share)	$ 0.44	$ 0.31	$ 1.14	$ 1.07
Earnings per Common Share - Fully Diluted:
Net income available for Common Shares (usd per share)	0.43	0.31	1.13	1.06
Distributions declared per Common Share outstanding (usd per share)	$ 0.375	$ 0.325	$ 1.125	$ 0.975
Weighted average Common Shares outstanding – basic (shares)	84,057	83,531	84,016	83,295
Weighted average Common Shares outstanding – fully diluted (shares)	91,940	91,528	91,877	91,471
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Other comprehensive (loss) income (“OCI”):
Series C Redeemable Perpetual Preferred Stock Dividends	$ (2,297)	$ (2,311)	$ (6,910)	$ (6,949)
Non- controlling interests – Common OP Units
Other comprehensive (loss) income (“OCI”):
Comprehensive income allocated to non-controlling interests – Common OP Units	$ (3,090)	$ (2,230)	$ (8,093)	$ (8,016)

Consolidated Statements of Changes In Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	6.75% Series C Cumulative Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Non- controlling interests – Common OP Units	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2014	$ 979,027	$ 838	$ 1,029,601	$ 136,144	$ (254,209)	$ 67,034	$ (381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common stock	0	0	220	0	0	(220)	0
Issuance of Common Stock through exercise of options	3,816	2	3,814	0	0	0	0
Issuance of Common Stock through employee stock purchase plan	882	0	882	0	0	0	0
Compensation expenses related to restricted stock	6,268	0	6,268	0	0	0	0
Stock Repurchased During Period, Value	(73)	0	(73)	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	(469)	0	0	469	0
Adjustment for fair market value of swap	(1,231)	0	0	0	0	0	(1,231)
Net income	110,745	0	0	6,910	95,644	8,191	0
Distributions	(109,834)	0	0	(6,910)	(94,805)	(8,119)	0
Adjustments to Additional Paid in Capital, Other		3			(26)
Other	(424)		(401)	0		0	0
Balance at Sep. 30, 2015	$ 989,176	$ 843	$ 1,039,842	$ 136,144	$ (253,396)	$ 67,355	$ (1,612)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Consolidated net income	$ 110,745	$ 104,206
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain (Loss) on Condemnation	0	(929)
Early debt retirement	16,922	5,087
Depreciation	85,674	83,821
Amortization of in-place leases	1,950	3,791
Amortization of loan costs	3,164	3,655
Debt premium amortization	(2,983)	(3,956)
Equity in income of unconsolidated joint ventures	(3,606)	(3,768)
Distributions of income from unconsolidated joint ventures	3,331	2,869
Amortization of stock-related compensation	6,268	4,998
Revenue recognized from right-to-use contract upfront payments	(6,335)	(6,209)
Commission expense recognized related to right-to-use contracts	2,629	2,100
Long term incentive plan compensation	955	1,425
Recovery of uncollectible rents receivable	(374)	(219)
Changes in assets and liabilities:
Notes receivable activity, net	21	(1,345)
Deferred commission expense	(4,821)	(4,734)
Escrow deposits, goodwill and other assets	34,494	13,362
Accrued expenses and accounts payable	26,308	15,436
Deferred revenue – upfront payments from right-to-use contracts	10,264	10,512
Deferred revenue – right-to-use annual payments	1,070	(374)
Rents received in advance and security deposits	1,543	(1,386)
Net cash provided by operating activities	287,219	228,342
Cash Flows From Investing Activities:
Real estate acquisition	(23,687)	(54,645)
Proceeds from Sale of Real Estate	0	2,102
Tax-deferred exchange deposit	0	10,576
Investment in unconsolidated joint ventures	(4,000)	(3,489)
Distributions of capital from unconsolidated joint ventures	80	411
Repayments of notes receivable	7,896	12,524
Issuance of notes receivable	(7,711)	(7,266)
Capital improvements	(67,838)	(41,645)
Net cash used in investing activities	(95,260)	(81,432)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	4,625	896
Distributions:
Common Stockholders	(90,466)	(75,077)
Common OP Unitholders	(7,767)	(6,772)
Preferred Stockholders	(6,910)	(6,949)
Principal payments and mortgage debt payoff	(446,661)	(165,578)
New mortgage notes payable financing proceeds	395,323	169,000
Debt issuance and defeasance costs	(23,998)	(11,559)
Other	(424)	(154)
Net cash used in financing activities	(176,278)	(96,193)
Net increase in cash and cash equivalents	15,681	50,717
Cash, beginning of period	73,714	58,427
Cash, end of period	89,395	109,144
Supplemental Information:
Cash paid during the period for interest	80,575	90,376
Capital improvements – used homes acquired by repossessions	597	1,026
Net repayments of notes receivable – used homes acquired by repossessions	(597)	(1,026)
Building and other depreciable property – reclassification of rental homes	21,105	16,881
Escrow deposits and other assets – reclassification of rental homes	(21,105)	(16,881)
Real estate acquisitions:
Investment in real estate	(23,900)	(73,597)
Deferred financing costs, net	0	(180)
Rents and other customer payments received in advance and security deposits	204	2,349
Accrued expenses and accounts payable	62	1,848
Escrow deposits and other assets	(53)	371
Debt assumed and financed on acquisition	0	14,564
Real estate acquisition	$ (23,687)	$ (54,645)

Definition of Terms and Basis of Presentation (Notes)	9 Months Ended
Definition of Terms and Basis of Presentation (Notes)	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Definition of Terms	Definition of Terms Equity LifeStyle Properties, Inc., a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and other consolidated subsidiaries (“Subsidiaries”) are referred to herein as “we,” “us,” and “our.” Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K (“2014 Form 10-K”) for the year ended December 31, 2014.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


(a)	Basis of Presentation and Principles of Consolidation

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

These unaudited Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2014 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2014 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results.

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.

Certain 2014 amounts have been reclassified to conform to the 2015 presentation. These reclassifications had no material effect on our Consolidated Balance Sheets or Consolidated Statements of Income and Comprehensive Income.


(b)	Identified Intangibles and Goodwill

As of September 30, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, 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 $2.5 million and $2.2 million as of September 30, 2015 and December 31, 2014, respectively. For each of the quarters ended September 30, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.1 million. For the nine months ended September 30, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.3 million.


(c)	Restricted Cash

Cash as of September 30, 2015 and December 31, 2014, included approximately $5.0 million of restricted cash for the payment of capital improvements, insurance or real estate taxes.


(d)	Fair Value of Financial Instruments

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

Our mortgage notes payable and term loan had a carrying value of approximately $2.2 billion as of September 30, 2015 and December 31, 2014, and a fair value of approximately $2.2 billion and $2.3 billion as of September 30, 2015 and December 31, 2014, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At September 30, 2015 and December 31, 2014, our cash flow hedge of interest rate risk included in accrued expenses and accounts payable was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable, accounts receivable, accounts payable, other accrued expenses and interest rate swaps approximate their carrying or contract values.


(e)	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 $32.7 million and $29.8 million at September 30, 2015 and December 31, 2014, respectively.


(f)	Recent Accounting Pronouncements

In May 2014, the FASB issued (“ASU 2014-09”) Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 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. ASU 2014-09 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 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact, if any, the adoption of this standard will have on our consolidated financial statements.

In February 2015, the FASB issued (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively, with early adoption permitted. We are currently evaluating the impact, if any, of the adoption of ASU 2015-02 on our consolidated financial statements.

In April 2015, the FASB issued (“ASU 2015-03”) Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs be deducted from the carrying value of the financial liability and not recorded as separate assets, classified as deferred financing costs. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. In August 2015, the FASB issued (“ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The new standards are effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The adoption of ASU 2015-03 and ASU 2015-15 will only affect the presentation of our consolidated balance sheet.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Common Share

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, 2015 and 2014 (amounts in thousands, except per share data):



	Quarters Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerators:
Net Income Available for Common Shares:
Net income available for Common Shares – basic	$	36,673	$	25,746	$	95,644	$	89,328
Amounts allocated to dilutive securities	3,136		2,219		8,191		7,929
Net income available for Common Shares – fully diluted	$	39,809	$	27,965	$	103,835	$	97,257
Denominator:
Weighted average Common Shares outstanding – basic	84,057		83,531		84,016		83,295
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares	7,212		7,254		7,220		7,471
Stock options and restricted shares	671		743		641		705
Weighted average Common Shares outstanding – fully diluted	91,940		91,528		91,877		91,471

Earnings per Common Share – Basic:
Net income available for Common Shares	$	0.44	$	0.31	$	1.14	$	1.07

Earnings per Common Share – Fully Diluted:
Net income available for Common Shares	$	0.43	$	0.31	$	1.13	$	1.06

Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Common Stock and Other Equity Related Transactions

The following regular quarterly distributions have been declared on our depositary shares (each representing 1/100 of a share of our Series C Preferred Stock) and paid to our preferred shareholders for the nine months ended September 30, 2015:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.421875	March 31, 2015	March 20, 2015	March 31, 2015
$0.421875	June 30, 2015	June 19, 2015	June 30, 2015
$0.421875	September 30, 2015	September 18, 2015	September 30, 2015

The following regular quarterly distributions have been declared and paid to our Common Stockholders and Common OP Unitholders for the nine months ended September 30, 2015:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.375	March 31, 2015	March 27, 2015	April 10, 2015
$0.375	June 30, 2015	June 26, 2015	July 10, 2015
$0.375	September 30, 2015	September 25, 2015	October 9, 2015

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

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-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Investment in Real Estate

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Investment in Real Estate

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 Consolidated Statements of Income and Comprehensive Income 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.

On June 26, 2015, we completed the acquisition of Miami Everglades, a 303-Site RV resort, located in Miami, Florida. The total purchase price of $11.6 million was funded with available cash.

On February 9, 2015, we completed the acquisition of two properties, Bogue Pines, a 150-Site manufactured home community, and Whispering Pines, a 278-Site RV resort, both located in coastal North Carolina. The total purchase price of approximately $12.3 million was funded with available cash.

During the year ended December 31, 2014, we acquired seven RV resorts collectively containing 3,868 Sites for a combined purchase price of approximately $85.7 million. As a result of these acquisitions, we assumed approximately $32.3 million of mortgage debt, excluding note premiums of approximately $2.3 million. The remaining purchase price was funded with available cash. We also exercised a purchase option and purchased land comprising a portion of our Colony Cove Property which was part of a portfolio of Properties acquired in 2011. 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.

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, 2015 and December 31, 2014, which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands):



	Nine months ended		Year Ended
	September 30, 2015		December 31, 2014
Assets acquired
Land	$	8,995	$	66,390
Buildings and other depreciable property	13,977		52,329
Manufactured homes	306		1,086
In-place leases	622		2,561
Net investment in real estate	23,900		122,366
Other assets	53		1,197
Total Assets acquired	$	23,953	$	123,563

Liabilities assumed
Mortgage notes payable	$	—	$	34,559
Other liabilities	266		6,712
Total Liabilities assumed	$	266	$	41,271
Net assets acquired	$	23,687	$	82,292

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 third quarter of 2014.

As of September 30, 2015, 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, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

We recorded approximately $3.6 million and $3.8 million (each net of approximately $0.8 million and $0.7 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the nine months ended September 30, 2015 and 2014, respectively. We received approximately $3.4 million and $3.3 million in distributions from these joint ventures for the nine months ended September 30, 2015 and 2014, respectively. Approximately $1.4 million and $2.0 million of the distributions made to us, using proceeds generated by refinancing transactions, exceeded our basis in joint ventures and as such, were recorded as income from unconsolidated joint ventures for the nine months ended September 30, 2015 and 2014, respectively.

On February 12, 2015, we contributed approximately $4.0 million to the ECHO JV which brought our total investment to $10.0 million.

The following table summarizes our investment in unconsolidated joint ventures as of September 30, 2015 and December 31, 2014 (investment amounts in thousands with the number of Properties shown parenthetically):



						Investment as of				JV Income (loss) for the Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2015		December 31, 2014		September 30, 2015			September 30, 2014
Meadows	Various (2,2)	1,077	50	%		$	137	$	—	$	1,176		$	1,703
Lakeshore	Florida (2,2)	342	65	%		17		9		1,694			1,288
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,126		7,201		764			724
Other	Various	—	20	%	^(c)	—		—		—			25
ECHO JV	Various	—	50	%		10,274		6,302		(28		)	28
		3,125				$	17,554	$	13,512	$	3,606		$	3,768

_____________________


(a)	The percentages shown approximate our economic interest as of September 30, 2015. 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 plant servicing 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
Notes Receivable	Sep. 30, 2015
Receivables [Abstract]
Notes Receivable	Notes Receivable In certain cases, we purchase loans made by others to finance the sales of homes to our customers (“Chattel Loans”). Our Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain of the Properties. As of September 30, 2015 and December 31, 2014, we had approximately $18.3 million and $18.9 million, respectively, of these Chattel Loans included in notes receivable. As of September 30, 2015, the Chattel Loans receivable had a stated per annum average rate of approximately 7.8%, with a yield of 21.7%, and had an average term remaining of approximately 11 years. These Chattel Loans are recorded net of allowances of approximately $0.3 million as of September 30, 2015 and $0.4 million as of December 31, 2014. We also provide financing for non-refundable upgrades to existing right-to-use contracts (“Contracts Receivable”). As of September 30, 2015 and December 31, 2014, we had approximately $18.0 million and $18.2 million, respectively, of Contracts Receivable, net of allowances of approximately $0.6 million. The Contracts Receivable have an average stated interest rate of 16.1% 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, 2015
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable As of September 30, 2015 and December 31, 2014, we had outstanding mortgage indebtedness of approximately $2.0 billion. The weighted average interest rate, including the impact of premium/discount amortization on this mortgage indebtedness, for the nine months ended September 30, 2015 was approximately 5.0% per annum. The debt bears interest at stated rates of 3.5% to 8.9% per annum and matures on various dates ranging from 2016 to 2040. The debt encumbered a total of 127 and 137 of our Properties as of September 30, 2015 and December 31, 2014, respectively, and the carrying value of such Properties was approximately $2.2 billion and $2.4 billion, respectively, as of such dates. During the nine months ended September 30, 2015, as part of our previously announced refinancing plan, we closed on loans with total gross proceeds of $395.3 million. The loans have a weighted average maturity of 21 years, carry a weighted average interest rate of 3.93% per annum and were secured by 26 manufactured home properties and RV resorts. Proceeds from the financings were used to retire by defeasance and prepayment approximately $370.2 million of loans maturing at various times throughout 2015 and 2016, with a weighted average interest rate of 5.58% per annum, which were secured by 32 manufactured home properties and RV resorts. We incurred approximately $17.0 million in early debt retirement expense related to these loans. We also paid off two maturing mortgage loans totaling approximately $48.7 million, with a weighted average interest rate of 5.73% per annum, secured by one manufactured home property and three RV resorts. Term Loan As of September 30, 2015 and December 31, 2014, our $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 quarterly based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties, and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan in 2014, 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 to the Consolidated Financial Statements for further information on the accounting for the 2014 Swap). Unsecured Line of Credit As of September 30, 2015 and December 31, 2014, our 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, with no amounts outstanding as of those dates. The LOC bears interest at a rate of LIBOR plus 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 for one additional year, subject to certain conditions. The spread over LIBOR is variable quarterly based on leverage throughout the loan term. In 2014, we incurred commitment and arrangement fees of approximately $3.5 million to enter into the LOC and extend the Term Loan. As of September 30, 2015, 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, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

In connection with our Term Loan, we entered into the 2014 Swap (see Note 7 to the Consolidated Financial Statements 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, 2015, our spread over LIBOR is 1.35% resulting in an estimated all-in interest rate of 2.39% per annum.

We have designated the 2014 Swap as a cash flow hedge. No gain or loss was recognized in the Consolidated Statements of Income and Comprehensive Income related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedge during the quarters and nine months ended September 30, 2015 and 2014.

Amounts reported in accumulated other comprehensive 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 $1.3 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the 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, 2015 and December 31, 2014 (amounts in thousands):



	Balance Sheet Location	September 30, 2015		December 31, 2014
Interest Rate Swap	Accrued expenses and accounts payable	$	1,612	$	381

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, 2015 and 2014 (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, 2015		September 30, 2014			September 30, 2015		September 30, 2014
Interest Rate Swap	$	1,012	$	233	Interest Expense	$	434	$	374

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, 2015 and 2014 (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, 2015		September 30, 2014			September 30, 2015		September 30, 2014
Interest Rate Swap	$	2,535	$	256	Interest Expense	$	1,304	$	1,324

We determined that no adjustment was necessary for nonperformance risk on our derivative obligation. As of September 30, 2015, 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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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Deferred Revenue-Right-to-use contracts and Deferred commission expense

9 Months Ended

Sep. 30, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue - Entry Of Right To Use Contracts and Deferred Commission Expense

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

As of September 30, 2015 and December 31, 2014, the components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	Nine Months Ended September 30,
	2015			2014
Deferred revenue–upfront payments from right-to-use contracts, as of January 1,	$	74,174		$	68,673
Right-to-use contracts current period, gross	10,264			10,512
Revenue recognized from right-to-use contract upfront payments	(6,335		)	(6,209		)
Right-to-use contract upfront payments, deferred, net	3,929			4,303
Deferred revenue–upfront payments from right-to-use contracts, as of September 30,	$	78,103		$	72,976

Deferred commission expense, as of January 1,	$	28,589		$	25,251
Deferred commission expense	4,821			4,734
Commission expense recognized	(2,629		)	(2,100		)
Net increase in deferred commission expense	2,192			2,634
Deferred commission expense, as of September 30,	$	30,781		$	27,885

Equity Incentive Awards	9 Months Ended
Equity Incentive Awards	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Awards	Equity Incentive Awards Stock-based compensation expense, reported in “General and administrative” on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended September 30, 2015 and 2014 was approximately $2.3 million and $2.6 million, respectively, and for the nine months ended September 30, 2015 and 2014 was approximately $6.3 million and $5.0 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, Nominating, and Corporate Governance Committee of our Board of Directors (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. A maximum of 3,750,000 shares of common stock are available for grant under the 2014 Plan. As of September 30, 2015, 3,405,794 shares remained available for grant. 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 June 1, 2015, we awarded Restricted Stock Grants for 3,000 shares of common stock at a fair market value of approximately $0.2 million to a certain member of our senior management. This Restricted Stock Grant will vest on December 31, 2015. On May 12, 2015, we awarded Restricted Stock Grants for 29,440 shares of common stock at a fair market value of approximately $1.6 million to certain members of our Board of Directors for services as Director rendered for the remainder of 2015. One-third of the shares of restricted common stock covered by these awards will vest on each of November 12, 2015, May 12, 2016, and May 12, 2017. On February 2, 2015, we awarded Restricted Stock Grants for 78,000 shares of common stock at a fair market value of approximately $4.3 million to certain members of our senior management. These Restricted Stock Grants will vest on December 31, 2015. On February 2, 2015, we awarded Restricted Stock Grants for 47,100 shares of common stock at a fair market value of approximately $2.6 million to certain members of our Board of Directors for services to be rendered in 2015. One-third of the shares of restricted common stock covered by these awards will vest on each of December 31, 2015, December 31, 2016, and December 31, 2017. The fair market value of our restricted stock grants is recorded as compensation expense and paid in capital over the vesting period.

Long-Term Cash Incentive Plan	9 Months Ended
Long-Term Cash Incentive Plan	Sep. 30, 2015
Cash incentive Program Disclosure [Abstract]
Long-Term Cash Incentive Plan	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 our 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 $5.1 million. As of September 30, 2015, we had accrued compensation expense of approximately $4.8 million for the 2013 LTIP, including approximately $1.0 million and $1.4 million in the nine months ended September 30, 2015 and 2014, 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
Commitments and Contingencies	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	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: 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 on constitutional grounds. While the trial court found the rent control ordinance unconstitutional, the United States Court of Appeals for the Ninth Circuit reversed the trial court and ruled that the ordinance had not unconstitutionally taken our property. On September 3, 2013, we filed a petition for review by the U.S. Supreme Court, which was denied. On January 31, 2012, we sued the City of Santee in the United States District for the Southern District of California challenging its rent control ordinance on constitutional grounds. On September 26, 2013, we entered a settlement agreement with the City pursuant to which we are able 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 the 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. As of result of a settlement we reached with the plaintiffs remaining in the litigation, pursuant to which among other provisions the parties agreed to mutually release all of their claims in the litigation without any payment by us, on September 28, 2015 the plaintiffs filed with the Superior Court a request for dismissal with prejudice of the entire action. 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. On October 6, 2014, we filed a motion for a new trial and a motion for partial judgment notwithstanding the jury’s verdict. On December 5, 2014, after briefing and a hearing on those motions, the trial court entered an order granting us a new trial on the issue of damages while upholding the jury's determination of liability. As grounds for the ruling, the court cited excessive damages and insufficiency of the evidence to support the verdict as to the amount of damages awarded by the jury. The Court's ruling overturned the April 2014 verdicts of $15.3 million in compensatory damages and $95.8 million in punitive damages. On January 28, 2015, we and the plaintiffs each served notices of appeal from the trial court's December 5, 2014 order. The Court of Appeal has issued an order setting the briefing sequence and has ordered commencement of the briefing. We intend to continue to vigorously defend ourselves in this litigation. At September 30, 2015, 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. Monte del Lago On February 13, 2015, a group of tenants at our Monte del Lago Property in Castroville, California filed a complaint in the California Superior Court for Monterey County, Case No. M131016, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We believe the allegations are without merit and intend to vigorously defend ourselves in the lawsuit. On May 13, 2015, we filed a motion to compel arbitration with respect to certain plaintiffs and to stay the litigation pending the conclusion of the arbitration proceedings. Hearings on the motion were held on July 17, 2015 and September 18, 2015. On October 7, 2015, the court denied our motion. Santiago Estates On September 4, 2015, a group of tenants at our Santiago Estates Property in Sylmar, California filed a complaint in the California Superior Court for Los Angeles County, Case No. BC593831, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We believe the allegations are without merit and intend to vigorously defend ourselves in the lawsuit. Monterey County District Attorney’s Civil Investigation Relating to Asbestos In November 2014, we received a civil investigative subpoena from the office of the District Attorney for Monterey County, California (“MCDA”), seeking information relating to, among other items, statewide compliance with asbestos and hazardous waste regulations dating back to 2005 primarily in connection with demolition and renovation projects performed by third-party contractors at our California Properties. We responded by providing the information required by the subpoena. On October 20, 2015, we attended a meeting with representatives of the MCDA and certain other District Attorney’s offices at which the MCDA reviewed the preliminary results of their investigation including, among other things, (i) alleged violations of asbestos-related regulations associated with approximately 200 historical demolition and renovation projects in California; (ii) potential exposure to civil penalties and cost recovery; and (iii) next steps with respect to a negotiated resolution of the alleged violations. No legal proceedings have been instituted to date. We are assessing the allegations and the underlying facts and at this time we are unable to predict the outcome of the investigation or reasonably estimate any possible loss. Other In addition to legal matters discussed above, we are involved in various other legal and regulatory proceedings (“Other Proceedings”) arising in the ordinary course of business. 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, 2015

Segment Reporting [Abstract]

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 nine months ended September 30, 2015 or 2014.

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):

Quarter Ended September 30, 2015



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	194,983		$	11,581		$	206,564
Operations expenses	(96,152		)	(10,603		)	(106,755		)
Income from segment operations	98,831			978			99,809
Interest income	692			1,037			1,729
Depreciation on real estate assets and rental homes	(25,703		)	(2,707		)	(28,410		)
Amortization of in-place leases	(616		)	—			(616		)
Income (loss) from operations	$	73,204		$	(692	)	72,512
Reconciliation to Consolidated net income:
Corporate interest income							29
Income from other investments, net							1,822
General and administrative							(7,225		)
Property rights initiatives and other							(687		)
Interest and related amortization							(26,227		)
Equity in income of unconsolidated joint ventures							1,882
Consolidated net income							$	42,106

Total assets	$	3,193,473		$	249,917		$	3,443,390

Quarter Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	184,270		$	12,737		$	197,007
Operations expenses	(91,939		)	(10,498		)	(102,437		)
Income from segment operations	92,331			2,239			94,570
Interest income	696			1,185			1,881
Depreciation on real estate assets 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		)
Property rights initiatives and other							(751		)
Early Debt Retirement							(5,087		)
Interest and related amortization							(27,864		)
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

Nine Months Ended September 30, 2015



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	573,797		$	35,808		$	609,605
Operations expenses	(274,109		)	(31,303		)	(305,412		)
Income from segment operations	299,688			4,505			304,193
Interest income	2,114			3,126			5,240
Depreciation on real estate assets and rental homes	(76,668		)	(8,193		)	(84,861		)
Amortization of in-place leases	(1,950		)	—			(1,950		)
Income (loss) from operations	$	223,184		$	(562	)	222,622
Reconciliation to Consolidated net income:
Corporate interest income							74
Income from other investments, net							5,119
General and administrative							(22,172		)
Property rights initiatives and other							(1,934		)
Early debt retirement							(16,922		)
Interest and related amortization							(79,648		)
Equity in income of unconsolidated joint ventures							3,606
Consolidated net income							$	110,745

Total assets	$	3,193,473		$	249,917		$	3,443,390
Capital improvements	$	37,211		$	30,627		$	67,838

Nine Months Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	541,415		$	32,558		$	573,973
Operations expenses	(261,744		)	(26,765		)	(288,509		)
Income from segment operations	279,671			5,793			285,464
Interest income	2,266			3,339			5,605
Depreciation on real estate assets 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		)
Property rights initiatives and other							(2,063		)
Early Debt Retirement							(5,087		)
Interest and related amortization							(84,177		)
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

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):



	Quarters Ended						Nine Months Ended
	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Revenues:
Community base rental income	$	110,908		$	106,967		$	330,251		$	319,514
Resort base rental income	49,765			44,351			142,837			126,188
Right-to-use annual payments	11,334			11,404			33,260			33,859
Right-to-use contracts current period, gross	3,889			4,168			10,264			10,512
Right-to-use contract upfront payments, deferred, net	(1,701		)	(1,989		)	(3,929		)	(4,303		)
Utility and other income	20,027			18,581			58,010			53,070
Ancillary services revenues, net	761			788			3,104			2,575
Total property operations revenues	194,983			184,270			573,797			541,415
Expenses:
Property operating and maintenance	69,227			66,105			194,522			186,018
Real estate taxes	12,923			12,263			38,169			36,905
Sales and marketing, gross	3,105			3,242			9,139			8,674
Right-to-use contract commissions, deferred, net	(464		)	(757		)	(1,471		)	(2,022		)
Property management	11,361			11,086			33,750			32,169
Total property operations expenses	96,152			91,939			274,109			261,744
Income from property operations segment	$	98,831		$	92,331		$	299,688		$	279,671

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):



	Quarters Ended				Nine Months Ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Revenues:
Gross revenue from home sales	$	7,878	$	8,717	$	24,341	$	20,455
Brokered resale revenues, net	290		336		941		916
Rental home income ^(a)	3,413		3,684		10,526		11,187
Total revenues	11,581		12,737		35,808		32,558
Expenses:
Cost of home sales	7,868		8,156		23,685		19,679
Home selling expenses	861		513		2,386		1,710
Rental home operating and maintenance	1,874		1,829		5,232		5,376
Total expenses	10,603		10,498		31,303		26,765
Income from home sales and rentals operations segment	$	978	$	2,239	$	4,505	$	5,793

______________________


(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

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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principals of Consolidation	Basis of Presentation and Principles of Consolidation We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB.” The FASB sets generally accepted accounting principles (“GAAP”), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification”). These unaudited Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2014 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2014 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. 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. Certain 2014 amounts have been reclassified to conform to the 2015 presentation. These reclassifications had no material effect on our Consolidated Balance Sheets or Consolidated Statements of Income and Comprehensive Income.
Identified Intangibles and Goodwill	Identified Intangibles and Goodwill As of September 30, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, 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 $2.5 million and $2.2 million as of September 30, 2015 and December 31, 2014, respectively. For each of the quarters ended September 30, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.1 million. For the nine months ended September 30, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.3 million
Restricted Cash	Restricted Cash Cash as of September 30, 2015 and December 31, 2014, included approximately $5.0 million of restricted cash for the payment of capital improvements, insurance or real estate taxes.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3). Our mortgage notes payable and term loan had a carrying value of approximately $2.2 billion as of September 30, 2015 and December 31, 2014, and a fair value of approximately $2.2 billion and $2.3 billion as of September 30, 2015 and December 31, 2014, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At September 30, 2015 and December 31, 2014, our cash flow hedge of interest rate risk included in accrued expenses and accounts payable was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable, accounts receivable, accounts payable, other accrued expenses and interest rate swaps approximate their carrying or contract values.
Deferred Financing Costs, net	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 $32.7 million and $29.8 million at September 30, 2015 and December 31, 2014, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued (“ASU 2014-09”) Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 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. ASU 2014-09 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 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact, if any, the adoption of this standard will have on our consolidated financial statements. In February 2015, the FASB issued (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively, with early adoption permitted. We are currently evaluating the impact, if any, of the adoption of ASU 2015-02 on our consolidated financial statements. In April 2015, the FASB issued (“ASU 2015-03”) Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs be deducted from the carrying value of the financial liability and not recorded as separate assets, classified as deferred financing costs. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. In August 2015, the FASB issued (“ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The new standards are effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The adoption of ASU 2015-03 and ASU 2015-15 will only affect the presentation of our consolidated balance sheet.

- 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

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
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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
-Section 45
-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

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share



	Quarters Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerators:
Net Income Available for Common Shares:
Net income available for Common Shares – basic	$	36,673	$	25,746	$	95,644	$	89,328
Amounts allocated to dilutive securities	3,136		2,219		8,191		7,929
Net income available for Common Shares – fully diluted	$	39,809	$	27,965	$	103,835	$	97,257
Denominator:
Weighted average Common Shares outstanding – basic	84,057		83,531		84,016		83,295
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares	7,212		7,254		7,220		7,471
Stock options and restricted shares	671		743		641		705
Weighted average Common Shares outstanding – fully diluted	91,940		91,528		91,877		91,471

Earnings per Common Share – Basic:
Net income available for Common Shares	$	0.44	$	0.31	$	1.14	$	1.07

Earnings per Common Share – Fully Diluted:
Net income available for Common Shares	$	0.43	$	0.31	$	1.13	$	1.06

Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions (Tables)

9 Months Ended

Sep. 30, 2015

6.75% Series C Cumulative Redeemable Perpetual Preferred Stock

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



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.421875	March 31, 2015	March 20, 2015	March 31, 2015
$0.421875	June 30, 2015	June 19, 2015	June 30, 2015
$0.421875	September 30, 2015	September 18, 2015	September 30, 2015

Common Stock

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

The following regular quarterly distributions have been declared and paid to our Common Stockholders and Common OP Unitholders for the nine months ended September 30, 2015:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.375	March 31, 2015	March 27, 2015	April 10, 2015
$0.375	June 30, 2015	June 26, 2015	July 10, 2015
$0.375	September 30, 2015	September 25, 2015	October 9, 2015

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

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



	Nine months ended		Year Ended
	September 30, 2015		December 31, 2014
Assets acquired
Land	$	8,995	$	66,390
Buildings and other depreciable property	13,977		52,329
Manufactured homes	306		1,086
In-place leases	622		2,561
Net investment in real estate	23,900		122,366
Other assets	53		1,197
Total Assets acquired	$	23,953	$	123,563

Liabilities assumed
Mortgage notes payable	$	—	$	34,559
Other liabilities	266		6,712
Total Liabilities assumed	$	266	$	41,271
Net assets acquired	$	23,687	$	82,292

Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments



						Investment as of				JV Income (loss) for the Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2015		December 31, 2014		September 30, 2015			September 30, 2014
Meadows	Various (2,2)	1,077	50	%		$	137	$	—	$	1,176		$	1,703
Lakeshore	Florida (2,2)	342	65	%		17		9		1,694			1,288
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,126		7,201		764			724
Other	Various	—	20	%	^(c)	—		—		—			25
ECHO JV	Various	—	50	%		10,274		6,302		(28		)	28
		3,125				$	17,554	$	13,512	$	3,606		$	3,768

_____________________


(a)	The percentages shown approximate our economic interest as of September 30, 2015. 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 plant servicing 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.

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value



	Balance Sheet Location	September 30, 2015		December 31, 2014
Interest Rate Swap	Accrued expenses and accounts payable	$	1,612	$	381

Derivative Instruments, Gain (Loss)



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, 2015		September 30, 2014			September 30, 2015		September 30, 2014
Interest Rate Swap	$	1,012	$	233	Interest Expense	$	434	$	374



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, 2015		September 30, 2014			September 30, 2015		September 30, 2014
Interest Rate Swap	$	2,535	$	256	Interest Expense	$	1,304	$	1,324

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

9 Months Ended

Sep. 30, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue, by Arrangement, Disclosure

As of September 30, 2015 and December 31, 2014, the components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	Nine Months Ended September 30,
	2015			2014
Deferred revenue–upfront payments from right-to-use contracts, as of January 1,	$	74,174		$	68,673
Right-to-use contracts current period, gross	10,264			10,512
Revenue recognized from right-to-use contract upfront payments	(6,335		)	(6,209		)
Right-to-use contract upfront payments, deferred, net	3,929			4,303
Deferred revenue–upfront payments from right-to-use contracts, as of September 30,	$	78,103		$	72,976

Deferred commission expense, as of January 1,	$	28,589		$	25,251
Deferred commission expense	4,821			4,734
Commission expense recognized	(2,629		)	(2,100		)
Net increase in deferred commission expense	2,192			2,634
Deferred commission expense, as of September 30,	$	30,781		$	27,885

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):

Quarter Ended September 30, 2015



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	194,983		$	11,581		$	206,564
Operations expenses	(96,152		)	(10,603		)	(106,755		)
Income from segment operations	98,831			978			99,809
Interest income	692			1,037			1,729
Depreciation on real estate assets and rental homes	(25,703		)	(2,707		)	(28,410		)
Amortization of in-place leases	(616		)	—			(616		)
Income (loss) from operations	$	73,204		$	(692	)	72,512
Reconciliation to Consolidated net income:
Corporate interest income							29
Income from other investments, net							1,822
General and administrative							(7,225		)
Property rights initiatives and other							(687		)
Interest and related amortization							(26,227		)
Equity in income of unconsolidated joint ventures							1,882
Consolidated net income							$	42,106

Total assets	$	3,193,473		$	249,917		$	3,443,390

Quarter Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	184,270		$	12,737		$	197,007
Operations expenses	(91,939		)	(10,498		)	(102,437		)
Income from segment operations	92,331			2,239			94,570
Interest income	696			1,185			1,881
Depreciation on real estate assets 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		)
Property rights initiatives and other							(751		)
Early Debt Retirement							(5,087		)
Interest and related amortization							(27,864		)
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

Nine Months Ended September 30, 2015



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	573,797		$	35,808		$	609,605
Operations expenses	(274,109		)	(31,303		)	(305,412		)
Income from segment operations	299,688			4,505			304,193
Interest income	2,114			3,126			5,240
Depreciation on real estate assets and rental homes	(76,668		)	(8,193		)	(84,861		)
Amortization of in-place leases	(1,950		)	—			(1,950		)
Income (loss) from operations	$	223,184		$	(562	)	222,622
Reconciliation to Consolidated net income:
Corporate interest income							74
Income from other investments, net							5,119
General and administrative							(22,172		)
Property rights initiatives and other							(1,934		)
Early debt retirement							(16,922		)
Interest and related amortization							(79,648		)
Equity in income of unconsolidated joint ventures							3,606
Consolidated net income							$	110,745

Total assets	$	3,193,473		$	249,917		$	3,443,390
Capital improvements	$	37,211		$	30,627		$	67,838

Nine Months Ended September 30, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	541,415		$	32,558		$	573,973
Operations expenses	(261,744		)	(26,765		)	(288,509		)
Income from segment operations	279,671			5,793			285,464
Interest income	2,266			3,339			5,605
Depreciation on real estate assets 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		)
Property rights initiatives and other							(2,063		)
Early Debt Retirement							(5,087		)
Interest and related amortization							(84,177		)
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

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):



	Quarters Ended						Nine Months Ended
	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Revenues:
Community base rental income	$	110,908		$	106,967		$	330,251		$	319,514
Resort base rental income	49,765			44,351			142,837			126,188
Right-to-use annual payments	11,334			11,404			33,260			33,859
Right-to-use contracts current period, gross	3,889			4,168			10,264			10,512
Right-to-use contract upfront payments, deferred, net	(1,701		)	(1,989		)	(3,929		)	(4,303		)
Utility and other income	20,027			18,581			58,010			53,070
Ancillary services revenues, net	761			788			3,104			2,575
Total property operations revenues	194,983			184,270			573,797			541,415
Expenses:
Property operating and maintenance	69,227			66,105			194,522			186,018
Real estate taxes	12,923			12,263			38,169			36,905
Sales and marketing, gross	3,105			3,242			9,139			8,674
Right-to-use contract commissions, deferred, net	(464		)	(757		)	(1,471		)	(2,022		)
Property management	11,361			11,086			33,750			32,169
Total property operations expenses	96,152			91,939			274,109			261,744
Income from property operations segment	$	98,831		$	92,331		$	299,688		$	279,671

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):



	Quarters Ended				Nine Months Ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Revenues:
Gross revenue from home sales	$	7,878	$	8,717	$	24,341	$	20,455
Brokered resale revenues, net	290		336		941		916
Rental home income ^(a)	3,413		3,684		10,526		11,187
Total revenues	11,581		12,737		35,808		32,558
Expenses:
Cost of home sales	7,868		8,156		23,685		19,679
Home selling expenses	861		513		2,386		1,710
Rental home operating and maintenance	1,874		1,829		5,232		5,376
Total expenses	10,603		10,498		31,303		26,765
Income from home sales and rentals operations segment	$	978	$	2,239	$	4,505	$	5,793

______________________


(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, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
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	2,500		2,500		2,200
Amortization of in-place leases	616	$ 1,075	1,950	$ 3,791
Cash and cash equivalents, restricted cash	5,000		5,000		5,000
Debt, secured and unsecured	2,200,000		2,200,000		2,200,000
Accumulated amortization for deferred financing costs	32,700		32,700		29,800
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,200,000		2,200,000		$ 2,300,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization of in-place leases	$ 100	$ 100	$ 300	$ 300

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, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerators:
Net income available for Common Shares – basic	$ 36,673	$ 25,746	$ 95,644	$ 89,328
Amounts allocated to dilutive securities	3,136	2,219	8,191	7,929
Net income available for Common Shares – fully diluted	$ 39,809	$ 27,965	$ 103,835	$ 97,257
Denominator:
Weighted average Common Shares outstanding – basic (shares)	84,057	83,531	84,016	83,295
Effect of dilutive securities:
Redemption of Common OP Units for Common Shares (shares)	7,212	7,254	7,220	7,471
Stock options and restricted shares (shares)	671	743	641	705
Weighted average Common Shares outstanding – fully diluted (shares)	91,940	91,528	91,877	91,471
Earnings per Common Share – Basic:
Net income available for Common Shares (usd per share)	$ 0.44	$ 0.31	$ 1.14	$ 1.07
Earnings Per Share, Diluted [Abstract]
Net income available for Common Shares (usd per share)	$ 0.43	$ 0.31	$ 1.13	$ 1.06

Common Stock and Other Equity Related Transactions - Additional Information (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Class of Stock [Line Items]
Preferred stock dividends paid (usd per share)	$ 0.421875	$ 0.421875	$ 0.421875
Common Stock dividends paid (usd per share)	$ 0.375	$ 0.375	$ 0.375
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Date to be paid	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Date of record	Sep. 18, 2015	Jun. 19, 2015	Mar. 20, 2015
Common Stock
Class of Stock [Line Items]
Date to be paid	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015
Date of record	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015

Investment in Real Estate - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Jun. 26, 2015 USD ($) site	Feb. 09, 2015 USD ($) Property site	Dec. 31, 2014 USD ($) Property site	Mar. 31, 2014 shares
Real Estate Properties [Line Items]
Escrow share distribution \| shares								51,290
Gain (Loss) on Condemnation	$ 0	$ 929	$ 0	$ 929
Purchase Price Allocation Adjustments
Real Estate Properties [Line Items]
Asset acquisition price adjustments period			1 year
Miami Everglades [Member]
Real Estate Properties [Line Items]
Business Acquisition, Purchase Price					$ 11,600
Bogue Pines & Whispering Pines
Real Estate Properties [Line Items]
Number Of Properties Acquired \| Property						2
Business Acquisition, Purchase Price						$ 12,300
R V Resort
Real Estate Properties [Line Items]
Number Of Properties Acquired \| Property							7
Number Of Acquired Sites \| site							3,868
Business Acquisition, Purchase Price							$ 85,700
R V Resort \| Miami Everglades [Member]
Real Estate Properties [Line Items]
Number Of Acquired Sites \| site					303
R V Resort \| Whispering Pines - North Carolina
Real Estate Properties [Line Items]
Number Of Acquired Sites \| site						278
Manufactured homes \| Bogue Pines
Real Estate Properties [Line Items]
Number Of Acquired Sites \| site						150
Manufactured homes \| Colony Cove
Real Estate Properties [Line Items]
Business Acquisition, Purchase Price							35,900
Manufactured homes \| Seyenna Vista [Member]
Real Estate Properties [Line Items]
Proceeds from Condemnation				2,100
Manufactured homes \| Seyenna Vistas [Member]
Real Estate Properties [Line Items]
Gain (Loss) on Condemnation				$ 900
New Credit Facilities \| R V Resort
Real Estate Properties [Line Items]
Mortgage debt assumed							32,300
Unamortized discount (premium)							$ 2,300

Investment in Real Estate- Real Estate Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Assets acquired	$ 23,900	$ 122,366
Other assets	53	1,197
Total Assets acquired	23,953	123,563
Mortgage notes payable	0	34,559
Other liabilities	266	6,712
Total Liabilities assumed	266	41,271
Net assets acquired	23,687	82,292
Land
Business Acquisition [Line Items]
Assets acquired	8,995	66,390
Buildings and other depreciable property
Business Acquisition [Line Items]
Assets acquired	13,977	52,329
Manufactured homes
Business Acquisition [Line Items]
Assets acquired	306	1,086
In-place leases
Business Acquisition [Line Items]
Assets acquired	$ 622	$ 2,561

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($) site	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) site	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures	$ 1,882	$ 1,237	$ 3,606	$ 3,768
Adjustment depreciation			800	700
Distributions, including those in excess of basis			3,400	3,300
Distribution in excess of basis			1,400	2,000
Additional Investments in Joint Ventures			$ 4,000	3,489
Number Of Joint Venture Sites \| site	3,125		3,125
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 17,554		$ 17,554		$ 13,512
Equity Method Investment, Net Sales Proceeds				100
Other Regions \| Meadows Investments
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures			$ 1,176	1,703
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	$ 137		$ 137		0
Other Regions \| Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures			$ 0	25
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
Other Regions \| ECHO Financing
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures			$ (28)	28
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	$ 10,274		$ 10,274		6,302
Investment in unconsolidated joint ventures			10,000
Florida \| Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures			$ 1,694	1,288
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	$ 17		$ 17		9
Arizona \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated joint ventures			$ 764	$ 724
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	$ 7,126		$ 7,126		$ 7,201
Other Regions \| Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		20.00%		20.00%
Recreational Vehicle Resort \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Servicing Assets \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	33.00%		33.00%

Notes Receivable - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 18.3	$ 18.9
Contract receivables	$ 18.0	18.2
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, stated interest yield per annum	7.80%
Notes receivable yield rate	21.70%
Weighted average remaining amortization period	11 years
Notes receivable, allowance	$ 0.3	0.4
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average remaining amortization period	4 years
Provision for uncollectible receivable	$ 0.6	$ 0.6
Contracts Receivable, yield interest at a stated per annum average	16.10%

Borrowing Arrangements - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($) Property integer Rate	Sep. 29, 2015 USD ($)	Sep. 30, 2014 USD ($)	Mar. 25, 2015	Dec. 31, 2014 USD ($) Property
Debt Instrument [Line Items]
Mortgage notes payable	$ 1,956,246				$ 2,012,246
Weighted average interest rate \| Rate	5.00%
Stated interest rate, minimum \| Rate	3.45%
Stated interest rate, maximum \| Rate	8.87%
Number of pledged properties \| Property	127				137
Pledged assets, not separately reported	$ 2,200,000				$ 2,400,000
New mortgage notes payable financing proceeds	395,323		$ 169,000
Payments of debt extinguishment costs	$ 17,000
Number of loans \| integer	2
Unsecured debt	$ 200,000				$ 200,000
Maximum borrowing capacity	400,000
Additional borrowing capacity	$ 100,000
Expiration date	Jul. 17, 2018
Commitment fee amount			$ 3,500
Line of credit facility potential term extension period	1 year
Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	5.73%			5.58%
Number of pledged properties \| Property	32
Repayments of long-term debt	$ 48,700	$ 370,200
New Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	3.93%
Number of pledged properties \| Property	26
New mortgage notes payable financing proceeds	$ 395,300
Debt instrument, term	21 years
Minimum
Debt Instrument [Line Items]
Debt instrument maturity year	2016
Variable rate in addition to LIBOR rate \| Rate	1.20%
Interest rate during period \| Rate	0.20%
Minimum \| Old Credit Facilities
Debt Instrument [Line Items]
Debt instrument maturity year	2015
Maximum
Debt Instrument [Line Items]
Debt instrument maturity year	2040
Variable rate in addition to LIBOR rate \| Rate	1.65%
Interest rate during period \| Rate	0.35%
Maximum \| Old Credit Facilities
Debt Instrument [Line Items]
Debt instrument maturity year	2016
Term Loans
Debt Instrument [Line Items]
Unsecured debt	$ 200,000
Maturity date	Jan. 10, 2020
Maturity years	3 years
Term Loans \| Minimum
Debt Instrument [Line Items]
Variable rate in addition to LIBOR rate \| Rate	1.35%
Term Loans \| Maximum
Debt Instrument [Line Items]
Variable rate in addition to LIBOR rate \| Rate	1.95%
Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| Property	1
R V Resort \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| Property	3

Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) Rate
Derivative [Line Items]
Gain reclassified from accumulated OCI into income, net \| $	$ 1.3
Term Loans
Derivative [Line Items]
Maturity years	3 years
2014 Swap \| Term Loans
Derivative [Line Items]
Fixed interest rate	1.04%
Maturity date	Aug. 01, 2017
Basis spread on variable rate	1.35%
Interest rate at period end	2.39%

Derivative Instruments and Hedging Activities-Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Amount of loss recognized in OCI on derivative (effective portion)	$ 1,012	$ 233	$ 2,535	$ 256
Accrued expenses and accounts payable
Derivative [Line Items]
Interest rate derivative at fair value	1,612		1,612		$ 381
Cash Flow Hedging \| Interest Expense \| Interest Rate Swap
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 434	$ 374	$ 1,304	$ 1,324

Deferred Revenue-Right-to-use contracts and Deferred commission expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - right-to-use contracts, as of January 1			$ 74,174	$ 68,673
Right-to-use contracts current period, gross	$ 3,889	$ 4,168	10,264	10,512
Revenue recognized from right-to-use contract upfront payments			(6,335)	(6,209)
Right-to-use contract upfront payments, deferred, net			3,929	4,303
Deferred revenue - right-to-use contracts, as of June 30	78,103	72,976	78,103	72,976
Movement in Deferred Costs [Roll Forward]
Deferred commission expense, as of January 1			28,589	25,251
Deferred commission expense			4,821	4,734
Commission expense recognized			(2,629)	(2,100)
Net increase in deferred commission expense			2,192	2,634
Deferred commission expense, as of June 30	$ 30,781	$ 27,885	$ 30,781	$ 27,885

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Jun. 30, 2015	May 31, 2015	Feb. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation				$ 2,300	$ 2,600	$ 6,268	$ 4,998
Number of shares available for grant				3,405,794		3,405,794
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	Full		Full
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		One-third	One-third
Restricted Stock \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period	3,000		78,000
Fair value of shares issued	$ 200		$ 4,300
Equity instruments other than options vesting date	Dec. 31, 2015		Dec. 31, 2015
Restricted Stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period		29,440	47,100
Fair value of shares issued		$ 1,600	$ 2,600
Restricted Stock \| Director \| Phase One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options vesting date		Nov. 12, 2015	Dec. 31, 2015
Restricted Stock \| Director \| Phase Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options vesting date		May 12, 2016	Dec. 31, 2016
Restricted Stock \| Director \| Phase Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options vesting date		May 12, 2017	Dec. 31, 2017
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance				3,750,000		3,750,000

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Long term incentive plan compensation	$ 955	$ 1,425
Long Term Incentive Plan 2013
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payments for employee long term incentive plan	5,100
Deferred compensation cash-based arrangements, liability, current and noncurrent	$ 4,800

Commitments and Contingencies - Additional Information (Detail)				12 Months Ended
	Apr. 15, 2014 USD ($)	Sep. 26, 2013	Dec. 14, 2011 USD ($)	Dec. 31, 2010 USD ($) integer	Dec. 04, 2014 USD ($)
City of Santee
Loss Contingencies [Line Items]
One-time rent increase		2.50%
Annual rent increase, percentage of CPI		100.00%
Rent increase upon turnover of site		10.00%
Annual rent increase, percentage of CPI, prior to settlement		70.00%
Colony Park
Loss Contingencies [Line Items]
Loss contingency damages sought by plaintiff				$ 6,800,000
Number of claims settled				6
Number of plaintiffs				72
Number of dismissed claims \| integer				66
Number of claims dismissed and not appealed				3
Colony Park \| Maximum
Loss Contingencies [Line Items]
Jury imposed compensatory damages				$ 44,000
Colony Park \| Attorney Fees
Loss Contingencies [Line Items]
Compensatory damages sought			$ 2,000,000
Compensatory Damages
Loss Contingencies [Line Items]
Damages awarded	$ 15,300,000
Damages sought but overturned					$ 15,300,000
Punitive Damages
Loss Contingencies [Line Items]
Damages awarded	$ 95,800,000
Damages sought but overturned					$ 95,800,000

Reportable Segments - Additional Information (Detail)	9 Months Ended
Reportable Segments - Additional Information (Detail)	Sep. 30, 2015 integer
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments- Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Operations revenues	$ 206,564	$ 197,007	$ 609,605	$ 573,973
Operations expenses	(106,755)	(102,437)	(305,412)	(288,509)
Income from segment operations	99,809	94,570	304,193	285,464
Interest income	1,729	1,881	5,240	5,605
Depreciation on real estate assets and rental homes	(28,410)	(27,831)	(84,861)	(83,234)
Amortization of in-place leases	(616)	(1,075)	(1,950)	(3,791)
Income (loss) from operations	72,512	67,545	222,622	204,044
Reconciliation to Consolidated net income:
Corporate interest income	29	21	74	872
Income from other investments, net	1,822	1,869	5,119	6,098
General and administrative	(7,225)	(7,623)	(22,172)	(20,178)
Property rights initiatives and other	(687)	(751)	(1,934)	(2,063)
Early debt retirement	0	(5,087)	(16,922)	(5,087)
Interest and related amortization	(26,227)	(27,864)	(79,648)	(84,177)
Equity in income of unconsolidated joint ventures	1,882	1,237	3,606	3,768
Gain (Loss) on Condemnation	0	929	0	929
Consolidated net income	42,106	30,276	110,745	104,206
Total assets	3,443,390	3,451,148	3,443,390	3,451,148	$ 3,446,339
Capital improvements			67,838	41,645
Property Operations
Segment Reporting Information [Line Items]
Operations revenues	194,983	184,270	573,797	541,415
Operations expenses	(96,152)	(91,939)	(274,109)	(261,744)
Income from segment operations	98,831	92,331	299,688	279,671
Interest income	692	696	2,114	2,266
Depreciation on real estate assets and rental homes	(25,703)	(25,010)	(76,668)	(74,815)
Amortization of in-place leases	(616)	(1,075)	(1,950)	(3,791)
Income (loss) from operations	73,204	66,942	223,184	203,331
Reconciliation to Consolidated net income:
Total assets	3,193,473	3,170,718	3,193,473	3,170,718
Capital improvements			37,211	22,111
Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	11,581	12,737	35,808	32,558
Operations expenses	(10,603)	(10,498)	(31,303)	(26,765)
Income from segment operations	978	2,239	4,505	5,793
Interest income	1,037	1,185	3,126	3,339
Depreciation on real estate assets and rental homes	(2,707)	(2,821)	(8,193)	(8,419)
Amortization of in-place leases	0	0	0	0
Income (loss) from operations	(692)	603	(562)	713
Reconciliation to Consolidated net income:
Total assets	$ 249,917	$ 280,430	249,917	280,430
Capital improvements			$ 30,627	$ 19,534

Reportable Segments- Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Community base rental income	$ 110,908	$ 106,967	$ 330,251	$ 319,514
Resort base rental income	49,765	44,351	142,837	126,188
Right-to-use annual payments	11,334	11,404	33,260	33,859
Right-to-use contracts current period, gross	3,889	4,168	10,264	10,512
Right-to-use contract upfront payments, deferred, net	(1,701)	(1,989)	(3,929)	(4,303)
Utility and other income	20,027	18,581	58,010	53,070
Gross revenue from home sales	7,878	8,717	24,341	20,455
Brokered resale revenues and ancillary services revenues, net	1,051	1,124	4,045	3,491
Rental home income	3,413	3,684	10,526	11,187
Total revenues	210,144	200,778	620,038	586,548
Expenses:
Property operating and maintenance	69,227	66,105	194,522	186,018
Real estate taxes	12,923	12,263	38,169	36,905
Sales and marketing, gross	3,105	3,242	9,139	8,674
Right-to-use contract commissions, deferred, net	(464)	(757)	(1,471)	(2,022)
Property management	11,361	11,086	33,750	32,169
Cost of home sales	7,868	8,156	23,685	19,679
Home selling expenses	861	513	2,386	1,710
Rental home operating and maintenance	1,874	1,829	5,232	5,376
Total expenses	169,920	172,668	512,899	487,039
Income from property operations segment	40,224	28,110	107,139	99,509
Property Operations
Revenues:
Community base rental income	110,908	106,967	330,251	319,514
Resort base rental income	49,765	44,351	142,837	126,188
Right-to-use annual payments	11,334	11,404	33,260	33,859
Right-to-use contracts current period, gross	3,889	4,168	10,264	10,512
Right-to-use contract upfront payments, deferred, net	(1,701)	(1,989)	(3,929)	(4,303)
Utility and other income	20,027	18,581	58,010	53,070
Ancillary services revenues, net	761	788	3,104	2,575
Total revenues	194,983	184,270	573,797	541,415
Expenses:
Property operating and maintenance	69,227	66,105	194,522	186,018
Real estate taxes	12,923	12,263	38,169	36,905
Sales and marketing, gross	3,105	3,242	9,139	8,674
Right-to-use contract commissions, deferred, net	(464)	(757)	(1,471)	(2,022)
Property management	11,361	11,086	33,750	32,169
Total expenses	96,152	91,939	274,109	261,744
Income from property operations segment	98,831	92,331	299,688	279,671
Home Sales and Rentals Operations
Revenues:
Gross revenue from home sales	7,878	8,717	24,341	20,455
Brokered resale revenues and ancillary services revenues, net	290	336	941	916
Rental home income	3,413	3,684	10,526	11,187
Total revenues	11,581	12,737	35,808	32,558
Expenses:
Cost of home sales	7,868	8,156	23,685	19,679
Home selling expenses	861	513	2,386	1,710
Rental home operating and maintenance	1,874	1,829	5,232	5,376
Total expenses	10,603	10,498	31,303	26,765
Income from property operations segment	$ 978	$ 2,239	$ 4,505	$ 5,793