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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	ELS
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES INC
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		84,593,728
Entity Public Float			$ 4,139,900,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment in real estate:
Land	$ 1,101,676	$ 1,091,550
Land improvements	2,787,882	2,734,304
Buildings and other depreciable property	588,041	562,059
Investment in real estate	4,477,599	4,387,913
Accumulated depreciation	(1,282,423)	(1,169,492)
Net investment in real estate	3,195,176	3,218,421
Cash	80,258	73,714	$ 58,427	$ 37,126
Notes receivable, net	35,463	37,137
Investment in unconsolidated joint ventures	17,741	13,512
Deferred financing costs, net	23,368	21,833
Deferred commission expense	30,865	28,589	25,251
Escrow deposits, goodwill and other assets, net	37,190	53,133
Total Assets	3,420,061	3,446,339	3,392,309
Liabilities:
Mortgage notes payable	1,945,713	2,012,246
Term loan	200,000	200,000
Unsecured lines of credit	0	0
Accrued expenses and accounts payable	76,044	64,520
Deferred revenue—upfront payments from right-to-use contracts	78,405	74,174	68,673
Deferred revenue—right-to-use annual payments	9,878	9,790
Accrued interest payable	8,715	9,496
Rents and other customer payments received in advance and security deposits	74,300	67,463
Distributions payable	34,315	29,623
Total Liabilities	2,427,370	2,467,312
Stockholders’ Equity:
Preferred stock value	0	0
Common stock, $.01 par value	843	838
Paid-in capital	1,039,140	1,029,601
Distributions in excess of accumulated earnings	(250,506)	(254,209)
Accumulated other comprehensive loss	(553)	(381)
Total Stockholders’ Equity	925,068	911,993
Non-controlling interests – Common OP Units	67,623	67,034
Total Equity	992,691	979,027	$ 963,205	$ 924,302
Total Liabilities and Equity	3,420,061	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	Dec. 31, 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	84,253,065	83,879,779
Common Stock, Shares, Outstanding	84,253,065	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, Shares Issued		125

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Community base rental income	$ 442,046	$ 426,886	$ 409,801
Rental home income	14,012	14,827	14,267
Resort base rental income	184,760	163,968	147,234
Right-to-use annual payments	44,443	44,860	47,967
Right-to-use contracts current period, gross	12,783	13,892	13,815
Right-to-use contract upfront payments, deferred, net	(4,231)	(5,501)	(5,694)
Utility and other income	76,153	70,209	63,800
Gross revenues from home sales	33,150	28,418	17,871
Brokered resale revenues and ancillary services revenues, net	4,149	3,850	4,212
Interest income	7,030	8,347	8,260
Income from other investments, net	7,359	7,053	7,515
Total revenues	821,654	776,809	729,048
Expenses:
Property operating and maintenance	254,668	243,914	229,897
Rental home operating and maintenance	7,167	7,441	7,474
Real estate taxes	50,962	48,714	48,279
Sales and marketing, gross	11,751	12,418	13,509
Right-to-use contract commissions, deferred, net	(1,556)	(2,617)	(2,410)
Property management	44,528	42,638	40,193
Depreciation on real estate assets and rental homes	113,609	111,065	108,229
Amortization of in-place leases	2,358	3,999	1,940
Cost of home sales	32,279	26,747	17,296
Home selling expenses	3,191	2,342	2,085
General and administrative	30,644	27,410	28,211
Property rights initiatives and other	2,986	2,923	2,771
Early debt retirement	16,913	5,087	37,844
Interest and related amortization	105,731	112,295	118,522
Total expenses	675,231	644,376	653,840
Income from continuing operations before equity in income of unconsolidated joint ventures and gain on sale of property	146,423	132,433	75,208
Equity in income of unconsolidated joint ventures	4,089	4,578	2,039
Gain on sale of property	0	1,457	0
Consolidated income from continuing operations	150,512	138,468	77,247
Discontinued Operations:
Income from discontinued operations before gain on sale of property	0	0	7,133
Gain on sale of property, net of tax	0	0	41,525
Consolidated income from discontinued operations	0	0	48,658
Consolidated net income	150,512	138,468	125,905
Income allocated to non-controlling interests – Common OP Units	(11,141)	(10,463)	(9,706)
Other comprehensive income (loss) (“OCI”):
Adjustment for fair market value of swap	(172)	546	1,663
Consolidated comprehensive income	150,340	139,014	127,568
Series C Redeemable Perpetual Preferred Stock Dividends	(9,226)	(9,274)	(9,280)
Comprehensive income attributable to Common Stockholders	$ 129,988	$ 119,234	$ 108,443
Earnings per Common Share – Basic:
Income from continuing operations	$ 1.55	$ 1.42	$ 0.75
Income from discontinued operations	0.00	0.00	0.54
Net income available for Common Stockholders	1.55	1.42	1.29
Earnings per Common Share – Fully Diluted:
Income from continuing operations	1.54	1.41	0.75
Income from discontinued operations	0.00	0.00	0.53
Net income available for Common Stockholders	$ 1.54	$ 1.41	$ 1.28
Weighted average Common Shares outstanding – basic	84,031	83,362	83,018
Weighted average Common Shares outstanding – fully diluted	91,907	91,511	91,196
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Other comprehensive income (loss) (“OCI”):
Series C Redeemable Perpetual Preferred Stock Dividends	$ (9,226)	$ (9,274)	$ (9,280)
Non- controlling interests – Common OP Units
Other comprehensive income (loss) (“OCI”):
Adjustment for fair market value of swap	0	0	0
Comprehensive income allocated to non-controlling interests – Common OP Units	$ 11,126	$ (10,506)	$ (9,845)

Consolidated Statements of Changes In Equity - 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, 2012	$ 924,302	$ 832	$ 1,012,514	$ 136,144	$ (287,652)	$ 65,054	$ (2,590)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common Stock	0	0	280	0	0	(280)	0
Issuance of Common Stock through exercise of options	248	1	247	0	0	0	0
Issuance of Common Stock through employee stock purchase plan	720	1	719	0	0	0	0
Compensation expenses related to stock options and restricted stock	5,952	0	5,952	0	0	0	0
Repurchase of Common Stock or Common OP Units	(1,121)	0	(1,121)	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	6,730	0	0	(6,730)	0
Adjustment for fair market value of swap	(1,663)	0	0	0	0	0	(1,663)
Release of common shares from escrow	(3,412)	0	(3,412)	0	0	0	0
Net income	125,905	0	0	9,280	106,919	9,706	0
Distributions	(100,194)	0	0	(9,280)	(83,350)	(7,564)	0
Issuance of OP units	9,686	0	0	0	0	9,686	0
Other	(544)	0	(544)	0	0	0	0
Balance at Dec. 31, 2013	963,205	834	1,021,365	136,144	(264,083)	69,872	(927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common Stock	0	4	4,091	0	0	(4,095)	0
Issuance of Common Stock through employee stock purchase plan	1,328	1	1,327	0	0	0	0
Compensation expenses related to stock options and restricted stock	7,568	0	7,568	0	0	0	0
Repurchase of Common Stock or Common OP Units	(1,870)	0	(1,870)	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	(727)	0	0	727	0
Adjustment for fair market value of swap	(546)	0	0	0	0	0	(546)
Release of common shares from escrow	(1,934)	(1)	(1,933)	0	0	0	0
Net income	138,468	0	0	9,274	118,731	10,463	0
Distributions	(127,689)	0	0	(9,274)	(108,857)	(9,558)	0
Other	(595)	0	(220)	0	0	(375)	0
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	225	0	0	(225)	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	1,083	0	1,083	0	0	0	0
Compensation expenses related to stock options and restricted stock	8,582	0	8,582	0	0	0	0
Repurchase of Common Stock or Common OP Units	(3,201)	0	(3,201)	0	0	0	0
Adjustment for Common OP Unitholders in the Operating Partnership	0	0	(496)	0	0	496	0
Adjustment for fair market value of swap	172	0	0	0	0	0	172
Net income	150,512	0	0	9,226	130,145	11,141	0
Distributions	(146,465)	0	0	(9,226)	(126,416)	(10,823)	0
Other	(491)	3	(468)	0	(26)	0	0
Balance at Dec. 31, 2015	$ 992,691	$ 843	$ 1,039,140	$ 136,144	$ (250,506)	$ 67,623	$ (553)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities:
Consolidated net income	$ 150,512	$ 138,468	$ 125,905
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of property	0	(1,457)	(41,525)
Early debt retirement	16,913	5,087	37,844
Depreciation	114,698	111,872	110,505
Amortization of in-place leases	(2,358)	(3,999)	(1,940)
Amortization of loan costs	4,216	4,783	5,304
Debt premium amortization	(3,869)	(5,185)	(6,842)
Equity in income of unconsolidated joint ventures	(4,089)	(4,578)	(2,039)
Distributions of income from unconsolidated joint ventures	3,584	3,362	1,311
Distributions, including those in excess of basis	3,700	5,900
Amortization of stock-related compensation	8,582	7,568	5,952
Revenue recognized from right-to-use contract upfront payments	(8,552)	(8,391)	(8,121)
Commission expense recognized related to right-to-use contracts	3,595	2,934	2,601
Long term incentive plan compensation	973	1,900	1,907
Provision for uncollectible rents receivable	537	101	230
Changes in assets and liabilities:
Notes receivable activity, net	66	(1,037)	(123)
Deferred commission expense	(5,871)	(6,272)	(5,011)
Escrow deposits, goodwill and other assets	44,095	22,230	7,180
Accrued expenses and accounts payable	5,632	(5,282)	83
Deferred revenue – upfront payments from right-to-use contracts	12,783	13,892	13,815
Deferred revenue – right-to-use annual payments	88	(1,346)	48
Rents received in advance and security deposits	6,631	3,097	4,385
Net cash provided by operating activities	352,882	285,745	255,349
Cash Flows From Investing Activities:
Real estate acquisition	23,687	81,391	117,707
Proceeds from disposition of property	0	2,102	157,975
Tax-deferred exchange deposit	0	10,576	(11,976)
Investment in unconsolidated joint ventures	(4,000)	(3,489)	(2,641)
Distributions of capital from unconsolidated joint ventures	80	2,580	0
Repayments of notes receivable	(10,490)	(14,899)	(11,552)
Issuance of notes receivable	(9,791)	(9,441)	(10,343)
Capital improvements	(93,799)	(63,721)	(64,714)
Net cash used in investing activities	(120,707)	(127,885)	(37,854)
Cash Flows From Financing Activities:
Net proceeds from stock options and employee stock purchase plan	4,899	1,326	968
Distributions:
Common Stockholders	(122,077)	(102,346)	(62,546)
Common OP Unitholders	(10,470)	(9,123)	(5,648)
Preferred Stockholders	(9,226)	(9,274)	(9,280)
Stock repurchase and unit redemption	(3,201)	(1,870)	(1,121)
Lines of credit:
Lines of credit repayments	0	0	(20,000)
Lines of credit proceeds	0	0	20,000
Principal payments and mortgage debt payoff	(456,308)	(178,040)	(450,492)
New mortgage notes payable financing proceeds	395,323	169,000	375,500
Debt issuance and defeasance costs	(24,080)	(11,651)	(43,031)
Other	(491)	(595)	(544)
Net cash used in financing activities	(225,631)	(142,573)	(196,194)
Net increase in cash and cash equivalents	6,544	15,287	21,301
Supplemental information:
Cash paid during the period for interest	106,423	112,963	120,497
Capital improvements – used homes acquired by repossessions	909	1,431	2,591
Net repayments of notes receivable – used homes acquired by repossessions	(909)	(1,431)	(2,591)
Building and other depreciable property – reclassification of rental homes	28,790	23,494	14,401
Escrow deposits and other assets – reclassification of rental homes	(28,790)	(23,494)	(14,401)
Real estate acquisitions:
Investment in real estate	(23,900)	(122,366)	(133,344)
Deferred financing costs, net	0	(284)	(59)
Escrow deposits and other assets	(53)	(12)	(1,100)
Debt assumed and financed on acquisition	0	34,559	5,382
Accrued expenses and accounts payable	62	1,947	711
Rents and other customer payments received in advance and security deposits	204	4,765	1,017
Non-controlling interest - Common OP Units	0	0	9,686
Proceeds from dispositions of rental property and other:
Investment in real estate	0	87	113,068
Notes receivable, net	0	0	6,507
Other, net	0	(558)	2,167
Gain on sale of property	$ 0	$ 1,457	$ 40,567

Our Organization and Basis of Presentation Our Organization and Basis of Presentation (Notes)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Our Organization and Basis of Presentation Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and other consolidated subsidiaries (the "Subsidiaries"), is referred to herein as "we," "us," and "our." We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties"). We lease individual developed areas ("Sites") with access to utilities for placement of factory built homes, cottages, cabins or recreational vehicles ("RVs"). Properties are designed and improved for several home options of various sizes and designs that are produced off-site, installed and set on designated Sites ("Site Set") within the Properties. At certain Properties, we provide access to our Sites through right-to-use or membership contracts. We believe that we have qualified for taxation as a real estate investment trust ("REIT") for U.S. federal income tax purposes since our taxable year ended December 31, 1993. We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For example, to qualify as a REIT, at least 95% of our gross income must come from sources that are itemized in the REIT tax laws. We must meet a number of organizational requirements, including a requirement to distribute to stockholders at least 90% of our REIT taxable income computed without regard to our deduction for dividends paid and our net capital gain. If we fail to qualify as a REIT, we would be subject to U.S. federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions, we would remain disqualified as a REIT for four years following the year we first failed to qualify. Even if we qualify for taxation as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income. Our operations are conducted primarily through the Operating Partnership. We contributed the proceeds from our initial public offering and subsequent offerings to the Operating Partnership for units of common interests in the partnership ("OP Units"). In 2004, the general partnership interest was contributed to MHC Trust, a private REIT subsidiary we owned. As of December 31, 2013, MHC Trust was merged into ELS resulting in the general partnership interest of the Operating Partnership being directly held by ELS (see Note 15 to the Consolidated Financial Statements for preferred stock issued in connection with the merger). We currently hold a number of OP Units equal to the number of our outstanding common shares. The financial results of the Operating Partnership and the Subsidiaries are consolidated in our consolidated financial statements. In addition, since certain activities, if performed by us, may cause us to earn income which is not qualifying for the REIT gross income tests, we have formed taxable REIT Subsidiaries, as defined in the Internal Revenue Code of 1986, as amended (the "Code"), to engage in such activities. Several Properties are wholly owned by Realty Systems, Inc. ("RSI"), one of our taxable REIT Subsidiaries. In addition, RSI is engaged in the business of purchasing and selling or leasing Site Set homes that are located in Properties we own and manage. RSI also provides brokerage services to residents at such Properties for those residents who move from a Property but do not relocate their homes. RSI may provide brokerage services, in competition with other local brokers, by seeking buyers for the Site Set homes. RSI also operates ancillary activities at certain Properties consisting of operations such as golf courses, pro shops, stores and restaurants. The limited partners of the Operating Partnership (the "Common OP Unitholders") receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership that is shown on the Consolidated Financial Statements as Non-controlling interests—Common OP Units. As of December 31, 2015, the Non-Controlling Interests—Common OP Units represented 7,207,678 OP Units which are convertible into an equivalent number of shares of our common stock. The issuance of additional shares of common stock or Common OP Units changes the respective ownership of the Operating Partnership for the Non-controlling interests—Common OP Units.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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


(a)	Basis of Consolidation

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

We have applied the Codification Sub-Topic "Variable Interest Entities" ("FASB ASC 810-10-15"). The objective of FASB ASC 810-10-15 is to provide guidance on how to identify a variable interest entity ("VIE") and determine when the assets, liabilities, non-controlling interests, and results of operations of a VIE need to be included in a company's consolidated financial statements. Generally, an entity is determined to be a VIE when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE's economic performance including, but not limited to, the ability to direct financing, and other operating decisions and activities. In addition, we consider the rights of other investors to participate in policy making decisions, to replace or remove the manager of the entity and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual, and/or other pecuniary interests in that VIE. We have concluded that, as of December 31, 2015, we were not the primary beneficiary of any VIE's.

We have also applied the Codification Sub-Topic "Control of Partnerships and Similar Entities" ("FASB ASC 810-20"), which determines whether a general partner or the general partners as a group controls a limited partnership or similar entity and therefore should consolidate the entity. We apply FASB ASC 810-10-15 and FASB ASC 810-20 to all types of entity ownership (general and limited partnerships and corporate interests).

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 in the process of completing our evaluation, but we do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

We apply the equity method of accounting to entities in which we do not have a controlling direct or indirect voting interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to our operations and major decisions. The cost method is applied when (i) the investment is minimal (typically less than 5%) and (ii) our investment is passive. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.


(b)	Use of Estimates

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

Real estate is recorded at cost less accumulated depreciation. Our policy is to estimate useful lives associated with our real estate assets and to depreciate the assets on a straight-line basis based on our estimates. In January 2014, we completed a review of the useful lives and salvage values of manufactured homes. During the first quarter of 2014, we prospectively modified the depreciable life estimate of our new manufactured homes to 25 years and our used homes to 10-25 years. We continue to use a 30-year estimated life for buildings and structural and land improvements acquired (including Site development), a 10-year estimated life for building upgrades, a five-year estimated life for furniture, fixtures and equipment and lease intangibles over the average life of acquired in-place leases. The change in estimate related to our new and used manufactured homes did not have a material impact on our financial statements.

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

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

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

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

For Properties to be disposed of, an impairment loss is recognized when the fair value of the Property, less the estimated cost to sell, is less than the carrying amount of the Property measured at the time we have made the decision to dispose of the Property, have an agreement to sell the Property within a year and due diligence has been completed. A Property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less costs to sell. Subsequent to the date that a Property is held for disposition, depreciation expense is not recorded.

In April 2014, the FASB issued ("ASU 2014-08") Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We elected to early adopt ASU 2014-08, effective January 1, 2014 and are applying the revised definition to all disposals on a prospective basis, including the gain on sale of property recognized during the year ended December 31, 2014. The results of assets sold continue to be classified as discontinued operations for the year ended December 31, 2013, within our Consolidated Statements of Income and Comprehensive Income.

(d) Acquisitions

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

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

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

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

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

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

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

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

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

(e) Restricted Cash

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

(f) Deferred Financing Costs, net

Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic "Modifications and Extinguishments" ("FASB ASC 470-50-40"). Accumulated amortization for such costs was $33.7 million and $29.8 million at December 31, 2015 and 2014, respectively.

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, currently 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. The adoption of ASU 2015-03 and ASU 2015-15 will only affect the presentation of our Consolidated Balance Sheet.

(g) Identified Intangibles and Goodwill

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

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

As of December 31, 2015 and 2014, the gross carrying amounts of identified intangible assets and goodwill were approximately $12.1 million, which is reported as a component of Escrow deposits, goodwill and other assets, net on our consolidated balance sheets. As of December 31, 2015 and 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 intangibles assets was approximately $2.6 million and $2.2 million as of December 31, 2015 and 2014, respectively. For the years ended December 31, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.4 million and $0.3 million, respectively.

(h) Fair Value of Financial Instruments

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

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

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

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

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

Our mortgage notes payable and term loan had a carrying value of approximately $2.1 billion and $2.2 billion as of December 31, 2015 and 2014, respectively, and a fair value of approximately $2.2 billion and $2.3 billion as of December 31, 2015 and 2014, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At December 31, 2015 and 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 approximate their carrying or contract values. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions, as discussed in Note 5 to the Consolidated Financial Statements.

(i) Revenue Recognition

We account for leases with our customers as operating leases. Rental income is recognized over the term of the respective lease or the length of a customer's stay, the majority of which are for a term of not greater than one year. For the years ended December 31, 2015, 2014, and 2013, approximately 41.0%, 40.9%, and 40.7%, respectively, of our revenue was generated by Properties located in Florida, approximately 10.1%, 9.6%, and 9.8%, respectively, by Properties located in Arizona and approximately 14.7%, 15.2%, and 15.7%, respectively, by Properties located in California.

We adopted a revenue recognition policy for the right-to-use contracts in accordance with the Codification Topic Revenue Recognition ("FASB ASC 605"). A right-to-use contract gives the customer the right to a set schedule of usage at a specified group of Properties. A contract requires the customer to make annual payments during the term of the contract and may require an upfront nonrefundable payment. The stated term of a right-to-use contract is at least one year and the customer may renew his contract by continuing to make the annual payments. We will recognize the upfront non-refundable payments over the estimated customer life which are based on historical attrition rates. For the years ended December 31, 2015, 2014, and 2013, the customer life was estimated to be 31 years.

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

Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred.

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 for annual reporting periods beginning after December 15, 2017. The FASB will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently in the process of evaluating the impact of adoption that the standard will have on our consolidated financial statements and related disclosures.

(j) Non-Controlling Interests

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

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

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

In accordance with FASB ASC 810, we present the non-controlling interest for Common OP Units in the Equity section of the consolidated balance sheets. The caption Common OP Units on the consolidated balance sheets also includes $0.3 million of private REIT Subsidiaries preferred stock.

(k) Income Taxes

Due to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT. As of December 31, 2015, the REIT had a federal net operating loss carryforward of approximately $88 million. The REIT would be entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, no tax benefit has been recorded for the years ended December 31, 2015, 2014 and 2013.

In addition, we have several taxable REIT Subsidiaries ("TRSs"), which are subject to federal and state income taxes at regular corporate tax rates. Overall, the TRSs have federal net operating loss carryforwards. Due to the uncertainty regarding the realization of these deferred tax assets, we have maintained a full valuation allowance for the years ended December 31, 2015, 2014 and 2013.

The REIT is still subject to certain foreign, state and local income, excise or franchise taxes; however, they are not material to our operating results or financial position. We do not have unrecognized tax benefit items.

We, or one of our Subsidiaries, file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and Canada. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2012.

As of December 31, 2015, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $2.8 billion (unaudited) and $38.4 million (unaudited), respectively.

During the years ended December 31, 2015, 2014 and 2013, our tax treatment of common stock distributions were as follows (unaudited):



	2015		2014		2013
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.169	$	1.217	$	0.680
Long-term capital gain	—		—		0.211
Nondividend distributions	0.081		—		—
Unrecaptured section 1250 gain	—		—		0.067
Distributions declared per Common Share outstanding	$	1.250	$	1.217	$	0.958

The quarterly distribution paid on January 8, 2016 of $0.375 (unaudited) per common share will all be allocable to 2016 for federal tax purposes.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Common Share

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

On July 15, 2013, we effected a two-for-one stock split of our common stock, by and in the form of a stock dividend that was paid to stockholders of record on July 5, 2013. Each common shareholder of record on July 5, 2013, received one additional share of common stock for each share held and our historical Consolidated Financial Statements for periods prior to this date were adjusted retroactively to reflect the stock split. The incremental par value was recorded as an increase to the common stock account on our balance sheet to reflect the newly issued shares and such amount was offset by a reduction in the paid-in capital account on our balance sheet. Pursuant to the anti-dilution provision in the Operating Partnership's Agreement of Limited Partnership, the stock split also affected the common OP Units.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013 (amounts in thousands, except per share data):



	Years Ended December 31,
	2015			2014			2013
Numerators:
Income from Continuing Operations:
Income from continuing operations	$	150,512		$	138,468		$	77,247
Amounts allocated to dilutive securities	(11,141		)	(10,463		)	(5,617		)
Preferred Stock distributions	(9,226		)	(9,274		)	(9,280		)
Income from continuing operations available to Common Stockholders – basic	130,145			118,731			62,350
Amounts allocated to dilutive securities	11,141			10,463			5,617
Income from continuing operations available to Common Stockholders – fully diluted	$	141,286		$	129,194		$	67,967
Income from Discontinued Operations:
Income from discontinued operations, net of amounts allocated to dilutive securities	$	—		$	—		$	44,569
Net Income Available for Common Stockholders:
Net income available for Common Stockholders—basic	$	130,145		$	118,731		$	106,919
Amounts allocated to dilutive securities	11,141			10,463			9,706
Net income available for Common Stockholders—fully diluted	$	141,286		$	129,194		$	116,625
Denominator:
Weighted average Common Stockholders outstanding—basic	84,031			83,362			83,018
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders	7,216			7,411			7,549
Stock options and restricted Stockholders	660			738			629
Weighted average Common Stockholders outstanding—fully diluted	91,907			91,511			91,196

Earnings per Common Share—Basic:
Income from continuing operations	$	1.55		$	1.42		$	0.75
Income from discontinued operations	—			—			0.54
Net income available for Common Stockholders	$	1.55		$	1.42		$	1.29

Earnings per Common Share—Fully Diluted:
Income from continuing operations	$	1.54		$	1.41		$	0.75
Income from discontinued operations	—			—			0.53
Net income available for Common Stockholders	$	1.54		$	1.41		$	1.28

Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Common Stock and Other Equity Related Transactions

In July 1997, we adopted the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, as amended on May 3, 2006, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The aggregate number of shares of common stock available under the ESPP shall not exceed 2,000,000, subject to adjustment by our Board of Directors. The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2015, 2014 and 2013 were 19,788, 30,739 and 18,411, respectively.

The following table presents the changes in our outstanding common stock for the years ended December 31, 2015, 2014 and 2013 (excluding OP Units of 7,207,678, 7,231,967, and 7,667,723 outstanding at December 31, 2015, 2014 and 2013, respectively):



	2015		2014		2013
Shares outstanding at January 1,	83,879,779		83,313,677		83,193,310
Common stock issued through conversion of OP Units	24,289		435,756		29,566
Common stock issued through exercise of options	220,000		—		20,000
Common stock issued through stock grants	158,013		186,666		173,332
Common stock issued through ESPP and Dividend Reinvestment Plan	20,134		31,203		19,013
Common stock repurchased and retired	(49,150	)	(87,523	)	(121,544	)
Shares outstanding at December 31,	84,253,065		83,879,779		83,313,677

During the years ended December 31, 2015, 2014 and 2013, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations due as a result of the vesting of restricted stock grants at a weighted average price of $66.20, $51.62 and $36.48 per share, respectively.

As of both December 31, 2015 and 2014, ELS' percentage ownership of the Operating Partnership was approximately 92.1%. The remaining approximately 7.9% was owned by the Common OP Unitholders.

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2013:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.2500	March 31, 2013	March 28, 2013	April 12, 2013
$0.2500	June 30, 2013	June 28, 2013	July 12, 2013
$0.2500	September 30, 2013	September 27, 2013	October 11, 2013
$0.2500	December 31, 2013	December 27, 2013	January 10, 2014
$0.3250	March 31, 2014	March 28, 2014	April 11, 2014
$0.3250	June 30, 2014	June 27, 2014	July 11, 2014
$0.3250	September 30, 2014	September 26, 2014	October 10, 2014
$0.3250	December 31, 2014	December 26, 2014	January 9, 2015
$0.3750	March 31, 2015	March 27, 2015	April 10, 2015
$0.3750	June 30, 2015	June 26, 2015	July 10, 2015
$0.3750	September 30, 2015	September 25, 2015	October 9, 2015
$0.3750	December 31, 2015	December 28, 2015	January 8, 2016

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Investment in Real Estate

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Investment in Real Estate

Acquisitions

During the years ended December 31, 2015, 2014 and 2013 we acquired all of the following Properties from unaffiliated third parties (dollars in millions):

1) During the year ended December 31, 2015, we acquired the following Properties:

(a) In February 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.

(b) In June 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.

2) 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.

3) During the year ended December 31, 2013, we acquired Fiesta Key, a 324-Site RV Resort located in the Florida Keys, for a purchase price of approximately $24.6 million funded with available cash. We also acquired three manufactured home communities, referred to as the Riverside acquisition, located in the Chicago metropolitan area collectively containing approximately 1,207 Sites for a purchase price of $102.0 million. The purchase price was funded by approximately $9.7 million of limited partnership interests in our Operating Partnership, equivalent to 240,969 OP Units, and the remainder was funded with available cash.

We engaged a third-party to assist with our purchase price allocation for the acquisitions. The allocation of the fair values of the assets acquired and liabilities assumed is subject to further adjustment within one year of purchase due primarily to information not readily available at the acquisition date and final purchase price settlement with the sellers in accordance with the terms of the purchase agreement. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the years ended December 31, 2015, 2014, and 2013 which we determined using Level-2 inputs for mortgage notes payable and other liabilities and Level-3 inputs for assets (amounts in thousands):



	2015		2014		2013
Assets acquired
Land	$	8,985	$	66,390	$	41,022
Buildings and other depreciable property	13,948		52,329		87,306
Manufactured homes	345		1,086		1,155
In-place leases	622		2,561		3,910
Net investment in real estate	$	23,900	$	122,366	$	133,393
Other assets	53		1,197		1,025
Total assets acquired	$	23,953	$	123,563	$	134,418
Liabilities assumed
Mortgage notes payable	$	—	$	34,559	$	5,382
Other liabilities	266		6,712		1,777
Total liabilities assumed	$	266	$	41,271	$	7,159
Net assets acquired	$	23,687	$	82,292	$	127,259

In January 2016, we completed the acquisition of Rose Bay, a 306-site RV resort, located in Port Orange, Florida. The total purchase price of $7.4 million was funded with available cash.

In accordance with our policy, the measurement period for the purchase price of the 2015 acquisitions is open as of December 31, 2015, however, we do not anticipate any further material purchase price adjustments related to these acquisitions.

Dispositions and real estate held for disposition

During the three years ended December 31, 2015, 2014, and 2013 we disposed of the following Properties:

1) 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 approximately $1.5 million was in excess of our basis and recognized as a gain on sale of property within continuing operations in our Consolidated Statement of Income and Comprehensive Income following the adoption of ASU 2014-08.

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

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

Results of operations for the Michigan Properties have been presented separately as discontinued operations for the year ended December 31, 2013 in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes the components of income and expense relating to discontinued operations for the year ended December 31, 2013 (amounts in thousands):



	Year Ended
	December 31, 2013
Community base rental home income	$	11,565
Rental income	1,948
Utility and other income	1,384
Discontinued property operating revenues	14,897
Property operating expenses	6,126
Income from discontinued property operations	8,771
Loss from home sales operations	(78		)
Other income and expenses	332
Interest and amortization	(355		)
Depreciation and in place lease amortization	(1,537		)
Discontinued operations, net	$	7,133

As of December 31, 2015, we have no Properties designated as held for disposition pursuant to FASB ASC 360-10-35.

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

Investment in Joint Ventures

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

Investment in Unconsolidated Joint Ventures

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

We recorded approximately $4.1 million, $4.6 million, and $2.0 million (each net of approximately $1.1 million, $0.9 million, and $1.0 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2015, 2014, and 2013, respectively. We received approximately $3.7 million, $5.9 million, and $1.3 million in distributions from joint ventures for the years ended December 31, 2015, 2014 and 2013, respectively. Approximately $1.4 million and $2.4 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 years ended December 31, 2015 and 2014, respectively.

In 2013, we entered into an agreement with an unaffiliated third party to create a new joint venture named ECHO Financing, LLC (the "ECHO JV"). We entered into the ECHO JV to buy, sell and rent homes, as well as to offer another financing option to purchasers of homes at our Properties. Each party to the venture made an initial contribution of $1.0 million in exchange for a pro rata ownership interest in the joint venture, which resulted in us owning 50% of the ECHO JV. We account for our investment in the ECHO JV using the equity method of accounting, since we do not have a controlling direct or indirect voting interest, but we can exercise significant influence with respect to its operations and major decisions. On February 12, 2015, we contributed approximately $4.0 million to the ECHO JV which brought our total investment to $10.0 million. Additionally, on January 4, 2016, we contributed $5.0 million to the ECHO JV, bringing our total investment to approximately $15.0 million.

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



						Investment as of				Income for Years Ended
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2015		December 31, 2014		December 31, 2015		December 31, 2014		December 31, 2013
Meadows	Various (2,2)	1,077	50	%		$	162	$	—	$	1,401	$	2,294	$	1,138
Lakeshore	Florida (2,2)	342	65	%		46		9		1,777		1,350		271
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,166		7,201		846		806		760
Other	Various (0,0)	—	20	%	^(c)	—		—		—		25		(188		)
Echo JV	Various (0,0)	—	50	%		10,367		6,302		65		103		58
		3,125				$	17,741	$	13,512	$	4,089	$	4,578	$	2,039

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 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 year ended December 31, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.

Notes and Contracts Receivable

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Notes Receivable

Notes and Contracts Receivable

Notes Receivable

Notes receivable generally are presented at their outstanding unpaid principal balances net of any allowances, deferred fees or costs on originated loans and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. In certain cases, we purchase loans made by others to finance the sales of homes to our customers (referred to as "Chattel Loans"). These loans are secured by the purchased homes.

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

Our Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain Properties. As of December 31, 2015 and 2014, we had approximately $17.6 million and $18.9 million, respectively, of these Chattel Loans included in notes receivable. As of December 31, 2015, the Chattel Loans receivable had a stated per annum average rate of approximately 7.8%, with a yield of 21.1%, and had an average term remaining of approximately 11 years. These Chattel Loans are recorded net of allowances of approximately $0.3 million and $0.4 million as of December 31, 2015 and 2014, respectively.

During the year ended December 31, 2014, we received principal payment of approximately $1.0 million on a previously reserved loan related to one of our previous acquisitions.

Contracts Receivable

We also provide financing for nonrefundable upgrades to existing right-to-use contracts ("Contracts Receivable"). These Contracts Receivable represent loans to customers who have entered right-to-use contracts. Contracts Receivables are also generally presented at their outstanding unpaid principal balances net of an allowance reserve.

As of December 31, 2015 and 2014, we had approximately $17.8 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%, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest.

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is comprised of our reserves for amounts receivable from tenants, Contracts Receivable and Chattel Loans. We evaluate all amounts receivable from residents and establish an allowance for amounts greater than 30 days past due. Our allowance for uncollectible rents receivable was approximately $4.5 million and $5.1 million as of December 31, 2015 and 2014, respectively. An allowance is established for a portion of the Contracts Receivable when an upfront payment is financed. The Contracts Receivable allowance is based upon historical collection rates and current economic trends. The allowance and the rate at which we provide for losses on our Contracts Receivable could be increased or decreased in the future based on our actual collection experience.

During the years ended December 31, 2015, 2014 and 2013, our allowance for doubtful accounts was as follows (amounts in thousands):



	2015			2014			2013
Balance, beginning of period	$	7,110		$	7,927		$	6,987
Provision for losses	4,055			4,209			5,152
Write-offs	(4,695		)	(5,026		)	(4,212		)
Balance, end of period	$	6,470		$	7,110		$	7,927

- 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 Borrowing Arrangements (Notes)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

As of December 31, 2015 and 2014, we had outstanding mortgage indebtedness on Properties of approximately $1.9 billion and $2.0 billion, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the year ended December 31, 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 December 31, 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.

2015 Activity

During the year ended December 31, 2015, 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.

2014 Activity

During the year ended December 31, 2014, we closed on four loans with total proceeds of $54.0 million which were secured by two manufactured home properties and two RV resorts. The loans had a weighted average interest rate of 4.54% per annum and were set to mature in 2034 and 2038. We also refinanced the $53.8 million loan secured by our Colony Cove community with a stated interest rate of 4.65% per annum that was scheduled to mature in 2017. The new loan, with gross proceeds of $115.0 million, had a 25 year term and carries a stated interest rate of 4.64% per annum. We paid a prepayment fee of approximately $5.1 million associated with the early retirement of the prior loan. We also paid off 17 mortgages totaling approximately $90.0 million that had a weighted average interest rate of 5.57% per annum. In connection with the Blackhawk and Lakeland acquisitions, we assumed approximately $13.3 million of mortgage debt, excluding mortgage note premiums of $1.0 million, with a weighted average interest rate of 6.48% per annum, secured by the resort properties and are set to mature in 2017 and 2018. Finally, in connection with the Mesa Spirit acquisition, we assumed approximately $19.0 million of mortgage debt, excluding a mortgage note premium of $1.0 million, with a stated interest rate of 5.66% per annum, secured by the resort property and is set to mature in 2017.

In January 2016, we paid off a maturing mortgage loan of $9.8 million, with a stated interest rate of 5.48% per annum, secured by one manufactured home property.

Term Loan

As of December 31, 2015 and 2014, our $200.0 million unsecured 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, 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 9 to the Consolidated Financial Statements for further information on the accounting for the 2014 Swap).

Unsecured Line of Credit

As of December 31, 2015 and 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 December 31, 2015, we are in compliance in all material respects with the covenants in our borrowing arrangements.

Future Maturities of Debt

The table below presents as of December 31, 2015, the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter are as follows (amounts in thousands):



Year	Amount
2016	$	119,122
2017	97,531
2018	230,046
2019	231,393
2020	348,413
Thereafter	1,110,362
Net unamortized premiums	8,846
Total	$	2,145,713

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

As required by Codification Topic "Derivatives and Hedging" ("FASB ASC 815") , we record all derivatives on the balance sheet at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in our exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

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

In connection with our Term Loan, we entered into the 2014 Swap (see Note 8 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 December 31, 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 years ended December 31, 2015, 2014, and 2013.

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 $0.7 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 December 31, 2015 and 2014 (amounts in thousands).



	Balance Sheet Location	December 31, 2015		December 31, 2014
Interest Rate Swap	Accrued expenses and accounts payable	$	553	$	381

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

The table below presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2015, 2014 and 2013 (amounts in thousands).



Derivatives in Cash Flow Hedging Relationship	Amount of loss recognized in OCI on derivative (effective portion)						Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)
Derivatives in Cash Flow Hedging Relationship	December 31, 2015		December 31, 2014		December 31, 2013			December 31, 2015		December 31, 2014		December 31, 2013
Interest Rate Swap	$	1,900	$	1,230	$	188	Interest Expense	$	1,728	$	1,776	$	1,851

We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of December 31, 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

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-SubTopic 10
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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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

12 Months Ended

Dec. 31, 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 December 31, 2015 and 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):



	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	12,783			13,892
Revenue recognized from right-to-use contract upfront payments	(8,552		)	(8,391		)
Right-to-use contract upfront payments, deferred, net	4,231			5,501
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	$	78,405		$	74,174

Deferred commission expense, as of January 1,	$	28,589		$	25,251
Deferred commission expense	5,871			6,272
Commission expense recognized	(3,595		)	(2,934		)
Net increase in deferred commission expense	2,276			3,338
Deferred commission expense, as of December 31,	$	30,865		$	28,589

Lease Agreements

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Lease Agreements

The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenant are in effect at certain Sites for 39 of the Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. Future minimum rents scheduled to be received under non-cancelable tenant leases at December 31, 2015 are as follows (amounts in thousands):



Year	Amount
2016	$	58,725
2017	54,587
2018	37,273
2019	19,189
2020	15,048
Thereafter	38,540
Total	$	223,362

Operating Leases

12 Months Ended

Dec. 31, 2015

Leases, Operating [Abstract]

Operating Leases

We have operating leases covering our office space expiring at various dates through 2023. As leases expire, it can be expected that certain leases will be renewed or replaced in the normal course of business. We also lease land under non-cancelable operating leases at certain of the Properties expiring in various years from 2017 to 2054. The majority of the lease terms require twelve equal payments per year plus additional rents calculated as a percentage of gross revenues. For the years ended December 31, 2015, 2014, and 2013 total operating lease payments for office space and rent due under ground leases, aggregated $3.8 million, $3.7 million, and $5.1 million, respectively. The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2015 (amounts in thousands):



	Total		2016		2017		2018		2019		2020		Thereafter
Office Rent Lease	$	12,622	$	2,097	$	2,171	$	2,221	$	2,062	$	2,011	$	2,060
Ground Lease	18,911		1,967		1,970		1,964		1,968		1,968		9,074
Total Operating Leases	$	31,533	$	4,064	$	4,141	$	4,185	$	4,030	$	3,979	$	11,134

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References + Details

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Dec. 31, 2015
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties Riverside Portfolio acquisition On August 1, 2013, we closed on the Riverside Acquisition (See Note 5 to the Consolidated Financial Statements). Patrick Waite, our Executive Vice President and Chief Operating Officer, was formerly employed by an affiliate of Riverside Communities, as a result of which he had financial interests in the sale that resulted in him receiving his share in cash upon the closing of the acquisition. Mr. Waite did not participate in our management's analysis, decision-making or recommendation to the Board of Directors with respect to the acquisition. In addition, David Helfand, the founder and CEO of Riverside Communities, served in various positions with us before 2005, including, at various times, as our Chief Financial Officer, Chief Executive Officer, and as a member of our Board of Directors. Mr. Helfand is currently Co-President of Equity Group Investments, an entity affiliated with Sam Zell, Chairman of our Board of Directors. Corporate Headquarters We lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Mr. Zell, Chairman of our Board of Directors. Payments made in accordance with the lease agreement to this entity amounted to approximately $1.4 million for the years ended December 31, 2015, 2014 and 2013. Other On October 18, 2012, our Chief Executive Officer, Thomas Heneghan, accepted an offer to become Chief Executive Officer of Equity International Management, LLC ("Equity International"), effective in February 2013, and he resigned as our Chief Executive Officer effective February 1, 2013. During the period from October 18, 2012 through February 1, 2013, Mr. Heneghan continued to serve as our Chief Executive Officer, but he also performed certain services for Equity International, an entity affiliated with Mr. Zell, Chairman of our Board of Directors. We paid Mr. Heneghan his regular compensation through February 1, 2013. However, in our consideration for allowing Mr. Heneghan to perform certain services for Equity International during this period, we and Equity International agreed that Equity International would reimburse us for a portion of Mr. Heneghan's compensation in the amount of $0.3 million.

- Definition

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

+ References + Details

Equity Incentive Awards Equity Incentive Awards (Notes)

12 Months Ended

Dec. 31, 2015

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

Equity Incentive Awards

We follow Codification Topic "Stock Compensation" ("FASB ASC 718") in accounting for our share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee's requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized when incurred. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees, consultants and directors.

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 December 31, 2015, 3,405,321 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, except grants to directors which are made by the Board of Directors.

Grants Issued

On February 1, 2016, we awarded Restricted Stock Grants for 73,000 shares of common stock at a fair market value of approximately $4.9 million to certain members of our senior management for their service in 2016. These Restricted Stock Grants will vest on December 31, 2016.

On February 1, 2016, we awarded Restricted Stock Grants for 45,784 shares of common stock at a fair market value of approximately $3.1 million to certain members of the Board of Directors for services as Chairman of the Board, Chairman of the Compensation Committee and Lead Director, Chairman of the Executive Committee and Chairman of the Audit Committee in 2016. One-third of the shares of restricted common stock covered by these awards will vest on each of December 31, 2016, December 31, 2017, and December 31, 2018.

On November 3, 2015, we awarded a Restricted Stock Grants for 473 shares of common stock at a fair market value of approximately $28,300 to a certain member 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 May 3, 2016, November 3, 2016, and November 3, 2017.

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 vested 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 their services rendered in 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 for their service in 2015. These Restricted Stock Grants vested on December 31, 2015.

On February 2, 2015, we awarded Restricted Stock Grants for 47,101 shares of common stock at a fair market value of approximately $2.6 million to certain members of the Board of Directors for services as Chairman of the Board, Chairman of the Compensation Committee and Lead Director, Chairman of the Executive Committee and Chairman of the Audit Committee 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.

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

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

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

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

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

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

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

On January 31, 2013, we awarded Restricted Stock Grants for 62,000 shares of common stock at a fair market value of approximately $2.2 million to certain members of the Board of Directors for their services as Chairman of the Board, Chairman of the Compensation Committee and Lead Director, Chairman of the Executive Committee and Chairman of the Audit Committee in 2013. One-third of the shares of restricted common stock covered by these awards vested on each of December 31, 2013, December 31, 2014, and December 31, 2015.

The fair market value of our restricted stock grants is recorded as compensation expense and paid in capital over the vesting period.

Stock-based compensation expense, reported in "General and administrative" on the Consolidated Statements of Income and Comprehensive Income, for the years ended December 31, 2015, 2014 and 2013 was approximately $8.6 million, $7.6 million, and $6.0 million, respectively.

A summary of our restricted stock activity, and related information for the years ended December 31, 2015, 2014, and 2013 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2012	94,020		$	32.97
Shares granted	173,332		37.32
Shares vested	(167,564	)	34.97
Balance at December 31, 2013	99,788		37.17
Shares granted	186,666		42.61
Shares vested	(184,229	)	40.49
Balance at December 31, 2014	102,225		41.09
Shares granted	158,014		54.68
Shares vested	(174,739	)	49.17
Balance at December 31, 2015	85,500		49.72

Compensation expense to be recognized subsequent to December 31, 2015 for Restricted Stock Grants issued prior to 2015 that have not yet vested was approximately $3.8 million, which is expected to be recognized over a weighted average term of 1.4 years.

Stock Options

The fair value of each grant is estimated on the grant date using the Black-Scholes-Merton model. No options were issued, forfeited or expired during the years ended December 31, 2015, 2014, and 2013.

A summary of our stock option activity, and related information for the years ended December 31, 2015, 2014, and 2013 follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)
Balance at December 31, 2012	1,105,600		$	21.78	4.0
Options exercised	(20,000	)	12.34
Balance at December 31, 2013	1,085,600		21.95		3.1
Options exercised	—		—
Balance at December 31, 2014	1,085,600		21.95		2.1
Options exercised	(220,000	)	17.35
Balance at December 31, 2015	865,600		23.12		1.6
Exercisable at December 31, 2015	865,600		23.12		1.6

The intrinsic value of outstanding and exercisable stock options represents the excess of the closing stock price as of the end of the year, over the exercise price multiplied by the applicable number of shares that may be acquired upon exercise of stock options. No options were exercised for the year ending December 31, 2014, and the intrinsic value of exercised options for the year ending December 31, 2015 and 2013, was $8.6 million and $0.5 million, respectively. For the years ending December 31, 2015, 2014 and 2013, the intrinsic value of outstanding and exercisable options was $37.7 million, $32.1 million and $15.5 million, respectively.

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2015
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock	Preferred Stock Our Board of Directors is authorized under our charter, without further stockholder approval, to issue, from time to time, in one or more series, 10,000,000 shares of $0.01 par value preferred stock (the "Preferred Stock"), with specific rights, preferences and other attributes as the Board may determine, which may include preferences, powers and rights that are senior to the rights of holders of our common stock. However, under certain circumstances, the issuance of preferred stock may require stockholder approval pursuant to the rules and regulations of The New York Stock Exchange. We account for the Preferred Stock in accordance with the Codification Topic "Distinguishing Liabilities from Equity—SEC Materials" ("FASB ASC 480-10-S99"). Holders of the 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Stock") have certain preference rights with respect to the common stock and the Series C Preferred Stock is classified as redeemable interests inside of permanent equity on our Consolidated Balance Sheet due to the right of holders to convert such stock into common stock in certain circumstances involving a change of our control. On December 30, 2013, in connection with the MHC Trust merger, we authorized 179,764 shares and issued 125 shares of our Series D Preferred Stock with a liquidation value of $1,000.00 per share, having substantially the same terms and same rights as shares of MHC Trust's 6% Series A Cumulative Non-Qualified Preferred Stock, and authorized and issued 250 shares of our Series E Preferred Stock with a liquidation value of $1,000.00 per share, having substantially the same terms and same rights as shares of MHC Trust's 18.75% Series B Cumulative Non-Voting Preferred Stock. On December 31, 2014, we redeemed all of our Series D Preferred Stock and Series E Preferred Stock. On February 12, 2015, we filed articles supplementary reclassifying 179,639 authorized but unissued shares of Series D Preferred Stock as shares of preferred stock without designation as to class or series, and confirming that 125 shares of Series D Preferred Stock and 250 shares of Series E Preferred Stock are now shares of preferred stock without designation as to class or series.

Long-Term Cash Incentive Plan	12 Months Ended
Long-Term Cash Incentive Plan	Dec. 31, 2015
Cash incentive Program Disclosure [Abstract]
Long-Term Cash Incentive Plan	Long-Term Cash Incentive Plan On February 12, 2016, our Compensation Committee approved a Long-Term Cash Incentive Plan Award (the "2016 LTIP") to provide a long-term cash bonus opportunity to certain members of our management. The 2016 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, 2018. The Compensation Committee has responsibility for administering the 2016 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 named executive officers are not participants in the 2016 LTIP. The Eligible Payment will be paid, at the discretion of our compensation committee, in cash upon completion of our annual audit for the 2018 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2016 LTIP and, including employer costs, is currently estimated to be approximately $5.6 million. 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. Such Board approval was upon recommendation of the Committee. For the year ended December 31, 2015, we had accrued compensation expense of approximately $4.8 million. On February 12, 2016, the Compensation Committee approved payments under the 2013 LTIP of approximately $4.8 million to the participants, including employer costs.

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Savings Plan	Savings Plan We have a qualified retirement plan, with a salary deferral feature designed to qualify under Section 401 of the Code (the "401(k) Plan"), to cover our employees and those of our Subsidiaries, if any. The 401(k) Plan permits our eligible employees and those of any Subsidiary to defer up to 60% of their eligible compensation on a pre-tax basis subject to certain maximum amounts. In addition, we will match 100% of the participant's contribution up to the first 3% and then 50% of the next 2% for a maximum potential match of 4%. Employee's and our matching contributions will vest immediately. Additionally, a discretionary profit sharing component of the 401(k) Plan provides for a contribution to be made annually for each participant in an amount, if any, as we determined. Our contribution to the 401(k) Plan was approximately $1.5 million for the year ended December 31, 2015 and approximately $1.3 million for the years ended December 31, 2014 and December 31, 2013.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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, to which we consented. 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 issued an order setting the briefing sequence and ordered commencement of the briefing. On December 15, 2015, the plaintiffs filed their Opening Appellant's Brief. We intend to continue to vigorously defend ourselves in this litigation. At December 31, 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. On December 3, 2015, we filed a notice of appeal from the denial of 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. On November 24, 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. The hearing date for that motion remains to be determined. Civil Investigation by Certain California District Attorneys 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 Attorneys' offices at which the MCDA reviewed the preliminary results of their investigation including, among other things, (i) alleged violations of asbestos and related regulations associated with approximately 200 historical demolition and renovation projects in California; (ii) potential exposure to civil penalties and unpaid fees; and (iii) next steps with respect to a negotiated resolution of the alleged violations. No legal proceedings have been instituted to date and we are involved in settlement discussions with the District Attorneys' offices. We continue to assess 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

12 Months Ended

Dec. 31, 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 identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences.

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the three years ended December 31, 2015, 2014, and 2013. The following tables summarize our segment financial information (amounts in thousands):

Year Ended December 31, 2015



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	758,834		$	48,431		$	807,265
Operations expenses	(360,353		)	(42,637		)	(402,990		)
Income from segment operations	398,481			5,794			404,275
Interest income	2,813			4,119			6,932
Depreciation on real estate assets and rental homes	(102,747		)	(10,862		)	(113,609		)
Amortization of in-place leases	(2,358		)	—			(2,358		)
Income (loss) from operations	$	296,189		$	(949	)	295,240
Reconciliation to Consolidated net income
Corporate interest income							98
Income from other investments, net							7,359
General and administrative							(30,644		)
Property rights initiatives and other							(2,986		)
Early debt retirement							(16,913		)
Interest and related amortization							(105,731		)
Equity in income of unconsolidated joint ventures							4,089
Consolidated net income							$	150,512

Total assets	$	3,177,531		$	242,530		$	3,420,061
Capital improvements	$	51,369		$	42,430		$	93,799

Year Ended December 31, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	716,942		$	44,467		$	761,409
Operations expenses	(345,067		)	(36,530		)	(381,597		)
Income from segment operations	371,875			7,937			379,812
Interest income	2,984			4,466			7,450
Depreciation on real estate assets and rental homes	(99,980		)	(11,085		)	(111,065		)
Amortization of in-place leases	(3,999		)	—			(3,999		)
Income from operations	$	270,880		$	1,318		272,198
Reconciliation to Consolidated net income
Corporate interest income							897
Income from other investments, net							7,053
General and administrative							(27,410		)
Property rights initiatives and other							(2,923		)
Early debt retirement							(5,087		)
Interest and related amortization							(112,295		)
Equity in income of unconsolidated joint ventures							4,578
Gain on sale of property							1,457
Consolidated net income							$	138,468

Total assets	$	3,178,883		$	267,456		$	3,446,339
Capital improvements	$	35,973		$	27,748		$	63,721

Year Ended December 31, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	679,992		$	33,281		$	713,273
Operations expenses	(329,468		)	(26,855		)	(356,323		)
Income from segment operations	350,524			6,426			356,950
Interest income	3,397			4,373			7,770
Depreciation on real estate assets and rental homes	(101,374		)	(6,855		)	(108,229		)
Amortization of in-place leases	(1,940		)	—			(1,940		)
Income from operations	$	250,607		$	3,944		254,551
Reconciliation to Consolidated net income
Corporate interest income							490
Income from other investments, net							7,515
General and administrative							(28,211		)
Property rights initiatives and other							(2,771		)
Early debt retirement							(37,844		)
Interest and related amortization							(118,522		)
Equity in income of unconsolidated joint ventures							2,039
Gain on sale of property, net of tax							41,525
Discontinued operations							7,133
Consolidated net income							$	125,905

Total assets	$	3,096,826		$	295,483		$	3,392,309
Capital improvements	$	26,430		$	38,284		$	64,714

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2015, 2014, and 2013 (amounts in thousands):



	December 31, 2015			December 31, 2014			December 31, 2013
Revenues:
Community base rental income	$	442,046		$	426,886		$	409,801
Resort base rental income	184,760			163,968			147,234
Right-to-use annual payments	44,443			44,860			47,967
Right-to-use contracts current period, gross	12,783			13,892			13,815
Right-to-use contract upfront payments, deferred, net	(4,231		)	(5,501		)	(5,694		)
Utility income and other	76,153			70,209			63,800
Ancillary services revenues, net	2,880			2,628			3,069
Total property operations revenues	758,834			716,942			679,992
Expenses:
Property operating and maintenance	254,668			243,914			229,897
Real estate taxes	50,962			48,714			48,279
Sales and marketing, gross	11,751			12,418			13,509
Right-to-use contract commissions, deferred, net	(1,556		)	(2,617		)	(2,410		)
Property management	44,528			42,638			40,193
Total property operations expenses	360,353			345,067			329,468
Income from property operations segment	$	398,481		$	371,875		$	350,524

The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the years ended December 31, 2015, 2014, and 2013 (amounts in thousands):



	December 31, 2015		December 31, 2014		December 31, 2013
Revenues:
Gross revenue from home sales	$	33,150	$	28,418	$	17,871
Brokered resale revenues, net	1,269		1,222		1,143
Rental home income ^(a)	14,012		14,827		14,267
Total revenues	48,431		44,467		33,281
Expenses:
Cost of home sales	32,279		26,747		17,296
Home selling expenses	3,191		2,342		2,085
Rental home operating and maintenance	7,167		7,441		7,474
Total expenses	42,637		36,530		26,855
Income from home sales and rentals operations segment	$	5,794	$	7,937	$	6,426


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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

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

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

+ Details

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

The following is unaudited quarterly data for 2015 and 2014 (amounts in thousands, except for per share amounts):



2015	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	208,414	$	201,480	$	210,144	$	201,616
Income from operations	$	82,014	$	68,097	$	72,512	$	72,617
Consolidated net income	$	31,813	$	36,826	$	42,106	$	39,767
Net income available for Common Stockholders	$	27,185	$	31,786	$	36,673	$	34,501
Weighted average Common Shares outstanding—Basic	83,961		84,031		84,057		84,072
Weighted average Common Shares outstanding—Diluted	91,777		91,851		91,940		91,875
Net income per Common Share outstanding—Basic	$	0.32	$	0.38	$	0.44	$	0.41
Net income per Common Share outstanding—Diluted	$	0.32	$	0.38	$	0.43	$	0.41



2014	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	196,745	$	189,025	$	200,778	$	190,261
Income from operations	$	73,730	$	62,770	$	67,545	$	68,153
Consolidated net income	$	43,890	$	30,040	$	30,276	$	34,262
Net income available for Common Stockholders	$	38,099	$	25,483	$	25,746	$	29,403
Weighted average Common Shares outstanding—Basic	83,116		83,234		83,531		83,562
Weighted average Common Shares outstanding—Diluted	91,353		91,420		91,528		91,644
Net income per Common Share outstanding—Basic	$	0.46	$	0.31	$	0.31	$	0.35
Net income per Common Share outstanding—Diluted	$	0.46	$	0.30	$	0.31	$	0.35

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation and Principals of Consolidation

Basis of Consolidation

Use of Estimates

Real Estate

Acquisitions

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

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

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

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

Restricted Cash

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

Deferred Financing Costs, net

Identified Intangibles and Goodwill

Fair Value of Financial Instruments

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

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

Revenue Recognition

Non-Controlling Interests

Income Taxes

As of December 31, 2015, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $2.8 billion (unaudited) and $38.4 million (unaudited), respectively.

During the years ended December 31, 2015, 2014 and 2013, our tax treatment of common stock distributions were as follows (unaudited):



	2015		2014		2013
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.169	$	1.217	$	0.680
Long-term capital gain	—		—		0.211
Nondividend distributions	0.081		—		—
Unrecaptured section 1250 gain	—		—		0.067
Distributions declared per Common Share outstanding	$	1.250	$	1.217	$	0.958

The quarterly distribution paid on January 8, 2016 of $0.375 (unaudited) per common share will all be allocable to 2016 for federal tax purposes.

Investments in Unconsolidated Joint Ventures

Receivables

Allowance for Doubtful Accounts

Derivatives

Equity Incentive Awards

Preferred Stock

We account for the Preferred Stock in accordance with the Codification Topic "Distinguishing Liabilities from Equity—SEC Materials" ("FASB ASC 480-10-S99"). Holders of the 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Stock") have certain preference rights with respect to the common stock and the Series C Preferred Stock is classified as redeemable interests inside of permanent equity on our Consolidated Balance Sheet due to the right of holders to convert such stock into common stock in certain circumstances involving a change of our control.

Summary of Significant Accounting Policies Summary of significant accounting (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Tax Treatment Of Dividends And Distributions Table

During the years ended December 31, 2015, 2014 and 2013, our tax treatment of common stock distributions were as follows (unaudited):



	2015		2014		2013
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.169	$	1.217	$	0.680
Long-term capital gain	—		—		0.211
Nondividend distributions	0.081		—		—
Unrecaptured section 1250 gain	—		—		0.067
Distributions declared per Common Share outstanding	$	1.250	$	1.217	$	0.958

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013 (amounts in thousands, except per share data):



	Years Ended December 31,
	2015			2014			2013
Numerators:
Income from Continuing Operations:
Income from continuing operations	$	150,512		$	138,468		$	77,247
Amounts allocated to dilutive securities	(11,141		)	(10,463		)	(5,617		)
Preferred Stock distributions	(9,226		)	(9,274		)	(9,280		)
Income from continuing operations available to Common Stockholders – basic	130,145			118,731			62,350
Amounts allocated to dilutive securities	11,141			10,463			5,617
Income from continuing operations available to Common Stockholders – fully diluted	$	141,286		$	129,194		$	67,967
Income from Discontinued Operations:
Income from discontinued operations, net of amounts allocated to dilutive securities	$	—		$	—		$	44,569
Net Income Available for Common Stockholders:
Net income available for Common Stockholders—basic	$	130,145		$	118,731		$	106,919
Amounts allocated to dilutive securities	11,141			10,463			9,706
Net income available for Common Stockholders—fully diluted	$	141,286		$	129,194		$	116,625
Denominator:
Weighted average Common Stockholders outstanding—basic	84,031			83,362			83,018
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders	7,216			7,411			7,549
Stock options and restricted Stockholders	660			738			629
Weighted average Common Stockholders outstanding—fully diluted	91,907			91,511			91,196

Earnings per Common Share—Basic:
Income from continuing operations	$	1.55		$	1.42		$	0.75
Income from discontinued operations	—			—			0.54
Net income available for Common Stockholders	$	1.55		$	1.42		$	1.29

Earnings per Common Share—Fully Diluted:
Income from continuing operations	$	1.54		$	1.41		$	0.75
Income from discontinued operations	—			—			0.53
Net income available for Common Stockholders	$	1.54		$	1.41		$	1.28

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

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward



	2015		2014		2013
Shares outstanding at January 1,	83,879,779		83,313,677		83,193,310
Common stock issued through conversion of OP Units	24,289		435,756		29,566
Common stock issued through exercise of options	220,000		—		20,000
Common stock issued through stock grants	158,013		186,666		173,332
Common stock issued through ESPP and Dividend Reinvestment Plan	20,134		31,203		19,013
Common stock repurchased and retired	(49,150	)	(87,523	)	(121,544	)
Shares outstanding at December 31,	84,253,065		83,879,779		83,313,677

Dividends Declared

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2013:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.2500	March 31, 2013	March 28, 2013	April 12, 2013
$0.2500	June 30, 2013	June 28, 2013	July 12, 2013
$0.2500	September 30, 2013	September 27, 2013	October 11, 2013
$0.2500	December 31, 2013	December 27, 2013	January 10, 2014
$0.3250	March 31, 2014	March 28, 2014	April 11, 2014
$0.3250	June 30, 2014	June 27, 2014	July 11, 2014
$0.3250	September 30, 2014	September 26, 2014	October 10, 2014
$0.3250	December 31, 2014	December 26, 2014	January 9, 2015
$0.3750	March 31, 2015	March 27, 2015	April 10, 2015
$0.3750	June 30, 2015	June 26, 2015	July 10, 2015
$0.3750	September 30, 2015	September 25, 2015	October 9, 2015
$0.3750	December 31, 2015	December 28, 2015	January 8, 2016

Schedule of Identified Assets Acquired and Liabilities Assumed (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the years ended December 31, 2015, 2014, and 2013 which we determined using Level-2 inputs for mortgage notes payable and other liabilities and Level-3 inputs for assets (amounts in thousands):



	2015		2014		2013
Assets acquired
Land	$	8,985	$	66,390	$	41,022
Buildings and other depreciable property	13,948		52,329		87,306
Manufactured homes	345		1,086		1,155
In-place leases	622		2,561		3,910
Net investment in real estate	$	23,900	$	122,366	$	133,393
Other assets	53		1,197		1,025
Total assets acquired	$	23,953	$	123,563	$	134,418
Liabilities assumed
Mortgage notes payable	$	—	$	34,559	$	5,382
Other liabilities	266		6,712		1,777
Total liabilities assumed	$	266	$	41,271	$	7,159
Net assets acquired	$	23,687	$	82,292	$	127,259

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following table summarizes the components of income and expense relating to discontinued operations for the year ended December 31, 2013 (amounts in thousands):



	Year Ended
	December 31, 2013
Community base rental home income	$	11,565
Rental income	1,948
Utility and other income	1,384
Discontinued property operating revenues	14,897
Property operating expenses	6,126
Income from discontinued property operations	8,771
Loss from home sales operations	(78		)
Other income and expenses	332
Interest and amortization	(355		)
Depreciation and in place lease amortization	(1,537		)
Discontinued operations, net	$	7,133

- Definition

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

+ References + Details

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments



						Investment as of				Income for Years Ended
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2015		December 31, 2014		December 31, 2015		December 31, 2014		December 31, 2013
Meadows	Various (2,2)	1,077	50	%		$	162	$	—	$	1,401	$	2,294	$	1,138
Lakeshore	Florida (2,2)	342	65	%		46		9		1,777		1,350		271
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,166		7,201		846		806		760
Other	Various (0,0)	—	20	%	^(c)	—		—		—		25		(188		)
Echo JV	Various (0,0)	—	50	%		10,367		6,302		65		103		58
		3,125				$	17,741	$	13,512	$	4,089	$	4,578	$	2,039

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 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 year ended December 31, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.

Notes and Contracts Receivable Notes and Contracts Receivable (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure

During the years ended December 31, 2015, 2014 and 2013, our allowance for doubtful accounts was as follows (amounts in thousands):



	2015			2014			2013
Balance, beginning of period	$	7,110		$	7,927		$	6,987
Provision for losses	4,055			4,209			5,152
Write-offs	(4,695		)	(5,026		)	(4,212		)
Balance, end of period	$	6,470		$	7,110		$	7,927

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Aggregate Payments of Principal on Long-Term Borrowings



Year	Amount
2016	$	119,122
2017	97,531
2018	230,046
2019	231,393
2020	348,413
Thereafter	1,110,362
Net unamortized premiums	8,846
Total	$	2,145,713

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



	Balance Sheet Location	December 31, 2015		December 31, 2014
Interest Rate Swap	Accrued expenses and accounts payable	$	553	$	381

Effect of Derivative Instruments on Consolidated Statements of Operations



Derivatives in Cash Flow Hedging Relationship	Amount of loss recognized in OCI on derivative (effective portion)						Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)
Derivatives in Cash Flow Hedging Relationship	December 31, 2015		December 31, 2014		December 31, 2013			December 31, 2015		December 31, 2014		December 31, 2013
Interest Rate Swap	$	1,900	$	1,230	$	188	Interest Expense	$	1,728	$	1,776	$	1,851

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

12 Months Ended

Dec. 31, 2015

Deferred Revenue Disclosure [Abstract]

Deferred Revenue, by Arrangement, Disclosure

As of December 31, 2015 and 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):



	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	12,783			13,892
Revenue recognized from right-to-use contract upfront payments	(8,552		)	(8,391		)
Right-to-use contract upfront payments, deferred, net	4,231			5,501
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	$	78,405		$	74,174

Deferred commission expense, as of January 1,	$	28,589		$	25,251
Deferred commission expense	5,871			6,272
Commission expense recognized	(3,595		)	(2,934		)
Net increase in deferred commission expense	2,276			3,338
Deferred commission expense, as of December 31,	$	30,865		$	28,589

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

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

Future minimum rents scheduled to be received under non-cancelable tenant leases at December 31, 2015 are as follows (amounts in thousands):



Year	Amount
2016	$	58,725
2017	54,587
2018	37,273
2019	19,189
2020	15,048
Thereafter	38,540
Total	$	223,362

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2015 (amounts in thousands):



	Total		2016		2017		2018		2019		2020		Thereafter
Office Rent Lease	$	12,622	$	2,097	$	2,171	$	2,221	$	2,062	$	2,011	$	2,060
Ground Lease	18,911		1,967		1,970		1,964		1,968		1,968		9,074
Total Operating Leases	$	31,533	$	4,064	$	4,141	$	4,185	$	4,030	$	3,979	$	11,134

Operating Leases Operating Leases (Tables)

12 Months Ended

Dec. 31, 2015

Leases, Operating [Abstract]

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

Future minimum rents scheduled to be received under non-cancelable tenant leases at December 31, 2015 are as follows (amounts in thousands):



Year	Amount
2016	$	58,725
2017	54,587
2018	37,273
2019	19,189
2020	15,048
Thereafter	38,540
Total	$	223,362

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2015 (amounts in thousands):



	Total		2016		2017		2018		2019		2020		Thereafter
Office Rent Lease	$	12,622	$	2,097	$	2,171	$	2,221	$	2,062	$	2,011	$	2,060
Ground Lease	18,911		1,967		1,970		1,964		1,968		1,968		9,074
Total Operating Leases	$	31,533	$	4,064	$	4,141	$	4,185	$	4,030	$	3,979	$	11,134

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2015

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

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

A summary of our restricted stock activity, and related information for the years ended December 31, 2015, 2014, and 2013 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2012	94,020		$	32.97
Shares granted	173,332		37.32
Shares vested	(167,564	)	34.97
Balance at December 31, 2013	99,788		37.17
Shares granted	186,666		42.61
Shares vested	(184,229	)	40.49
Balance at December 31, 2014	102,225		41.09
Shares granted	158,014		54.68
Shares vested	(174,739	)	49.17
Balance at December 31, 2015	85,500		49.72

Summary of Stock Option Activity

A summary of our stock option activity, and related information for the years ended December 31, 2015, 2014, and 2013 follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)
Balance at December 31, 2012	1,105,600		$	21.78	4.0
Options exercised	(20,000	)	12.34
Balance at December 31, 2013	1,085,600		21.95		3.1
Options exercised	—		—
Balance at December 31, 2014	1,085,600		21.95		2.1
Options exercised	(220,000	)	17.35
Balance at December 31, 2015	865,600		23.12		1.6
Exercisable at December 31, 2015	865,600		23.12		1.6

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

Year Ended December 31, 2015



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	758,834		$	48,431		$	807,265
Operations expenses	(360,353		)	(42,637		)	(402,990		)
Income from segment operations	398,481			5,794			404,275
Interest income	2,813			4,119			6,932
Depreciation on real estate assets and rental homes	(102,747		)	(10,862		)	(113,609		)
Amortization of in-place leases	(2,358		)	—			(2,358		)
Income (loss) from operations	$	296,189		$	(949	)	295,240
Reconciliation to Consolidated net income
Corporate interest income							98
Income from other investments, net							7,359
General and administrative							(30,644		)
Property rights initiatives and other							(2,986		)
Early debt retirement							(16,913		)
Interest and related amortization							(105,731		)
Equity in income of unconsolidated joint ventures							4,089
Consolidated net income							$	150,512

Total assets	$	3,177,531		$	242,530		$	3,420,061
Capital improvements	$	51,369		$	42,430		$	93,799

Year Ended December 31, 2014



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	716,942		$	44,467		$	761,409
Operations expenses	(345,067		)	(36,530		)	(381,597		)
Income from segment operations	371,875			7,937			379,812
Interest income	2,984			4,466			7,450
Depreciation on real estate assets and rental homes	(99,980		)	(11,085		)	(111,065		)
Amortization of in-place leases	(3,999		)	—			(3,999		)
Income from operations	$	270,880		$	1,318		272,198
Reconciliation to Consolidated net income
Corporate interest income							897
Income from other investments, net							7,053
General and administrative							(27,410		)
Property rights initiatives and other							(2,923		)
Early debt retirement							(5,087		)
Interest and related amortization							(112,295		)
Equity in income of unconsolidated joint ventures							4,578
Gain on sale of property							1,457
Consolidated net income							$	138,468

Total assets	$	3,178,883		$	267,456		$	3,446,339
Capital improvements	$	35,973		$	27,748		$	63,721

Year Ended December 31, 2013



	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	679,992		$	33,281		$	713,273
Operations expenses	(329,468		)	(26,855		)	(356,323		)
Income from segment operations	350,524			6,426			356,950
Interest income	3,397			4,373			7,770
Depreciation on real estate assets and rental homes	(101,374		)	(6,855		)	(108,229		)
Amortization of in-place leases	(1,940		)	—			(1,940		)
Income from operations	$	250,607		$	3,944		254,551
Reconciliation to Consolidated net income
Corporate interest income							490
Income from other investments, net							7,515
General and administrative							(28,211		)
Property rights initiatives and other							(2,771		)
Early debt retirement							(37,844		)
Interest and related amortization							(118,522		)
Equity in income of unconsolidated joint ventures							2,039
Gain on sale of property, net of tax							41,525
Discontinued operations							7,133
Consolidated net income							$	125,905

Total assets	$	3,096,826		$	295,483		$	3,392,309
Capital improvements	$	26,430		$	38,284		$	64,714

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2015, 2014, and 2013 (amounts in thousands):



	December 31, 2015			December 31, 2014			December 31, 2013
Revenues:
Community base rental income	$	442,046		$	426,886		$	409,801
Resort base rental income	184,760			163,968			147,234
Right-to-use annual payments	44,443			44,860			47,967
Right-to-use contracts current period, gross	12,783			13,892			13,815
Right-to-use contract upfront payments, deferred, net	(4,231		)	(5,501		)	(5,694		)
Utility income and other	76,153			70,209			63,800
Ancillary services revenues, net	2,880			2,628			3,069
Total property operations revenues	758,834			716,942			679,992
Expenses:
Property operating and maintenance	254,668			243,914			229,897
Real estate taxes	50,962			48,714			48,279
Sales and marketing, gross	11,751			12,418			13,509
Right-to-use contract commissions, deferred, net	(1,556		)	(2,617		)	(2,410		)
Property management	44,528			42,638			40,193
Total property operations expenses	360,353			345,067			329,468
Income from property operations segment	$	398,481		$	371,875		$	350,524



	December 31, 2015		December 31, 2014		December 31, 2013
Revenues:
Gross revenue from home sales	$	33,150	$	28,418	$	17,871
Brokered resale revenues, net	1,269		1,222		1,143
Rental home income ^(a)	14,012		14,827		14,267
Total revenues	48,431		44,467		33,281
Expenses:
Cost of home sales	32,279		26,747		17,296
Home selling expenses	3,191		2,342		2,085
Rental home operating and maintenance	7,167		7,441		7,474
Total expenses	42,637		36,530		26,855
Income from home sales and rentals operations segment	$	5,794	$	7,937	$	6,426


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

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

The following is unaudited quarterly data for 2015 and 2014 (amounts in thousands, except for per share amounts):



2015	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	208,414	$	201,480	$	210,144	$	201,616
Income from operations	$	82,014	$	68,097	$	72,512	$	72,617
Consolidated net income	$	31,813	$	36,826	$	42,106	$	39,767
Net income available for Common Stockholders	$	27,185	$	31,786	$	36,673	$	34,501
Weighted average Common Shares outstanding—Basic	83,961		84,031		84,057		84,072
Weighted average Common Shares outstanding—Diluted	91,777		91,851		91,940		91,875
Net income per Common Share outstanding—Basic	$	0.32	$	0.38	$	0.44	$	0.41
Net income per Common Share outstanding—Diluted	$	0.32	$	0.38	$	0.43	$	0.41



2014	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	196,745	$	189,025	$	200,778	$	190,261
Income from operations	$	73,730	$	62,770	$	67,545	$	68,153
Consolidated net income	$	43,890	$	30,040	$	30,276	$	34,262
Net income available for Common Stockholders	$	38,099	$	25,483	$	25,746	$	29,403
Weighted average Common Shares outstanding—Basic	83,116		83,234		83,531		83,562
Weighted average Common Shares outstanding—Diluted	91,353		91,420		91,528		91,644
Net income per Common Share outstanding—Basic	$	0.46	$	0.31	$	0.31	$	0.35
Net income per Common Share outstanding—Diluted	$	0.46	$	0.30	$	0.31	$	0.35

Our Organization and Basis of Presentation - Additional Information (Detail) - shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Units of Partnership Interest, Amount	7,207,678	7,231,967	7,667,723

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Cash and cash equivalents, restricted cash	$ 5,000				$ 5,000								$ 5,000	$ 5,000
Accumulated amortization for deferred financing costs	33,700				29,800								33,700	29,800
Intangible Assets, Net (Including Goodwill)	12,100				12,100								12,100	12,100
Intangible assets	4,300				4,300								4,300	4,300
Goodwill	7,800				7,800								7,800	7,800
Accumulated amortization of identified intangible assets	2,600				2,200								2,600	2,200
Amortization of in-place leases													2,358	3,999	$ 1,940
Long-term Debt	2,100,000				2,200,000								$ 2,100,000	2,200,000
Deferred revenue, estimated period of recognition													31 years
Private REIT Subsidiaries preferred stock	67,623				$ 67,034								$ 67,623	$ 67,034
Operating Loss Carryforwards	88,000												88,000
Net investment in real estate U.S federal tax basis	2,800,000												2,800,000
Net investment in notes receivable U.S federal tax basis	$ 38,400												$ 38,400
Tax status of Common Shares distributions [Abstract]
Ordinary Income Dividends Per Share													$ 1.169	$ 1.217	$ 0.680
Capital Gains Dividends Per Share													0.000	0.000	0.211
Nondividend Distribution													0.081	0.000	0.000
Unrecaptured Section 1250 Gain Dividends Per Share													0.000	0.000	0.067
Common Stock Dividends Per Share Tax Treatment													$ 1.250	$ 1.217	$ 0.958
Dividends Payable, Date to be Paid	Jan. 08, 2016	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015	Jan. 09, 2015	Oct. 10, 2014	Jul. 11, 2014	Apr. 11, 2014	Jan. 10, 2014	Oct. 11, 2013	Jul. 12, 2013	Apr. 12, 2013
Quarterly distribution paid per common share	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.325	$ 0.325	$ 0.325	$ 0.325	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Preferred Stock
Significant Accounting Policies [Line Items]
Private REIT Subsidiaries preferred stock	$ 300												$ 300
Florida
Significant Accounting Policies [Line Items]
Percentage of company revenue													41.00%	40.90%	40.70%
Arizona
Significant Accounting Policies [Line Items]
Percentage of company revenue													10.10%	9.60%	9.80%
California
Significant Accounting Policies [Line Items]
Percentage of company revenue													14.70%	15.20%	15.70%
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable, fair value	$ 2,200,000				$ 2,300,000								$ 2,200,000	$ 2,300,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization of in-place leases													$ 400	$ 300
Purchase Price Allocation Adjustments
Significant Accounting Policies [Line Items]
Final Adjustment Period Maximum Range													1 year
New Manufactured Home
Significant Accounting Policies [Line Items]
Estimated useful life													25 years
Buildings and structural and land improvements
Significant Accounting Policies [Line Items]
Estimated useful life													30 years
Building Improvements
Significant Accounting Policies [Line Items]
Estimated useful life													10 years
Furniture, Fixtures and Equipment
Significant Accounting Policies [Line Items]
Estimated useful life													5 years
Maximum
Significant Accounting Policies [Line Items]
Investment percentage to apply cost method accounting, maximum	5.00%												5.00%
Rental income recognition period													1 year
Maximum \| Used Manufactured Home
Significant Accounting Policies [Line Items]
Estimated useful life													25 years
Minimum
Significant Accounting Policies [Line Items]
Right-to-use properties contract, term													1 year
Minimum \| Used Manufactured Home
Significant Accounting Policies [Line Items]
Estimated useful life													10 years

Earnings Per Common Share Calculation of Numerator and Denominator in EPS table (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares	Sep. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2015 USD ($) $ / shares shares	Mar. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Sep. 30, 2014 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) $ / shares shares	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares
Earnings Per Share Disclosure [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio											2
Numerators:
Consolidated income from continuing operations	$ 39,767	$ 42,106	$ 36,826	$ 31,813	$ 34,262	$ 30,276	$ 30,040	$ 43,890	$ 150,512	$ 138,468	$ 77,247
Amounts allocated to dilutive securities									11,141	10,463	9,706
Preferred Stock distributions									9,226	9,274	9,280
Net Income (Loss) Available to Common Stockholders, Basic									130,145	118,731	106,919
Income from continuing operations available to Common Stockholders – fully diluted									11,141	10,463	9,706
Net Income (Loss) Available to Common Stockholders, Diluted									141,286	129,194	116,625
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent									$ 0	$ 0	$ 44,569
Denominator:
Weighted average Common Stockholders outstanding—basic \| shares	84,072	84,057	84,031	83,961	83,562	83,531	83,234	83,116	84,031	83,362	83,018
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders \| shares									7,216	7,411	7,549
Stock options and restricted Stockholders \| shares									660	738	629
Weighted average Common Stockholders outstanding—fully diluted \| shares	91,875	91,940	91,851	91,777	91,644	91,528	91,420	91,353	91,907	91,511	91,196
Earnings per Common Share – Basic:
Income from continuing operations \| $ / shares									$ 1.55	$ 1.42	$ 0.75
Income from discontinued operations \| $ / shares									0.00	0.00	0.54
Net income available for Common Stockholders \| $ / shares	$ 0.41	$ 0.44	$ 0.38	$ 0.32	$ 0.35	$ 0.31	$ 0.31	$ 0.46	1.55	1.42	1.29
Earnings per Common Share – Fully Diluted:
Income from continuing operations \| $ / shares									1.54	1.41	0.75
Income from discontinued operations \| $ / shares									0.00	0.00	0.53
Net income available for Common Stockholders \| $ / shares	$ 0.41	$ 0.43	$ 0.38	$ 0.32	$ 0.35	$ 0.31	$ 0.30	$ 0.46	$ 1.54	$ 1.41	$ 1.28
Continuing Operations [Member]
Numerators:
Amounts allocated to dilutive securities									$ 11,141	$ 10,463	$ 5,617
Net Income (Loss) Available to Common Stockholders, Basic									130,145	118,731	62,350
Income from continuing operations available to Common Stockholders – fully diluted									11,141	10,463	5,617
Net Income (Loss) Available to Common Stockholders, Diluted									$ 141,286	$ 129,194	$ 67,967

Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions - Employee Stock Purchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Stock Purchase Program [Line Items]
Employee Stock Purchase Program purchase price discount	85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans	19,788	30,739	18,411
Employee Stock Purchase Plan
Employee Stock Purchase Program [Line Items]
Amendment Date	May 3, 2006
Maximum
Employee Stock Purchase Program [Line Items]
Employee Stock Purchase Program Authorized Amount	$ 250,000
Number Of Shares Authorized Employee Stock Purchase Plan	2,000,000

Common Stock and Other Equity Related Transactions Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Units of Partnership Interest, Amount	7,207,678				7,231,967				7,667,723				7,207,678	7,231,967	7,667,723
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1,				83,879,779				83,313,677				83,193,310	83,879,779	83,313,677	83,193,310
Common stock issued through conversion of OP Units													24,289	435,756	29,566
Common stock issued through exercise of options													220,000	0	20,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross													158,013	186,666	173,332
Common stock issued through ESPP and Dividend Reinvestment Plan													20,134	31,203	19,013
Common stock repurchased and retired													49,150	87,523	121,544
Shares outstanding at December 31,	84,253,065				83,879,779				83,313,677				84,253,065	83,879,779	83,313,677
Share Based Compensation Arrangement By Share Based Payment Award Repurchased Shares For Taxes													$ 66.20	$ 51.62	$ 36.48
Percentage Of Ownership Interests	92.10%				92.10%								92.10%	92.10%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	7.90%				7.90%								7.90%	7.90%
Disclosure Regular Quarterly Distributions Declared And Paid To Common Stockholders And Common O P Unit Non Controlling Interests [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.325	$ 0.325	$ 0.325	$ 0.325	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Dividends Payable, Date of Record	Dec. 28, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 26, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 27, 2013	Jun. 28, 2013	Mar. 28, 2013
Dividends Payable, Date to be Paid	Jan. 08, 2016	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015	Jan. 09, 2015	Oct. 10, 2014	Jul. 11, 2014	Apr. 11, 2014	Jan. 10, 2014	Oct. 11, 2013	Jul. 12, 2013	Apr. 12, 2013

Investment in Real Estate - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) Property site	Dec. 31, 2013 USD ($) integer shares	Jan. 27, 2016 USD ($)	Jun. 30, 2015 USD ($) site	Mar. 31, 2015 USD ($) Property site	Mar. 31, 2014 shares
Real Estate Properties [Line Items]
Unamortized discount (premium)	$ (8,846)
Escrow share distribution \| shares							51,290
Stock Issued During Period, Value, Acquisitions			$ 9,686
Units Issued During Period, Shares, Acquisition \| shares			240,969
Gain on sale of property	0	$ 1,457	$ 0
Gain (Loss) on Disposition of Real Estate, Discontinued Operations			40,600
Gain on sale of property, net of tax	$ 0	0	41,525
Depreciation Expense Adjustment			$ 3,500
Bogue Pines & Whispering Pines - North Carolina
Real Estate Properties [Line Items]
Number of Properties acquired \| Property						2
Business Acquisition, Purchase Price						$ 12,300
Miami Everglades
Real Estate Properties [Line Items]
Business Acquisition, Purchase Price					$ 11,600
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 \| Riverside Portfolio
Real Estate Properties [Line Items]
Number of Acquired Sites \| integer			1,207
Business Acquisition, Purchase Price			$ 102,000
Number of Manufactured Home Communities Acquired \| integer			3
Manufactured homes \| Seyenna Vistas
Real Estate Properties [Line Items]
Proceeds from Condemnation		2,100
Gain on sale of property		$ 1,500
Manufactured homes \| Michigan Properties
Real Estate Properties [Line Items]
Number Of Properties Disposed \| integer			11
Number of Sites Disposed \| integer			5,344
Purchase Price For Disposed Properties			$ 165,000
R V Resort [Member]
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 [Member] \| Whispering Pines - North Carolina
Real Estate Properties [Line Items]
Number of Acquired Sites \| site						278
R V Resort [Member] \| Miami Everglades
Real Estate Properties [Line Items]
Number of Acquired Sites \| site					303
R V Resort [Member] \| Fiesta Key
Real Estate Properties [Line Items]
Number of Acquired Sites			324
Business Acquisition, Purchase Price			$ 24,600
R V Resort [Member] \| Cascade
Real Estate Properties [Line Items]
Gain on sale of property, net of tax			$ 1,000
New Credit Facilities \| R V Resort [Member]
Real Estate Properties [Line Items]
Mortgage debt assumed		32,300
Unamortized discount (premium)		$ 2,300
Subsequent Event [Member] \| R V Resort [Member] \| Rose Bay [Member]
Real Estate Properties [Line Items]
Number of Acquired Sites				306
Business Acquisition, Purchase Price				$ 7,400

Investment in Real Estate - Real Estate Acquired (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets acquired
Assets acquired	$ 23,900	$ 122,366	$ 133,393
Other assets	53	1,197	1,025
Total assets acquired	23,953	123,563	134,418
Liabilities assumed
Mortgage notes payable	0	34,559	5,382
Other liabilities	266	6,712	1,777
Total liabilities assumed	266	41,271	7,159
Net assets acquired	23,687	82,292	127,259
Land
Assets acquired
Assets acquired	8,985	66,390	41,022
Buildings and other depreciable property
Assets acquired
Assets acquired	13,948	52,329	87,306
Manufactured homes
Assets acquired
Assets acquired	345	1,086	1,155
In-place leases
Assets acquired
Assets acquired	$ 622	$ 2,561	$ 3,910

Investment in Real Estate Investment in Real Estate - Real Estate Disposals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Community base rental income	$ 442,046	$ 426,886	$ 409,801
Rental home income	14,012	14,827	14,267
Utility and other income	76,153	70,209	63,800
Consolidated income from discontinued operations	$ 0	$ 0	48,658
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Community base rental income			11,565
Rental home income			1,948
Utility and other income			1,384
Discontinued property operating revenues			14,897
Property operating expenses			6,126
Income from discontinued property operations			8,771
Loss from home sales operations			(78)
Other income and expenses			332
Interest and amortization			355
Depreciation and in place lease amortization			1,537
Consolidated income from discontinued operations			$ 7,133

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) site	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Feb. 04, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 4,089	$ 4,578	$ 2,039
Adjustment depreciation		1,100	900	1,000
Distributions, including those in excess of basis		3,700	5,900
Distributions		3,584	3,362	1,311
Distributions in excess of basis		1,400	2,400
Investments in unconsolidated joint ventures		$ 17,741	13,512
Number Of Joint Venture Sites \| site		3,125
Equity Method Investment, Net Sales Proceeds			100
Other Regions \| Meadows Investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 1,401	2,294	1,138
Equity Method Investment, Ownership Percentage		50.00%
Investments in unconsolidated joint ventures		$ 162	0
Number Of Joint Venture Sites \| site		1,077
Other Regions \| Other Investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 0	25	(188)
Equity Method Investment, Ownership Percentage		20.00%
Investments in unconsolidated joint ventures		$ 0	0
Number Of Joint Venture Sites \| site		0
Other Regions \| ECHO Financing
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 65	103	58
Equity Method Investment, Ownership Percentage		50.00%
Investments in unconsolidated joint ventures		$ 10,367	6,302
Total Payments to Acquire Interest in Joint Venture		$ 10,000
Number Of Joint Venture Sites \| site		0
Florida \| Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 1,777	1,350	271
Equity Method Investment, Ownership Percentage		65.00%
Investments in unconsolidated joint ventures		$ 46	9
Number Of Joint Venture Sites \| site		342
Arizona \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 846	806	760
Equity Method Investment, Ownership Percentage		50.00%
Investments in unconsolidated joint ventures		$ 7,166	$ 7,201
Number Of Joint Venture Sites \| site		1,706
Other Regions \| Other Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage			20.00%
Recreational Vehicle Resort \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		50.00%
Servicing Assets \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		33.00%
ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 4,000		$ 1,000
Subsequent Event [Member] \| Other Regions \| ECHO Financing
Schedule of Equity Method Investments [Line Items]
Total Payments to Acquire Interest in Joint Venture	$ 15,000
Subsequent Event [Member] \| ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures					$ 5,000

Notes and Contracts Receivable - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from receivables repaid	$ 1.0
Contract receivables	17.8	$ 18.2
Receivables, allowances	4.5	5.1
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Chattel notes receivable, net	$ 17.6	18.9
Loans receivable, stated interest yield per annum	7.80%
Notes Receivable Yield Rate	21.10%
Loans receivable, amortization term	11 years
Allowance for Loan and Lease Losses, Real Estate	$ 0.3	0.4
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amortization term	4 years
Receivables, allowances	$ 0.6	$ 0.6
Contract Receivable, weighted average rate	16.10%

Notes and Contracts Receivable Notes and Contracts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of period	$ 7,110	$ 7,927	$ 6,987
Provision for losses	4,055	4,209	5,152
Write-offs	4,695	5,026	4,212
Balance, end of period	$ 6,470	$ 7,110	$ 7,927

Borrowing Arrangements - Additional Information (Detail)	1 Months Ended		12 Months Ended
	Jan. 31, 2016 USD ($)	Dec. 30, 2014 USD ($) Rate	Dec. 31, 2015 USD ($) Property integer Rate	Dec. 30, 2015 USD ($)	Dec. 31, 2014 USD ($) integer Rate	Dec. 31, 2013 USD ($)	Jan. 27, 2016 integer Rate	Mar. 25, 2015
Debt Instrument [Line Items]
Mortgage notes payable			$ 1,945,713,000		$ 2,012,246,000
Weighted average interest rate			5.00%
Stated interest rate, minimum			3.50%
Stated interest rate, maximum			8.90%
Pledged assets, not separately reported			$ 2,200,000,000		2,400,000,000
New mortgage notes payable financing proceeds			$ 395,323,000		$ 169,000,000	$ 375,500,000
Number of pledged properties \| integer			127		137
Payments of debt extinguishment costs			$ 17,000,000		$ 5,100,000
Number of loans \| integer			2
Proceeds from Issuance of Other Long-term Debt					54,000,000
Unsecured debt			$ 200,000,000		200,000,000
Maximum borrowing capacity			400,000,000
Additional borrowing capacity			$ 100,000,000
Expiration date			Jul. 17, 2018
Line of credit facility potential term extension period			1 year
Commitment fee amount					$ 3,500,000
Future Maturities of Debt
2016			$ 119,122,000
2017			97,531,000
2018			230,046,000
2019			231,393,000
2020			348,413,000
Thereafter			1,110,362,000
Unamortized discount (premium)			(8,846,000)
Long-term Debt			$ 2,145,713,000
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%
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%
New Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate			3.93%		4.54%
New mortgage notes payable financing proceeds			$ 395,300,000
Debt instrument, term			21 years
Number of pledged properties \| Property			26
Number of loans \| integer					4
New Credit Facilities \| Minimum
Debt Instrument [Line Items]
Debt instrument maturity year					2034
New Credit Facilities \| Maximum
Debt Instrument [Line Items]
Debt instrument maturity year					2038
Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate			5.73%		5.57%			5.58%
Repayments of long-term debt			$ 48,700,000	$ 370,200,000	$ 90,000,000
Number of pledged properties \| Property			32
Number of loans \| integer					17
Old Credit Facilities \| Minimum
Debt Instrument [Line Items]
Debt instrument maturity year			2015
Old Credit Facilities \| Maximum
Debt Instrument [Line Items]
Debt instrument maturity year			2016
Term Loans
Debt Instrument [Line Items]
Unsecured debt			$ 200,000,000
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 \| New Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| integer					2
Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| Property			1
R V Resort [Member] \| New Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| integer					2
Mortgage debt assumed					$ 32,300,000
Future Maturities of Debt
Unamortized discount (premium)					2,300,000
R V Resort [Member] \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| Property			3
Colony Cove \| Manufactured homes \| New Credit Facilities
Debt Instrument [Line Items]
New mortgage notes payable financing proceeds					$ 115,000,000
Debt instrument, term					25 years
Stated interest rate \| Rate					4.64%
Colony Cove \| Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Repayments of long-term debt					$ 53,800,000
Debt instrument maturity year					2017
Stated interest rate \| Rate					4.65%
Diversified Portfolio \| R V Resort [Member] \| New Credit Facilities
Debt Instrument [Line Items]
Stated interest rate \| Rate					6.48%
Mortgage debt assumed					$ 13,300,000
Future Maturities of Debt
Unamortized discount (premium)					$ 1,000,000
Diversified Portfolio \| R V Resort [Member] \| New Credit Facilities \| Minimum
Debt Instrument [Line Items]
Debt instrument maturity year					2017
Diversified Portfolio \| R V Resort [Member] \| New Credit Facilities \| Maximum
Debt Instrument [Line Items]
Debt instrument maturity year					2018
Mesa Spirit \| R V Resort [Member] \| New Credit Facilities
Debt Instrument [Line Items]
Debt instrument maturity year		2017
Stated interest rate \| Rate		5.66%
Mortgage debt assumed		$ 19,000,000
Future Maturities of Debt
Unamortized discount (premium)		$ 1,000,000
Subsequent Event [Member] \| Old Credit Facilities
Debt Instrument [Line Items]
Repayments of long-term debt	$ 9,800,000
Subsequent Event [Member] \| Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| integer							1
Stated interest rate \| Rate							5.48%

Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) Rate
Derivative [Line Items]
Gain reclassified from accumulated OCI into income, net \| $	$ 0.7
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 Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Amount of loss recognized in OCI on derivative (effective portion)	$ 1,900	$ 1,230	$ 188
Deferred commission expense	(5,871)	(6,272)	(5,011)
Accrued expenses and accounts payable
Derivative [Line Items]
Interest Rate Swap	553	381
Cash Flow Hedging \| Interest Expense \| Interest Rate Swap
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 1,728	$ 1,776	$ 1,851

Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Deferred Revenue [Roll Forward]
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$ 74,174	$ 68,673
Right-to-use contracts current period, gross	12,783	13,892	$ 13,815
Revenue recognized from right-to-use contract upfront payments	(8,552)	(8,391)	(8,121)
Right-to-use contract upfront payments, deferred, net	4,231	5,501
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	78,405	74,174	68,673
Movement in Deferred Costs [Roll Forward]
Deferred commission expense, as of January 1,	28,589	25,251
Deferred commission expense	5,871	6,272
Commission expense recognized	(3,595)	(2,934)	(2,601)
Net increase in deferred commission expense	2,276	3,338
Deferred commission expense, as of December 31,	$ 30,865	$ 28,589	$ 25,251

Lease Agreements - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) integer
Schedule of Operating Leases [Line Items]
Number of properties where non-cancelable long-term leases are in effect \| integer	39
2016	$ 58,725
2017	54,587
2018	37,273
2019	19,189
2020	15,048
Thereafter	38,540
Total	$ 223,362
Minimum
Schedule of Operating Leases [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	1 year
Maximum
Schedule of Operating Leases [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	10 years

Operating Leases Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Description of Lessee Leasing Arrangements, Operating Leases	12
Operating Leases, Rent Expense	$ 3,800	$ 3,700	$ 5,100
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	31,533
Operating Leases, Future Minimum Payments Due, Next Twelve Months	4,064
Operating Leases, Future Minimum Payments, Due in Two Years	4,141
Operating Leases, Future Minimum Payments, Due in Three Years	4,185
Operating Leases, Future Minimum Payments, Due in Four Years	4,030
Operating Leases, Future Minimum Payments, Due in Five Years	3,979
Operating Leases, Future Minimum Payments, Due Thereafter	$ 11,134
Office Lease
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Lease Expiration Year	2023
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	$ 12,622
Operating Leases, Future Minimum Payments Due, Next Twelve Months	2,097
Operating Leases, Future Minimum Payments, Due in Two Years	2,171
Operating Leases, Future Minimum Payments, Due in Three Years	2,221
Operating Leases, Future Minimum Payments, Due in Four Years	2,062
Operating Leases, Future Minimum Payments, Due in Five Years	2,011
Operating Leases, Future Minimum Payments, Due Thereafter	2,060
Ground Lease
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	18,911
Operating Leases, Future Minimum Payments Due, Next Twelve Months	1,967
Operating Leases, Future Minimum Payments, Due in Two Years	1,970
Operating Leases, Future Minimum Payments, Due in Three Years	1,964
Operating Leases, Future Minimum Payments, Due in Four Years	1,968
Operating Leases, Future Minimum Payments, Due in Five Years	1,968
Operating Leases, Future Minimum Payments, Due Thereafter	$ 9,074
Minimum \| Ground Lease
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Lease Expiration Year	2017
Maximum \| Ground Lease
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Lease Expiration Year	2054

Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 3.8	$ 3.7	$ 5.1
Two North Riverside Plaza Joint Venture Limited Partnership
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 1.4	$ 1.4	1.4
Chief Executive Officer
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party			$ 0.3

Equity Incentive Awards - Additional Information (Detail) - USD ($)		1 Months Ended												12 Months Ended
	Feb. 02, 2015	Feb. 29, 2016	Nov. 30, 2015	Jun. 30, 2015	May 31, 2015	Feb. 28, 2015	May 31, 2014	May 13, 2014	May 31, 2013	Apr. 30, 2013	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock Issued During Period, Shares, Restricted Stock Award, Gross														158,013	186,666	173,332
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number													1,105,600	1,085,600	1,085,600	1,105,600
Common stock issued through exercise of options														220,000	0	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number														865,600	1,085,600	1,085,600	1,105,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price														$ 23.12	$ 21.95	$ 21.95	$ 21.78
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value														$ 8,600,000	$ 0	$ 500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value														$ 37,700,000	$ 32,100,000	$ 15,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term														1 year 7 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term														1 year 7 months	2 years 1 month 1 day	3 years 1 month 1 day	4 years 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number														865,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price														$ 23.12
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price														$ 17.35	$ 0.00	$ 12.34
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights			One-third		One-third	One-third	One-third	One-third	One-third		One-third		One-third
Director \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		One-third
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	Full			Full			Full			Full		Full
Management \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		Full
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant														3,750,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodNetOfForfeitures													94,020	102,225	99,788	94,020
Stock Issued During Period, Shares, Restricted Stock Award, Gross														158,014	186,666	173,332
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period														(174,739)	(184,229)	(167,564)
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodNetOfForfeitures														85,500	102,225	99,788	94,020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value														$ 49.72	$ 41.09	$ 37.17	$ 32.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value														54.68	42.61	37.32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value														$ 49.17	$ 40.49	$ 34.97
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, restricted stock grant														$ 8,600,000	$ 7,600,000	$ 6,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share based compensation expense to be recognized														$ 3,800,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition														1 year 5 months 1 day
Restricted Stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			473		29,440	47,101	62,000	40,000	40,000		666		62,000
Share based compensation, fair market value			$ 28,300,000		$ 1,600,000	$ 2,600,000	$ 2,600,000	$ 1,700,000	$ 1,700,000		$ 24,800		$ 2,200,000
Restricted Stock \| Director \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		45,784
Share based compensation, fair market value		$ 3,100,000
Restricted Stock \| Director \| Phase One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date			May 03, 2016		Nov. 12, 2015	Dec. 31, 2015	Dec. 31, 2014	Nov. 13, 2014	Nov. 08, 2013		Sep. 13, 2013		Dec. 31, 2013
Restricted Stock \| Director \| Phase One \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date		Dec. 31, 2016
Restricted Stock \| Director \| Phase Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date			Nov. 03, 2016		May 12, 2016	Dec. 31, 2016	Dec. 31, 2015	May 13, 2015	May 08, 2014		Mar. 13, 2014		Dec. 31, 2014
Restricted Stock \| Director \| Phase Two \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date		Dec. 31, 2017
Restricted Stock \| Director \| Phase Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date			Nov. 03, 2017		May 12, 2017	Dec. 31, 2017	Dec. 31, 2016	May 13, 2016	May 08, 2015		Mar. 13, 2015		Dec. 31, 2015
Restricted Stock \| Director \| Phase Three \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date		Dec. 31, 2018
Restricted Stock \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				3,000		78,000	84,666			2,000		68,666
Share based compensation, fair market value				$ 200,000		$ 4,300,000	$ 3,600,000			$ 80,200		$ 2,500,000
Share based compensation, restricted stock, vesting date				Dec. 31, 2015		Dec. 31, 2015	Dec. 31, 2014			Dec. 31, 2013		Dec. 31, 2013
Restricted Stock \| Management \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		73,000
Share based compensation, fair market value		$ 4,900,000
Share based compensation, restricted stock, vesting date		Dec. 31, 2016

Preferred Stock - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Mar. 31, 2015	Dec. 30, 2013
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, shares authorized			10,000,000
Preferred Stock, par value per share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	9,765,900		9,945,539
Preferred Stock, Shares Issued	0		0
Preferred Stock Redeemed	375
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, par value per share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	54,461		54,461
Preferred Stock, Shares Issued	54,458		54,458
Preferred Stock, Dividend Rate, Percentage	6.75%
Cumulative Series D 6% Non-Qualified Preferred Stock
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, Shares Authorized		179,764		179,639
Preferred Stock, Shares Issued	125				125
Preferred Stock, Dividend Rate, Percentage		6.00%
Preferred Stock, Liquidation Preference Per Share					$ 1,000
Cumulative Series E Eighteen Point Seven Five Percent Nonvoting Preferred Stock [Member]
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, Shares Issued	250				250
Preferred Stock, Dividend Rate, Percentage		18.75%
Preferred Stock, Liquidation Preference Per Share					$ 1,000

Long-Term Cash Incentive Plan - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Long Term Incentive Plan 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payment of plan including employer cost	$ 5.6
Long Term Incentive Plan 2013
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payment of plan including employer cost	4.8
Deferred compensation cash-based arrangements, liability, current and noncurrent	$ 4.8

Savings Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Employees eligible compensation deferral for 401(k) Plan	60.00%
401(k) Plan, employer matching percentage for the first 3% of participants' contribution	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
401(k) Plan, employer matching percentage for the second 2% of participants' contribution	50.00%
Employer 401K, Employee Contribution matched 50 percent by Employer	2.00%
Employer 401 K Matching Contribution To Employee Maximum	4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 1.5	$ 1.3	$ 1.3

Commitments and Contingencies - Additional Information (Detail)		12 Months Ended
	Apr. 15, 2014 USD ($)	Dec. 31, 2010 USD ($) integer	Dec. 31, 2011 USD ($)
Colony Park
Loss Contingencies [Line Items]
Loss Contingency Damages Sought By Plaintiff			$ 6,800,000
Number of plaintiff the jury rendered verdicts		6
Loss Contingency, Number of Plaintiffs		72
Loss Contingency, Claims Dismissed, Number \| integer		66
Number of plaintiffs dismissed and not appealed		3
Colony Park \| Maximum
Loss Contingencies [Line Items]
Loss awarded to plaintiffs			$ 44,000
Compensatory Damages
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 15,300,000
Punitive Damages
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 95,800,000
Attorney Fees \| Colony Park
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed by the company		$ 2,000,000

Reportable Segments Reportable Segments - Additional Detail (Details)	12 Months Ended
	Dec. 31, 2015 integer
Segment Reporting [Abstract]
Number of Reportable Segments	2

Reportable Segments Reported Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Operations revenues	$ 807,265	$ 761,409	$ 713,273
Operations expenses	402,990	381,597	356,323
Income from segment operations	404,275	379,812	356,950
Interest income	6,932	7,450	7,770
Depreciation on real estate assets and rental homes	113,609	111,065	108,229
Amortization of in-place leases	2,358	3,999	1,940
Income (loss) from operations	295,240	272,198	254,551
Reconciliation to Consolidated net income
Corporate interest income	98	897	490
Income from other investments, net	7,359	7,053	7,515
General and administrative	30,644	27,410	28,211
Property rights initiatives and other	2,986	2,923	2,771
Early debt retirement	16,913	5,087	37,844
Interest and related amortization	105,731	112,295	118,522
Equity in income of unconsolidated joint ventures	4,089	4,578	2,039
Gain on sale of property	0	1,457	0
Gain on sale of property, net of tax	0	0	41,525
Income from discontinued operations before gain on sale of property	0	0	7,133
Consolidated net income	150,512	138,468	125,905
Total assets	3,420,061	3,446,339	3,392,309
Capital improvements	93,799	63,721	64,714
Property Operations Segment
Segment Reporting Information [Line Items]
Operations revenues	758,834	716,942	679,992
Operations expenses	360,353	345,067	329,468
Income from segment operations	398,481	371,875	350,524
Interest income	2,813	2,984	3,397
Depreciation on real estate assets and rental homes	102,747	99,980	101,374
Amortization of in-place leases	2,358	3,999	1,940
Income (loss) from operations	296,189	270,880	250,607
Reconciliation to Consolidated net income
Total assets	3,177,531	3,178,883	3,096,826
Capital improvements	51,369	35,973	26,430
Home Sales And Rentals
Segment Reporting Information [Line Items]
Operations revenues	48,431	44,467	33,281
Operations expenses	42,637	36,530	26,855
Income from segment operations	5,794	7,937	6,426
Interest income	4,119	4,466	4,373
Depreciation on real estate assets and rental homes	10,862	11,085	6,855
Amortization of in-place leases	0	0	0
Income (loss) from operations	(949)	1,318	3,944
Reconciliation to Consolidated net income
Total assets	242,530	267,456	295,483
Capital improvements	$ 42,430	$ 27,748	$ 38,284

Reportable Segments Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Community base rental income									$ 442,046	$ 426,886	$ 409,801
Resort base rental income									184,760	163,968	147,234
Right-to-use annual payments									44,443	44,860	47,967
Right-to-use contracts current period, gross									12,783	13,892	13,815
Right-to-use contract upfront payments, deferred, net									(4,231)	(5,501)	(5,694)
Utility and other income									76,153	70,209	63,800
Gross revenue from home sales									33,150	28,418	17,871
Brokered resale revenues and ancillary services revenues, net									4,149	3,850	4,212
Rental home income									14,012	14,827	14,267
Total revenues	$ 201,616	$ 210,144	$ 201,480	$ 208,414	$ 190,261	$ 200,778	$ 189,025	$ 196,745	821,654	776,809	729,048
Expenses:
Property operating and maintenance									254,668	243,914	229,897
Real estate taxes									50,962	48,714	48,279
Sales and marketing, gross									11,751	12,418	13,509
Right-to-use contract commissions, deferred, net									(1,556)	(2,617)	(2,410)
Property management									44,528	42,638	40,193
Cost of home sales									32,279	26,747	17,296
Home selling expenses									3,191	2,342	2,085
Rental home operating and maintenance									7,167	7,441	7,474
Total property operations expenses									675,231	644,376	653,840
Income from property operations segment									146,423	132,433	75,208
Property Operations Segment
Revenues:
Community base rental income									442,046	426,886	409,801
Resort base rental income									184,760	163,968	147,234
Right-to-use annual payments									44,443	44,860	47,967
Right-to-use contracts current period, gross									12,783	13,892	13,815
Right-to-use contract upfront payments, deferred, net									(4,231)	(5,501)	(5,694)
Utility and other income									76,153	70,209	63,800
Ancillary services revenues, net									2,880	2,628	3,069
Total revenues									758,834	716,942	679,992
Expenses:
Property operating and maintenance									254,668	243,914	229,897
Real estate taxes									50,962	48,714	48,279
Sales and marketing, gross									11,751	12,418	13,509
Right-to-use contract commissions, deferred, net									(1,556)	(2,617)	(2,410)
Property management									44,528	42,638	40,193
Total property operations expenses									360,353	345,067	329,468
Income from property operations segment									398,481	371,875	350,524
Home Sales And Rentals
Revenues:
Gross revenue from home sales									33,150	28,418	17,871
Brokered resale revenues and ancillary services revenues, net									1,269	1,222	1,143
Rental home income									14,012	14,827	14,267
Total revenues									48,431	44,467	33,281
Expenses:
Cost of home sales									32,279	26,747	17,296
Home selling expenses									3,191	2,342	2,085
Rental home operating and maintenance									7,167	7,441	7,474
Total property operations expenses									42,637	36,530	26,855
Income from property operations segment									$ 5,794	$ 7,937	$ 6,426

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Consolidated net income	$ 39,767	$ 42,106	$ 36,826	$ 31,813	$ 34,262	$ 30,276	$ 30,040	$ 43,890	$ 150,512	$ 138,468	$ 77,247
Total revenues	201,616	210,144	201,480	208,414	190,261	200,778	189,025	196,745	821,654	776,809	729,048
Income from operations	72,617	72,512	68,097	82,014	68,153	67,545	62,770	73,730
Net income available for Common Stockholders	$ 34,501	$ 36,673	$ 31,786	$ 27,185	$ 29,403	$ 25,746	$ 25,483	$ 38,099	$ 150,512	$ 138,468	$ 125,905
Weighted average Common Stockholders outstanding—basic	84,072	84,057	84,031	83,961	83,562	83,531	83,234	83,116	84,031	83,362	83,018
Weighted average Common Shares outstanding—Diluted	91,875	91,940	91,851	91,777	91,644	91,528	91,420	91,353	91,907	91,511	91,196
Net income per Common Share outstanding—Basic	$ 0.41	$ 0.44	$ 0.38	$ 0.32	$ 0.35	$ 0.31	$ 0.31	$ 0.46	$ 1.55	$ 1.42	$ 1.29
Net income per Common Share outstanding—Diluted	$ 0.41	$ 0.43	$ 0.38	$ 0.32	$ 0.35	$ 0.31	$ 0.30	$ 0.46	$ 1.54	$ 1.41	$ 1.28

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Changes in Total Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Carrying amount of real estate investments [Roll Forward]
Gross real estate, beginning balance	$ 4,387,913	$ 4,228,106	$ 4,044,650
Acquisitions	23,900	122,366	133,344
Improvements	93,799	63,721	64,714
Dispositions and other	(28,013)	(26,280)	(14,602)
Gross real estate, ending balance	$ 4,477,599	$ 4,387,913	$ 4,228,106

Changes In Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of real estate accumulated depreciation [Roll Forward]
Accumulated Depreciation, Beginning Balance	$ 1,169,492	$ 1,058,540	$ 948,581
Depreciation on real estate assets and rental homes	113,609	111,065	108,229
Amortization of in-place leases	2,358	3,999	1,940
Amortization of Intangible Assets for Continuing Operations			1,940
Dispositions and other	(3,036)	(4,112)	(210)
Accumulated Depreciation, Ending Balance	1,282,423	1,169,492	1,058,540
Rental Home Depreciation Expense	$ 10,700	$ 10,900	$ 6,500