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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Feb. 20, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
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		86,765,572
Entity Public Float			$ 6,361,166,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land	$ 1,163,987	$ 1,101,676
Land improvements	2,893,759	2,787,882
Buildings and other depreciable property	627,590	588,041
Investment in real estate	4,685,336	4,477,599
Accumulated depreciation	(1,399,531)	(1,282,423)
Net investment in real estate	3,285,805	3,195,176
Cash	56,340	80,258
Notes receivable, net	34,520	35,463
Investment in unconsolidated joint ventures	19,369	17,741
Deferred commission expense	31,375	30,865
Escrow deposits, goodwill and other assets, net	51,578	40,897
Total Assets	3,478,987	3,400,400
Liabilities:
Mortgage notes payable	1,891,900	1,926,880
Term loan	199,379	199,172
Accrued expenses and accounts payable	89,864	76,044
Deferred revenue—upfront payments from right-to-use contracts	81,484	78,405
Deferred revenue—right-to-use annual payments	9,817	9,878
Accrued interest payable	8,379	8,715
Rents and other customer payments received in advance and security deposits	76,906	74,300
Distributions payable	39,411	34,315
Total Liabilities	2,397,140	2,407,709
Stockholders' Equity:
Preferred stock	0	0
Common stock	854	843
Paid-in capital	1,103,048	1,039,140
Distributions in excess of accumulated earnings	(231,276)	(250,506)
Accumulated other comprehensive loss	(227)	(553)
Total Stockholders' Equity	1,008,543	925,068
Non-controlling interests – Common OP Units	73,304	67,623
Total Equity	1,081,847	992,691
Total Liabilities and Equity	3,478,987	3,400,400
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders' Equity:
Preferred stock	$ 136,144	$ 136,144

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (shares)	9,945,539	9,945,539
Preferred Stock, Shares Issued (shares)	0	0
Preferred Stock, Shares Outstanding (shares)	0	0
Common Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Common Stock, Shares, Authorized (shares)	200,000,000	200,000,000
Common Stock, Shares, Issued (shares)	85,529,386	84,253,065
Common Stock, Shares, Outstanding (shares)	85,529,386	84,253,065
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 (shares)	54,461	54,461
Preferred Stock, Shares Issued (shares)	54,458	54,458
Preferred Stock, Shares Outstanding (shares)	54,458	54,458

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Community base rental income	$ 464,745	$ 442,046	$ 426,886
Rental home income	14,107	14,012	14,827
Resort base rental income	201,533	184,760	163,968
Right-to-use annual payments	45,035	44,443	44,860
Right-to-use contracts current period, gross	12,327	12,783	13,892
Right-to-use contract upfront payments, deferred, net	(3,079)	(4,231)	(5,501)
Utility and other income	81,427	76,153	70,209
Gross revenues from home sales	37,191	33,150	28,418
Brokered resale revenues and ancillary services revenues, net	2,994	4,149	3,850
Interest income	6,845	7,030	8,347
Income from other investments, net	7,310	7,359	7,053
Total revenues	870,435	821,654	776,809
Expenses:
Property operating and maintenance	268,249	254,668	243,914
Rental home operating and maintenance	6,883	7,167	7,441
Real estate taxes	53,036	50,962	48,714
Sales and marketing, gross	11,056	11,751	12,418
Right-to-use contract commissions, deferred, net	(223)	(1,556)	(2,617)
Property management	47,083	44,528	42,638
Depreciation on real estate assets and rental homes	117,400	113,609	111,065
Amortization of in-place leases	3,373	2,358	3,999
Cost of home sales	37,456	32,279	26,747
Home selling expenses	3,575	3,191	2,342
General and administrative	31,004	30,644	27,410
Property rights initiatives and other, net	4,986	2,986	2,923
Early debt retirement	0	16,913	5,087
Interest and related amortization	102,030	105,731	112,295
Total property operations expenses	685,908	675,231	644,376
Income from continuing operations before equity in income of unconsolidated joint ventures and gain on sale of property	184,527	146,423	132,433
Equity in income of unconsolidated joint ventures	2,605	4,089	4,578
Gain on sale of property	0	0	1,457
Consolidated net income	187,132	150,512	138,468
Income allocated to non-controlling interests – Common OP Units	(13,869)	(11,141)	(10,463)
Series C Redeemable Perpetual Preferred Stock Dividends	(9,226)	(9,226)	(9,274)
Net income available for Common Stockholders	164,037	130,145	118,731
Other comprehensive income (loss) (OCI):
Adjustment for fair market value of swap	326	(172)	546
Consolidated comprehensive income	187,458	150,340	139,014
Comprehensive income allocated to non-controlling interests – Common OP Units	(13,893)	(11,126)	(10,506)
Series C Redeemable Perpetual Preferred Stock Dividends	(9,226)	(9,226)	(9,274)
Comprehensive income attributable to Common Stockholders	$ 164,339	$ 129,988	$ 119,234
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 1.93	$ 1.55	$ 1.42
Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 1.92	$ 1.54	$ 1.41
Weighted average Common Shares outstanding – basic (shares)	84,778	84,031	83,362
Weighted average Common Shares outstanding – fully diluted (shares)	92,569	91,907	91,511
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Expenses:
Series C Redeemable Perpetual Preferred Stock Dividends	$ (9,226)	$ (9,226)	$ (9,274)
Other comprehensive income (loss) (OCI):
Series C Redeemable Perpetual Preferred Stock Dividends	$ (9,226)	$ (9,226)	$ (9,274)

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, 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			(4,095)
Issuance of Common Stock through employee stock purchase plan	1,328	1	1,327
Compensation expenses related to restricted stock	7,568		7,568
Repurchase of Common Stock or Common OP Units	(1,870)		(1,870)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(727)			727
Adjustment for fair market value of swap	546		0				546
Release of common shares from escrow	(1,934)	(1)	(1,933)
Net income	138,468			9,274	118,731	10,463
Distributions	(127,689)			(9,274)	(108,857)	(9,558)
Other	(595)		(220)			(375)
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		225			(225)
Issuance of Common Stock through exercise of options	3,816	2	3,814
Issuance of Common Stock through employee stock purchase plan	1,083		1,083
Compensation expenses related to restricted stock	8,582		8,582
Repurchase of Common Stock or Common OP Units	(3,201)		(3,201)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(496)			496
Adjustment for fair market value of swap	(172)						(172)
Net income	150,512			9,226	130,145	11,141
Distributions	(146,465)			(9,226)	(126,416)	(10,823)
Other	(491)	3	(468)		(26)
Balance at Dec. 31, 2015	992,691	843	1,039,140	136,144	(250,506)	67,623	(553)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common Stock	0		381			(381)
Issuance of Common Stock through exercise of options	11,288	4	11,284
Issuance of Common Stock through employee stock purchase plan	1,269		1,269
Issuance of Common Stock	50,000	7	49,993
Compensation expenses related to restricted stock	9,181		9,181
Repurchase of Common Stock or Common OP Units	(2,652)		(2,652)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(4,426)			4,426
Adjustment for fair market value of swap	326						326
Net income	187,132			9,226	164,037	13,869
Distributions	(166,266)			(9,226)	(144,807)	(12,233)
Other	(1,122)		1,122
Balance at Dec. 31, 2016	$ 1,081,847	$ 854	$ 1,103,048	$ 136,144	$ (231,276)	$ 73,304	$ (227)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities:
Consolidated net income	$ 187,132	$ 150,512	$ 138,468
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of property	0	0	(1,457)
Early debt retirement	0	16,913	5,087
Depreciation	118,521	114,698	111,872
Amortization of in-place leases	3,373	2,358	3,999
Amortization of loan costs	3,878	4,216	4,783
Debt premium amortization	(3,382)	(3,869)	(5,185)
Equity in income of unconsolidated joint ventures	(2,605)	(4,089)	(4,578)
Distributions of income from unconsolidated joint ventures	1,793	3,584	3,362
Stock-based compensation	9,181	8,582	7,568
Revenue recognized from right-to-use contract upfront payments	(9,248)	(8,552)	(8,391)
Commission expense recognized related to right-to-use contracts	4,149	3,595	2,934
Long term incentive plan compensation	(2,929)	973	1,900
(Recovery) provision for uncollectible rents receivable	(744)	537	101
Changes in assets and liabilities:
Notes receivable activity, net	318	66	(1,037)
Deferred commission expense	(4,659)	(5,871)	(6,272)
Escrow deposits, goodwill and other assets	23,706	44,095	22,230
Accrued expenses and accounts payable	10,322	5,632	(5,282)
Deferred revenue – upfront payments from right-to-use contracts	12,327	12,783	13,892
Deferred revenue – right-to-use annual payments	(61)	88	(1,346)
Rents received in advance and security deposits	2,276	6,631	3,097
Net cash provided by operating activities	353,348	352,882	285,745
Cash Flows From Investing Activities:
Real estate acquisition	98,244	23,687	81,391
Total proceeds from dispositions of rental property and other	0	0	2,102
Tax-deferred exchange deposit	0	0	10,576
Investment in unconsolidated joint ventures	(5,134)	(4,000)	(3,489)
Distributions of capital from unconsolidated joint ventures	4,094	80	2,580
Repayments of notes receivable	10,184	10,490	14,899
Issuance of notes receivable	(10,285)	(9,791)	(9,441)
Capital improvements	(119,437)	(93,799)	(63,721)
Net cash used in investing activities	(218,822)	(120,707)	(127,885)
Cash Flows From Financing Activities:
Net proceeds from stock options and employee stock purchase plan	12,557	4,899	1,326
Gross proceeds from sale of Common Stock	50,000	0	0
Distributions:
Common Stockholders	(140,057)	(122,077)	(102,346)
Common OP Unitholders	(11,888)	(10,470)	(9,123)
Preferred Stockholders	(9,226)	(9,226)	(9,274)
Stock repurchase and Unit redemption	(229)	(62)	0
Share based award tax withholding payments	(2,423)	(3,139)	(1,870)
Principal payments and mortgage debt payoff	(142,731)	(456,308)	(178,040)
New mortgage notes payable financing proceeds	88,050	395,323	169,000
Debt issuance and defeasance costs	(1,375)	(24,080)	(11,651)
Other	(1,122)	(491)	(595)
Net cash used in financing activities	(158,444)	(225,631)	(142,573)
Net (decrease) increase in cash and cash equivalents	(23,918)	6,544	15,287
Cash, beginning of year	80,258	73,714	58,427
Cash, end of year	56,340	80,258	73,714
Supplemental information:
Cash paid during the period for interest	105,556	106,423	112,963
Capital improvements – used homes acquired by repossessions	726	909	1,431
Net repayments of notes receivable – used homes acquired by repossessions	(726)	(909)	(1,431)
Building and other depreciable property – reclassification of rental homes	34,707	28,790	23,494
Escrow deposits and other assets – reclassification of rental homes	(34,707)	(28,790)	(23,494)
Real estate acquisitions:
Investment in real estate, fair value	(120,448)	(23,900)	(122,366)
Investment in real estate, cost	(2,000)	0	0
Deferred financing costs, net	0	0	(284)
Escrow deposits and other assets	(20)	(53)	(12)
Debt assumed and financed on acquisition	22,010	0	34,559
Accrued expenses and accounts payable	1,883	62	1,947
Rents and other customer payments received in advance and security deposits	331	204	4,765
Proceeds from dispositions of rental property and other:
Investment in real estate	0	0	87
Other, net	0	0	(558)
Gain on sale of property	0	0	1,457
Total proceeds from dispositions of rental property and other	$ 0	$ 0	$ 2,102

Our Organization and Basis of Presentation	12 Months Ended
Our Organization and Basis of Presentation	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Our 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," "the Company," 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 could 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 Properties are owned primarily by the Operating Partnership and managed internally by wholly-owned affiliates of 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"), and we currently hold a number of OP Units equal to the number of our outstanding common shares. In addition, we are the general partner of the Operating Partnership. 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 in the Operating Partnership that is shown on the Consolidated Financial Statements as Non-controlling interests—Common OP Units. As of December 31, 2016, the Non-Controlling Interests—Common OP Units represented 7,170,000 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, 2016

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 direct or indirect controlling or voting interest. All significant inter-company transactions have been eliminated. For business combinations, the purchase price of Properties is accounted for in accordance with the Codification Topic Business Combinations ("FASB ASC 805").

Effective January 1, 2016, we adopted (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 required us to evaluate whether we should consolidate certain legal entities. Principally, the new consolidation standard modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE") or voting interest entities. The adoption of this standard did not result in any changes to our accounting of interests in less than wholly-owned joint ventures; however, the Operating Partnership now meets the criteria as a VIE. We concluded that the Operating Partnership is a VIE because we are the general partner and controlling owner of approximately 92.3% of the Operating Partnership and the limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company has the power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are significant to the VIE. Accordingly, we are the primary beneficiary and we will continue to consolidate the Operating Partnership under this new guidance.

We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to its operations and major decisions. The cost method is applied when (i) the investment is minimal (typically less than 5.0%) 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 the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property, Site counts and acreage amounts are unaudited.


(c)	Real Estate

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 during the first quarter of 2014 related to our new and used manufactured homes did not have a material impact on our consolidated 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.

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, environmental 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, an impairment loss is recorded 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, subject to Board and management approval. 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. We adopted 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.


(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. Certain purchase price adjustments may be made within one year following the acquisition and applied prospectively in accordance with ASU 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.

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 comparing 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 December 31, 2016 and 2015 included approximately $5.3 million and $5.0 million, respectively, of restricted cash for the payment of capital improvements, insurance or real estate taxes pursuant to certain loan agreements.


(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 $31.4 million and $33.7 million at December 31, 2016 and 2015, respectively.

Effective January 1, 2016, we adopted (“ASU 2015-03”) Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs and (“ASU 2015-15”) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-03 requires that debt issuance costs be deducted from the carrying value of the financial liability and not recorded as separate assets, previously classified as deferred financing costs. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. ASU 2015-15 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. ASU 2015-03 and 2015-15 require retrospective adoption and as a result we reclassified deferred financing costs, net on our Consolidated Balance Sheets as of December 31, 2015 as a reduction of debt, as presented herein (see Note 8 to the Consolidated Financial Statements for further details).


(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, 2016 and 2015, 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, 2016 and 2015, 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 $2.8 million and $2.6 million as of December 31, 2016 and 2015, respectively. For the years ended December 31, 2016, 2015, and 2014 amortization expense for the identified intangible assets was approximately $0.2 million, $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 as of December 31, 2016 and 2015, respectively, and a fair value of approximately $2.1 billion and $2.2 billion as of December 31, 2016 and 2015, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At December 31, 2016 and 2015, 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 (see Note 5 to the Consolidated Financial Statements).


(i)	Revenue Recognition

Our revenue streams are predominantly derived from customers renting our Sites or entering right-to-use contracts. Our MH community Sites and annual RV resort Sites are leased on an annual basis. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. Leases with the Company's customers are accounted for as operating leases. Rental income is recognized over the term of the respective lease or the length of a customer's stay.

Right-to-use annual payments are accounted for 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. Payments are deferred and recognized ratably over the one year period in which access to Sites at certain Properties are provided.

Right-to-use upfront non-refundable payments supplement the right-to-use contract and grant certain additional access rights to the customer and are recognized over the the estimated customer life. The estimated customer life is based on historical attrition rates. For the year ended December 31, 2016, the customer life was estimated to be 40 years. For the years ended December 31, 2015, and 2014, the customer life was estimated to be 31 years. This change did not have a material impact on revenue recognized for the year ended December 31, 2016.

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.


(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 the Company's 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, 2016, the REIT had a federal net operating loss carryforward of approximately $88.1 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, 2016, 2015 and 2014.

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, 2016, 2015 and 2014.

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, 2016, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $2.8 billion (unaudited) and $36.5 million (unaudited), respectively.

During the years ended December 31, 2016, 2015 and 2014, our tax treatment of common stock distributions were as follows (unaudited):



	2016		2015		2014
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.471	$	1.169	$	1.217
Nondividend distributions	0.179		0.081		—
Distributions declared per Common Share outstanding	$	1.650	$	1.250	$	1.217

The quarterly distribution paid on January 13, 2017 of $0.425 (unaudited) per common share will all be allocable to 2017 for federal tax purposes.


(l)	Recent Accounting Pronouncements

In January 2017, the FASB issued ("ASU 2017-01") Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for annual reporting beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the potential impact that the adoption of this standard may have on our consolidated financial statements and related disclosures.

In August 2016, the FASB issued (“ASU 2016-15”) Statement of Cash Flows (Topic 230). ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures.

In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures.

In March 2016, the FASB issued ("ASU 2016-09") Compensation—Stock Compensation (Topic 718). Under ASU 2016-09, entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance of employers' accounting for (1) an employee's use of shares to satisfy the employer's statutory income tax withholding obligation and (2) forfeitures has changed. For public business entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 and early adoption is permitted. The Company elected to early adopt ASU 2016-09 as of October 1, 2016. Adoption of ASU 2016-09 did not have a material impact on our consolidated financial statements and related disclosures.

In February 2016, the FASB issued ("ASU 2016-02") Leases. ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently in the process of evaluating the potential impact this standard may have on our consolidated financial statements and related disclosures.

In August 2014, the FASB issued ("ASU 2014-15") Presentation of Financial Statements. ASU 2014-15 explicitly requires management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess whether there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt. However, to determine the specific disclosures, management will need to assess whether its plans will alleviate substantial doubt. Effective December 31, 2016 we adopted ASU 2014-15. Adoption has had no effect on our consolidated results of operations or financial position and no additional disclosures were required.

In May 2014, the FASB issued ("ASU 2014-09") Revenue from Contracts with Customers which along with related subsequent amendments 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. The new standard will be effective for the Company beginning on January 1, 2018, however early application beginning on January 1, 2017 is permitted. The standard permits the use of either the full retrospective or modified retrospective transition method.

We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method. We are evaluating the complete impact of the adoption to our consolidated financial results. Our primary source of revenue is generated through leasing arrangements, which are excluded from ASU 2014-09. We continue to evaluate and are in the process of quantifying the impact, if any, the adoption of ASU 2014-09 will have on our non-lease revenue streams, including right-to-use annual payments, right-to-use contracts, and utility and other income.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Common 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.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands, except per share data):



	Years Ended December 31,
	2016			2015			2014
Numerators:
Net Income Available for Common Stockholders:
Consolidated net income	$	187,132		$	150,512		$	138,468
Amounts allocated to dilutive securities	(13,869		)	(11,141		)	(10,463		)
Preferred Stock distributions	(9,226		)	(9,226		)	(9,274		)
Net income available to Common Stockholders – basic	164,037			130,145			118,731
Amounts allocated to dilutive securities	13,869			11,141			10,463
Net income available to Common Stockholders – fully diluted	$	177,906		$	141,286		$	129,194
Denominator:
Weighted average Common Stockholders outstanding—basic	84,778			84,031			83,362
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders	7,204			7,216			7,411
Stock options and restricted Stockholders	587			660			738
Weighted average Common Stockholders outstanding—fully diluted	92,569			91,907			91,511

Earnings per Common Share—Basic:
Net income available for Common Stockholders	$	1.93		$	1.55		$	1.42

Earnings per Common Share—Fully Diluted:
Net income available for Common Stockholders	$	1.92		$	1.54		$	1.41

Common Stock and Other Equity Related Transactions

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Common Stock and Other Equity Related Transactions

On May 4, 2015, we entered into new separate equity distribution agreements with certain sales agents, pursuant to an at-the-market (“ATM”) equity offering program. Under the ATM equity offering program we may sell, from time-to-time, shares of our Common Stock, par value $0.01 per share, having an aggregate offering price of up to $125.0 million. The following table presents the shares that were issued under the ATM equity offering program during the year ended December 31, 2016 (amounts in thousands, except share data):



	Year Ended December 31, 2016
Shares of Common Stock sold	683,548
Weighted average price	$	73.15
Total gross proceeds	$	50,000
Commissions paid to sales agents	$	657

As of December 31, 2016, $75.0 million of Common Stock remained available for issuance under the ATM equity offering program. We did not sell any shares under the ATM equity offering program during the year ended December 31, 2015.

On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, 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, 2016, 2015 and 2014 were 17,037, 19,788 and 30,739, respectively.

The following table presents the changes in our outstanding common stock for the years ended December 31, 2016, 2015 and 2014 (excluding OP Units of 7,170,000, 7,207,678, and 7,231,967 outstanding at December 31, 2016, 2015 and 2014, respectively):



	Years Ended December 31,
	2016		2015		2014
Shares outstanding at January 1,	84,253,065		83,879,779		83,313,677
Common stock issued through the At-The-Market Equity Offering Program	683,548		—		—
Common stock issued through conversion of OP Units	37,678		24,289		435,756
Common stock issued through exercise of options	440,000		220,000		—
Common stock issued through stock grants	133,726		158,013		186,666
Common stock issued through ESPP and Dividend Reinvestment Plan	17,373		20,134		31,203
Common stock repurchased and retired	(36,004	)	(49,150	)	(87,523	)
Shares outstanding at December 31,	85,529,386		84,253,065		83,879,779

During the years ended December 31, 2016, 2015 and 2014, 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 $72.22, $66.20 and $51.62 per share, respectively.

As of December 31, 2016 and 2015, ELS' percentage ownership of the Operating Partnership was approximately 92.3% and 92.1%, respectively. The remaining approximately 7.7% and 7.9% as of December 31, 2016 and 2015, respectively, was owned by the Common OP Unitholders.

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2014:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$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
$0.4250	March 31, 2016	March 25, 2016	April 8, 2016
$0.4250	June 30, 2016	June 24, 2016	July 8, 2016
$0.4250	September 30, 2016	September 30, 2016	October 14, 2016
$0.4250	December 31, 2016	December 30, 2016	January 13, 2017

- Definition

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

+ References

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-Glossary Preferred Stock
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+ Details

Investment in Real Estate

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Investment in Real Estate

Acquisitions at Fair Value

During the years ended December 31, 2016, 2015 and 2014 we acquired all of the following Properties from unaffiliated third parties (dollars in millions):

1) During the year ended December 31, 2016, we acquired four Properties collectively containing 2,377 Sites for a combined purchase price of approximately $120.5 million. As a result of these acquisitions, we assumed approximately $22.6 million of mortgage debt. The remaining purchase price was funded with available cash and proceeds from the ATM equity offering program. The following provides detail related to each acquisition that occurred during the year:

(a) During the first quarter of 2016, we completed the acquisition of Rose Bay, a 303-Site RV resort, located in Port Orange, Florida. The total purchase price of approximately $7.4 million was funded with available cash.

(b) During the second quarter of 2016, we closed on the acquisitions of Portland Fairview and Forest Lake Estates. Portland Fairview is a 407-Site RV resort located in Fairview, Oregon. The purchase price of approximately $17.6 million was funded with available cash. Forest Lake Estates is a 1,168-Site property located in Zephryhills, Florida, consisting of 894 manufactured home community Sites and 274 RV resort Sites. The purchase price of approximately $75.2 million was funded with proceeds from the ATM equity offering program and the assumption of mortgage debt of approximately $22.6 million.

(c) During the fourth quarter of 2016, we closed on the acquisition of Riverside RV, a 499-Site RV resort located in Arcadia, Florida. The purchase price of approximately $20.3 million was funded with available cash.

2) During the year ended December 31, 2015, we acquired three Properties collectively containing 731 Sites for a combined purchase price of approximately $23.9 million. The purchase price was funded with available cash. The following provides detail related to the acquisitions:

(a) During the first quarter of 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) During the second quarter of 2015, we completed the acquisition of Miami Everglades, a 303-Site RV resort, located in Miami, Florida. The total purchase price of approximately $11.6 million was funded with available cash.

3) 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 approximately $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 first quarter of 2014, we received the final distribution of 51,290 shares of our common stock from the escrow funded by the seller. The following provides detail related to the acquisitions:

(a) During the first quarter of 2014, we completed the acquisition of Blackhawk RV, a 490 Site RV resort, located in Milton, Wisconsin. The purchase price of approximately $9.4 million was funded with the assumption of approximately $4.9 million in mortgage debt, excluding note premiums of $0.3 million. The remaining $4.5 million was funded with available cash. Additionally, during the first quarter of 2014, we closed on the acquisition of Lakeland RV, a 682 Site RV resort, located in Milton, Wisconsin. The purchase price of approximately $16.8 million was funded with the assumption of approximately $8.4 million in mortgage debt, excluding note premiums of $0.6 million, and available cash.

(b) During the third quarter of 2014 we closed on the acquisition of three Properties. On September 29, 2014 we closed on Echo Farms, a 237 Site RV resort located in Ocean View, New Jersey for a purchase price of approximately $5.7 million. The purchase price was funded with available cash. Additionally, we closed on May's Landing, a 168 Site RV resort located in Mays Landing, New Jersey for approximately $0.8 million funded with available cash. Lastly, we acquired Pine Acres, a 421 Site RV resort located in Raymond, New Hampshire for approximately $5.3 million, funded with available cash.

(c) During the fourth quarter of 2014, we closed on the acquisition of Space Coast and Mesa Spirit. Space Coast, a 270 Site RV resort located in Rockledge, Florida, was purchased for a price of approximately $6.1 million with available cash. Additionally, Mesa Spirit, a 1,600 Site RV resort located in Mesa, AZ was purchased for approximately $41.6 million. The purchase price was funded with the assumption of approximately $19.0 million of mortgage debt and approximately $22.6 million of 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, 2016, 2015, and 2014 which we determined using Level-2 inputs for mortgage notes payable and other liabilities and Level-3 inputs for assets (amounts in thousands):



	December 31,
	2016		2015		2014
Assets acquired
Land	$	60,489	$	8,985	$	66,390
Buildings and other depreciable property	55,445		13,948		52,329
Manufactured homes	67		345		1,086
In-place leases	4,447		622		2,561
Net investment in real estate	$	120,448	$	23,900	$	122,366
Other assets	20		53		1,197
Total assets acquired	$	120,468	$	23,953	$	123,563
Liabilities assumed
Mortgage notes payable	$	22,010	$	—	$	34,559
Other liabilities	2,214		266		6,712
Total liabilities assumed	$	24,224	$	266	$	41,271
Net assets acquired	$	96,244	$	23,687	$	82,292

In accordance with our policy, the measurement period for the purchase price of the 2016 acquisitions is open as of December 31, 2016, however, we do not anticipate any further material purchase price adjustments related to these acquisitions.

Real estate acquisitions at cost

On August 15, 2016, we closed on the purchase of approximately 25 acres of vacant land adjacent to our Colony Cove and Ridgewood Estates manufactured home communities in Ellenton, Florida, for $2.0 million.

Dispositions and real estate held for disposition

During the years ended December 31, 2016, and 2015, there were no dispositions of Properties. During the year ended December 31, 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.

As of December 31, 2016, we have no Properties designated as held for disposition pursuant to FASB ASC 360-10-35.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

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 $2.6 million, $4.1 million, and $4.6 million (each net of approximately $1.3 million, $1.1 million, and $0.9 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2016, 2015 and 2014, respectively. We received approximately $5.9 million, $3.7 million, and $5.9 million in distributions from joint ventures for the years ended December 31, 2016, 2015 and 2014, respectively. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 2016. Approximately $1.4 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 year ended December 31, 2015.

On August 29, 2016, the Voyager joint venture obtained additional loan funding in the amount of $8.5 million, of which $4.1 million was distributed to us.

During the years ended December 31, 2016 and 2015, we contributed $5.0 million and $4.0 million, respectively, to our joint venture, Echo Financing, LLC ("ECHO JV").

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, 2016 and 2015, respectively):



						Investment as of				Income for Years Ended
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2016		December 31, 2015		December 31, 2016			December 31, 2015		December 31, 2014
Meadows	Various (2,2)	1,077	50	%		$	510	$	162	$	1,348		$	1,401	$	2,294
Lakeshore	Florida (2,2)	344	65	%		56		46		318			1,777		1,350
Voyager	Arizona (1,1)	1,801	50	%	^(b)	3,376		7,166		1,014			846		806
Other	Various (0,0)	—	20	%	^(c)	—		—		—			—		25
Echo JV	Various (0,0)	—	50	%		15,427		10,367		(75		)	65		103
		3,222				$	19,369	$	17,741	$	2,605		$	4,089	$	4,578

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 2016. 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, 2016

Receivables [Abstract]

Notes and Contracts 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.

Chattel Loans

From time to time, we purchase loans ("Chattel loans") made by an unaffiliated third party lender that are secured by homes at certain Properties. These Chattel Loans require monthly principal and interest payments. As of December 31, 2016 and 2015, we had approximately $16.5 million and $17.6 million, respectively, of these Chattel Loans included in notes receivable. As of December 31, 2016, the Chattel Loans receivable had a stated per annum average rate of approximately 7.7%, with a yield of 20.7%, and had an average term remaining of approximately 11 years. These Chattel Loans are recorded net of allowances of approximately $0.3 million as of December 31, 2016 and 2015.

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 Receivable are also generally presented at their outstanding unpaid principal balances net of an allowance reserve.

As of December 31, 2016 and 2015, we had approximately $18.0 million and $17.8 million, respectively, of Contracts Receivable included in notes receivable. The Contracts Receivable have an average stated interest rate of 16.2%, a weighted average term remaining of approximately four years and require monthly payments of principal and interest. The Contracts Receivable recorded as of December 31, 2016 and 2015 were net of an allowance of approximately $0.7 million and $0.6 million, respectively.

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is comprised of our reserves for amounts receivable from tenants, Contracts Receivable and Chattel Loans. The allowances reflect our best estimate of collectibility risks on outstanding receivables. Our allowance for uncollectible rents receivable was approximately $4.4 million and $4.5 million as of December 31, 2016 and 2015, respectively.

During the years ended December 31, 2016, 2015 and 2014, our allowance for doubtful accounts was as follows (amounts in thousands):



	2016			2015			2014
Balance, beginning of period	$	6,470		$	7,110		$	7,927
Provision for losses	3,926			4,055			4,209
Write-offs	(5,018		)	(4,695		)	(5,026		)
Balance, end of period	$	5,378		$	6,470		$	7,110

- Definition

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

+ References + Details

Borrowing Arrangements

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Borrowing Arrangements

With the adoption of ASU 2015-03 and ASU 2015-15, we reclassified deferred financing costs to a reduction of mortgage notes payable in the amount of $18.9 million as of December 31, 2015. In addition, we reclassified deferred financing costs to term loan in the amount of $0.8 million as of December 31, 2015. We also reclassified deferred financing costs related to our unsecured line of credit to Escrow deposits, goodwill, and other assets, net, in the amount of $3.7 million as of December 31, 2015.

Mortgage Notes Payable

As of December 31, 2016 and 2015, we had outstanding mortgage indebtedness on Properties of approximately $1.9 billion, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the year ended December 31, 2016 was approximately 4.9% per annum. The debt bears interest at stated rates of 3.5% to 8.9% per annum and matures on various dates ranging from 2017 to 2041. The debt encumbered a total of 126 and 127 of our Properties as of December 31, 2016 and December 31, 2015, respectively, and the carrying value of such Properties was approximately $2.3 billion and $2.2 billion, respectively, as of such dates.

2016 Activity

During the year ended December 31, 2016, we completed refinancing activity and closed on loans with total aggregate gross proceeds of approximately $88.1 million. The loans have a weighted average maturity of 23 years, carry a weighted average interest rate of 4.01% per annum and are secured by four manufactured home properties and two RV resorts. Also, during the year ended December 31, 2016 we paid off five maturing mortgage loans of approximately $41.8 million, with a weighted average interest rate of 5.85% per annum, secured by three manufactured home Properties and two RV resorts. Finally, in connection with the Forest Lake Estates acquisition, we assumed approximately $22.6 million of mortgage debt secured by the manufactured home community, with a stated interest rate of 4.51% per annum, which is set to mature in 2038.

2015 Activity

During the year ended December 31, 2015, we closed on four 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.

Term Loan

As of December 31, 2016 and 2015, 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, 2016 and 2015, 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, 2016, we were 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, 2016, the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter (amounts in thousands):



Year	Amount
2017	$	77,668
2018	233,336
2019	234,820
2020	351,984
2021	211,540
Thereafter	995,407
Net unamortized premiums	5,464
Unamortized deferred financing costs	(18,940		)
Total	$	2,091,279

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2016

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, 2016, 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, 2016, 2015, and 2014.

Amounts reported in accumulated other comprehensive loss on the Consolidated Balance Sheets related to derivatives are reclassified to interest expense as interest payments are made on our variable-rate debt. During the next seven months, we estimate that an additional $0.2 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, 2016 and 2015 (amounts in thousands).



	Balance Sheet Location	December 31, 2016		December 31, 2015
Interest Rate Swap	Accrued expenses and accounts payable	$	227	$	553

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, 2016, 2015 and 2014 (amounts in thousands).



Derivatives in Cash Flow Hedging Relationship	Amount of loss recognized in OCI on derivative (effective portion)						Location of loss reclassified from accumulated OCI into income (effective portion)	Amount of loss reclassified from accumulated OCI into income (effective portion)
Derivatives in Cash Flow Hedging Relationship	December 31, 2016		December 31, 2015		December 31, 2014			December 31, 2016		December 31, 2015		December 31, 2014
Interest Rate Swap	$	813	$	1,900	$	1,230	Interest Expense	$	1,139	$	1,728	$	1,776

We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of December 31, 2016, 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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
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-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Deferred Revenue-Right-to-use contracts and Deferred Commission Expense

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

Deferred Revenue-Right-to-use contracts and Deferred Commission Expense

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

As of December 31, 2016 and 2015, the components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	December 31,
	2016			2015
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$	78,405		$	74,174
Right-to-use contracts current period, gross	12,327			12,783
Revenue recognized from right-to-use contract upfront payments	(9,248		)	(8,552		)
Right-to-use contract upfront payments, deferred, net	3,079			4,231
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	$	81,484		$	78,405

Deferred commission expense, as of January 1,	$	30,865		$	28,589
Deferred commission expense	4,659			5,871
Commission expense recognized	(4,149		)	(3,595		)
Net increase in deferred commission expense	510			2,276
Deferred commission expense, as of December 31,	$	31,375		$	30,865

Lease Agreements

12 Months Ended

Dec. 31, 2016

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, 2016 are as follows (amounts in thousands):



Year	Amount
2017	$	61,861
2018	58,941
2019	37,647
2020	14,083
2021	12,181
Thereafter	38,137
Total	$	222,850

Operating Leases

12 Months Ended

Dec. 31, 2016

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, 2016, 2015, and 2014 total operating lease payments for office space and rent due under ground leases, aggregated $3.9 million, $3.8 million, and $3.7 million, respectively. The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2016 (amounts in thousands):



	Total		2017		2018		2019		2020		2021		Thereafter
Office Rent Lease	$	10,525	$	2,171	$	2,221	$	2,062	$	2,011	$	1,711	$	349
Ground Lease	17,019		1,985		1,980		1,983		1,984		1,987		7,100
Total Operating Leases	$	27,544	$	4,156	$	4,201	$	4,045	$	3,995	$	3,698	$	7,449

- 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, 2016
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties Corporate Headquarters We lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Samuel 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 each of the years ended December 31, 2016, 2015 and 2014.

Equity Incentive Awards

12 Months Ended

Dec. 31, 2016

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, 2016, 3,264,054 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, 2017, we awarded Restricted Stock Grants for 75,000 shares of common stock at a fair market value of approximately $5.4 million to certain members of our senior management for their service in 2017. These Restricted Stock Grants will vest on December, 31 2017.

On November 8, 2016, we awarded a Restricted Stock Grant for 228 shares of common stock at a fair market value of approximately $16,680 to a new member of our Board of Directors for services as Director rendered for the remainder of 2016. One-third of the shares of restricted common stock covered by this award will vest on each of May 8, 2017, November 8, 2017, and May 8, 2018.

On May 10, 2016, we awarded Restricted Stock Grants for 14,705 shares of common stock at a fair market value of approximately $1.1 million and awarded Options to purchase 7,550 shares of common stock with an exercise price of $74.53 per share to certain members of our Board of Directors. The shares of common stock covered by these awards are subject to multiple tranches that vest between November 10, 2016 and as late as May 10, 2019.

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 vested 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 vested on each of December 31, 2016 and one third will vest on each of December 31, 2017, and December 31, 2018.

During the year ended December 31, 2015, we awarded Restricted Stock Grants for 158,014 shares of common stock at a fair market value of approximately $8.6 million to certain members of our senior management and Board of Directors for services rendered during 2015. Senior management Restricted Stock Grants vested on December 31, 2015, while Board of Director Restricted Stock Grants are subject to multiple tranches that vest between November 12, 2015 and December 31, 2017.

During the year ended December 31, 2014, we awarded Restricted Stock Grants for 186,666 shares of common stock at a fair market value of $8.0 million to certain members of our senior management and Board of Directors for services rendered during 2014. Senior management Restricted Stock Grants vested on December 31, 2014, while Board of Director Restricted Stock Grants were subject to multiple tranches that vested between September 13, 2013 and December 31, 2016.

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, 2016, 2015 and 2014 was approximately $9.2 million, $8.6 million, and $7.6 million, respectively.

A summary of our restricted stock activity, and related information for the years ended December 31, 2016, 2015, and 2014 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
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
Shares granted	133,726		68.21
Shares vested	(153,619	)	59.85
Balance at December 31, 2016	65,607		63.68

Compensation expense to be recognized subsequent to December 31, 2016 for Restricted Stock Grants issued prior to 2016 that have not yet vested was approximately $3.7 million, which is expected to be recognized over a weighted average term of 1.6 years.

Stock Options

The fair value of each grant is estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions that were made and the estimated fair values:



	2016
Dividend Yield	2.3		%
Risk-free interest rate	1.3		%
Expected Life	6 years
Expected Volatility	19.8		%
Estimated Grant Date Fair Value of Options	$	80,751

For the year ended December 31, 2016, 7,550 options were granted to our board members. No options were issued during the years ended December 31, 2015 and 2014. No options were forfeited or expired during the years ended December 31, 2016, 2015, and 2014.

A summary of our stock option activity, and related information for the years ended December 31, 2016, 2015 and 2014 follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)
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
Options issued	7,550		74.53
Options exercised	(440,000	)	25.66
Balance at December 31, 2016	433,150		21.44		1.7
Exercisable at December 31, 2016	427,836		20.79		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, 2016 and 2015 was $18.3 million and $8.6 million, respectively. For the years ending December 31, 2016, 2015 and 2014, the intrinsic value of outstanding and exercisable options was $22.0 million, $37.7 million and $32.1 million, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2016
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.

Long-Term Cash Incentive Plan	12 Months Ended
Long-Term Cash Incentive Plan	Dec. 31, 2016
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 $5.5 million. For the year ended December 31, 2016, we had accrued compensation expense of approximately $1.9 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, 2016
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 60.0% of their eligible compensation on a pre-tax basis subject to certain maximum amounts. In addition, we will match 100.0% of the participant's contribution up to the first 3.0% and then 50.0% of the next 2.0% for a maximum potential match of 4.0%. Employee's and our matching contributions will vest immediately. Our contribution to the 401(k) Plan was approximately $1.6 million, $1.5 million and $1.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2016
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 District Court found the rent control ordinance unconstitutional, the United States Court of Appeals for the Ninth Circuit reversed the District 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 100.0% of the consumer price index (CPI) beginning in 2014; and (c) a 10.0% 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 70.0% 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 Superior 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. On July 14, 2016, the Superior Court entered a dismissal of the action with prejudice. 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 Superior 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 Superior Court's arbitration and stay orders. On May 10, 2011, the Court of Appeal granted the petition and ordered the Superior 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 Superior 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 Superior Court cited excessive damages and insufficiency of the evidence to support the verdict as to the amount of damages awarded by the jury. The Superior 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 Superior 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 appellants’ brief; on March 25, 2016, we filed our combined respondents’ and opening brief; on July 8, 2016, the plaintiffs filed their combined reply and cross-respondents’ brief; and on September 26, 2016, we filed our reply brief, which was the final brief pursuant to the Court of Appeal's order setting forth the briefing sequence. We believe the allegations are without merit, and we vigorously defended ourselves in the lawsuit. However, as described below in “Settlement of the California Hawaiian, Monte del Lago and Santiago Estates Matters,” we have entered into an agreement to settle this matter. See below for further details. 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. 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 Superior Court denied our motion. On December 3, 2015, we filed a notice of appeal from the denial of our motion, and on October 4, 2016, we filed our opening appellants' brief. We believe the allegations are without merit, and we vigorously defended ourselves in the lawsuit. However, as described below in “Settlement of the California Hawaiian, Monte del Lago and Santiago Estates Matters,” we have entered into an agreement to settle this matter. See below for further details. 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 on that motion was held on August 19, 2016, and the Superior Court granted our motion and ordered the plaintiffs subject to arbitration agreements to resolve all claims alleged in their complaint by arbitration and stayed the remainder of the litigation while the arbitration proceeded. On September 12, 2016, we filed a demand for arbitration seeking, among other things, a declaration, with respect to the plaintiffs subject to arbitration agreements, that their claims are without merit as well as for recovery of attorneys’ fees and costs. On September 30, 2016, plaintiffs filed an ex parte motion in the Superior Court requesting that the Superior Court stay the arbitration proceedings. The Superior Court heard oral argument on the motion on September 30, 2016, we filed a written opposition brief on October 5, 2016 and the Superior Court denied the motion on October 14, 2016. On October 18, 2016, the plaintiffs filed with the California Court of Appeal a petition for a writ seeking to overturn the Superior Court’s order compelling arbitration and requested an immediate stay of the arbitration. On October 19, 2016, the Court of Appeal denied the request for stay, without prejudice to plaintiffs’ resubmitting the request in the event they make a stay request to the arbitrator and that request is denied. We believe the allegations are without merit, and we vigorously defended ourselves in the lawsuit. However, as described below in “Settlement of the California Hawaiian, Monte del Lago and Santiago Estates Matters,” we have entered into an agreement to settle this matter. See below for further details. Settlement of the California Hawaiian, Monte del Lago and Santiago Estates Matters On January 18, 2017, we entered into agreements pursuant to which we agreed to settle each of the California Hawaiian matter, the Monte del Lago matter and the Santiago Estates matter. The settlement agreements provide that $9.9 million will be paid to settle the California Hawaiian matter, $1.5 million will be paid to settle the Monte del Lago matter and $1.9 million will be paid to settle the Santiago Estates matter. As a result, a litigation settlement payable was recorded in Accrued expenses and accounts payable as of December 31, 2016. In addition, an insurance receivable was recorded in escrow deposits, goodwill and other assets, net as of December 31, 2016, resulting in a net settlement of approximately $2.4 million reflected as a component of property rights initiatives and other, net on the consolidated statement of income for the year ended December 31, 2016. Each of the three plaintiff groups is represented by the same law firm, and these settlements resolve all pending matters brought by plaintiffs’ counsel against us or any of our affiliates. Pursuant to the settlement agreements, all plaintiffs will provide full releases to each of the defendants and their affiliates including with respect to the claims alleged in the lawsuits, and each of the lawsuits and related appeals will be dismissed with prejudice. The settlements do not constitute an admission of liability by us or any of our affiliates and were made to avoid the costs, risks and uncertainties inherent in litigation. 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. Alpine Lake RV Resort OSHA Citations On February 19, 2016, we received a Citation and Notice of Penalty from the Occupational Safety and Health Administration (“OSHA”) alleging two willful and seven serious safety violations relating to the design and maintenance of the electrical system at our Alpine Lake RV Resort in Corinth, New York, and assessing fines totaling $0.2 million. We have been working with a certified third-party electrician to address the items raised in the citations. On March 9, 2016, we attended an informal conference in Albany, New York with the OSHA Area Director. The matter was not resolved at the meeting, and we filed the required notice of contest on March 10, 2016 after which the matter was transferred to the Occupational Safety & Health Review Commission, which is represented by a solicitor from the Department of Labor. The solicitor filed a complaint on May 20, 2016, and the parties participated in a formal settlement conference on June 22, 2016. The parties did not reach a settlement at the formal settlement conference. We are involved in settlement discussions; however, absent the parties reaching a settlement, we anticipate that this matter will proceed to trial, which is currently scheduled to take place in April 2017. We intend to continue to vigorously defend ourselves, and at this time we are unable to predict the outcome of this matter. 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 utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these 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, 2016

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, 2016, 2015 and 2014. The following tables summarize our segment financial information (amounts in thousands):



	Year Ended December 31, 2016
	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	803,784		$	52,496		$	856,280
Operations expenses	(379,201		)	(47,914		)	(427,115		)
Income from segment operations	424,583			4,582			429,165
Interest income	2,894			3,888			6,782
Depreciation on real estate assets and rental homes	(106,560		)	(10,840		)	(117,400		)
Amortization of in-place leases	(3,373		)	—			(3,373		)
Income (loss) from operations	$	317,544		$	(2,370	)	315,174
Reconciliation to Consolidated net income
Corporate interest income							63
Income from other investments, net							7,310
General and administrative							(31,004		)
Property rights initiatives and other, net							(4,986		)
Interest and related amortization							(102,030		)
Equity in income of unconsolidated joint ventures							2,605
Consolidated net income							$	187,132

Total assets	$	3,250,205		$	228,782		$	3,478,987
Capital improvements	$	57,825		$	61,612		$	119,437



	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	$	3,158,559		$	241,841		$	3,400,400
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	$	3,161,769		$	267,456		$	3,429,225
Capital improvements	$	35,973		$	27,748		$	63,721

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2016, 2015, and 2014 (amounts in thousands):



	Years Ended December 31,
	2016			2015			2014
Revenues:
Community base rental income	$	464,745		$	442,046		$	426,886
Resort base rental income	201,533			184,760			163,968
Right-to-use annual payments	45,035			44,443			44,860
Right-to-use contracts current period, gross	12,327			12,783			13,892
Right-to-use contract upfront payments, deferred, net	(3,079		)	(4,231		)	(5,501		)
Utility income and other	81,427			76,153			70,209
Ancillary services revenues, net	1,796			2,880			2,628
Total property operations revenues	803,784			758,834			716,942
Expenses:
Property operating and maintenance	268,249			254,668			243,914
Real estate taxes	53,036			50,962			48,714
Sales and marketing, gross	11,056			11,751			12,418
Right-to-use contract commissions, deferred, net	(223		)	(1,556		)	(2,617		)
Property management	47,083			44,528			42,638
Total property operations expenses	379,201			360,353			345,067
Income from property operations segment	$	424,583		$	398,481		$	371,875

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, 2016, 2015 and 2014 (amounts in thousands):



	Years Ended December 31,
	2016		2015		2014
Revenues:
Gross revenue from home sales	$	37,191	$	33,150	$	28,418
Brokered resale revenues, net	1,198		1,269		1,222
Rental home income ⁽¹⁾	14,107		14,012		14,827
Total revenues	52,496		48,431		44,467
Expenses:
Cost of home sales	37,456		32,279		26,747
Home selling expenses	3,575		3,191		2,342
Rental home operating and maintenance	6,883		7,167		7,441
Total expenses	47,914		42,637		36,530
Income from home sales and rentals operations segment	$	4,582	$	5,794	$	7,937


(1)	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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599

+ Details

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

The following is unaudited quarterly data for 2016 and 2015 (amounts in thousands, except per share amounts):



2016	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	220,147	$	210,081	$	226,165	$	214,042
Income from operations	$	88,257	$	72,090	$	77,628	$	77,199
Consolidated net income	$	57,190	$	40,804	$	46,757	$	42,381
Net income available for Common Stockholders	$	50,583	$	35,490	$	40,998	$	36,966
Basic weighted average Common Shares	84,321		84,516		85,015		85,163
Diluted weighted average Common Shares	92,041		92,264		92,910		92,965
Earnings income per Common Share outstanding—Basic	$	0.60	$	0.42	$	0.48	$	0.43
Earnings per Common Share outstanding—Diluted	$	0.60	$	0.42	$	0.48	$	0.43



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
Based weighted average Common Shares	83,961		84,031		84,057		84,072
Diluted weighted average Common Shares	91,777		91,851		91,940		91,875
Earnings per Common Share outstanding—Basic	$	0.32	$	0.38	$	0.44	$	0.41
Earnings per Common Share outstanding—Diluted	$	0.32	$	0.38	$	0.43	$	0.41

Schedule III Real Estate and Accumulated Depreciation Schedule III Real Estate and Accumulated Depreciation (Notes)

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)						Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property			Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Properties Held for Long Term
Hidden Cove	Arley	AL	$	—		$	212	$	610	$	—		$	141		$	212	$	751	$	963	$	(257	)	2006
Apache East	Apache Junction	AZ	(5,365		)	2,236		4,181		—			100			2,236		4,281		6,517		(1,014		)	2011
Apollo Village	Phoenix	AZ	—			932		3,219		—			1,617			932		4,836		5,768		(3,205		)	1994
Araby	Yuma	AZ	(3,019		)	1,440		4,345		—			974			1,440		5,319		6,759		(2,216		)	2003
Cactus Gardens	Yuma	AZ	(6,631		)	1,992		5,984		—			452			1,992		6,436		8,428		(2,661		)	2004
Capri RV	Yuma	AZ	—			1,595		4,774		—			361			1,595		5,135		6,730		(1,774		)	2006
Carefree Manor	Phoenix	AZ	—			706		3,040		—			900			706		3,940		4,646		(2,354		)	1998
Casa del Sol East II	Glendale	AZ	(4,149		)	2,103		6,283		—			3,045			2,103		9,328		11,431		(4,473		)	1996
Casa del Sol East III	Glendale	AZ	—			2,450		7,452		—			911			2,450		8,363		10,813		(4,994		)	1998
Casa del Sol West I	Peoria	AZ	—			2,215		6,467		—			2,360			2,215		8,827		11,042		(4,652		)	1996
Casita Verde RV	Casa Grande	AZ	—			719		2,179		—			147			719		2,326		3,045		(819		)	2006
Central Park	Phoenix	AZ	(13,502		)	1,612		3,784		—			1,718			1,612		5,502		7,114		(4,671		)	1983
Countryside RV	Apache Junction	AZ	(8,757		)	2,056		6,241		—			1,526			2,056		7,767		9,823		(3,588		)	2002
Denali Park	Apache Junction	AZ	—			2,394		4,016		—			180			2,394		4,196		6,590		(978		)	2011
Desert Paradise	Yuma	AZ	—			666		2,011		—			286			666		2,297		2,963		(996		)	2004
Desert Skies	Phoenix	AZ	(5,032		)	792		3,126		—			777			792		3,903		4,695		(2,359		)	1998
Desert Vista	Salome	AZ	—			66		268		—			212			66		480		546		(119		)	2010
Fairview Manor	Tucson	AZ	—			1,674		4,708		—			2,251			1,674		6,959		8,633		(4,134		)	1998
Fiesta Grande RV	Casa Grande	AZ	—			2,869		8,653		—			970			2,869		9,623		12,492		(3,261		)	2006
Foothill	Yuma	AZ	—			459		1,402		—			292			459		1,694		2,153		(719		)	2003
Foothills West RV	Casa Grande	AZ	—			747		2,261		—			325			747		2,586		3,333		(935		)	2006
Golden Sun RV	Apache Junction	AZ	(6,207		)	1,678		5,049		—			528			1,678		5,577		7,255		(2,625		)	2002
Hacienda De Valencia	Mesa	AZ	(12,989		)	833		2,701		—			4,910			833		7,611		8,444		(5,318		)	1984
Mesa Spirit	Mesa	AZ	(18,368		)	17,382		25,238		191			(327		)	17,573		24,911		42,484		(2,367		)	2014
Mesa Verde	Cottonwood	AZ	(4,973		)	1,387		4,148		—			550			1,387		4,698		6,085		(1,572		)	2007
Monte Vista	Mesa	AZ	(22,874		)	11,402		34,355		—			7,825			11,402		42,180		53,582		(16,135		)	2004
Palm Shadows	Glendale	AZ	(5,696		)	1,400		4,218		—			1,367			1,400		5,585		6,985		(4,012		)	1993
Paradise	Sun City	AZ	(13,609		)	6,414		19,263		11			2,360			6,425		21,623		28,048		(9,735		)	2004
Sedona Shadows	Sedona	AZ	(9,961		)	1,096		3,431		—			680			1,096		4,111		5,207		(2,856		)	1997
Seyenna Vistas	Mesa	AZ	—			1,360		4,660		(86		)	4,135			1,274		8,795		10,069		(5,042		)	1994
Suni Sands	Yuma	AZ	—			1,249		3,759		—			480			1,249		4,239		5,488		(1,799		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Sunrise Heights	Phoenix	AZ	$	(6,166	)	$	1,000	$	3,016	$	—	$	1,667	$	1,000	$	4,683	$	5,683	$	(3,025	)	1994
Sunshine Valley	Chandler	AZ	—			9,139		12,912		—		939		9,139		13,851		22,990		(3,094		)	2011
The Highlands at Brentwood	Mesa	AZ	(13,882		)	1,997		6,024		—		2,217		1,997		8,241		10,238		(5,810		)	1993
The Meadows	Tempe	AZ	(17,887		)	2,613		7,887		—		4,334		2,613		12,221		14,834		(7,997		)	1994
Valley Vista	Benson	AZ	—			115		429		—		111		115		540		655		(134		)	2010
Venture In	Show Low	AZ	—			2,050		6,188		—		533		2,050		6,721		8,771		(2,414		)	2006
Verde Valley	Cottonwood	AZ	—			1,437		3,390		19		1,602		1,456		4,992		6,448		(1,838		)	2004
Viewpoint	Mesa	AZ	(53,833		)	24,890		56,340		15		14,883		24,905		71,223		96,128		(27,089		)	2004
Westpark	Wickenburg	AZ	(9,096		)	4,495		10,517		—		474		4,495		10,991		15,486		(2,479		)	2011
Whispering Palms	Phoenix	AZ	—			670		2,141		—		364		670		2,505		3,175		(1,585		)	1998
Cultus Lake	Lindell Beach	BC	—			410		968		5		334		415		1,302		1,717		(497		)	2004
California Hawaiian	San Jose	CA	(29,548		)	5,825		17,755		—		4,082		5,825		21,837		27,662		(13,373		)	1997
Colony Park	Ceres	CA	—			890		2,837		—		1,004		890		3,841		4,731		(2,350		)	1998
Concord Cascade	Pacheco	CA	(10,941		)	985		3,016		—		2,629		985		5,645		6,630		(4,264		)	1983
Contempo Marin	San Rafael	CA	—			4,787		16,379		—		3,727		4,787		20,106		24,893		(14,503		)	1994
Coralwood	Modesto	CA	—			—		5,047		—		1,128		—		6,175		6,175		(3,665		)	1997
Date Palm Country Club	Cathedral City	CA	—			—		18,179		—		7,443		—		25,622		25,622		(17,292		)	1994
Date Palm RV	Cathedral City	CA	—			—		216		—		444		—		660		660		(406		)	1994
DeAnza Santa Cruz	Santa Cruz	CA	(12,276		)	2,103		7,201		—		2,560		2,103		9,761		11,864		(6,877		)	1994
Four Seasons	Fresno	CA	—			756		2,348		—		1,040		756		3,388		4,144		(1,861		)	1997
Idyllwild	Pine Cove	CA	—			313		737		4		1,125		317		1,862		2,179		(695		)	2004
Laguna Lake	San Luis Obispo	CA	—			2,845		6,520		—		944		2,845		7,464		10,309		(4,598		)	1998
Lake Minden	Nicolaus	CA	—			961		2,267		13		1,138		974		3,405		4,379		(1,271		)	2004
Lake of the Springs	Oregon House	CA	—			1,062		2,504		14		1,248		1,076		3,752		4,828		(1,374		)	2004
Lamplighter	Spring Valley	CA	(21,317		)	633		2,201		—		1,806		633		4,007		4,640		(3,084		)	1983
Las Palmas	Rialto	CA	—			1,295		3,866		—		745		1,295		4,611		5,906		(1,875		)	2004
Los Ranchos	Apple Valley	CA	—			8,336		15,774		—		475		8,336		16,249		24,585		(3,770		)	2011
Meadowbrook	Santee	CA	(25,405		)	4,345		12,528		—		2,693		4,345		15,221		19,566		(8,954		)	1998
Monte del Lago	Castroville	CA	—			3,150		9,469		—		4,055		3,150		13,524		16,674		(7,648		)	1997
Morgan Hill	Morgan Hill	CA	—			1,856		4,378		25		1,423		1,881		5,801		7,682		(2,074		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Nicholson Plaza	San Jose	CA	$	—		$	—	$	4,512	$	—	$	348	$	—	$	4,860	$	4,860	$	(3,119	)	1997
Oakzanita Springs	Descanso	CA	—			396		934		5		1,212		401		2,146		2,547		(820		)	2004
Pacific Dunes Ranch	Oceana	CA	—			1,940		5,632		—		1,193		1,940		6,825		8,765		(2,536		)	2004
Palm Springs	Palm Desert	CA	—			1,811		4,271		24		1,683		1,835		5,954		7,789		(2,122		)	2004
Parque La Quinta	Rialto	CA	—			1,799		5,450		—		742		1,799		6,192		7,991		(2,476		)	2004
Pio Pico	Jamul	CA	—			2,626		6,194		35		3,225		2,661		9,419		12,080		(3,223		)	2004
Ponderosa	Lotus	CA	—			900		2,100		—		473		900		2,573		3,473		(925		)	2006
Quail Meadows	Riverbank	CA	—			1,155		3,469		—		660		1,155		4,129		5,284		(2,460		)	1998
Rancho Mesa	El Cajon	CA	—			2,130		6,389		—		2,693		2,130		9,082		11,212		(4,713		)	1998
Rancho Oso	Santa Barbara	CA	—			860		2,029		11		1,068		871		3,097		3,968		(1,169		)	2004
Rancho Valley	El Cajon	CA	(6,793		)	685		1,902		—		1,595		685		3,497		4,182		(2,709		)	1983
Royal Holiday	Hemet	CA	—			778		2,643		—		2,795		778		5,438		6,216		(2,582		)	1999
Royal Oaks	Visalia	CA	—			602		1,921		—		951		602		2,872		3,474		(1,644		)	1997
Russian River	Cloverdale	CA	—			368		868		5		214		373		1,082		1,455		(429		)	2004
San Benito	Paicines	CA	—			1,411		3,328		19		1,763		1,430		5,091		6,521		(1,825		)	2004
San Francisco RV	Pacifica	CA	—			1,660		4,973		—		1,958		1,660		6,931		8,591		(2,245		)	2005
Santa Cruz Ranch RV	Scotts Valley	CA	—			1,595		3,937		—		99		1,595		4,036		5,631		(1,340		)	2007
Santiago Estates	Sylmar	CA	(25,493		)	3,562		10,767		—		2,284		3,562		13,051		16,613		(7,555		)	1998
Sea Oaks	Los Osos	CA	—			871		2,703		—		702		871		3,405		4,276		(2,060		)	1997
Snowflower	Emigrant Gap	CA	—			308		727		4		1,094		312		1,821		2,133		(523		)	2004
Soledad Canyon	Acton	CA	—			2,933		6,917		39		4,532		2,972		11,449		14,421		(3,755		)	2004
Sunshadow	San Jose	CA	—			—		5,707		—		623		—		6,330		6,330		(3,901		)	1997
Tahoe Valley	Lake Tahoe	CA	—			—		5,428		—		668		—		6,096		6,096		(2,532		)	2004
Turtle Beach	Manteca	CA	—			268		633		4		307		272		940		1,212		(352		)	2004
Village of the Four Seasons	San Jose	CA	(22,080		)	5,229		15,714		—		1,252		5,229		16,966		22,195		(6,916		)	2004
Westwinds (4 properties)	San Jose	CA	—			—		17,616		—		10,193		—		27,809		27,809		(15,977		)	1997
Wilderness Lake	Menifee	CA	—			2,157		5,088		29		1,864		2,186		6,952		9,138		(2,551		)	2004
Yosemite Lakes	Groveland	CA	—			2,045		4,823		27		2,569		2,072		7,392		9,464		(2,592		)	2004
Bear Creek	Denver	CO	(6,547		)	1,100		3,359		—		614		1,100		3,973		5,073		(2,367		)	1998
Cimarron	Broomfield	CO	(20,630		)	863		2,790		—		1,394		863		4,184		5,047		(5,553		)	1983



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Golden Terrace	Golden	CO	$	—		$	826	$	2,415	$	—	$	2,442	$	826	$	4,857	$	5,683	$	(3,220	)	1983
Golden Terrace South	Golden	CO	—			750		2,265		—		944		750		3,209		3,959		(1,889		)	1997
Golden Terrace West	Golden	CO	—			1,694		5,065		—		4,803		1,694		9,868		11,562		(5,870		)	1986
Hillcrest Village	Aurora	CO	(42,924		)	1,912		5,202		289		4,393		2,201		9,595		11,796		(7,458		)	1983
Holiday Hills	Denver	CO	—			2,159		7,780		—		6,569		2,159		14,349		16,508		(11,421		)	1983
Holiday Village	Co. Springs	CO	—			567		1,759		—		1,777		567		3,536		4,103		(2,680		)	1983
Pueblo Grande	Pueblo	CO	—			241		1,069		—		889		241		1,958		2,199		(1,569		)	1983
Woodland Hills	Thornton	CO	—			1,928		4,408		—		3,392		1,928		7,800		9,728		(5,349		)	1994
Stonegate Manor	North Windham	CT	(6,880		)	6,011		12,336		—		315		6,011		12,651		18,662		(3,034		)	2011
Aspen Meadows	Rehoboth	DE	—			1,148		3,460		—		619		1,148		4,079		5,227		(2,519		)	1998
Camelot Meadows	Rehoboth	DE	(11,151		)	527		2,058		1,251		4,535		1,778		6,593		8,371		(3,927		)	1998
Mariners Cove	Millsboro	DE	(20,966		)	990		2,971		—		6,176		990		9,147		10,137		(6,327		)	1987
McNicol	Rehoboth	DE	—			562		1,710		—		259		562		1,969		2,531		(1,159		)	1998
Sweetbriar	Rehoboth	DE	—			498		1,527		—		603		498		2,130		2,628		(1,326		)	1998
Waterford	Bear	DE	—			5,250		16,202		—		1,958		5,250		18,160		23,410		(7,621		)	1996
Whispering Pines	Lewes	DE	—			1,536		4,609		—		1,783		1,536		6,392		7,928		(5,243		)	1988
Audubon	Orlando	FL	—			4,622		7,200		—		318		4,622		7,518		12,140		(1,797		)	2011
Barrington Hills	Hudson	FL	(4,653		)	1,145		3,437		—		750		1,145		4,187		5,332		(1,801		)	2004
Bay Indies	Venice	FL	(67,477		)	10,483		31,559		10		8,011		10,493		39,570		50,063		(27,272		)	1994
Bay Lake Estates	Nokomis	FL	(12,391		)	990		3,390		—		1,993		990		5,383		6,373		(3,477		)	1994
Beacon Hill Colony	Lakeland	FL	—			3,775		6,405		—		163		3,775		6,568		10,343		(1,478		)	2011
Beacon Terrace	Lakeland	FL	(6,281		)	5,372		9,153		—		321		5,372		9,474		14,846		(2,226		)	2011
Breezy Hill RV	Pompano Beach	FL	(18,996		)	5,424		16,555		—		2,090		5,424		18,645		24,069		(8,664		)	2002
Buccaneer	N. Ft. Myers	FL	(33,494		)	4,207		14,410		—		3,684		4,207		18,094		22,301		(12,303		)	1994
Bulow Plantation	Flagler Beach	FL	—			3,637		949		—		6,528		3,637		7,477		11,114		(4,170		)	1994
Bulow Village RV	Flagler Beach	FL	—			—		228		—		1,528		—		1,756		1,756		(691		)	1994
Carefree Cove	Fort Lauderdale	FL	—			1,741		5,170		—		673		1,741		5,843		7,584		(2,415		)	2004
Carefree Village	Tampa	FL	—			6,799		10,421		—		558		6,799		10,979		17,778		(2,688		)	2011
Carriage Cove	Daytona Beach	FL	(11,001		)	2,914		8,682		—		1,545		2,914		10,227		13,141		(6,292		)	1998
Cheron Village	Davie	FL	(5,390		)	10,393		6,217		—		161		10,393		6,378		16,771		(1,848		)	2011
Clerbrook	Clermont	FL	—			3,883		11,700		—		1,723		3,883		13,423		17,306		(4,735		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Clover Leaf Farms	Brooksville	FL	$	—		$	13,684	$	24,106	$	—	$	811	$	13,684	$	24,917	$	38,601	$	(5,789	)	2011
Clover Leaf Forest	Brooksville	FL	—			1,092		2,178		—		240		1,092		2,418		3,510		(410		)	2011
Coachwood	Leesburg	FL	—			1,602		4,822		—		458		1,602		5,280		6,882		(2,268		)	2004
Colony Cove	Ellenton	FL	(108,354		)	28,660		92,457		35,859		6,007		64,519		98,464		162,983		(22,481		)	2011
Coquina Crossing	Elkton	FL	(31,710		)	5,274		5,545		—		18,396		5,274		23,941		29,215		(10,540		)	1999
Coral Cay	Margate	FL	(21,548		)	5,890		20,211		—		8,211		5,890		28,422		34,312		(19,297		)	1994
Country Place⁽²⁾	New Port Richey	FL	(21,209		)	663		—		18		7,814		681		7,814		8,495		(5,835		)	1986
Countryside	Vero Beach	FL	—			3,711		11,133		—		7,371		3,711		18,504		22,215		(10,720		)	1998
Covington Estates	Saint Cloud	FL	(9,799		)	3,319		7,253		—		175		3,319		7,428		10,747		(1,752		)	2011
Crystal Isles	Crystal River	FL	—			926		2,787		10		1,717		936		4,504		5,440		(1,694		)	2004
Crystal Lakes-Zephyrhills	Zephyrhills	FL	—			3,767		6,834		—		557		3,767		7,391		11,158		(1,706		)	2011
Down Yonder	Largo	FL	(11,976		)	2,652		7,981		—		1,152		2,652		9,133		11,785		(4,146		)	1998
East Bay Oaks	Largo	FL	(10,203		)	1,240		3,322		—		1,434		1,240		4,756		5,996		(4,010		)	1983
Eldorado Village	Largo	FL	(6,815		)	778		2,341		—		1,236		778		3,577		4,355		(2,902		)	1983
Emerald Lake	Punta Gorda	FL	(4,714		)	3,598		5,197		—		386		3,598		5,583		9,181		(1,299		)	2011
Featherock	Valrico	FL	(21,118		)	11,369		22,770		—		579		11,369		23,349		34,718		(5,061		)	2011
Fiesta Key	Long Key	FL	—			16,611		7,338		—		3,010		16,611		10,348		26,959		(1,054		)	2013
Forest Lake Estates	Zephyrhills	FL	—			—		537		—		51		—		588		588		(13		)	2016
Forest Lake Estates	Zephyrhills	FL	(21,718		)	40,716		33,918		—		—		40,716		33,918		74,634		(2,581		)	2016
Fort Myers Beach Resort	Fort Myers Beach	FL	—			1,188		3,548		—		382		1,188		3,930		5,118		(1,798		)	2004
Foxwood	Ocala	FL	—			3,853		7,967		—		709		3,853		8,676		12,529		(2,111		)	2011
Glen Ellen	Clearwater	FL	—			619		1,882		—		265		619		2,147		2,766		(986		)	2002
Grand Island	Grand Island	FL	—			1,723		5,208		125		4,462		1,848		9,670		11,518		(4,589		)	2001
Gulf Air Resort	Fort Myers Beach	FL	(6,502		)	1,609		4,746		—		455		1,609		5,201		6,810		(2,228		)	2004
Gulf View	Punta Gorda	FL	—			717		2,158		—		1,250		717		3,408		4,125		(1,494		)	2004
Hacienda Village	New Port Richey	FL	(18,364		)	4,297		13,088		—		2,344		4,297		15,432		19,729		(6,840		)	2002
Harbor Lakes	Port Charlotte	FL	(19,017		)	3,384		10,154		—		1,004		3,384		11,158		14,542		(4,682		)	2004
Harbor View	New Port Richey	FL	(19,684		)	4,030		12,146		—		592		4,030		12,738		16,768		(5,964		)	2002
Haselton Village	Eustis	FL	(6,285		)	3,800		8,955		—		344		3,800		9,299		13,099		(2,049		)	2011
Heritage Plantation	Vero Beach	FL	—			2,403		7,259		—		2,305		2,403		9,564		11,967		(6,821		)	1994
Heron Cay	Vero Beach	FL	(30,600		)	14,368		23,792		—		664		14,368		24,456		38,824		(5,592		)	2011
Hidden Valley	Orlando	FL	(8,831		)	11,398		12,861		—		406		11,398		13,267		24,665		(3,174		)	2011



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Highland Wood RV	Pompano Beach	FL	$	—		$	1,043	$	3,130	$	42	$	309	$	1,084	$	3,439	$	4,523	$	(1,637	)	2002
Hillcrest	Clearwater	FL	(6,729		)	1,278		3,928		—		1,337		1,278		5,265		6,543		(3,246		)	1998
Holiday Ranch	Clearwater	FL	(4,226		)	925		2,866		—		504		925		3,370		4,295		(2,055		)	1998
Holiday Village	Ormond Beach	FL	(8,972		)	2,610		7,837		—		575		2,610		8,412		11,022		(3,937		)	2002
Holiday Village	Vero Beach	FL	—			350		1,374		—		224		350		1,598		1,948		(1,003		)	1998
Indian Oaks	Rockledge	FL	—			1,089		3,376		—		1,037		1,089		4,413		5,502		(2,747		)	1998
Island Vista	North Ft. Myers	FL	—			5,004		15,066		—		1,527		5,004		16,593		21,597		(5,418		)	2006
Kings & Queens	Lakeland	FL	—			1,696		3,064		—		97		1,696		3,161		4,857		(770		)	2011
Lake Fairways	N. Ft. Myers	FL	(42,525		)	6,075		18,134		35		3,362		6,110		21,496		27,606		(14,846		)	1994
Lake Haven	Dunedin	FL	(15,321		)	1,135		4,047		—		3,615		1,135		7,662		8,797		(5,738		)	1983
Lake Magic	Clermont	FL	—			1,595		4,793		—		1,053		1,595		5,846		7,441		(2,379		)	2004
Lake Village	Nokomis	FL	(17,304		)	15,850		18,099		—		377		15,850		18,476		34,326		(4,246		)	2011
Lake Worth Village	Lake Worth	FL	(8,348		)	14,959		24,501		—		1,974		14,959		26,475		41,434		(6,261		)	2011
Lakeland Harbor	Lakeland	FL	(15,757		)	10,446		17,376		—		264		10,446		17,640		28,086		(4,073		)	2011
Lakeland Junction	Lakeland	FL	(3,893		)	3,018		4,752		—		120		3,018		4,872		7,890		(1,167		)	2011
Lakes at Countrywood	Plant City	FL	(9,428		)	2,377		7,085		—		2,056		2,377		9,141		11,518		(4,579		)	2001
Lakeside Terrace	Fruitland Park	FL	—			3,275		7,165		—		377		3,275		7,542		10,817		(1,710		)	2011
Lakewood Village	Melbourne	FL	—			1,862		5,627		—		1,852		1,862		7,479		9,341		(5,275		)	1994
Lighthouse Pointe	Port Orange	FL	(12,349		)	2,446		7,483		23		1,506		2,469		8,989		11,458		(5,595		)	1998
Manatee	Bradenton	FL	—			2,300		6,903		—		891		2,300		7,794		10,094		(3,298		)	2004
Maralago Cay	Lantana	FL	—			5,325		15,420		—		5,748		5,325		21,168		26,493		(12,640		)	1997
Meadows at Countrywood	Plant City	FL	(20,741		)	4,514		13,175		—		9,808		4,514		22,983		27,497		(10,759		)	1998
Miami Everglades	Miami	FL	—			5,362		6,238		—		170		5,362		6,408		11,770		(603		)	2015
Mid-Florida Lakes	Leesburg	FL	—			5,997		20,635		—		10,598		5,997		31,233		37,230		(20,435		)	1994
Oak Bend	Ocala	FL	—			850		2,572		—		1,332		850		3,904		4,754		(2,790		)	1993
Oaks at Countrywood	Plant City	FL	(3,831		)	846		2,513		—		1,372		846		3,885		4,731		(3,482		)	1998
Orange Lake	Clermont	FL	(5,057		)	4,303		6,815		—		346		4,303		7,161		11,464		(1,734		)	2011
Orlando	Clermont	FL	—			2,975		7,017		40		4,605		3,015		11,622		14,637		(3,720		)	2004
Palm Beach Colony	West Palm Beach	FL	(11,987		)	5,930		10,113		8		751		5,938		10,864		16,802		(2,498		)	2011
Park City West	Fort Lauderdale	FL	(13,461		)	4,184		12,561		—		906		4,184		13,467		17,651		(5,735		)	2004
Parkwood Communities	Wildwood	FL	(9,216		)	6,990		15,115		—		440		6,990		15,555		22,545		(3,657		)	2011



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Pasco	Lutz	FL	$	(4,080	)	$	1,494	$	4,484	$	—	$	765	$	1,494	$	5,249	$	6,743	$	(2,197	)	2004
Peace River	Wauchula	FL	—			900		2,100		—		739		900		2,839		3,739		(961		)	2006
Pickwick	Port Orange	FL	(19,401		)	2,803		8,870		—		1,462		2,803		10,332		13,135		(6,320		)	1998
Pine Island Resort	St. James City	FL	—			1,678		5,044		—		833		1,678		5,877		7,555		(1,758		)	2007
Pine Lakes	N. Ft. Myers	FL	(33,667		)	6,306		14,579		21		8,054		6,327		22,633		28,960		(15,464		)	1994
Pioneer Village	N. Ft. Myers	FL	(14,158		)	4,116		12,353		—		1,943		4,116		14,296		18,412		(6,171		)	2004
Ramblers Rest	Venice	FL	—			4,646		14,201		—		5,588		4,646		19,789		24,435		(6,284		)	2006
Ridgewood Estates	Ellenton	FL	—			8,769		8,791		—		340		8,769		9,131		17,900		(2,215		)	2011
Riverside RV	Arcadia	FL	—			8,400		11,905		—		—		8,400		11,905		20,305		(132		)	2016
Rose Bay	Port Orange	FL	—			3,866		3,528		—		202		3,866		3,730		7,596		(681		)	2016
Royal Coachman	Nokomis	FL	(11,252		)	5,321		15,978		—		1,495		5,321		17,473		22,794		(7,508		)	2004
Shady Lane Oaks	Clearwater	FL	(5,484		)	4,984		8,482		—		251		4,984		8,733		13,717		(2,149		)	2011
Shady Lane Village	Clearwater	FL	—			3,102		5,480		—		100		3,102		5,580		8,682		(1,376		)	2011
Shangri La	Largo	FL	—			1,722		5,200		—		285		1,722		5,485		7,207		(2,315		)	2004
Sherwood Forest	Kissimmee	FL	(27,660		)	4,852		14,596		—		6,685		4,852		21,281		26,133		(12,205		)	1998
Sherwood Forest RV	Kissimmee	FL	—			2,870		3,621		568		3,305		3,438		6,926		10,364		(3,875		)	1998
Silk Oak	Clearwater	FL	—			1,649		5,028		—		269		1,649		5,297		6,946		(2,470		)	2002
Silver Dollar	Odessa	FL	(12,954		)	4,107		12,431		240		2,583		4,347		15,014		19,361		(6,290		)	2004
Sixth Ave.	Zephryhills	FL	—			837		2,518		—		87		837		2,605		3,442		(1,125		)	2004
Southern Palms	Eustis	FL	—			2,169		5,884		—		3,568		2,169		9,452		11,621		(5,484		)	1998
Southernaire	Mt. Dora	FL	—			796		2,395		—		196		796		2,591		3,387		(1,083		)	2004
Space Coast	Rockledge	FL	—			2,413		3,716		—		93		2,413		3,809		6,222		(498		)	2014
Starlight Ranch	Orlando	FL	(35,860		)	13,543		20,388		—		1,056		13,543		21,444		34,987		(5,329		)	2011
Sunshine Holiday MH	Ormond Beach	FL	—			2,001		6,004		—		851		2,001		6,855		8,856		(2,965		)	2004
Sunshine Holiday RV	Fort Lauderdale	FL	—			3,099		9,286		—		988		3,099		10,274		13,373		(4,162		)	2004
Sunshine Key	Big Pine Key	FL	—			5,273		15,822		—		3,568		5,273		19,390		24,663		(7,856		)	2004
Sunshine Travel	Vero Beach	FL	—			1,603		4,813		—		689		1,603		5,502		7,105		(2,212		)	2004
Tarpon Glen	Tarpon Springs	FL	—			2,678		4,016		—		173		2,678		4,189		6,867		(1,072		)	2011
Terra Ceia	Palmetto	FL	—			965		2,905		—		358		965		3,263		4,228		(1,350		)	2004
The Heritage	N. Ft. Myers	FL	(11,102		)	1,438		4,371		346		4,332		1,784		8,703		10,487		(5,897		)	1993
The Meadows	Palm Beach Gardens	FL	(10,203		)	3,229		9,870		—		6,386		3,229		16,256		19,485		(7,997		)	1999
Three Flags RV Resort	Wildwood	FL	—			228		684		—		384		228		1,068		1,296		(382		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Toby’s	Arcadia	FL	$	(3,643	)	$	1,093	$	3,280	$	—	$	422	$	1,093	$	3,702	$	4,795	$	(1,602	)	2003
Topics	Spring Hill	FL	—			844		2,568		—		564		844		3,132		3,976		(1,316		)	2004
Tropical Palms	Kissimmee	FL	—			5,677		17,116		—		7,708		5,677		24,824		30,501		(11,457		)	2004
Tropical Palms	Punta Gorda	FL	—			2,365		7,286		—		2,556		2,365		9,842		12,207		(2,883		)	2006
Vacation Village	Largo	FL	(4,781		)	1,315		3,946		—		607		1,315		4,553		5,868		(1,844		)	2004
Vero Palm	Vero Beach	FL	(12,286		)	6,697		9,025		—		301		6,697		9,326		16,023		(2,188		)	2011
Village Green	Vero Beach	FL	(22,178		)	15,901		25,175		—		871		15,901		26,046		41,947		(6,381		)	2011
Villas at Spanish Oaks	Ocala	FL	—			2,250		6,922		—		2,242		2,250		9,164		11,414		(6,288		)	1993
Whispering Pines - Largo	Largo	FL	—			8,218		14,054		—		407		8,218		14,461		22,679		(3,421		)	2011
Windmill Manor	Bradenton	FL	(14,264		)	2,153		6,125		—		1,872		2,153		7,997		10,150		(4,720		)	1998
Windmill Village	N. Ft. Myers	FL	—			1,417		5,440		—		2,253		1,417		7,693		9,110		(6,858		)	1983
Winds of St. Armands North	Sarasota	FL	(25,995		)	1,523		5,063		—		3,474		1,523		8,537		10,060		(6,943		)	1983
Winds of St. Armands South	Sarasota	FL	(16,942		)	1,106		3,162		—		1,362		1,106		4,524		5,630		(3,895		)	1983
Winter Garden	Winter Garden	FL	—			2,321		6,962		—		504		2,321		7,466		9,787		(2,383		)	2007
Coach Royale	Boise	ID	—			465		1,685		—		20		465		1,705		2,170		(445		)	2011
Maple Grove	Boise	ID	—			1,358		5,151		—		129		1,358		5,280		6,638		(1,335		)	2011
Shenandoah Estates	Boise	ID	—			1,287		7,603		—		336		1,287		7,939		9,226		(1,664		)	2011
West Meadow Estates	Boise	ID	(7,953		)	1,371		6,770		—		129		1,371		6,899		8,270		(1,572		)	2011
Golf Vistas Estates	Monee	IL	(11,386		)	2,842		4,719		1		5,991		2,843		10,710		13,553		(6,694		)	1997
O'Connell's	Amboy	IL	(4,130		)	1,648		4,974		—		2,255		1,648		7,229		8,877		(2,653		)	2004
Pheasant Lake Estates	Beecher	IL	—			12,764		42,183		—		208		12,764		42,391		55,155		(6,433		)	2013
Pine Country	Belvidere	IL	—			53		166		—		640		53		806		859		(167		)	2006
Willow Lake Estates	Elgin	IL	—			6,138		21,033		—		7,656		6,138		28,689		34,827		(18,840		)	1994
Hoosier Estates	Lebanon	IN	—			2,293		7,197		—		110		2,293		7,307		9,600		(1,614		)	2011
Horseshoe Lake	Clinton	IN	—			155		365		2		570		157		935		1,092		(293		)	2004
Indian Lakes	Batesville	IN	—			450		1,061		6		3,425		456		4,486		4,942		(921		)	2004
Lakeside	New Carlisle	IN	—			426		1,281		—		193		426		1,474		1,900		(608		)	2004
North Glen Village	Westfield	IN	—			2,308		6,333		—		144		2,308		6,477		8,785		(1,539		)	2011
Oak Tree Village	Portage	IN	—			569		—		—		4,101		569		4,101		4,670		(3,237		)	1987
Twin Mills RV	Howe	IN	—			1,399		4,186		—		384		1,399		4,570		5,969		(1,540		)	2006
Diamond Caverns Resort & Golf Club	Park City	KY	—			530		1,512		—		172		530		1,684		2,214		(599		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Gateway to Cape Cod	Rochester	MA	$	—		$	91	$	288	$	—	$	345	$	91	$	633	$	724	$	(214	)	2006
Hillcrest	Rockland	MA	(1,771		)	2,034		3,182		—		124		2,034		3,306		5,340		(792		)	2011
Old Chatham RV	South Dennis	MA	(7,354		)	1,760		5,293		—		264		1,760		5,557		7,317		(2,066		)	2005
Sturbridge	Sturbridge	MA	—			110		347		—		669		110		1,016		1,126		(256		)	2006
The Glen	Norwell	MA	—			940		1,680		—		6		940		1,686		2,626		(414		)	2011
Fernwood	Capitol Heights	MD	(14,457		)	6,556		11,674		—		510		6,556		12,184		18,740		(2,813		)	2011
Williams Estates and Peppermint Woods	Middle River	MD	(37,776		)	22,774		42,575		—		957		22,774		43,532		66,306		(9,919		)	2011
Moody Beach	Moody	ME	—			93		292		—		527		93		819		912		(195		)	2006
Pinehirst RV Park	Old Orchard Beach	ME	(10,953		)	1,942		5,827		—		1,365		1,942		7,192		9,134		(2,554		)	2005
Mt. Desert Narrows	Bar Harbor	ME	—			1,037		3,127		—		250		1,037		3,377		4,414		(1,008		)	2007
Narrows Too	Trenton	ME	—			1,451		4,408		—		150		1,451		4,558		6,009		(1,365		)	2007
Patton Pond	Ellsworth	ME	—			267		802		—		131		267		933		1,200		(289		)	2007
Bear Cave Resort	Buchanan	MI	—			176		516		—		206		176		722		898		(262		)	2006
Lake in the Hills	Auburn Hills	MI	(4,000		)	1,792		5,599		—		147		1,792		5,746		7,538		(1,522		)	2011
St Clair	St Clair	MI	—			453		1,068		6		404		459		1,472		1,931		(598		)	2004
Swan Creek	Ypsilanti	MI	(5,227		)	1,844		7,180		—		226		1,844		7,406		9,250		(1,953		)	2011
Cedar Knolls	Apple Valley	MN	(15,450		)	10,021		14,357		—		314		10,021		14,671		24,692		(3,764		)	2011
Cimarron Park	Lake Elmo	MN	—			11,097		23,132		—		816		11,097		23,948		35,045		(3,411		)	2011
Rockford Riverview Estates	Rockford	MN	—			2,959		8,882		—		165		2,959		9,047		12,006		(2,237		)	2011
Rosemount Woods	Rosemount	MN	—			4,314		8,932		—		218		4,314		9,150		13,464		(2,118		)	2011
Bogue Pines	Newport	NC	—			1,476		2,592		—		—		1,476		2,592		4,068		(383		)	2015
Forest Lake	Advance	NC	—			986		2,325		13		754		999		3,079		4,078		(1,179		)	2004
Goose Creek	Newport	NC	(15,646		)	4,612		13,848		750		2,095		5,362		15,943		21,305		(6,615		)	2004
Green Mountain Park	Lenoir	NC	—			1,037		3,075		—		860		1,037		3,935		4,972		(1,226		)	2006
Lake Gaston	Littleton	NC	—			130		409		—		472		130		881		1,011		(245		)	2006
Lake Myers RV	Mocksville	NC	—			1,504		4,587		—		447		1,504		5,034		6,538		(1,718		)	2006
Scenic	Asheville	NC	—			1,183		3,511		—		461		1,183		3,972		5,155		(1,318		)	2006
Twin Lakes	Chocowinity	NC	—			1,709		3,361		—		666		1,709		4,027		5,736		(1,655		)	2004
Waterway RV	Cedar Point	NC	(5,615		)	2,392		7,185		—		815		2,392		8,000		10,392		(3,239		)	2004
Whispering Pines - NC	Newport	NC	—			3,096		5,082		—		51		3,096		5,133		8,229		(683		)	2015



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Buena Vista	Fargo	ND	$	—		$	4,563	$	14,949	$	—	$	543	$	4,563	$	15,492	$	20,055	$	(3,493	)	2011
Meadow Park	Fargo	ND	—			943		2,907		—		249		943		3,156		4,099		(757		)	2011
Pine Acres	Raymond	NH	—			3,096		2,102		—		205		3,096		2,307		5,403		(519		)	2014
Sandy Beach RV	Contoocook	NH	—			1,755		5,265		—		173		1,755		5,438		7,193		(2,076		)	2005
Tuxbury Resort	South Hampton	NH	—			3,557		3,910		—		665		3,557		4,575		8,132		(1,365		)	2007
Chestnut Lake	Port Republic	NJ	—			337		796		4		1,121		341		1,917		2,258		(470		)	2004
Echo Farms	Ocean View	NJ	—			2,840		3,045		—		966		2,840		4,011		6,851		(542		)	2014
Lake & Shore	Ocean View	NJ	—			378		1,192		—		1,872		378		3,064		3,442		(952		)	2006
Mays Landing	Mays Landing	NJ	—			536		289		—		218		536		507		1,043		(52		)	2014
Pine Ridge at Crestwood	Whiting	NJ	—			17,367		33,127		—		1,082		17,367		34,209		51,576		(7,962		)	2011
Sea Pines	Swainton	NJ	—			198		625		—		1,227		198		1,852		2,050		(477		)	2006
Bonanza	Las Vegas	NV	—			908		2,643		—		1,900		908		4,543		5,451		(3,692		)	1983
Boulder Cascade	Las Vegas	NV	(7,762		)	2,995		9,020		—		2,709		2,995		11,729		14,724		(7,001		)	1998
Cabana	Las Vegas	NV	(8,608		)	2,648		7,989		—		1,070		2,648		9,059		11,707		(6,470		)	1994
Flamingo West	Las Vegas	NV	(12,731		)	1,730		5,266		—		1,885		1,730		7,151		8,881		(4,959		)	1994
Las Vegas	Las Vegas	NV	—			1,049		2,473		14		866		1,063		3,339		4,402		(1,183		)	2004
Mountain View - NV	Henderson	NV	(19,035		)	16,665		25,915		—		498		16,665		26,413		43,078		(5,944		)	2011
Villa Borega	Las Vegas	NV	(9,037		)	2,896		8,774		—		1,246		2,896		10,020		12,916		(6,317		)	1997
Alpine Lake	Corinth	NY	—			4,783		14,125		153		1,972		4,936		16,097		21,033		(5,796		)	2005
Brennan Beach	Pulaski	NY	—			7,325		21,141		—		5,445		7,325		26,586		33,911		(9,456		)	2005
Greenwood Village	Manorville	NY	(22,623		)	3,667		9,414		484		6,061		4,151		15,475		19,626		(8,426		)	1998
Lake George Escape	Lake George	NY	—			3,562		10,708		—		3,606		3,562		14,314		17,876		(4,714		)	2005
Lake George Schroon Valley	Warrensburg	NY	—			540		1,626		—		78		540		1,704		2,244		(504		)	2008
Rondout Valley Resort	Accord	NY	—			1,115		3,240		—		703		1,115		3,943		5,058		(1,324		)	2006
The Woodlands	Lockport	NY	—			12,183		39,687		—		926		12,183		40,613		52,796		(9,737		)	2011
Kenisee Lake	Jefferson	OH	—			295		696		4		249		299		945		1,244		(341		)	2004
Wilmington	Wilmington	OH	—			235		555		3		320		238		875		1,113		(298		)	2004
Bend	Bend	OR	—			733		1,729		10		956		743		2,685		3,428		(951		)	2004
Falcon Wood Village	Eugene	OR	—			1,112		3,426		—		677		1,112		4,103		5,215		(2,520		)	1997



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Mt. Hood	Welches	OR	$	—		$	1,817	$	5,733	$	—	$	562	$	1,817	$	6,295	$	8,112	$	(3,095	)	2002
Pacific City	Cloverdale	OR	—			1,076		2,539		14		1,458		1,090		3,997		5,087		(1,570		)	2004
Portland Fairview	Fairview	OR	—			7,330		10,278		—		—		7,330		10,278		17,608		(571		)	2016
Quail Hollow	Fairview	OR	—			—		3,249		—		663		—		3,912		3,912		(2,385		)	1997
Seaside	Seaside	OR	—			891		2,101		12		856		903		2,957		3,860		(1,108		)	2004
Shadowbrook	Clackamas	OR	—			1,197		3,693		—		615		1,197		4,308		5,505		(2,690		)	1997
South Jetty	Florence	OR	—			678		1,598		9		547		687		2,145		2,832		(786		)	2004
Whalers Rest	South Beach	OR	—			754		1,777		10		713		764		2,490		3,254		(940		)	2004
Appalachian	Shartlesville	PA	—			1,666		5,044		—		567		1,666		5,611		7,277		(1,866		)	2006
Circle M	Lancaster	PA	—			330		1,041		—		1,054		330		2,095		2,425		(585		)	2006
Dutch County	Manheim	PA	—			88		278		—		184		88		462		550		(144		)	2006
Gettysburg Farm	Dover	PA	—			111		350		—		205		111		555		666		(183		)	2006
Green Acres	Breinigsville	PA	—			2,680		7,479		—		4,686		2,680		12,165		14,845		(9,667		)	1988
Greenbriar Village	Bath	PA	—			8,359		16,941		—		293		8,359		17,234		25,593		(3,843		)	2011
Hershey	Lebanon	PA	—			1,284		3,028		17		1,765		1,301		4,793		6,094		(1,671		)	2004
Lil Wolf	Orefield	PA	—			5,627		13,593		—		975		5,627		14,568		20,195		(3,160		)	2011
Mountain View - PA	Walnutport	PA	(6,352		)	3,207		7,182		—		271		3,207		7,453		10,660		(1,698		)	2011
Robin Hill	Lenhartsville	PA	—			1,263		3,786		—		316		1,263		4,102		5,365		(1,080		)	2009
Scotrun	Scotrun	PA	—			153		483		—		217		153		700		853		(228		)	2006
Spring Gulch	New Holland	PA	—			1,593		4,795		—		679		1,593		5,474		7,067		(2,272		)	2004
Sun Valley	Bowmansville	PA	—			866		2,601		—		412		866		3,013		3,879		(775		)	2009
Timothy Lake North	East Stroudsburg	PA	—			296		933		—		424		296		1,357		1,653		(455		)	2006
Timothy Lake South	East Stroudsburg	PA	—			206		649		—		120		206		769		975		(245		)	2006
Carolina Landing	Fair Play	SC	—			457		1,078		6		455		463		1,533		1,996		(547		)	2004
Inlet Oaks	Murrells Inlet	SC	—			1,546		4,642		—		228		1,546		4,870		6,416		(1,717		)	2006
The Oaks at Point South	Yemassee	SC	—			267		810		—		105		267		915		1,182		(323		)	2006
Cherokee Landing	Middleton	TN	—			118		279		2		111		120		390		510		(149		)	2004
Natchez Trace	Hohenwald	TN	—			533		1,257		7		743		540		2,000		2,540		(727		)	2004
Alamo Palms Resort	Harlingen	TX	(6,341		)	1,562		7,924		—		266		1,562		8,190		9,752		(1,774		)	2012
Bay Landing	Bridgeport	TX	—			438		1,033		6		809		444		1,842		2,286		(574		)	2004
Colorado River	Columbus	TX	—			466		1,099		6		479		472		1,578		2,050		(534		)	2004
Country Sunshine	Weslaco	TX	—			627		1,881		—		982		627		2,863		3,490		(1,243		)	2004
Fun n Sun RV	San Benito	TX	(6,217		)	2,533		5,560		412		6,425		2,945		11,985		14,930		(7,115		)	1998
Lake Conroe	Willis	TX	—			1,363		3,214		18		5,832		1,381		9,046		10,427		(2,190		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Lake Tawakoni	Point	TX	$	—		$	35	$	2,320	$	—	$	455	$	35	$	2,775	$	2,810	$	(1,049	)	2004
Lake Texoma	Gordonville	TX	—			488		1,151		6		1,410		494		2,561		3,055		(803		)	2004
Lake Whitney	Whitney	TX	—			679		1,602		10		1,138		689		2,740		3,429		(899		)	2004
Lakewood	Harlingen	TX	—			325		979		—		322		325		1,301		1,626		(562		)	2004
Medina Lake	Lakehills	TX	—			936		2,208		12		1,108		948		3,316		4,264		(1,285		)	2004
Paradise Park RV	Harlingen	TX	—			1,568		4,705		—		993		1,568		5,698		7,266		(2,385		)	2004
Paradise South	Mercedes	TX	—			448		1,345		—		453		448		1,798		2,246		(723		)	2004
Southern Comfort	Weslaco	TX	(4,672		)	1,108		3,323		—		451		1,108		3,774		4,882		(1,635		)	2004
Sunshine RV	Harlingen	TX	—			1,494		4,484		—		1,310		1,494		5,794		7,288		(2,409		)	2004
Tropic Winds	Harlingen	TX	—			1,221		3,809		—		668		1,221		4,477		5,698		(2,133		)	2002
Victoria Palms Resort	Harlingen	TX	(10,729		)	2,849		12,305		—		1,059		2,849		13,364		16,213		(3,041		)	2012
All Seasons	Salt Lake City	UT	—			510		1,623		—		573		510		2,196		2,706		(1,346		)	1997
St. George	Hurricane	UT	—			64		264		2		481		66		745		811		(143		)	2010
Westwood Village	Farr West	UT	(9,607		)	1,346		4,179		—		2,271		1,346		6,450		7,796		(3,825		)	1997
Chesapeake Bay	Cloucester	VA	—			1,230		2,900		16		2,315		1,246		5,215		6,461		(1,740		)	2004
Harbor View	Colonial Beach	VA	—			64		202		—		569		64		771		835		(206		)	2006
Lynchburg	Gladys	VA	—			266		627		4		323		270		950		1,220		(347		)	2004
Meadows of Chantilly	Chantilly	VA	(43,078		)	5,430		16,440		—		7,566		5,430		24,006		29,436		(15,856		)	1994
Regency Lakes	Winchester	VA	(9,354		)	9,757		19,055		—		1,207		9,757		20,262		30,019		(4,548		)	2011
Virginia Landing	Quinby	VA	—			602		1,419		8		333		610		1,752		2,362		(696		)	2004
Williamsburg	Williamsburg	VA	—			111		350		—		265		111		615		726		(179		)	2006
Birch Bay	Blaine	WA	—			502		1,185		7		164		509		1,349		1,858		(537		)	2004
Chehalis	Chehalis	WA	—			590		1,392		8		1,268		598		2,660		3,258		(903		)	2004
Crescent Bar	Quincy	WA	—			314		741		4		442		318		1,183		1,501		(444		)	2004
Grandy Creek	Concrete	WA	—			475		1,425		—		343		475		1,768		2,243		(522		)	2008
Kloshe Illahee	Federal Way	WA	(15,512		)	2,408		7,286		—		805		2,408		8,091		10,499		(5,107		)	1997
La Conner	La Conner	WA	—			—		2,016		—		1,004		—		3,020		3,020		(1,262		)	2004
Leavenworth	Leavenworth	WA	—			786		1,853		10		704		796		2,557		3,353		(975		)	2004
Little Diamond	Newport	WA	—			353		834		5		829		358		1,663		2,021		(511		)	2004
Long Beach	Seaview	WA	—			321		758		4		396		325		1,154		1,479		(397		)	2004
Mount Vernon	Bow	WA	—			621		1,464		8		860		629		2,324		2,953		(861		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/16
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Oceana	Oceana City	WA	$	—		$	283	$	668	$	4	$	187	$	287	$	855	$	1,142	$	(306	)	2004
Paradise	Silver Creek	WA	—			466		1,099		7		477		473		1,576		2,049		(574		)	2004
Tall Chief	Fall City	WA	—			314		946		—		419		314		1,365		1,679		(358		)	2010
Thunderbird	Monroe	WA	—			500		1,178		8		316		508		1,494		2,002		(587		)	2004
Arrowhead	Wisconsin Dells	WI	—			522		1,616		—		527		522		2,143		2,665		(718		)	2006
Blackhawk	Milton	WI	—			1,789		7,613		—		306		1,789		7,919		9,708		(1,026		)	2014
Fremont	Fremont	WI	—			1,437		4,296		—		840		1,437		5,136		6,573		(2,064		)	2004
Lakeland	Milton	WI	(8,250		)	3,159		13,830		—		103		3,159		13,933		17,092		(1,773		)	2014
Neshonoc Lakeside	LaCrosse County	WI	(5,330		)	1,106		4,862		—		80		1,106		4,942		6,048		(615		)	2013
Plymouth Rock	Elkhart Lake	WI	(6,812		)	2,293		6,879		—		676		2,293		7,555		9,848		(1,953		)	2009
Rainbow Lake Manor	Bristol	WI	—			4,474		16,594		—		403		4,474		16,997		21,471		(2,627		)	2013
Tranquil Timbers	Sturgeon Bay	WI	—			714		2,152		—		474		714		2,626		3,340		(914		)	2006
Westwood Estates	Pleasant Prairie	WI	—			5,382		19,732		—		711		5,382		20,443		25,825		(3,196		)	2013
Yukon Trails	Lyndon Station	WI	—			556		1,629		—		243		556		1,872		2,428		(752		)	2004
Subtotal of Properties Held for Long Term			(1,891,900		)	1,122,598		2,669,992		41,390		600,412		1,163,987		3,270,404		4,434,391		(1,330,022		)
Realty Systems, Inc.			—			—		—		—		228,057		—		228,057		228,057		(50,987		)
Management Business and other			—			—		436		—		22,452		—		22,888		22,888		(18,522		)
			$	(1,891,900	)	$	1,122,598	$	2,670,428	$	41,390	$	850,921	$	1,163,987	$	3,521,349	$	4,685,336	$	(1,399,531	)

_________________________________


(1)	The schedule excludes Properties in which we have a non-controlling joint venture interest and account for using the equity method of accounting.


(2)	All Properties were acquired, except for Country Place Village, which was constructed.

The changes in total real estate for the years ended December 31, 2016, 2015 and 2014 were as follows:



	2016			2015			2014
Balance, beginning of year	$	4,477,599		$	4,387,913		$	4,228,106
Acquisitions	120,448			23,900			122,366
Improvements	119,437			93,799			63,721
Dispositions and other	(32,148		)	(28,013		)	(26,280		)
Balance, end of year	$	4,685,336		$	4,477,599		$	4,387,913

The changes in accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 were as follows:



	2016			2015			2014
Balance, beginning of year	$	1,282,423		$	1,169,492		$	1,058,540
Depreciation expense ^(a)	117,400			113,609			111,065
Amortization of in-place leases	3,373			2,358			3,999
Dispositions and other	(3,665		)	(3,036		)	(4,112		)
Balance, end of year	$	1,399,531		$	1,282,423		$	1,169,492

________________________


(a)	Includes depreciation from rental operations of approximately $10.7 million, for the years ended December 31, 2016 and 2015 and approximately $10.9 million for the year ended December 31, 2014.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

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.

Deferred Financing Costs

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

New Accounting Pronouncements

Recent Accounting Pronouncements

Receivables

Allowance for Doubtful Accounts

Derivatives

Investment in Unconsolidated Joint Ventures

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.

Equity Incentive Awards

Summary of significant accounting (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Tax Treatment Of Dividends And Distributions Table

During the years ended December 31, 2016, 2015 and 2014, our tax treatment of common stock distributions were as follows (unaudited):



	2016		2015		2014
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.471	$	1.169	$	1.217
Nondividend distributions	0.179		0.081		—
Distributions declared per Common Share outstanding	$	1.650	$	1.250	$	1.217

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014 (amounts in thousands, except per share data):



	Years Ended December 31,
	2016			2015			2014
Numerators:
Net Income Available for Common Stockholders:
Consolidated net income	$	187,132		$	150,512		$	138,468
Amounts allocated to dilutive securities	(13,869		)	(11,141		)	(10,463		)
Preferred Stock distributions	(9,226		)	(9,226		)	(9,274		)
Net income available to Common Stockholders – basic	164,037			130,145			118,731
Amounts allocated to dilutive securities	13,869			11,141			10,463
Net income available to Common Stockholders – fully diluted	$	177,906		$	141,286		$	129,194
Denominator:
Weighted average Common Stockholders outstanding—basic	84,778			84,031			83,362
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders	7,204			7,216			7,411
Stock options and restricted Stockholders	587			660			738
Weighted average Common Stockholders outstanding—fully diluted	92,569			91,907			91,511

Earnings per Common Share—Basic:
Net income available for Common Stockholders	$	1.93		$	1.55		$	1.42

Earnings per Common Share—Fully Diluted:
Net income available for Common Stockholders	$	1.92		$	1.54		$	1.41

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward



	Years Ended December 31,
	2016		2015		2014
Shares outstanding at January 1,	84,253,065		83,879,779		83,313,677
Common stock issued through the At-The-Market Equity Offering Program	683,548		—		—
Common stock issued through conversion of OP Units	37,678		24,289		435,756
Common stock issued through exercise of options	440,000		220,000		—
Common stock issued through stock grants	133,726		158,013		186,666
Common stock issued through ESPP and Dividend Reinvestment Plan	17,373		20,134		31,203
Common stock repurchased and retired	(36,004	)	(49,150	)	(87,523	)
Shares outstanding at December 31,	85,529,386		84,253,065		83,879,779

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, 2014:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$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
$0.4250	March 31, 2016	March 25, 2016	April 8, 2016
$0.4250	June 30, 2016	June 24, 2016	July 8, 2016
$0.4250	September 30, 2016	September 30, 2016	October 14, 2016
$0.4250	December 31, 2016	December 30, 2016	January 13, 2017

Schedule of Stock by Class

The following table presents the shares that were issued under the ATM equity offering program during the year ended December 31, 2016 (amounts in thousands, except share data):



	Year Ended December 31, 2016
Shares of Common Stock sold	683,548
Weighted average price	$	73.15
Total gross proceeds	$	50,000
Commissions paid to sales agents	$	657

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

+ Details

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015, and 2014 which we determined using Level-2 inputs for mortgage notes payable and other liabilities and Level-3 inputs for assets (amounts in thousands):



	December 31,
	2016		2015		2014
Assets acquired
Land	$	60,489	$	8,985	$	66,390
Buildings and other depreciable property	55,445		13,948		52,329
Manufactured homes	67		345		1,086
In-place leases	4,447		622		2,561
Net investment in real estate	$	120,448	$	23,900	$	122,366
Other assets	20		53		1,197
Total assets acquired	$	120,468	$	23,953	$	123,563
Liabilities assumed
Mortgage notes payable	$	22,010	$	—	$	34,559
Other liabilities	2,214		266		6,712
Total liabilities assumed	$	24,224	$	266	$	41,271
Net assets acquired	$	96,244	$	23,687	$	82,292

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016		December 31, 2015		December 31, 2016			December 31, 2015		December 31, 2014
Meadows	Various (2,2)	1,077	50	%		$	510	$	162	$	1,348		$	1,401	$	2,294
Lakeshore	Florida (2,2)	344	65	%		56		46		318			1,777		1,350
Voyager	Arizona (1,1)	1,801	50	%	^(b)	3,376		7,166		1,014			846		806
Other	Various (0,0)	—	20	%	^(c)	—		—		—			—		25
Echo JV	Various (0,0)	—	50	%		15,427		10,367		(75		)	65		103
		3,222				$	19,369	$	17,741	$	2,605		$	4,089	$	4,578

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 2016. 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 (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Schedule of doubtful accounts

During the years ended December 31, 2016, 2015 and 2014, our allowance for doubtful accounts was as follows (amounts in thousands):



	2016			2015			2014
Balance, beginning of period	$	6,470		$	7,110		$	7,927
Provision for losses	3,926			4,055			4,209
Write-offs	(5,018		)	(4,695		)	(5,026		)
Balance, end of period	$	5,378		$	6,470		$	7,110

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Aggregate Payments of Principal on Long-Term Borrowings

The table below presents as of December 31, 2016, the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter (amounts in thousands):



Year	Amount
2017	$	77,668
2018	233,336
2019	234,820
2020	351,984
2021	211,540
Thereafter	995,407
Net unamortized premiums	5,464
Unamortized deferred financing costs	(18,940		)
Total	$	2,091,279

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016		December 31, 2015
Interest Rate Swap	Accrued expenses and accounts payable	$	227	$	553

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, 2016		December 31, 2015		December 31, 2014			December 31, 2016		December 31, 2015		December 31, 2014
Interest Rate Swap	$	813	$	1,900	$	1,230	Interest Expense	$	1,139	$	1,728	$	1,776

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

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

Deferred Revenue, by Arrangement, Disclosure

As of December 31, 2016 and 2015, the components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands):



	December 31,
	2016			2015
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$	78,405		$	74,174
Right-to-use contracts current period, gross	12,327			12,783
Revenue recognized from right-to-use contract upfront payments	(9,248		)	(8,552		)
Right-to-use contract upfront payments, deferred, net	3,079			4,231
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	$	81,484		$	78,405

Deferred commission expense, as of January 1,	$	30,865		$	28,589
Deferred commission expense	4,659			5,871
Commission expense recognized	(4,149		)	(3,595		)
Net increase in deferred commission expense	510			2,276
Deferred commission expense, as of December 31,	$	31,375		$	30,865

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 are as follows (amounts in thousands):



Year	Amount
2017	$	61,861
2018	58,941
2019	37,647
2020	14,083
2021	12,181
Thereafter	38,137
Total	$	222,850

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2016 (amounts in thousands):



	Total		2017		2018		2019		2020		2021		Thereafter
Office Rent Lease	$	10,525	$	2,171	$	2,221	$	2,062	$	2,011	$	1,711	$	349
Ground Lease	17,019		1,985		1,980		1,983		1,984		1,987		7,100
Total Operating Leases	$	27,544	$	4,156	$	4,201	$	4,045	$	3,995	$	3,698	$	7,449

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 are as follows (amounts in thousands):



Year	Amount
2017	$	61,861
2018	58,941
2019	37,647
2020	14,083
2021	12,181
Thereafter	38,137
Total	$	222,850

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2016 (amounts in thousands):



	Total		2017		2018		2019		2020		2021		Thereafter
Office Rent Lease	$	10,525	$	2,171	$	2,221	$	2,062	$	2,011	$	1,711	$	349
Ground Lease	17,019		1,985		1,980		1,983		1,984		1,987		7,100
Total Operating Leases	$	27,544	$	4,156	$	4,201	$	4,045	$	3,995	$	3,698	$	7,449

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015, and 2014 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
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
Shares granted	133,726		68.21
Shares vested	(153,619	)	59.85
Balance at December 31, 2016	65,607		63.68

Summary of Stock Option Activity

A summary of our stock option activity, and related information for the years ended December 31, 2016, 2015 and 2014 follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)
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
Options issued	7,550		74.53
Options exercised	(440,000	)	25.66
Balance at December 31, 2016	433,150		21.44		1.7
Exercisable at December 31, 2016	427,836		20.79		1.6

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each grant is estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions that were made and the estimated fair values:



	2016
Dividend Yield	2.3		%
Risk-free interest rate	1.3		%
Expected Life	6 years
Expected Volatility	19.8		%
Estimated Grant Date Fair Value of Options	$	80,751

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	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	$	3,161,769		$	267,456		$	3,429,225
Capital improvements	$	35,973		$	27,748		$	63,721



	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	$	3,158,559		$	241,841		$	3,400,400
Capital improvements	$	51,369		$	42,430		$	93,799

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



	Year Ended December 31, 2016
	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	803,784		$	52,496		$	856,280
Operations expenses	(379,201		)	(47,914		)	(427,115		)
Income from segment operations	424,583			4,582			429,165
Interest income	2,894			3,888			6,782
Depreciation on real estate assets and rental homes	(106,560		)	(10,840		)	(117,400		)
Amortization of in-place leases	(3,373		)	—			(3,373		)
Income (loss) from operations	$	317,544		$	(2,370	)	315,174
Reconciliation to Consolidated net income
Corporate interest income							63
Income from other investments, net							7,310
General and administrative							(31,004		)
Property rights initiatives and other, net							(4,986		)
Interest and related amortization							(102,030		)
Equity in income of unconsolidated joint ventures							2,605
Consolidated net income							$	187,132

Total assets	$	3,250,205		$	228,782		$	3,478,987
Capital improvements	$	57,825		$	61,612		$	119,437

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, 2016, 2015, and 2014 (amounts in thousands):



	Years Ended December 31,
	2016			2015			2014
Revenues:
Community base rental income	$	464,745		$	442,046		$	426,886
Resort base rental income	201,533			184,760			163,968
Right-to-use annual payments	45,035			44,443			44,860
Right-to-use contracts current period, gross	12,327			12,783			13,892
Right-to-use contract upfront payments, deferred, net	(3,079		)	(4,231		)	(5,501		)
Utility income and other	81,427			76,153			70,209
Ancillary services revenues, net	1,796			2,880			2,628
Total property operations revenues	803,784			758,834			716,942
Expenses:
Property operating and maintenance	268,249			254,668			243,914
Real estate taxes	53,036			50,962			48,714
Sales and marketing, gross	11,056			11,751			12,418
Right-to-use contract commissions, deferred, net	(223		)	(1,556		)	(2,617		)
Property management	47,083			44,528			42,638
Total property operations expenses	379,201			360,353			345,067
Income from property operations segment	$	424,583		$	398,481		$	371,875



	Years Ended December 31,
	2016		2015		2014
Revenues:
Gross revenue from home sales	$	37,191	$	33,150	$	28,418
Brokered resale revenues, net	1,198		1,269		1,222
Rental home income ⁽¹⁾	14,107		14,012		14,827
Total revenues	52,496		48,431		44,467
Expenses:
Cost of home sales	37,456		32,279		26,747
Home selling expenses	3,575		3,191		2,342
Rental home operating and maintenance	6,883		7,167		7,441
Total expenses	47,914		42,637		36,530
Income from home sales and rentals operations segment	$	4,582	$	5,794	$	7,937


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

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

The following is unaudited quarterly data for 2016 and 2015 (amounts in thousands, except per share amounts):



2016	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	220,147	$	210,081	$	226,165	$	214,042
Income from operations	$	88,257	$	72,090	$	77,628	$	77,199
Consolidated net income	$	57,190	$	40,804	$	46,757	$	42,381
Net income available for Common Stockholders	$	50,583	$	35,490	$	40,998	$	36,966
Basic weighted average Common Shares	84,321		84,516		85,015		85,163
Diluted weighted average Common Shares	92,041		92,264		92,910		92,965
Earnings income per Common Share outstanding—Basic	$	0.60	$	0.42	$	0.48	$	0.43
Earnings per Common Share outstanding—Diluted	$	0.60	$	0.42	$	0.48	$	0.43



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
Based weighted average Common Shares	83,961		84,031		84,057		84,072
Diluted weighted average Common Shares	91,777		91,851		91,940		91,875
Earnings per Common Share outstanding—Basic	$	0.32	$	0.38	$	0.44	$	0.41
Earnings per Common Share outstanding—Diluted	$	0.32	$	0.38	$	0.43	$	0.41

Our Organization and Basis of Presentation - Additional Information (Detail) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Units of partnership interest (in shares)	7,170,000	7,207,678	7,231,967

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Jan. 13, 2017	Oct. 14, 2016	Jul. 08, 2016	Apr. 08, 2016	Jan. 08, 2016	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015	Jan. 09, 2015	Oct. 10, 2014	Jul. 11, 2014	Apr. 11, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Cash and cash equivalents, restricted cash													$ 5,300	$ 5,000
Accumulated amortization for deferred financing costs													31,400	33,700
Intangibles including goodwill													12,100	12,100
Intangible assets													4,300	4,300
Goodwill													7,800	7,800
Accumulated amortization of identified intangible assets													2,800	2,600
Amortization of in-place leases													3,373	2,358	$ 3,999
Long-term debt													$ 2,100,000	$ 2,100,000
Deferred revenue, estimated period of recognition													40 years	31 years	31 years
Private REIT Subsidiaries preferred stock													$ 73,304	$ 67,623
Operating loss carryforwards													88,100
Net investment in real estate U.S federal tax basis													2,800,000
Net investment in notes receivable U.S federal tax basis													$ 36,500
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income (usd per share)													$ 1.471	$ 1.169	$ 1.217
Nondividend distributions (usd per share)													0.179	0.081	0.000
Distributions declared per Common Share outstanding (usd per share)													$ 1.650	$ 1.250	$ 1.217
Quarterly distribution paid per common share (usd per share)		$ 0.425	$ 0.425	$ 0.425	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.325	$ 0.325	$ 0.325	$ 0.325
Preferred Stock
Significant Accounting Policies [Line Items]
Private REIT Subsidiaries preferred stock													$ 300
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable, fair value													2,100,000	$ 2,200,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization of in-place leases													$ 200	$ 400	$ 300
New Manufactured Home
Significant Accounting Policies [Line Items]
Estimated useful life (in years)													25 years
Buildings and structural and land improvements
Significant Accounting Policies [Line Items]
Estimated useful life (in years)													30 years
Building Improvements
Significant Accounting Policies [Line Items]
Estimated useful life (in years)													10 years
Furniture, Fixtures and Equipment
Significant Accounting Policies [Line Items]
Estimated useful life (in years)													5 years
Maximum
Significant Accounting Policies [Line Items]
Investment percentage to apply cost method accounting, maximum (in percentage)													5.00%
Maximum \| Used Manufactured Home
Significant Accounting Policies [Line Items]
Estimated useful life (in years)													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 (in years)													10 years
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Ownership percentage (in percentage)													92.30%
Subsequent Event
Tax status of Common Shares distributions deemed paid during the year:
Payment Date	Jan. 13, 2017
Quarterly distribution paid per common share (usd per share)	$ 0.425

Earnings Per Common Share Calculation of Numerator and Denominator in EPS table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerators:
Consolidated net income	$ 42,381	$ 46,757	$ 40,804	$ 57,190	$ 39,767	$ 42,106	$ 36,826	$ 31,813	$ 187,132	$ 150,512	$ 138,468
Amounts allocated to dilutive securities									13,869	11,141	10,463
Preferred Stock distributions									9,226	9,226	9,274
Net income available to Common Stockholders – basic									164,037	130,145	118,731
Net income available to Common Stockholders – fully diluted									13,869	11,141	10,463
Net Income (Loss) Available to Common Stockholders, Diluted									$ 177,906	$ 141,286	$ 129,194
Denominator:
Weighted average Common Shares outstanding – basic (shares)	85,163	85,015	84,516	84,321	84,072	84,057	84,031	83,961	84,778	84,031	83,362
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders (shares)									7,204	7,216	7,411
Stock options and restricted Stockholders (shares)									587	660	738
Weighted average Common Shares outstanding – fully diluted (shares)	92,965	92,910	92,264	92,041	91,875	91,940	91,851	91,777	92,569	91,907	91,511
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 0.41	$ 0.44	$ 0.38	$ 0.32	$ 1.93	$ 1.55	$ 1.42
Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 0.41	$ 0.43	$ 0.38	$ 0.32	$ 1.92	$ 1.54	$ 1.41

Common Stock and Other Equity Related Transactions - Employee Stock Purchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee Stock Purchase Program [Line Items]
ESPP, purchase price discount (in percentage)	85.00%
ESPP, issued during the period (in shares)	17,037	19,788	30,739
Employee Stock Purchase Plan
Employee Stock Purchase Program [Line Items]
Amendment Date	May 10, 2016
Maximum
Employee Stock Purchase Program [Line Items]
ESPP authorized amount	$ 250,000
Number of shares authorized ESPP (in shares)	2,000,000

Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - $ / shares												12 Months Ended
	Oct. 14, 2016	Jul. 08, 2016	Apr. 08, 2016	Jan. 08, 2016	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015	Jan. 09, 2015	Oct. 10, 2014	Jul. 11, 2014	Apr. 11, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Units of partnership interest (in shares)												7,170,000	7,207,678	7,231,967
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1, (shares)												84,253,065	83,879,779	83,313,677
Common stock issued through the At-The-Market Offering Program (in shares)												683,548	0	0
Common stock issued through conversion of OP Units (in shares)												37,678	24,289	435,756
Common stock issued through exercise of options (in shares)												440,000	220,000	0
Common stock issued through stock grants (in shares)												133,726	158,013	186,666
Common stock issued through ESPP and Dividend Reinvestment Plan (in shares)												17,373	20,134	31,203
Common stock repurchased and retired (in shares)												(36,004)	(49,150)	(87,523)
Shares outstanding at December 31, (shares)												85,529,386	84,253,065	83,879,779
Share based payment award repurchased shares for taxes (usd per share)												$ 72.22	$ 66.20	$ 51.62
Percentage of ownership interests (in percentage)												92.30%	92.10%
Ownership percentage by noncontrolling owners (in percentage)												7.70%	7.90%
Disclosure Regular Quarterly Distributions Declared And Paid To Common Stockholders And Common O P Unit Non Controlling Interests [Abstract]
Distribution Amount Per Share (usd per share)	$ 0.425	$ 0.425	$ 0.425	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.325	$ 0.325	$ 0.325	$ 0.325

Common Stock and Other Equity Related Transactions - At-market offering (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 04, 2015
Class of Stock [Line Items]
Par or stated value per share (usd per share)	$ 0.01	$ 0.01
Shares of Common Stock sold (in shares)	683,548	0	0
Commissions paid to sales agents	$ 1,122	$ 491	$ 595
Private Placement
Class of Stock [Line Items]
Aggregate offering price				$ 125,000
Total gross proceeds	50
Common stock, available for issuance	$ 75,000
Private Placement \| Common Stock
Class of Stock [Line Items]
Shares of Common Stock sold (in shares)	683,548
Weighted average price (in usd per share)	$ 73.15
Commissions paid to sales agents	$ 1

Investment in Real Estate - Additional Information (Detail) $ in Thousands							1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 13, 2016 USD ($) site	Aug. 15, 2016 USD ($) a	Jun. 15, 2016 USD ($) site	May 26, 2016 USD ($) site	Jan. 27, 2016 USD ($) site	Sep. 29, 2014 USD ($) site	Jun. 30, 2015 USD ($) site	Feb. 28, 2015 USD ($) property site	Dec. 31, 2014 USD ($) shares property site	Mar. 31, 2014 USD ($) site shares	Dec. 31, 2016 USD ($) property site	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) shares property site	Sep. 30, 2014 property
Real Estate Properties [Line Items]
Number of properties acquired \| property											4			3
Number of sites acquired									3,868		2,377		3,868
Purchase price of the property									$ 41,600		$ 120,500		$ 85,700
Debt assumed for the purchase of property									19,000				32,300
Mortgage debt assumed											22,600
Unamortized discount (premium)											5,464
Escrow share distribution \| shares										51,290
Cash payment									$ 22,600
Gain on sale of property											0	$ 0	1,457
Bogue Pines & Whispering Pines - North Carolina
Real Estate Properties [Line Items]
Number of properties acquired \| property								2
Purchase price of the property								$ 12,300
Miami Everglades
Real Estate Properties [Line Items]
Purchase price of the property							$ 11,600
Manufactured homes \| Bogue Pines
Real Estate Properties [Line Items]
Number of sites acquired \| site								150
Manufactured homes \| Colony Cove
Real Estate Properties [Line Items]
Purchase price of the property													35,900
Manufactured homes \| Seyenna Vistas
Real Estate Properties [Line Items]
Proceeds from Condemnation													2,100
Gain on sale of property													$ 1,500
R V Resort
Real Estate Properties [Line Items]
Number of properties acquired \| property									7			3	7
Number of sites acquired \| site									731				731
Purchase price of the property													$ 23,900
Unamortized discount (premium)									$ (2,300)				$ (2,300)
R V Resort \| Whispering Pines - North Carolina
Real Estate Properties [Line Items]
Number of sites acquired \| site								278
R V Resort \| Miami Everglades
Real Estate Properties [Line Items]
Number of sites acquired \| site							303
R V Resort \| Blackhawk RV Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site										490
Purchase price of the property										$ 9,400
Debt assumed for the purchase of property										4,900
Unamortized discount (premium)										(300)
Cash payment										$ 4,500
R V Resort \| Lakeland RV Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site										682
Purchase price of the property										$ 16,800
Mortgage debt assumed										8,400
Unamortized discount (premium)										$ (600)
R V Resort \| Echo Farms Campground
Real Estate Properties [Line Items]
Number of sites acquired \| site						237
Purchase price of the property						$ 5,700
R V Resort \| Mays Landing Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site						168
Purchase price of the property						$ 800
R V Resort \| Pine Acres Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site						421
Purchase price of the property						$ 5,300
R V Resort \| Space Coast RV Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site									270				270
Purchase price of the property									$ 6,100
R V Resort \| Mesa Spirit
Real Estate Properties [Line Items]
Number of sites acquired \| site									1,600				1,600
New Credit Facilities \| R V Resort \| Mesa Spirit
Real Estate Properties [Line Items]
Mortgage debt assumed									$ 19,000				$ 19,000
Unamortized discount (premium)									$ (1,000)				$ (1,000)
Ellenton, Florida
Real Estate Properties [Line Items]
Real estate acquired (in area) \| a		25
Payments to acquire land		$ 2,000
Riverside RV \| Arcadia, Florida \| R V Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site	499
Purchase price of the property	$ 20,300
Forest Lake Estates \| Zephryhills, Florida
Real Estate Properties [Line Items]
Number of sites acquired \| site			1,168
Purchase price of the property			$ 75,200
Debt assumed for the purchase of property			$ 22,600								$ 22,600
Forest Lake Estates \| Zephryhills, Florida \| Manufactured homes
Real Estate Properties [Line Items]
Number of sites acquired \| site			894
Forest Lake Estates \| Zephryhills, Florida \| R V Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site			274
Portland Fairview \| Fairview, Oregon \| R V Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site				407
Purchase price of the property				$ 17,600
Rose Bay \| Port Orange, Florida \| R V Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site					303
Purchase price of the property					$ 7,400

Investment in Real Estate - Real Estate Acquired (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets acquired
Assets acquired	$ 120,448	$ 23,900	$ 122,366
Other assets	20	53	1,197
Total assets acquired	120,468	23,953	123,563
Liabilities assumed
Mortgage notes payable	22,010	0	34,559
Other liabilities	2,214	266	6,712
Total liabilities assumed	24,224	266	41,271
Net assets acquired	96,244	23,687	82,292
Land
Assets acquired
Assets acquired	60,489	8,985	66,390
Buildings and other depreciable property
Assets acquired
Assets acquired	55,445	13,948	52,329
Manufactured homes
Assets acquired
Assets acquired	67	345	1,086
In-place leases
Assets acquired
Assets acquired	$ 4,447	$ 622	$ 2,561

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 29, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 04, 2016	Feb. 12, 2015
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		$ 2,605	$ 4,089	$ 4,578
Adjustment depreciation		1,300	1,100	900
Distributions, including those in excess of basis		5,900	3,700	5,900
Distributions in excess of basis			1,400
Investments in unconsolidated joint ventures		19,369	17,741
Voyager Investments
Schedule of Equity Method Investments [Line Items]
Proceeds from distributions	$ 4,100
Other Regions \| Other Investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		0	0	25
Investments in unconsolidated joint ventures		0	0
Other Regions \| ECHO Financing
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		(75)	65	103
Investments in unconsolidated joint ventures		15,427	10,367
Arizona \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated joint ventures		1,014	846	$ 806
Proceeds from loans	$ 8,500
Investments in unconsolidated joint ventures		$ 3,376	$ 7,166
ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures					$ 5,000	$ 4,000

Investment in Unconsolidated Joint Ventures - Summary of Unconsolidated Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) site	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site	3,222
Investment in unconsolidated joint ventures	$ 19,369	$ 17,741
Equity in income of unconsolidated joint ventures	$ 2,605	4,089	$ 4,578
Sale proceeds			100
Meadows Investments \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site	1,077
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures	$ 510	162
Equity in income of unconsolidated joint ventures	$ 1,348	1,401	2,294
Lakeshore Investments \| Florida
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site	344
Economic Interest (in percentage)	65.00%
Investment in unconsolidated joint ventures	$ 56	46
Equity in income of unconsolidated joint ventures	$ 318	1,777	1,350
Voyager Investments \| Arizona
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site	1,801
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures	$ 3,376	7,166
Equity in income of unconsolidated joint ventures	$ 1,014	846	806
Other Investments \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site	0
Economic Interest (in percentage)	20.00%
Investment in unconsolidated joint ventures	$ 0	0
Equity in income of unconsolidated joint ventures	$ 0	0	25
ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site	0
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures	$ 15,427	10,367
Equity in income of unconsolidated joint ventures	$ (75)	$ 65	$ 103
Servicing Assets \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)	33.00%
Recreational Vehicle Resort \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)	50.00%
Other Regions \| Other Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)			20.00%

Notes and Contracts Receivable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivables	$ 18,000	$ 17,800
Receivables, allowances	5,378	6,470	$ 7,110	$ 7,927
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Chattel notes receivable, net	$ 16,500	17,600
Loans receivable, stated interest yield per annum (in percentage)	7.70%
Notes receivable, yield rate (in percentage)	20.70%
Loans receivable, amortization term (in years)	11 years
Allowance for loan and lease losses, real estate	$ 300	300
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amortization term (in years)	4 years
Receivables, allowances	$ 700	600
Contract receivable, weighted average rate (in percentage)	16.20%
Rent Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, allowances	$ 4,400	$ 4,500

Notes and Contracts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 6,470	$ 7,110	$ 7,927
Provision for losses	3,926	4,055	4,209
Write-offs	(5,018)	(4,695)	(5,026)
Ending balance	$ 5,378	$ 6,470	$ 7,110

Borrowing Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Term loan	$ 199,379,000	$ 199,172,000
Line of credit facility, maximum borrowing capacity	400,000,000	400,000,000.0
Line of credit facility, additional borrowing capacity	$ 100,000,000	100,000,000.0
Line of credit facility, expiration date	Jul. 17, 2018
Line of credit facility potential term extension period (in years)	1 year
Commitment fee		3,500,000
Term Loans
Debt Instrument [Line Items]
Term loan	$ 200,000,000
Debt instrument, maturity date	Jan. 10, 2020
Derivative, maturity years (in years)	3 years
Minimum
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.20%
Interest rate during period (in percentage)	0.20%
Minimum \| Term Loans
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.35%
Maximum
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.65%
Interest rate during period (in percentage)	0.35%
Maximum \| Term Loans
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.95%
Mortgages Notes Payable \| Adjustments for New Accounting Pronouncement
Debt Instrument [Line Items]
Debt issuance costs		(18,900,000)
Term Loan \| Adjustments for New Accounting Pronouncement
Debt Instrument [Line Items]
Debt issuance costs		(800,000)
Escrow Deposits, Goodwill and other Assets \| Adjustments for New Accounting Pronouncement
Debt Instrument [Line Items]
Debt issuance costs		$ 3,700,000

Borrowing Arrangements - Mortgage Note Payable and 2016 Activity (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 15, 2016 USD ($)	Dec. 31, 2014 USD ($) property	Dec. 31, 2016 USD ($) property loan	Dec. 31, 2015 USD ($) property integer	Dec. 31, 2014 USD ($) property
Debt Instrument [Line Items]
Mortgage notes payable \| $			$ 1,891,900	$ 1,926,880
Weighted average interest rate (in percentage)			4.90%
Number of pledged properties			126	127
Pledged assets, not separately reported \| $			$ 2,300,000	$ 2,200,000
New mortgage notes payable financing proceeds \| $			$ 88,050	$ 395,323	$ 169,000
Interest rate at period end (in percentage)			4.01%
Debt assumed for the purchase of property \| $		$ 19,000			$ 32,300
Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)			3.50%
Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)			8.90%
New Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)		4.54%		3.93%	4.54%
Number of pledged properties				26
New mortgage notes payable financing proceeds \| $				$ 395,300
Debt instrument, term (in years)			23 years	21 years
Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)		5.57%		5.58%	5.57%
Number of pledged properties				32
Interest rate at period end (in percentage)			5.85%
Repayments of debt \| $			$ 41,800
Number of Maturing Mortgage Loans Repaid \| loan			5
Manufactured homes
Debt Instrument [Line Items]
Number Of Pledged Properties Towards Loans Repaid			4
Manufactured homes \| New Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties		2			2
Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)				5.73%
Number of pledged properties				1
Number Of Pledged Properties Towards Loans Repaid			3
R V Resort
Debt Instrument [Line Items]
Number Of Pledged Properties Towards Loans Repaid			2
R V Resort \| New Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties		2			2
R V Resort \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties				3
Number Of Pledged Properties Towards Loans Repaid			2
Zephryhills, Florida \| Forest Lake Estates
Debt Instrument [Line Items]
Stated interest rate (in percentage)			4.51%
Debt assumed for the purchase of property \| $	$ 22,600		$ 22,600

Borrowing Arrangements - 2015 and 2014 Activity (Details) $ in Thousands	12 Months Ended						24 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 property integer	Dec. 31, 2015 USD ($) property integer	Dec. 31, 2015 property integer	Dec. 31, 2015 property integer loan	Dec. 31, 2014 USD ($) property loan Rate	Dec. 31, 2016 USD ($) property
Debt Instrument [Line Items]
New mortgage notes payable financing proceeds	$ 88,050		$ 395,323			$ 169,000
Weighted average interest rate (in percentage)	4.90%						4.90%
Number of pledged properties	126	127	127	127	127		126
Payments of debt extinguishment costs			$ 17,000			5,100
Number of loans				2	4
Proceeds from issuance of other long-term debt						$ 54,000
Mortgage debt assumed	$ 22,600						$ 22,600
Net unamortized premiums	$ (5,464)						$ (5,464)
Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	3.50%						3.50%
Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	8.90%						8.90%
New Credit Facilities
Debt Instrument [Line Items]
New mortgage notes payable financing proceeds			$ 395,300
Debt instrument, term (in years)	23 years	21 years
Weighted average interest rate (in percentage)		3.93%	3.93%	3.93%	3.93%	4.54%
Number of pledged properties \| property		26	26	26	26
Number of loans \| loan						4
Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)		5.58%	5.58%	5.58%	5.58%	5.57%
Number of pledged properties \| property		32	32	32	32
Repayments of long-term debt			$ 48,700			$ 90,000	$ 370,200
Number of loans \| loan						17
Manufactured homes \| New Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| property						2
Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)		5.73%	5.73%	5.73%	5.73%
Number of pledged properties \| property		1	1	1	1
R V Resort
Debt Instrument [Line Items]
Net unamortized premiums						$ 2,300
R V Resort \| New Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| property						2
R V Resort \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| property		3	3	3	3
Colony Cove \| Manufactured homes \| New Credit Facilities
Debt Instrument [Line Items]
New mortgage notes payable financing proceeds						$ 115,000
Debt instrument, term (in years)						25 years
Stated interest rate (in percentage) \| Rate						4.64%
Colony Cove \| Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Repayments of long-term debt						$ 53,800
Stated interest rate (in percentage) \| Rate						4.65%
Diversified Portfolio \| R V Resort \| New Credit Facilities
Debt Instrument [Line Items]
Mortgage debt assumed						$ 13,300
Net unamortized premiums						$ 1,000
Weighted average interest rate (in percentage) \| Rate						6.48%
Mesa Spirit \| R V Resort \| New Credit Facilities
Debt Instrument [Line Items]
Stated interest rate (in percentage) \| Rate						5.66%
Mortgage debt assumed						$ 19,000
Net unamortized premiums						$ 1,000

Borrowing Arrangements - Maturities (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2017	$ 77,668
2018	233,336
2019	234,820
2020	351,984
2021	211,540
Thereafter	995,407
Net unamortized premiums	5,464
Unamortized deferred financing costs	(18,940)
Long-term Debt	$ 2,091,279

Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) Rate
Derivative [Line Items]
Interest rate at period end (in percentage)	4.01%
Loss reclassified from accumulated OCI into income, net \| $	$ 0.2
2014 Swap \| Term Loans
Derivative [Line Items]
Fixed interest rate (in percentage)	1.04%
Derivative, Fixed Interest Rate, Term	3 years
Maturity date	Aug. 01, 2017
Basis spread on variable rate (in percentage)	1.35%
Interest rate at period end (in percentage)	2.39%

Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Amount of loss recognized in OCI on derivative (effective portion)	$ 813	$ 1,900	$ 1,230
Accrued expenses and accounts payable
Derivative [Line Items]
Interest Rate Swap	227	553
Cash Flow Hedging \| Interest Expense \| Interest Rate Swap
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 1,139	$ 1,728	$ 1,776

Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Deferred Revenue [Roll Forward]
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$ 78,405	$ 74,174
Right-to-use contracts current period, gross	12,327	12,783	$ 13,892
Revenue recognized from right-to-use contract upfront payments	(9,248)	(8,552)	(8,391)
Right-to-use contract upfront payments, deferred, net	3,079	4,231
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	81,484	78,405	74,174
Movement in Deferred Costs [Roll Forward]
Deferred commission expense, as of January 1,	30,865	28,589
Deferred commission expense	4,659	5,871
Commission expense recognized	(4,149)	(3,595)	(2,934)
Net increase in deferred commission expense	510	2,276
Deferred commission expense, as of December 31,	$ 31,375	$ 30,865	$ 28,589

Lease Agreements - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) integer
Schedule of Operating Leases [Line Items]
Number of properties where non-cancelable long-term leases are in effect \| integer	39
2017	$ 61,861
2018	58,941
2019	37,647
2020	14,083
2021	12,181
Thereafter	38,137
Total	$ 222,850
Minimum
Schedule of Operating Leases [Line Items]
Operating leases, term of contract (in years)	1 year
Maximum
Schedule of Operating Leases [Line Items]
Operating leases, term of contract (in years)	10 years

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($) installment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Description of lease \| installment	12
Rent expense	$ 3,900	$ 3,800	$ 3,700
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	27,544
2017	4,156
2018	4,201
2019	4,045
2020	3,995
2021	3,698
Thereafter	$ 7,449
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	$ 10,525
2017	2,171
2018	2,221
2019	2,062
2020	2,011
2021	1,711
Thereafter	349
Ground Lease
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	17,019
2017	1,985
2018	1,980
2019	1,983
2020	1,984
2021	1,987
Thereafter	$ 7,100
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Rent expense	$ 3.9	$ 3.8	$ 3.7
Two North Riverside Plaza Joint Venture Limited Partnership
Related Party Transaction [Line Items]
Rent expense	$ 1.4	$ 1.4	$ 1.4

Equity Incentive Awards - Additional Information (Detail) - USD ($)							12 Months Ended
	Feb. 01, 2017	Nov. 08, 2016	May 10, 2016	Feb. 01, 2016	Feb. 02, 2015	May 13, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)							10 years
Options granted during the period (in shares)							3,264,054
Options issued (in shares)			7,550				7,550
Options issued (in usd per share)			$ 74.53				$ 74.53
Common stock issued through exercise of options (in shares)							440,000	220,000	0
Exercises in period, intrinsic value							$ 18,300,000	$ 8,600,000
Intrinsic value of outstanding and exercisable options							$ 22,000,000	$ 37,700,000	$ 32,100,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)							133,726	158,014	186,666
Share based compensation expense, restricted stock grant							$ 9,200,000	$ 8,600,000	$ 7,600,000
Share based compensation expense to be recognized							$ 3,700,000
Period for recognition of cost not recognized (in years)							1 year 7 months 8 days
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights				One-third
Director \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)				45,784
Share based compensation, fair market value				$ 3,100,000
Director \| Phase One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date				Dec. 31, 2016
Director \| Phase Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date				Dec. 31, 2017
Director \| Phase Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, restricted stock, vesting date				Dec. 31, 2018
Management \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		228	14,705	73,000				158,014	186,666
Share based compensation, fair market value		$ 16,680	$ 1,100,000	$ 4,900,000				$ 8,600,000	$ 8,000,000
Share based compensation, restricted stock, vesting date				Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock available for grant (in shares)							3,750,000
Vests on May 8, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)							33.33%
Vests on November 8, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)							33.33%
Vests on May 8, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)							33.33%
Subsequent Event \| Management \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	75,000
Share based compensation, fair market value	$ 5,411,250

Equity Incentive Awards - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Beginning balance (in shares)	85,500	102,225	99,788
Shares granted (in shares)	133,726	158,014	186,666
Shares vested (in shares)	(153,619)	(174,739)	(184,229)
Closing balance (in shares)	65,607	85,500	102,225
Weighted Average Grant Date Fair Value
Beginning balance (usd per share)	$ 63.68	$ 49.72	$ 41.09
Shares granted (usd per share)	68.21	54.68	42.61
Shares vested (usd per share)	59.85	49.17	40.49
Ending balance (usd per share)	$ 49.72	$ 41.09	$ 37.17

Equity Incentive Awards - Assumptions (Details)	12 Months Ended
Equity Incentive Awards - Assumptions (Details)	Dec. 31, 2016 $ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend Yield (in percentage)	2.30%
Risk-free interest rate (in percentage)	1.30%
Expected Life (in years)	6 years
Expected Volatility (in percentage)	19.80%
Estimated Fair Value of Options Granted (in shares)	$ 80,751

Equity Incentive Awards - Stock option activity (Details) - $ / shares		12 Months Ended
	May 10, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares Subject To Options
Beginning balance (in shares)		865,600	1,085,600
Options issued (in shares)	7,550	7,550
Options exercised (in shares)		(440,000)	(220,000)	0
Ending balance (in shares)		433,150	865,600	1,085,600
Exercisable at December 31, 2016 (in shares)		427,836
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in usd per share)		$ 23.12	$ 21.95
Options issued (in usd per share)	$ 74.53	74.53
Options exercised (in usd per share)		25.66	17.35
Ending balance (in usd per share)		21.44	$ 23.12	$ 21.95
Exercisable at December 31, 2016 (in usd per share)		$ 20.79
Weighted Average Outstanding Contractual Life (in years)		1 year 8 months	1 year 7 months	2 years 1 month 1 day
Exercisable at December 31, 2016 (in years)		1 year 7 months

Preferred Stock - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, shares authorized (shares)	10,000,000
Preferred Stock, par value per share (usd per share)	$ 0.01	$ 0.01
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, par value per share (usd per share)	$ 0.01	$ 0.01
Dividend rate (percentage)	6.75%

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Feb. 12, 2016	Dec. 31, 2016	Dec. 31, 2015
Long Term Incentive Plan 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payment of plan including employer cost		$ 5.5
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent		$ 1.9
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
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	$ 1.6	$ 1.5	$ 1.3

Commitments and Contingencies - Additional Information (Detail)					12 Months Ended
	Apr. 15, 2014 USD ($)	Sep. 26, 2013	Sep. 19, 2013 USD ($)	Dec. 14, 2011 USD ($) plaintiff	Dec. 31, 2016 USD ($) plaintiff	Dec. 31, 2010 USD ($) plaintiff claim	Dec. 31, 2012 USD ($)
Loss Contingencies [Line Items]
Litigation settlement					$ 2,400,000
Number of plaintiff groups \| plaintiff					3
City of Santee
Loss Contingencies [Line Items]
Litigation settlement, one-time rent increase (in percentage)		2.50%
Litigation settlement, annual rent increase, percentage of CPI (in percentage)		100.00%
Litigation settlement, rent increase upon turnover of site (in percentage)		10.00%
Annual rent increase, percentage of CPI, prior to settlement (in percentage)		70.00%
Colony Park
Loss Contingencies [Line Items]
Loss contingency damages sought by plaintiff							$ 6,800,000
Number of plaintiff the jury rendered verdicts				6		6
Number of plaintiffs \| plaintiff						72
Claims dismissed \| plaintiff						66
Number of plaintiffs dismissed and not appealed \| plaintiff						3
Colony Park \| Maximum
Loss Contingencies [Line Items]
Loss awarded to plaintiffs				$ 44,000		$ 44,000
Compensatory Damages
Loss Contingencies [Line Items]
Damages awarded	$ 15,300,000
Punitive Damages
Loss Contingencies [Line Items]
Damages awarded	$ 95,800,000
Attorney Fees \| Colony Park
Loss Contingencies [Line Items]
Award for costs and attorney fee claimed by the company			$ 2,000,000	$ 2,000,000
California Hawaiian
Loss Contingencies [Line Items]
Settlement accrual					$ 9,900,000
Monte del Lago
Loss Contingencies [Line Items]
Settlement accrual					1,500,000
Santiago Estates
Loss Contingencies [Line Items]
Settlement accrual					$ 1,900,000

Reportable Segments - Additional Detail (Details)	12 Months Ended
Reportable Segments - Additional Detail (Details)	Dec. 31, 2016 segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Reported Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Operations revenues	$ 856,280	$ 807,265	$ 761,409
Operations expenses	(427,115)	(402,990)	(381,597)
Income from segment operations	429,165	404,275	379,812
Interest income	6,782	6,932	7,450
Depreciation on real estate assets and rental homes	(117,400)	(113,609)	(111,065)
Amortization of in-place leases	(3,373)	(2,358)	(3,999)
Income (loss) from operations	315,174	295,240	272,198
Reconciliation to Consolidated net income
Corporate interest income	63	98	897
Income from other investments, net	7,310	7,359	7,053
General and administrative	(31,004)	(30,644)	(27,410)
Property rights initiatives and other	(4,986)	(2,986)	(2,923)
Early debt retirement	0	(16,913)	(5,087)
Interest and related amortization	(102,030)	(105,731)	(112,295)
Equity in income of unconsolidated joint ventures	2,605	4,089	4,578
Gain on sale of property			1,457
Consolidated net income	187,132	150,512	138,468
Total assets	3,478,987	3,400,400	3,429,225
Capital improvements	119,437	93,799	63,721
Property Operations Segment
Segment Reporting Information [Line Items]
Operations revenues	803,784	758,834	716,942
Operations expenses	(379,201)	(360,353)	(345,067)
Income from segment operations	424,583	398,481	371,875
Interest income	2,894	2,813	2,984
Depreciation on real estate assets and rental homes	(106,560)	(102,747)	(99,980)
Amortization of in-place leases	(3,373)	(2,358)	(3,999)
Income (loss) from operations	317,544	296,189	270,880
Reconciliation to Consolidated net income
Total assets	3,250,205	3,158,559	3,161,769
Capital improvements	57,825	51,369	35,973
Home Sales And Rentals
Segment Reporting Information [Line Items]
Operations revenues	52,496	48,431	44,467
Operations expenses	(47,914)	(42,637)	(36,530)
Income from segment operations	4,582	5,794	7,937
Interest income	3,888	4,119	4,466
Depreciation on real estate assets and rental homes	(10,840)	(10,862)	(11,085)
Amortization of in-place leases	0	0	0
Income (loss) from operations	(2,370)	(949)	1,318
Reconciliation to Consolidated net income
Total assets	228,782	241,841	267,456
Capital improvements	$ 61,612	$ 42,430	$ 27,748

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Community base rental income									$ 464,745	$ 442,046	$ 426,886
Resort base rental income									201,533	184,760	163,968
Right-to-use annual payments									45,035	44,443	44,860
Right-to-use contracts current period, gross									12,327	12,783	13,892
Right-to-use contract upfront payments, deferred, net									(3,079)	(4,231)	(5,501)
Utility and other income									81,427	76,153	70,209
Gross revenue from home sales									37,191	33,150	28,418
Brokered resale revenues and ancillary services revenues, net									2,994	4,149	3,850
Rental home income									14,107	14,012	14,827
Total revenues	$ 214,042	$ 226,165	$ 210,081	$ 220,147	$ 201,616	$ 210,144	$ 201,480	$ 208,414	870,435	821,654	776,809
Expenses:
Property operating and maintenance									268,249	254,668	243,914
Real estate taxes									53,036	50,962	48,714
Sales and marketing, gross									11,056	11,751	12,418
Right-to-use contract commissions, deferred, net									(223)	(1,556)	(2,617)
Property management									47,083	44,528	42,638
Cost of home sales									37,456	32,279	26,747
Home selling expenses									3,575	3,191	2,342
Rental home operating and maintenance									6,883	7,167	7,441
Total property operations expenses									685,908	675,231	644,376
Income from continuing operations before equity in income of unconsolidated joint ventures and gain on sale of property									184,527	146,423	132,433
Property Operations Segment
Revenues:
Community base rental income									464,745	442,046	426,886
Resort base rental income									201,533	184,760	163,968
Right-to-use annual payments									45,035	44,443	44,860
Right-to-use contracts current period, gross									12,327	12,783	13,892
Right-to-use contract upfront payments, deferred, net									(3,079)	(4,231)	(5,501)
Utility and other income									81,427	76,153	70,209
Ancillary services revenues, net									1,796	2,880	2,628
Total revenues									803,784	758,834	716,942
Expenses:
Property operating and maintenance									268,249	254,668	243,914
Real estate taxes									53,036	50,962	48,714
Sales and marketing, gross									11,056	11,751	12,418
Right-to-use contract commissions, deferred, net									(223)	(1,556)	(2,617)
Property management									47,083	44,528	42,638
Total property operations expenses									379,201	360,353	345,067
Income from continuing operations before equity in income of unconsolidated joint ventures and gain on sale of property									424,583	398,481	371,875
Home Sales And Rentals
Revenues:
Gross revenue from home sales									37,191	33,150	28,418
Brokered resale revenues and ancillary services revenues, net									1,198	1,269	1,222
Rental home income									14,107	14,012	14,827
Total revenues									52,496	48,431	44,467
Expenses:
Cost of home sales									37,456	32,279	26,747
Home selling expenses									3,575	3,191	2,342
Rental home operating and maintenance									6,883	7,167	7,441
Total property operations expenses									47,914	42,637	36,530
Income from continuing operations before equity in income of unconsolidated joint ventures and gain on sale of property									$ 4,582	$ 5,794	$ 7,937

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 214,042	$ 226,165	$ 210,081	$ 220,147	$ 201,616	$ 210,144	$ 201,480	$ 208,414	$ 870,435	$ 821,654	$ 776,809
Income from operations	77,199	77,628	72,090	88,257	72,617	72,512	68,097	82,014
Consolidated net income	42,381	46,757	40,804	57,190	39,767	42,106	36,826	31,813	187,132	150,512	138,468
Net income available for Common Stockholders	$ 36,966	$ 40,998	$ 35,490	$ 50,583	$ 34,501	$ 36,673	$ 31,786	$ 27,185	$ 187,132	$ 150,512	$ 138,468
Weighted average Common Shares outstanding – basic (shares)	85,163	85,015	84,516	84,321	84,072	84,057	84,031	83,961	84,778	84,031	83,362
Weighted average Common Shares outstanding—Diluted (shares)	92,965	92,910	92,264	92,041	91,875	91,940	91,851	91,777	92,569	91,907	91,511
Net income per Common Share outstanding—Basic (usd per share)	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 0.41	$ 0.44	$ 0.38	$ 0.32	$ 1.93	$ 1.55	$ 1.42
Net income per Common Share outstanding—Diluted (usd per share)	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 0.41	$ 0.43	$ 0.38	$ 0.32	$ 1.92	$ 1.54	$ 1.41

Changes in Total Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Carrying amount of real estate investments [Roll Forward]
Gross real estate, beginning balance	$ 4,477,599	$ 4,387,913	$ 4,228,106
Acquisitions	120,448	23,900	122,366
Improvements	119,437	93,799	63,721
Dispositions and other	(32,148)	(28,013)	(26,280)
Gross real estate, ending balance	$ 4,685,336	$ 4,477,599	$ 4,387,913

Changes In Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of real estate accumulated depreciation [Roll Forward]
Accumulated Depreciation, Beginning Balance	$ 1,282,423	$ 1,169,492	$ 1,058,540
Depreciation expense	117,400	113,609	111,065
Amortization of in-place leases	3,373	2,358	3,999
Dispositions and other	(3,665)	(3,036)	(4,112)
Accumulated Depreciation, Ending Balance	1,399,531	1,282,423	1,169,492
Rental home depreciation expense	$ 10,700	$ 10,675	$ 10,900