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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
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		88,733,740
Entity Public Float			$ 7,012,532,642

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in real estate:
Land	$ 1,221,375	$ 1,163,987
Land improvements	3,045,221	2,893,759
Buildings and other depreciable property	649,217	627,590
Investment in real estate	4,915,813	4,685,336
Accumulated depreciation	(1,516,694)	(1,399,531)
Net investment in real estate	3,399,119	3,285,805
Cash	31,085	56,340
Notes receivable, net	49,477	34,520
Investment in unconsolidated joint ventures	53,080	19,369
Deferred commission expense	31,443	31,375
Escrow deposits, goodwill and other assets, net	45,828	51,578
Total Assets	3,610,032	3,478,987
Liabilities:
Mortgage notes payable	1,971,715	1,891,900
Term loan	198,302	199,379
Unsecured line of credit	30,000	0
Accrued expenses and accounts payable	80,744	89,864
Deferred revenue—upfront payments from right-to-use contracts	85,596	81,484
Deferred revenue—right-to-use annual payments	9,932	9,817
Accrued interest payable	8,387	8,379
Rents and other customer payments received in advance and security deposits	79,267	76,906
Distributions payable	46,047	39,411
Total Liabilities	2,509,990	2,397,140
Stockholders' Equity:
Preferred stock	0	0
Common stock	883	854
Paid-in capital	1,242,109	1,103,048
Distributions in excess of accumulated earnings	(211,980)	(231,276)
Accumulated other comprehensive income (loss)	942	(227)
Total Stockholders' Equity	1,031,954	1,008,543
Non-controlling interests – Common OP Units	68,088	73,304
Total Equity	1,100,042	1,081,847
Total Liabilities and Equity	3,610,032	3,478,987
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Stockholders' Equity:
Preferred stock	$ 0	$ 136,144

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Preferred Stock, Par or Stated Value Per Share (usd per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (shares)	10,000,000	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)	88,585,160	85,529,386
Common Stock, Shares, Outstanding (shares)	88,585,160	85,529,386
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)	0	54,461
Preferred Stock, Shares Issued (shares)	0	54,458
Preferred Stock, Shares Outstanding (shares)	0	54,458

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Community base rental income	$ 489,613	$ 464,745	$ 442,046
Rental home income	14,344	14,107	14,012
Resort base rental income	218,806	201,533	184,760
Right-to-use annual payments	45,798	45,035	44,443
Right-to-use contracts current period, gross	14,132	12,327	12,783
Right-to-use contract upfront payments, deferred, net	(4,108)	(3,079)	(4,231)
Utility and other income	93,252	81,427	76,153
Gross revenues from home sales	36,302	37,191	33,150
Brokered resale revenues and ancillary services revenues, net	3,798	2,994	4,149
Interest income	7,580	6,845	7,030
Income from other investments, net	5,795	7,310	7,359
Total revenues	925,312	870,435	821,654
Expenses:
Property operating and maintenance	294,119	268,249	254,668
Rental home operating and maintenance	6,610	6,883	7,167
Real estate taxes	55,010	53,036	50,962
Sales and marketing, gross	11,438	11,056	11,751
Right-to-use contract commissions, deferred, net	(354)	(223)	(1,556)
Property management	51,252	47,083	44,528
Depreciation on real estate assets and rental homes	121,455	117,400	113,609
Amortization of in-place leases	2,231	3,373	2,358
Cost of home sales	36,513	37,456	32,279
Home selling expenses	4,186	3,575	3,191
General and administrative	31,737	31,004	30,644
Other expenses, including property rights initiatives	1,148	4,986	2,986
Early debt retirement	2,785	0	16,913
Interest and related amortization	100,570	102,030	105,731
Total property operations expenses	718,700	685,908	675,231
Income before equity in income of unconsolidated joint ventures	206,612	184,527	146,423
Equity in income of unconsolidated joint ventures	3,765	2,605	4,089
Consolidated net income	210,377	187,132	150,512
Income allocated to non-controlling interests – Common OP Units	(12,788)	(13,869)	(11,141)
Perpetual preferred stock dividends and original issuance costs	(7,685)	(9,226)	(9,226)
Net income available for Common Stockholders	189,904	164,037	130,145
Other comprehensive income (loss) (OCI):
Adjustment for fair market value of swap	1,169	326	(172)
Consolidated comprehensive income	211,546	187,458	150,340
Comprehensive income allocated to non-controlling interests – Common OP Units	(12,813)	(13,893)	(11,126)
Series C Redeemable Perpetual Preferred Stock Dividends	(7,685)	(9,226)	(9,226)
Comprehensive income attributable to Common Stockholders	$ 191,048	$ 164,339	$ 129,988
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 2.18	$ 1.93	$ 1.55
Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 2.17	$ 1.92	$ 1.54
Weighted average Common Shares outstanding – basic (shares)	86,997	84,778	84,031
Weighted average Common Shares outstanding – fully diluted (shares)	93,425	92,569	91,907
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock
Expenses:
Perpetual preferred stock dividends and original issuance costs	$ (7,685)	$ (9,226)	$ (9,226)
Other comprehensive income (loss) (OCI):
Series C Redeemable Perpetual Preferred Stock Dividends	$ (7,685)	$ (9,226)	$ (9,226)

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 Income (Loss)
Balance at Dec. 31, 2014	$ 979,027	$ 838	$ 1,029,601	$ 136,144	$ (254,209)	$ 67,034	$ (381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common Stock	0		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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Common OP Units to Common Stock	0	13	16,436			(16,449)
Issuance of Common Stock through exercise of options	4,850	2	4,848
Issuance of Common Stock through employee stock purchase plan	2,061		2,061
Issuance of Common Stock	120,698	14	120,684
Compensation expenses related to restricted stock	9,352		9,352
Repurchase of Common Stock or Common OP Units	(3,087)		(3,087)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(10,043)			10,043
Adjustment for fair market value of swap	1,169						1,169
Net income	210,377			7,685	189,904	12,788
Distributions	(188,964)			(6,928)	(170,608)	(11,428)
Series C Preferred stock redemption	(136,144)			(136,144)
Series C Preferred stock original issuance costs	0		757	(757)
Other	(2,117)		(1,947)			(170)
Balance at Dec. 31, 2017	$ 1,100,042	$ 883	$ 1,242,109	$ 0	$ (211,980)	$ 68,088	$ 942

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities:
Consolidated net income	$ 210,377	$ 187,132	$ 150,512
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Early debt retirement	2,785	0	16,913
Depreciation	122,720	118,521	114,698
Amortization of in-place leases	2,231	3,373	2,358
Amortization of loan costs	3,546	3,878	4,216
Debt premium amortization	(2,211)	(3,382)	(3,869)
Equity in income of unconsolidated joint ventures	(3,765)	(2,605)	(4,089)
Distributions of income from unconsolidated joint ventures	3,792	1,793	3,584
Stock-based compensation	9,352	9,181	8,582
Revenue recognized from right-to-use contract upfront payments	(10,020)	(9,248)	(8,552)
Commission expense recognized related to right-to-use contracts	4,509	4,149	3,595
Long term incentive plan compensation	1,347	(2,929)	973
(Recovery) provision for uncollectible rents receivable	(333)	(744)	537
Changes in assets and liabilities:
Notes receivable activity, net	(331)	318	66
Deferred commission expense	(4,577)	(4,659)	(5,871)
Escrow deposits, goodwill and other assets	45,401	23,706	44,095
Accrued expenses and accounts payable	(16,934)	10,322	5,632
Deferred revenue – upfront payments from right-to-use contracts	14,132	12,327	12,783
Deferred revenue – right-to-use annual payments	115	(61)	88
Rents received in advance and security deposits	2,354	2,276	6,631
Net cash provided by operating activities	384,490	353,348	352,882
Cash Flows From Investing Activities:
Real estate acquisition	(136,552)	(98,244)	(23,687)
Investment in unconsolidated joint ventures	(33,345)	(5,134)	(4,000)
Distributions of capital from unconsolidated joint ventures	0	4,094	80
Repayments of notes receivable	10,272	10,184	10,490
Issuance of notes receivable	(25,274)	(10,285)	(9,791)
Capital improvements	(126,050)	(119,437)	(93,799)
Net cash used in investing activities	(310,949)	(218,822)	(120,707)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	6,911	12,557	4,899
Gross proceeds from sale of Common Stock	120,698	50,000	0
Distributions:
Common Stockholders	(163,770)	(140,057)	(122,077)
Common OP Unitholders	(11,631)	(11,888)	(10,470)
Preferred Stockholders	(6,928)	(9,226)	(9,226)
Stock repurchase and Unit redemption	0	(229)	(62)
Share based award tax withholding payments	(3,087)	(2,423)	(3,139)
Principal payments and mortgage debt payoff	(270,530)	(142,731)	(456,308)
Mortgage notes payable financing proceeds	350,369	88,050	395,323
Line of Credit payoff	(101,000)	0	0
Line of Credit proceeds	131,000	0	0
Debt issuance and defeasance costs	(12,567)	(1,375)	(24,080)
Redemption of preferred stock	(136,314)	0	0
Other, primarily ATM offering costs	(1,947)	(1,122)	(491)
Net cash used in financing activities	(98,796)	(158,444)	(225,631)
Net (decrease) increase in cash and cash equivalents	(25,255)	(23,918)	6,544
Cash, beginning of year	56,340	80,258	73,714
Cash, end of year	31,085	56,340	80,258
Supplemental information:
Cash paid during the period for interest	102,570	105,556	106,423
Capital improvements – used homes acquired by repossessions	376	726	909
Net reduction of notes receivable – used homes acquired by repossessions	(376)	(726)	(909)
Building and other depreciable property – reclassification of rental homes	38,350	34,707	28,790
Escrow deposits and other assets – reclassification of rental homes	(38,350)	(34,707)	(28,790)
Real estate acquisitions:
Investment in real estate, fair value	(142,374)	(120,448)	(23,900)
Investment in real estate, cost	(110)	(2,000)	0
Escrow deposits and other assets	0	(20)	(53)
Debt assumed and financed on acquisition	5,900	22,010	0
Accrued expenses and accounts payable	32	1,883	62
Rents and other customer payments received in advance and security deposits	$ 0	$ 331	$ 204

Our Organization and Basis of Presentation	12 Months Ended
Our Organization and Basis of Presentation	Dec. 31, 2017
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 its other consolidated subsidiaries (the "Subsidiaries"), are referred to herein as "we," "us," "the Company," and "our." We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured ("MH") communities and recreational vehicle ("RV") resorts and campgrounds. We provide our customers the opportunity to place factory built homes, cottages, cabins or RVs either permanently or on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter right-to-use contracts, which provide them access to specific Properties for limited stays. Our Properties are designed and improved for home options of various sizes and designs that are produced off-site by third party manufacturers, installed and set on designated Sites ("Site Set") within the Properties. 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, 2017, the Non-Controlling Interests—Common OP Units represented 5,834,100 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, 2017

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.

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 93.8% 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. The depreciable life estimate of our new manufactured homes is 25 years and our used homes is 10-25 years. We 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.

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.

Note 2—Summary of Significant Accounting Policies (continued)

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.


(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.

Note 2—Summary of Significant Accounting Policies (continued)

(e) Deferred Financing Costs, net

Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic "Modifications and Extinguishments" ("FASB ASC 470-50-40"). Accumulated amortization for such costs was $33.9 million and $31.4 million at December 31, 2017 and 2016, respectively.


(f)	Identified Intangibles and Goodwill

We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. In accordance with 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, 2017 and 2016, 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, 2017 and 2016, 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 $2.9 million and $2.8 million as of December 31, 2017 and 2016, respectively. For the years ended December 31, 2017, 2016, and 2015, amortization expense for the identified intangible assets was approximately $0.1 million, $0.2 million, and $0.4 million respectively.


(g)	Restricted Cash

Cash as of December 31, 2017 and 2016 included approximately $5.3 million of restricted cash, in both periods, for the payment of capital improvements, insurance or real estate taxes pursuant to certain loan agreements.

(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.

Note 2—Summary of Significant Accounting Policies (continued)

Our mortgage notes payable and term loan had a carrying value of approximately $2,193.7 million and 2,110.2 million as of December 31, 2017 and 2016, respectively, and a fair value of approximately $2,184.0 million and $2,100.0 million as of December 31, 2017 and 2016, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At December 31, 2017 and 2016, 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.

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. Under current accounting standards, right-to-use upfront non-refundable payments are recognized based on estimated attrition rates of up to 40 years. On January 1, 2018, the Company will adopt ("ASU 2014-09") Revenue from Contracts with Customers.

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 $0.1 million of private REIT Subsidiaries preferred stock.

Note 2—Summary of Significant Accounting Policies (continued)


(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, 2017 and 2016, the REIT had a federal net operating loss carryforward of approximately $75.0 million and $88.1 million, respectively. In 2017, the Company utilized approximately $13.0 million of the net operating loss carryforward to offset its tax and distribution requirements. The REIT is 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 net tax asset has been recorded as of December 31, 2017 and 2016.

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 as of December 31, 2017 and 2016 .

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 2013.

As of December 31, 2017, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $3.2 billion (unaudited) and $51.2 million (unaudited), respectively.

During the years ended December 31, 2017, 2016 and 2015, our tax treatment of common stock distributions were as follows (unaudited):



	2017		2016		2015
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.657	$	1.471	$	1.169
Long-term capital gains	0.718		—		—
Nondividend distributions	—		0.179		0.081
Distributions declared per common stock outstanding	$	2.375	$	1.650	$	1.250

The quarterly distribution paid on January 12, 2018 of $0.488 (unaudited) per common share will all be allocable to 2017 for federal tax purposes.

Alternative minimum tax adjustments are to be apportioned between a REIT and its shareholders under Code Section 59(d). Although regulations have not yet been issued under that provision, based on the regulations issued pursuant to a similar provision of prior law and the legislative history of the current provision, it appears that such alternative minimum tax adjustments are to be apportioned to a REIT’s shareholders to the extent that the REIT distributes its regular taxable income. All of the Company’s alternative minimum tax adjustments are being apportioned to the Company’s shareholders.

The Company has determined that 0.33% of each distribution to the Company’s shareholders for the tax year ended December 31, 2017 consists of an alternative minimum tax adjustment.


(l)	Other expenses, including property rights initiatives

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 Other expenses, including property rights initiatives on the consolidated statement of income for the year ended December 31, 2016. During the first quarter of 2017, the settlements were finalized, the settlement payments were made and the insurance payments were received.

Note 2—Summary of Significant Accounting Policies (continued)


(m)	Recent Accounting Pronouncements

In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 provides guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments including ineffectiveness will be recorded in other comprehensive income (OCI) and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The new guidance also amends the presentation and disclosure requirements. The intention is to align hedge accounting with companies' risk management strategies more closely, thereby simplifying the application of hedge accounting and increase transparency as to the scope and results of hedging programs. ASU 2017-12 is effective in fiscal years beginning after December 15, 2018, including interim periods within those years. 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 January 2017, the FASB issued ("ASU 2017-01") Business Combinations (Topic 805): Clarifying the Definition of a Business. This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, is accounted for as an asset acquisition rather than a business combination. We expect the clarification of the definition of a business will result in future acquisitions to be accounted for as asset acquisitions, rather than a business combination. For asset acquisitions, acquisition costs will be capitalized, and the purchase price will be allocated on a relative fair value basis. The Company will adopt ASU 2017-01 on January 1, 2018.

In November 2016, the FASB issued ("ASU 2016-18") Statement of Cash Flows: Restricted Cash (Topic 230). ASU 2016-18 will require companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of'-period and end-of period total amounts shown on the statement of cash flows. ASU 2016-18 will require disclosure of a reconciliation between the balance sheet and the statement of cash flows when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. An entity with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-18 will be effective for us in the first quarter of 2018, and is required to be applied retrospectively to all periods presented. We do not expect ASU 2016-18 to have a material impact on the presentation of our Consolidated Financial Statements.

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 us in the first quarter of 2018. We expect the guidance will impact the presentation of cash flows by (1) clarifying the appropriate classification of cash flows when more than one class of cash flows exist, (2) specifying cash flow classification from insurance proceeds, and (3) clarifying that debt prepayment and extinguishment costs are classified as financing cash outflow.

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 "For Lessees". ASU 2016-02 will continue to

Note 2—Summary of Significant Accounting Policies (continued)

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 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 majority of the Company's revenue follows the existing leasing guidance and will not be impacted by the adoption of this standard; however, our right-to-use contracts will be required to follow the new guidance upon adoption. The standard permits the use of either the full retrospective or modified retrospective transition method. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance.

The Company has finalized its evaluation of ASU 2014-09 and the impact on its consolidated financial statements. The Company will adopt ASU 2014-09 and all related amendments, effective January 1, 2018, applying the modified retrospective transition method, which requires the recognition of the cumulative effect of the transition as an adjustment to retained earnings as of January 1, 2018. Upon adoption, right-to-use upfront nonrefundable payments will be recognized on a straight-line basis over 20 years to reflect our current estimated customer life for the majority of our upgrade contracts. As a result of the cumulative impact of adopting the new guidance, we currently expect to record a net reduction to retained earnings of approximately $15 million as of January 1, 2018, as a result of an increase in Deferred revenue - upfront payments from right-to-use contracts and an increase in Deferred commissions expense.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015 (amounts in thousands, except per share data):



	Years Ended December 31,
	2017			2016			2015
Numerators:
Net Income Available for Common Stockholders:
Consolidated net income	$	210,377		$	187,132		$	150,512
Amounts allocated to dilutive securities	(12,788		)	(13,869		)	(11,141		)
Preferred Stock distributions	(7,685		)	(9,226		)	(9,226		)
Net income available to Common Stockholders – basic	189,904			164,037			130,145
Amounts allocated to dilutive securities	12,788			13,869			11,141
Net income available to Common Stockholders – fully diluted	$	202,692		$	177,906		$	141,286
Denominator:
Weighted average Common Stock outstanding—basic	86,997			84,778			84,031
Effect of dilutive securities:
Redemption of Common OP Units for Common Stock	6,033			7,204			7,216
Stock options and restricted stock	395			587			660
Weighted average Common Stock outstanding—fully diluted	93,425			92,569			91,907

Earnings per Common Share—Basic:
Net income available for Common Stockholders	$	2.18		$	1.93		$	1.55

Earnings per Common Share—Fully Diluted:
Net income available for Common Stockholders	$	2.17		$	1.92		$	1.54

Common Stock and Other Equity Related Transactions

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Common Stock and Other Equity Related Transactions

On November 2, 2017, we extended our ATM equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our Common Stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. Prior to the extension, the aggregate offering price was up to $125.0 million. The following table presents the shares that were issued under this ATM equity offering program during the year ended December 31, 2017 prior to and after the extension (amounts in thousands, except share data):



	Year Ended December 31, 2017		Year Ended December 31, 2016
Shares of Common Stock sold	1,380,017		683,548
Weighted average price	$	87.46	$	73.15
Total gross proceeds	$	120,698	$	50,000
Commissions paid to sales agents	$	1,512	$	657

As of December 31, 2017, $150.0 million of Common Stock remained available for issuance under our ATM equity offering program.

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, 2017, 2016 and 2015 were 24,715, 17,037 and 19,788, respectively.

The following table presents the changes in our outstanding common stock for the years ended December 31, 2017, 2016 and 2015 (excluding OP Units of 5,834,100, 7,170,000, and 7,207,678 outstanding at December 31, 2017, 2016 and 2015, respectively):



	Years Ended December 31,
	2017		2016		2015
Shares outstanding at January 1,	85,529,386		84,253,065		83,879,779
Common stock issued through the ATM Equity Offering Program	1,380,017		683,548		—
Common stock issued through conversion of OP Units	1,335,900		37,678		24,289
Common stock issued through exercise of options	220,000		440,000		220,000
Common stock issued through stock grants	130,426		133,717		158,014
Common stock forfeitures	(990	)	—		—
Common stock issued through ESPP and Dividend Reinvestment Plan	25,101		17,373		20,133
Common stock repurchased and retired	(34,680	)	(35,995	)	(49,150	)
Shares outstanding at December 31,	88,585,160		85,529,386		84,253,065

During the years ended December 31, 2017, 2016 and 2015, 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 $89.02, $72.22 and $66.20 per share, respectively.

As of December 31, 2017 and 2016, ELS' percentage ownership of the Operating Partnership was approximately 93.8% and 92.3%, respectively. The remaining approximately 6.2% and 7.7% as of December 31, 2017 and 2016, respectively, was owned by the Common OP Unitholders.

Note 4—Common Stock and Other Equity Related Transactions (continued)

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2015:



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.375000	March 31, 2015	March 27, 2015	April 10, 2015
$0.375000	June 30, 2015	June 26, 2015	July 10, 2015
$0.375000	September 30, 2015	September 25, 2015	October 9, 2015
$0.375000	December 31, 2015	December 28, 2015	January 8, 2016
$0.425000	March 31, 2016	March 25, 2016	April 8, 2016
$0.425000	June 30, 2016	June 24, 2016	July 8, 2016
$0.425000	September 30, 2016	September 30, 2016	October 14, 2016
$0.425000	December 31, 2016	December 30, 2016	January 13, 2017
$0.487500	March 31, 2017	March 31, 2017	April 14, 2017
$0.487500	June 30, 2017	June 30, 2017	July 14, 2017
$0.487500	September 30, 2017	September 29, 2017	October 13, 2017
$0.487500	December 31, 2017	December 29, 2017	January 12, 2018

- 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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+ Details

Investment in Real Estate

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Investment in Real Estate

Acquisitions at Fair Value

During the years ended December 31, 2017, 2016 and 2015 we acquired all of the following Properties from unaffiliated third parties:

During the year ended December 31, 2017, we acquired Bethpage Camp Resort and Grey's Point Camp, two RV Resorts in Urbanna and Topping,Virginia, respectively and Paradise Park Largo, a manufactured home community in Largo, Florida for a combined purchase price of $142.4 million. These Properties include 1,870 sites. As a result of these acquisitions, we assumed approximately $5.9 million of mortgage debt. The remaining purchase price was funded with available cash, proceeds from our ATM equity offering program and proceeds from the line of credit.

During the year ended December 31, 2016, we acquired four RV Resort Properties, including Riverside RV, located in Arcadia, Florida, Portland Fairview, located in Fairview Oregon, Forest Lakes Estate, located in Zephyryhills, Florida, and Rose Bay, located in Port Orange, Florida for a combined purchase price of $120.5 million. These Properties include 2,377 Sites. 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 our ATM equity offering program.

During the year ended December 31, 2015, we acquired Miami Everglades, a RV Resort located in Miami, Florida, and two coastal North Carolina Properties - Bogue Pines, a manufactured home community and Whispering Pines, a RV Resort - for a combined purchase price of $23.9 million. These Properties contain 731 Sites. The purchase price was funded with available cash.

Note 5—Investment in Real Estate (continued)

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, 2017, 2016, and 2015 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,
	2017		2016		2015
Assets acquired
Land	$	57,278	$	60,489	$	8,985
Buildings and other depreciable property	85,096		55,445		13,948
Manufactured homes	—		67		345
In-place leases	—		4,447		622
Net investment in real estate	$	142,374	$	120,448	$	23,900
Other assets	—		20		53
Total assets acquired	$	142,374	$	120,468	$	23,953
Liabilities assumed
Mortgage notes payable	$	5,900	$	22,010	$	—
Other liabilities	32		2,214		266
Total liabilities assumed	$	5,932	$	24,224	$	266
Net assets acquired	$	136,442	$	96,244	$	23,687

In accordance with our policy, the measurement period for the purchase price of the 2017 acquisitions is open as of December 31, 2017; however, we do not anticipate further material purchase price adjustments related to these acquisitions.

- 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, 2017

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.

On August 8, 2017, we contributed approximately $30.0 million to acquire a 49% interest in Florida Atlantic Holding, LLC ("Loggerhead"). Loggerhead owns a portfolio of 11 marinas located in Florida. The contribution was funded by net proceeds from sales of common stock under our ATM equity offering program. Our ownership interest in Loggerhead is accounted for under the equity method of accounting.

On June 15, 2017, we entered into a joint venture agreement to purchase Crosswinds Mobile Home Park ("Crosswinds"), a 376-site manufactured home community located in St. Petersburg, Florida. The purchase price of the Property was $18.4 million. We contributed $2.2 million for a 49% equity interest in the joint venture. The joint venture is accounted for under the equity method of accounting. As part of the transaction, we issued a short term loan of $13.8 million to the joint venture. The loan bears interest at 5% per annum, can be repaid with no penalty prior to maturity, and matures on March 12, 2018.

We recorded approximately $3.8 million, $2.6 million, and $4.1 million (each net of approximately $1.5 million, $1.3 million and $1.1 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2017, 2016 and 2015, respectively. We received approximately $3.8 million, $5.9 million and $3.7 million in distributions from joint ventures for the years ended December 31, 2017, 2016 and 2015, respectively. Approximately $0.8 million and $1.4 million of the distributions made to us exceeded our basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the year ended December 31, 2017 and 2015. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 2016.

Note 6—Investment in Unconsolidated Joint Ventures (continued)

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, 2017, 2016 and 2015 respectively):



						Investment as of				Income/(Loss) for Years Ended
Investment	Location	Number of Sites^(d)	Economic Interest^(a)			December 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016			December 31, 2015
Meadows	Various (2,2)	1,077	50	%		$	307	$	510	$	2,197	$	1,348		$	1,401
Lakeshore	Florida (3,2)	720	^(b)			2,530		56		115		318			1,777
Voyager	Arizona (1,1)	1,801	50	%	^(c)	3,205		3,376		891		1,014			846
Loggerhead	Various	2,343	49	%		31,414		—		230		—			—
Echo JV	Various	—	50	%		15,624		15,427		332		(75		)	65
		5,941				$	53,080	$	19,369	$	3,765	$	2,605		$	4,089

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 2017. Our legal ownership interest may differ.


(b)	Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest.


(c)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.


(d)	Loggerhead sites represents marina slip counts.

Notes and Contracts Receivable

12 Months Ended

Dec. 31, 2017

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 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, 2017 and 2016, we had approximately $15.9 million and $16.5 million, respectively, of these Chattel Loans included in notes receivable. As of December 31, 2017, the Chattel Loans receivable had a stated per annum average rate of approximately 7.7%, with a yield of 22.0%, and had an average term remaining of approximately 10 years. These Chattel Loans are recorded net of allowances of approximately $0.3 million as of December 31, 2017 and 2016.

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, 2017 and 2016, we had approximately $19.7 million and $18.0 million, respectively, of Contracts Receivable included in notes receivable. The Contracts Receivable have an average stated interest rate of 16.4%, 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, 2017 and 2016 were net of an allowance of approximately $0.5 million and $0.7 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 $4.7 million and $4.4 million as of December 31, 2017 and 2016, respectively.

During the years ended December 31, 2017, 2016 and 2015, our allowance for doubtful accounts was as follows (amounts in thousands):



	2017			2016			2015
Balance, beginning of period	$	5,378		$	6,470		$	7,110
Provision for losses	4,181			3,926			4,055
Write-offs	(4,014		)	(5,018		)	(4,695		)
Balance, end of period	$	5,545		$	5,378		$	6,470

- 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, 2017

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

As of December 31, 2017 and 2016, we had outstanding mortgage indebtedness on Properties of approximately $1,971.7 million and $1,891.9 million, respectively, net of deferred financing costs. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the year ended December 31, 2017 was approximately 4.8% per annum. The debt bears interest at stated rates of 3.1% to 8.9% per annum and matures on various dates ranging from 2018 to 2041. The debt encumbered a total of 120 and 126 of our Properties as of December 31, 2017 and December 31, 2016, respectively, and the carrying value of such Properties was approximately $2,323.1 million and $2,296.6 million for December 31, 2017 and December 31, 2016, respectively.

2017 Activity

During the year ended December 31, 2017, we closed on three loans, each secured by a manufactured home community, with total gross proceeds of $146.0 million. They have a stated interest rate of 4.07% per annum and a maturity of 20 years. Additionally, during the year, we entered into a $204.4 million secured credit facility with Fannie Mae, maturing in 20 years and bearing a 3.97% fixed interest rate. The loan is secured by five manufactured home communities. Also, during the year ended December 31, 2017 we paid off 15 mortgage loans (13 maturing in 2018 and two that would have matured in 2017) of approximately $230.2 million including $2.7 million of prepayment penalties, with a weighted average interest rate of 5.93% per annum, secured by 13 manufacturing home properties and two RV resort. Finally, in connection with the Paradise Park Largo acquisition, we assumed approximately $5.9 million of mortgage debt secured by the manufactured home community with an interest rate of 4.60% per annum.

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 had a weighted average maturity of 23 years, carried a weighted average interest rate of 4.01% per annum and were 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 had a weighted average maturity of 21 years, carried 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.

Note 8- Borrowing Arrangements (continued)

Second Amended and Restated Unsecured Credit Facility

During the year ended December 31, 2017, we entered into a Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) by and among us, Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and other lenders named therein, which amends and restates the terms of the obligations owed by us under the Amended, Restated and Consolidated Credit Agreement dated as of July 17, 2014 pursuant to which we have access to a $400.0 million unsecured line of credit (the “LOC”) and a $200.0 million senior unsecured term loan (the “Term Loan”). The LOC maturity date was extended to October 27, 2021, and this term can be extended an additional year in two six month increments, subject to certain conditions. In 2017, we incurred commitment and arrangement fees of approximately $3.7 million to enter into the LOC and extend the Term Loan.

Term Loan

As of December 31, 2017, our $200.0 million unsecured Term Loan (the "Term Loan") matures on April 27, 2023 and has an interest rate of LIBOR plus 1.20% to 1.90% 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, as amended under the Second Amended and Restated Credit Agreement, we also entered into a three year LIBOR Swap Agreement (the "2017 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 2017 Swap).

As of December 31, 2016, our previous $200.0 million unsecured term loan under the Amended, Restated and Consolidated Credit Agreement, which had a maturity date of January 10, 2020 and an interest rate of LIBOR plus 1.35% to 1.95% per annum, could have been prepaid at any time without premium or penalty subject to certain conditions.

Unsecured Line of Credit

As of December 31, 2017, our unsecured LOC had a borrowing capacity of $400.0 million. The LOC has $30.0 million outstanding as of December 31, 2017 and no amount outstanding under our previous line of credit as of December 31, 2016. The LOC bears interest at a rate of LIBOR plus 1.10% to 1.55%, requires an annual facility fee of 0.15% to 0.35% and matures on October 27, 2021, with an option to extend for an additional year in two six month increments, subject to certain conditions. The spread over LIBOR is variable quarterly based on leverage throughout the loan term.

As of December 31, 2017, 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, 2017, the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter (amounts in thousands):



Year	Amount
2018	$	47,300
2019	241,158
2020	158,547
2021	248,414
2022	168,625
Thereafter	1,356,449
Net unamortized premiums	3,253
Unamortized deferred financing costs	(23,729		)
Total	$	2,200,017

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2017

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 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.

Our previous Swap, entered into in 2014, matured during 2017. In connection with our Term Loan, we entered into the 2017 Swap (see Note 8 to the Consolidated Financial Statements for information about the Term Loan) allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. The 2017 Swap fixes the underlying LIBOR rate on the Term Loan at 1.85% per annum for the first three years and matures on November 1, 2020. Based on the leverage as of December 31, 2017, our spread over LIBOR is 1.20% resulting in an estimated all-in interest rate of 3.05% per annum.

We have designated the 2017 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 year ended December 31, 2017.

Additionally, 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, 2017, 2016 and 2015 on our previous interest rate swap that matured on August 1, 2017.

Amounts reported in accumulated other comprehensive loss on the Consolidated Balance Sheets related to derivatives are reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $0.2 million will be reclassified as a decrease to interest expense. This estimate may be subject to change as the underlying LIBOR rate changes.

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, 2017 and 2016 (amounts in thousands).



	Balance Sheet Location	December 31, 2017		December 31, 2016
Interest Rate Swap - 2017	Escrow deposits, goodwill and other assets, net	$	942	N/A
Interest Rate Swap - 2014	Accrued expenses and accounts payable	N/A		$	227

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, 2017, 2016 and 2015 (amounts in thousands).



Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/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, 2017			December 31, 2016		December 31, 2015			December 31, 2017		December 31, 2016		December 31, 2015
Interest Rate Swap	$	(869	)	$	813	$	1,900	Interest Expense	$	300	$	1,139	$	1,728

We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of December 31, 2017, 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
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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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-Name Accounting Standards Codification
-Topic 815
-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
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

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

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, 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,
	2017			2016
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$	81,484		$	78,405
Right-to-use contracts current period, gross	14,132			12,327
Revenue recognized from right-to-use contract upfront payments	(10,020		)	(9,248		)
Right-to-use contract upfront payments, deferred, net	4,112			3,079
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	$	85,596		$	81,484

Deferred commission expense, as of January 1,	$	31,375		$	30,865
Deferred commission expense	4,577			4,659
Commission expense recognized	(4,509		)	(4,149		)
Net increase in deferred commission expense	68			510
Deferred commission expense, as of December 31,	$	31,443		$	31,375

Lease Agreements

12 Months Ended

Dec. 31, 2017

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 24 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. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. At December 31, 2017, future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases are as follows (amounts in thousands):



Year	Amount
2018	$	106,578
2019	105,698
2020	66,108
2021	12,635
2022	11,920
Thereafter	36,674
Total	$	339,613

Operating Leases

12 Months Ended

Dec. 31, 2017

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 2018 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, 2017, 2016, and 2015 total operating lease payments for office space and rent due under ground leases, aggregated $3.9 million, $3.9 million and $3.8 million, respectively. The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2017 (amounts in thousands):



	Total		2018		2019		2020		2021		2022		Thereafter
Office Rent Lease	$	8,354	$	2,221	$	2,062	$	2,011	$	1,711	$	200	$	149
Ground Lease	15,655		2,022		2,028		2,030		2,033		1,533		6,009
Total Operating Leases	$	24,009	$	4,243	$	4,090	$	4,041	$	3,744	$	1,733	$	6,158

- 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, 2017
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, 2017, 2016 and 2015.

Equity Incentive Awards

12 Months Ended

Dec. 31, 2017

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, 2017, 3,126,698 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 October 31, 2017, we awarded a Restricted Stock Grant for 188 shares of common stock at a fair market value of $16,634 to a new member of our Board of Directors for services as Director rendered for the remainder of 2017. One-third of the shares of restricted common stock covered by this award will vest on each of April 30, 2018, October 31, 2018, and October 31, 2019.

On May 2, 2017, we awarded Restricted Stock Grants for 55,238 shares of common stock at a fair market value of approximately $4.5 million and awarded Options to purchase 6,930 shares of common stock with an exercise price of $81.15 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 or have vested between November 2, 2017 and as late as May 2, 2020.

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 vested on December, 31 2017.

During the year ended December 31, 2016, we awarded Restricted Stock Grants for 133,717 shares of common stock at a fair market value of approximately $9.1 million to certain members of our senior management and Board of Directors for services rendered during 2016 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. Senior management Restricted Stock Grants vested on December 31, 2016, while Board of Director Restricted Stock Grants are subject to multiple tranches that vest or have vested between November 10, 2016 and May 10, 2019.

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

Note 14— Equity Incentive Awards (continued)

Restricted Stock Grants were subject to multiple tranches that vested between November 12, 2015 and December 31, 2017.

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

Stock-based compensation expense, reported in "General and administrative" on the Consolidated Statements of Income and Comprehensive Income, for the years ended December 31, 2017, 2016 and 2015 was approximately $9.4 million, $9.2 million, and $8.6 million, respectively.

A summary of our restricted stock activity, and related information for the years ended December 31, 2017, 2016, and 2015 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
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	133,717		68.21
Shares vested	(153,610	)	59.85
Balance at December 31, 2016	65,607		63.68
Shares granted	130,426		76.25
Shares forfeited	(990	)	80.54
Shares vested	(125,271	)	68.79
Balance at December 31, 2017	69,772		77.77

Compensation expense to be recognized subsequent to December 31, 2017 for Restricted Stock Grants issued during or prior to 2017 that have not yet vested was approximately $4.4 million, which is expected to be recognized over a weighted average term of 1.1 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:



	2017
Dividend Yield	2.4		%
Risk-free interest rate	1.9		%
Expected Life	5.5 years
Expected Volatility	17.8		%
Estimated Grant Date Fair Value of Options	$	76,230

For the years ended December 31, 2017 and December 31, 2016, 6,930 and 7,550 options were granted, respectively, to our board members. No options were issued during the year ended December 31, 2015. No options were forfeited or expired during the years ended December 31, 2017, 2016, and 2015.

Note 14—Equity Incentive Awards (continued)

A summary of our stock option activity, and related information for the years ended December 31, 2017, 2016 and 2015 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		10.70
Options exercised	(440,000	)	25.66
Balance at December 31, 2016	433,150		21.44		1.7
Options issued	6,930		11.00
Options exercised	(220,000	)	22.05
Balance at December 31, 2017	220,080		18.32		1.5
Exercisable at December 31, 2017	212,966		20.84		1.4

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. The intrinsic value of exercised options for the year ending December 31, 2017, 2016 and 2015 was $13.9 million, $18.3 million and $8.6 million, respectively. At December 31, 2017, 2016 and 2015, the intrinsic value of outstanding and exercisable options was $14.5 million, $22.0 million and $37.7 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

Dec. 31, 2017

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

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.

During the year ended December 31, 2017, we redeemed our 6.75% Series C Preferred Stock for $138.4 million, including accrued dividends. The shares of Series C Preferred Stock that were redeemed now have the status of authorized but unissued preferred stock, without designation as to class or series. There were no shares of 6.75% Series C Preferred Stock issued or outstanding as of December 31, 2017. In connection with the redemption, we recorded expense of $0.8 million for the original issuance costs associated with the Series C Preferred Stock.

Note 15— Preferred Stock (continued)

The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2015 and prior to the stock's redemption, which occurred in September 2017:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.421875	March 31, 2015	March 20, 2015	March 31, 2015
$0.421875	June 30, 2015	June 19, 2015	June 30, 2015
$0.421875	September 30, 2015	September 18, 2015	September 30, 2015
$0.421875	December 31, 2015	December 11, 2015	December 31, 2015
$0.421875	March 31, 2016	March 21, 2016	March 31, 2016
$0.421875	June 30, 2016	June 17, 2016	June 30, 2016
$0.421875	September 30, 2016	September 16, 2016	September 30, 2016
$0.421875	December 31, 2016	December 15, 2016	December 31, 2016
$0.421875	March 31, 2017	March 10, 2017	March 31, 2017
$0.421875	June 30, 2017	June 15, 2017	June 30, 2017
$0.421875	September 30, 2017	September 15, 2017	October 2, 2017

Long-Term Cash Incentive Plan	12 Months Ended
Long-Term Cash Incentive Plan	Dec. 31, 2017
Cash incentive Program Disclosure [Abstract]
Long-Term Cash Incentive Plan	Long-Term Cash Incentive Plan 2016 LTIP 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, including employer costs, is currently estimated to be approximately $4.7 million. For the year ended December 31, 2017 and 2016, we had accrued compensation expense of approximately $1.3 million and $1.9 million, respectively. 2013 LTIP 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. As of 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, 2017
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 $1.5 million, $1.4 million and $1.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Hurricane Irma In September 2017 Hurricane Irma impacted our Florida properties. We recognized expense of $8.0 million during the year ended December 31, 2017 related to debris removal and cleanup following Hurricane Irma included in Property operating and maintenance expense in the Consolidated Statement of Income. In addition, during the year ended December 31, 2017, we recorded insurance recovery revenue of $7.7 million included in Utility and other income and $1.3 million included in Income from other investments, net in the Consolidated Statement of Income. The insurance recovery revenue includes insurance proceeds received as a result of our first claim submission. Civil Investigation by Certain California District Attorneys In November 2014, we received a civil investigative subpoena from the office of the District Attorney for Monterey County, California ("MCDA"), seeking information relating to, among other items, statewide compliance with asbestos and hazardous waste regulations dating back to 2005 primarily in connection with demolition and renovation projects performed by third-party contractors at our California Properties. We responded by providing the information required by the subpoena. On October 20, 2015, we attended a meeting with representatives of the MCDA and certain other District Attorneys' offices at which the MCDA reviewed the preliminary results of their investigation including, among other things, (i) alleged violations of asbestos and related regulations associated with approximately 200 historical demolition and renovation projects in California; (ii) potential exposure to civil penalties and unpaid fees; and (iii) next steps with respect to a negotiated resolution of the alleged violations. No legal proceedings have been instituted to date and we are involved in settlement discussions with the District Attorneys' offices. We continue to assess the allegations and the underlying facts, and at this time we are unable to predict the outcome of the investigation or reasonably estimate any possible loss. Other In addition to legal matters discussed above, we are involved in various other legal and regulatory proceedings ("Other Proceedings") arising in the ordinary course of business. The Other Proceedings include, but are not limited to, notices, consent decrees, information requests, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our 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, 2017

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 ("CODM"). The CODM 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, 2017, 2016 and 2015. The following tables summarize our segment financial information (amounts in thousands):



	Year Ended December 31, 2017
	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	859,582		$	52,355		$	911,937
Operations expenses	(411,465		)	(47,309		)	(458,774		)
Income from segment operations	448,117			5,046			453,163
Interest income	3,048			4,192			7,240
Depreciation on real estate assets and rental homes	(110,841		)	(10,614		)	(121,455		)
Amortization of in-place leases	(2,231		)	—			(2,231		)
Income (loss) from operations	$	338,093		$	(1,376	)	336,717
Reconciliation to Consolidated net income
Corporate interest income							340
Income from other investments, net							5,795
General and administrative							(31,737		)
Early debt retirement							(2,785		)
Other expenses, including property rights initiatives							(1,148		)
Interest and related amortization							(100,570		)
Equity in income of unconsolidated joint ventures							3,765
Consolidated net income							$	210,377

Total assets	$	3,386,084		$	223,948		$	3,610,032
Capital improvements	$	76,112		$	49,938		$	126,050

Note 19—Reportable Segments (continued)



	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		)
Other expenses, including property rights initiatives							(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 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		)
Other expenses, including property rights initiatives							(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

Note 19—Reportable Segments (continued)

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2017, 2016, and 2015 (amounts in thousands):



	Years Ended December 31,
	2017			2016			2015
Revenues:
Community base rental income	$	489,613		$	464,745		$	442,046
Resort base rental income	218,806			201,533			184,760
Right-to-use annual payments	45,798			45,035			44,443
Right-to-use contracts current period, gross	14,132			12,327			12,783
Right-to-use contract upfront payments, deferred, net	(4,108		)	(3,079		)	(4,231		)
Utility income and other	93,252			81,427			76,153
Ancillary services revenues, net	2,089			1,796			2,880
Total property operations revenues	859,582			803,784			758,834
Expenses:
Property operating and maintenance	294,119			268,249			254,668
Real estate taxes	55,010			53,036			50,962
Sales and marketing, gross	11,438			11,056			11,751
Right-to-use contract commissions, deferred, net	(354		)	(223		)	(1,556		)
Property management	51,252			47,083			44,528
Total property operations expenses	411,465			379,201			360,353
Income from property operations segment	$	448,117		$	424,583		$	398,481

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, 2017, 2016 and 2015 (amounts in thousands):



	Years Ended December 31,
	2017		2016		2015
Revenues:
Gross revenue from home sales	$	36,302	$	37,191	$	33,150
Brokered resale revenues, net	1,235		1,198		1,269
Rental home income ⁽¹⁾	14,344		14,107		14,012
Ancillary services revenues, net	474		—		—
Total revenues	52,355		52,496		48,431
Expenses:
Cost of home sales	36,513		37,456		32,279
Home selling expenses	4,186		3,575		3,191
Rental home operating and maintenance	6,610		6,883		7,167
Total expenses	47,309		47,914		42,637
Income from home sales and rentals operations segment	$	5,046	$	4,582	$	5,794

_________________________


(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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

The following is unaudited quarterly data for 2017 and 2016 (amounts in thousands, except per share amounts):



2017	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	232,389	$	221,312	$	241,625	$	229,986
Income from operations	$	93,636	$	75,865	$	84,824	$	82,392
Consolidated net income	$	63,075	$	44,463	$	54,865	$	47,974
Net income available for Common Stockholders	$	56,888	$	39,498	$	48,525	$	44,993
Basic weighted average Common Shares	86,048		86,763		87,037		88,115
Diluted weighted average Common Shares	93,011		93,063		93,324		94,295
Earnings income per Common Share outstanding—Basic	$	0.66	$	0.46	$	0.56	$	0.51
Earnings per Common Share outstanding—Diluted	$	0.65	$	0.45	$	0.56	$	0.51



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		85,105		85,163
Diluted weighted average Common Shares	92,041		92,264		92,910		92,965
Earnings 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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Hurricane Irma In February 2018, the Company received proofs of loss from our insurance carriers on our second submission for advance payment of insurance proceeds related to Hurricane Irma for $7.7 million, including business interruption, of which $3.5 million will be recognized as revenue in the first quarter of 2018. Borrowing Activity On February 15, 2018, we closed on one loan with gross proceeds of approximately $64.0 million. The loan has a maturity of 20 years, carries an interest rate of 4.83% per annum, and is secured by two RV resorts. A portion of the proceeds were used to repay the outstanding balance on the line of credit. Equity Incentive Awards On January 29, 2018, the Compensation, Nominating and Corporate Governance Committee (the “Compensation Committee”) of the Board of Directors approved the 2018 Restricted Stock Award Program (the “2018 Restricted Stock Award Program”) for certain members of our senior management pursuant to the authority set forth in the Company’s 2014 Equity Incentive Plan. The 2018 Restricted Stock Award Program provides for restricted stock awards for certain members of our senior management with a three-year vesting period (the “2018 Awards”), with one-third vesting on December 28, 2018 and the remaining two-thirds vesting on each of December 28, 2019 and December 28, 2020, respectively (the “Extended Vesting Portion”). One-half of the Extended Vesting Portion of the 2018 Awards provide soley for time-based vesting and will vest in equal installments on December 28, 2019 and December 28, 2020. The remaining one-half of the Extended Vesting Portion of the 2018 Awards provide for performance-based vesting and will vest, subject to the satisfaction of the performance conditions to be established by the Compensation Committee, in equal installments on December 28, 2019 and December 28, 2020. On February 1, 2018, we awarded Restricted Stock Grants for 70,250 shares of common stock at a fair market value of approximately $5.9 million to certain members of our senior management. Certain members of our senior management also received a one-time transition award of time-based restricted stock (the “Transition Awards”) as a transition from our prior practice of granting annual restricted stock awards which vested in full on December 31 of the relevant grant year. These Transition Awards are intended to mitigate the impact of a reduction in the realized pay for certain members of our senior management in 2018 and 2019 resulting from the three-year vesting period for the 2018 Awards. Two-thirds of each Transition Award will vest on December 28, 2018, and the remaining one-third will vest on December 28, 2019. The Transition Awards are not subject to performance goals. The Compensation Committee does not view these awards as a continuing feature of the 2018 Restricted Stock Award Program, and there is no intent to replicate these Transition Awards in future years. On February 1, 2018, we awarded Transition Awards for 70,250 shares of common stock at a fair market value of approximately $5.9 million to certain members of our senior management.

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

12 Months Ended

Dec. 31, 2017

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 12/31/17
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	$	—		$	157		$	212	$	767	$	979	$	(286	)	2006
Apache East	Apache Junction	AZ	(5,262		)	2,236		4,181		—			111			2,236		4,292		6,528		(1,149		)	2011
Apollo Village	Phoenix	AZ	—			932		3,219		—			1,665			932		4,884		5,816		(3,367		)	1994
Araby	Yuma	AZ	(3,019		)	1,440		4,345		—			1,008			1,440		5,353		6,793		(2,402		)	2003
Cactus Gardens	Yuma	AZ	(6,503		)	1,992		5,984		—			479			1,992		6,463		8,455		(2,880		)	2004
Capri RV	Yuma	AZ	—			1,595		4,774		—			366			1,595		5,140		6,735		(1,948		)	2006
Carefree Manor	Phoenix	AZ	—			706		3,040		—			935			706		3,975		4,681		(2,482		)	1998
Casa del Sol East II	Glendale	AZ	(4,074		)	2,103		6,283		—			3,164			2,103		9,447		11,550		(4,729		)	1996
Casa del Sol East III	Glendale	AZ	—			2,450		7,452		—			1,004			2,450		8,456		10,906		(5,275		)	1998
Casa del Sol West I	Peoria	AZ	—			2,215		6,467		—			2,427			2,215		8,894		11,109		(4,894		)	1996
Casita Verde RV	Casa Grande	AZ	—			719		2,179		—			177			719		2,356		3,075		(898		)	2006
Central Park	Phoenix	AZ	(12,975		)	1,612		3,784		—			1,792			1,612		5,576		7,188		(4,720		)	1983
Countryside RV	Apache Junction	AZ	(8,587		)	2,056		6,241		—			1,594			2,056		7,835		9,891		(3,858		)	2002
Denali Park	Apache Junction	AZ	—			2,394		4,016		—			212			2,394		4,228		6,622		(1,111		)	2011
Desert Paradise	Yuma	AZ	—			666		2,011		—			317			666		2,328		2,994		(1,076		)	2004
Desert Skies	Phoenix	AZ	(4,899		)	792		3,126		—			818			792		3,944		4,736		(2,492		)	1998
Desert Vista	Salome	AZ	—			66		268		—			221			66		489		555		(137		)	2010
Fairview Manor	Tucson	AZ	—			1,674		4,708		—			2,297			1,674		7,005		8,679		(4,360		)	1998
Fiesta Grande RV	Casa Grande	AZ	—			2,869		8,653		—			1,076			2,869		9,729		12,598		(3,589		)	2006
Foothill	Yuma	AZ	—			459		1,402		—			314			459		1,716		2,175		(777		)	2003
Foothills West RV	Casa Grande	AZ	—			747		2,261		—			375			747		2,636		3,383		(1,033		)	2006
Golden Sun RV	Apache Junction	AZ	(6,087		)	1,678		5,049		—			557			1,678		5,606		7,284		(2,817		)	2002
Hacienda De Valencia	Mesa	AZ	(12,743		)	833		2,701		—			4,972			833		7,673		8,506		(5,458		)	1984
Mesa Spirit	Mesa	AZ	(17,750		)	17,382		25,238		191			(207		)	17,574		25,031		42,605		(3,189		)	2014
Mesa Verde	Cottonwood	AZ	(4,846		)	1,387		4,148		—			606			1,387		4,754		6,141		(1,735		)	2007
Monte Vista	Mesa	AZ	(22,253		)	11,402		34,355		—			12,235			11,402		46,590		57,992		(17,680		)	2004
Palm Shadows	Glendale	AZ	(5,607		)	1,400		4,218		—			1,410			1,400		5,628		7,028		(4,195		)	1993
Paradise	Sun City	AZ	(13,384		)	6,414		19,263		11			2,495			6,425		21,758		28,183		(10,476		)	2004
Sedona Shadows	Sedona	AZ	(9,782		)	1,096		3,431		—			1,877			1,096		5,308		6,404		(3,076		)	1997
Seyenna Vistas	Mesa	AZ	—			1,360		4,660		(86		)	2,983			1,273		7,643		8,916		(5,277		)	1994
Suni Sands	Yuma	AZ	—			1,249		3,759		—			577			1,249		4,336		5,585		(1,947		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Sunrise Heights	Phoenix	AZ	$	(6,002	)	$	1,000	$	3,016	$	—	$	1,727	$	1,000	$	4,743	$	5,743	$	(3,172	)	1994
Sunshine Valley	Chandler	AZ	—			9,139		12,912		—		384		9,139		13,296		22,435		(3,512		)	2011
The Highlands at Brentwood	Mesa	AZ	(13,485		)	1,997		6,024		—		2,251		1,997		8,275		10,272		(6,079		)	1993
The Meadows	Tempe	AZ	(17,430		)	2,613		7,887		—		4,429		2,613		12,316		14,929		(8,388		)	1994
Valley Vista	Benson	AZ	—			115		429		—		114		115		543		658		(157		)	2010
Venture In	Show Low	AZ	—			2,050		6,188		—		590		2,050		6,778		8,828		(2,653		)	2006
Verde Valley	Cottonwood	AZ	—			1,437		3,390		19		2,285		1,456		5,675		7,131		(2,035		)	2004
Viewpoint	Mesa	AZ	(52,353		)	24,890		56,340		15		16,599		24,905		72,939		97,844		(29,965		)	2004
Westpark	Wickenburg	AZ	(8,941		)	4,495		10,517		—		768		4,495		11,285		15,780		(2,841		)	2011
Whispering Palms	Phoenix	AZ	—			670		2,141		—		383		670		2,524		3,194		(1,666		)	1998
Cultus Lake	Lindell Beach	BC	—			410		968		6		383		416		1,351		1,767		(555		)	2004
California Hawaiian	San Jose	CA	(29,019		)	5,825		17,755		—		4,411		5,825		22,166		27,991		(14,112		)	1997
Colony Park	Ceres	CA	—			890		2,837		—		1,093		890		3,930		4,820		(2,472		)	1998
Concord Cascade	Pacheco	CA	(10,762		)	985		3,016		—		2,691		985		5,707		6,692		(4,344		)	1983
Contempo Marin	San Rafael	CA	(38,994		)	4,787		16,379		—		3,784		4,787		20,163		24,950		(15,142		)	1994
Coralwood	Modesto	CA	—			—		5,047		—		1,344		—		6,391		6,391		(3,869		)	1997
Date Palm Country Club	Cathedral City	CA	—			—		18,179		—		7,809		—		25,988		25,988		(18,204		)	1994
Date Palm RV	Cathedral City	CA	—			—		216		—		447		—		663		663		(426		)	1994
DeAnza Santa Cruz	Santa Cruz	CA	(12,107		)	2,103		7,201		—		3,382		2,103		10,583		12,686		(7,251		)	1994
Four Seasons	Fresno	CA	—			756		2,348		—		1,237		756		3,585		4,341		(1,990		)	1997
Idyllwild	Pine Cove	CA	—			313		737		4		1,276		317		2,013		2,330		(763		)	2004
Laguna Lake	San Luis Obispo	CA	—			2,845		6,520		—		1,126		2,845		7,646		10,491		(4,852		)	1998
Lake Minden	Nicolaus	CA	—			961		2,267		13		1,215		974		3,482		4,456		(1,415		)	2004
Lake of the Springs	Oregon House	CA	—			1,062		2,504		14		1,512		1,076		4,016		5,092		(1,522		)	2004
Lamplighter	Spring Valley	CA	(20,937		)	633		2,201		—		1,840		633		4,041		4,674		(3,140		)	1983
Las Palmas	Rialto	CA	—			1,295		3,866		—		821		1,295		4,687		5,982		(2,032		)	2004
Los Ranchos	Apple Valley	CA	—			8,336		15,774		—		636		8,336		16,410		24,746		(4,278		)	2011
Meadowbrook	Santee	CA	(24,755		)	4,345		12,528		—		2,786		4,345		15,314		19,659		(9,461		)	1998
Monte del Lago	Castroville	CA	—			3,150		9,469		—		4,223		3,150		13,692		16,842		(8,089		)	1997
Morgan Hill	Morgan Hill	CA	—			1,856		4,378		25		2,334		1,881		6,712		8,593		(2,302		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
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	$	—	$	372	$	—	$	4,884	$	4,884	$	(3,283	)	1997
Oakzanita Springs	Descanso	CA	—			396		934		5		1,336		401		2,270		2,671		(918		)	2004
Pacific Dunes Ranch	Oceana	CA	—			1,940		5,632		—		1,257		1,940		6,889		8,829		(2,774		)	2004
Palm Springs	Palm Desert	CA	—			1,811		4,271		24		1,805		1,835		6,076		7,911		(2,345		)	2004
Parque La Quinta	Rialto	CA	—			1,799		5,450		—		803		1,799		6,253		8,052		(2,689		)	2004
Pio Pico	Jamul	CA	—			2,626		6,194		35		3,476		2,661		9,670		12,331		(3,573		)	2004
Ponderosa	Lotus	CA	—			900		2,100		—		1,886		900		3,986		4,886		(1,039		)	2006
Quail Meadows	Riverbank	CA	—			1,155		3,469		—		729		1,155		4,198		5,353		(2,602		)	1998
Rancho Mesa	El Cajon	CA	—			2,130		6,389		—		994		2,130		7,383		9,513		(4,654		)	1998
Rancho Oso	Santa Barbara	CA	—			860		2,029		11		1,387		872		3,416		4,288		(1,289		)	2004
Rancho Valley	El Cajon	CA	(6,690		)	685		1,902		—		1,604		685		3,506		4,191		(2,756		)	1983
Royal Holiday	Hemet	CA	—			778		2,643		—		2,849		778		5,492		6,270		(2,759		)	1999
Royal Oaks	Visalia	CA	—			602		1,921		—		1,071		602		2,992		3,594		(1,741		)	1997
Russian River	Cloverdale	CA	—			368		868		5		298		373		1,166		1,539		(475		)	2004
San Benito	Paicines	CA	—			1,411		3,328		19		2,547		1,430		5,875		7,305		(2,040		)	2004
San Francisco RV	Pacifica	CA	—			1,660		4,973		—		2,069		1,660		7,042		8,702		(2,484		)	2005
Santa Cruz Ranch RV	Scotts Valley	CA	—			1,595		3,937		—		529		1,595		4,466		6,061		(1,491		)	2007
Santiago Estates	Sylmar	CA	(24,841		)	3,562		10,767		—		2,404		3,562		13,171		16,733		(7,989		)	1998
Sea Oaks	Los Osos	CA	—			871		2,703		—		869		871		3,572		4,443		(2,181		)	1997
Snowflower	Emigrant Gap	CA	—			308		727		4		1,333		312		2,060		2,372		(594		)	2004
Soledad Canyon	Acton	CA	—			2,933		6,917		39		5,023		2,972		11,940		14,912		(4,227		)	2004
Sunshadow	San Jose	CA	—			—		5,707		—		707		—		6,414		6,414		(4,118		)	1997
Tahoe Valley	Lake Tahoe	CA	—			—		5,428		—		730		—		6,158		6,158		(2,749		)	2004
Turtle Beach	Manteca	CA	—			268		633		4		1,007		272		1,640		1,912		(393		)	2004
Village of the Four Seasons	San Jose	CA	(21,516		)	5,229		15,714		—		1,324		5,229		17,038		22,267		(7,495		)	2004
Westwinds (4 properties)	San Jose	CA	—			—		17,616		—		10,301		—		27,917		27,917		(16,862		)	1997
Wilderness Lake	Menifee	CA	—			2,157		5,088		29		2,041		2,186		7,129		9,315		(2,798		)	2004
Yosemite Lakes	Groveland	CA	—			2,045		4,823		27		3,158		2,072		7,981		10,053		(2,870		)	2004
Bear Creek	Denver	CO	(6,385		)	1,100		3,359		—		651		1,100		4,010		5,110		(2,498		)	1998
Cimarron	Broomfield	CO	(20,178		)	863		2,790		10,233		21,488		11,097		24,278		35,375		(6,318		)	1983



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
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	$	—	$	2,725	$	826	$	5,140	$	5,966	$	(3,380	)	1983
Golden Terrace South	Golden	CO	—			750		2,265		—		965		750		3,230		3,980		(1,991		)	1997
Golden Terrace West	Golden	CO	—			1,694		5,065		—		7,300		1,694		12,365		14,059		(6,073		)	1986
Hillcrest Village	Aurora	CO	(42,065		)	1,912		5,202		289		5,036		2,201		10,238		12,439		(7,569		)	1983
Holiday Hills	Denver	CO	—			2,159		7,780		—		7,106		2,159		14,886		17,045		(11,597		)	1983
Holiday Village	Co. Springs	CO	—			567		1,759		—		2,012		567		3,771		4,338		(2,728		)	1983
Pueblo Grande	Pueblo	CO	—			241		1,069		—		968		241		2,037		2,278		(1,595		)	1983
Woodland Hills	Thornton	CO	—			1,928		4,408		—		3,774		1,928		8,182		10,110		(5,605		)	1994
Stonegate Manor	North Windham	CT	(6,766		)	6,011		12,336		—		385		6,011		12,721		18,732		(3,428		)	2011
Aspen Meadows	Rehoboth	DE	—			1,148		3,460		—		677		1,148		4,137		5,285		(2,651		)	1998
Camelot Meadows	Rehoboth	DE	—			527		2,058		1,251		4,592		1,778		6,650		8,428		(4,147		)	1998
Mariners Cove	Millsboro	DE	(20,543		)	990		2,971		—		6,443		990		9,414		10,404		(6,604		)	1987
McNicol	Rehoboth	DE	—			562		1,710		—		267		562		1,977		2,539		(1,224		)	1998
Sweetbriar	Rehoboth	DE	—			498		1,527		—		643		498		2,170		2,668		(1,390		)	1998
Waterford	Bear	DE	(41,141		)	5,250		16,202		—		2,197		5,250		18,399		23,649		(8,015		)	1996
Whispering Pines	Lewes	DE	—			1,536		4,609		—		1,936		1,536		6,545		8,081		(5,449		)	1988
Audubon	Orlando	FL	—			4,622		7,200		—		424		4,622		7,624		12,246		(2,036		)	2011
Barrington Hills	Hudson	FL	(4,577		)	1,145		3,437		—		906		1,145		4,343		5,488		(1,941		)	2004
Bay Indies	Venice	FL	(66,003		)	10,483		31,559		10		7,314		10,493		38,873		49,366		(28,412		)	1994
Bay Lake Estates	Nokomis	FL	(12,062		)	990		3,390		—		2,145		990		5,535		6,525		(3,645		)	1994
Beacon Hill Colony	Lakeland	FL	—			3,775		6,405		—		273		3,775		6,678		10,453		(1,685		)	2011
Beacon Terrace	Lakeland	FL	(6,071		)	5,372		9,153		—		468		5,372		9,621		14,993		(2,524		)	2011
Breezy Hill RV	Pompano Beach	FL	(18,685		)	5,424		16,555		—		2,302		5,424		18,857		24,281		(9,312		)	2002
Buccaneer	N. Ft. Myers	FL	(33,040		)	4,207		14,410		—		3,954		4,207		18,364		22,571		(12,948		)	1994
Bulow Plantation	Flagler Beach	FL	—			3,637		949		—		6,926		3,637		7,875		11,512		(4,507		)	1994
Bulow Village RV	Flagler Beach	FL	—			—		228		—		1,761		—		1,989		1,989		(768		)	1994
Carefree Cove	Fort Lauderdale	FL	—			1,741		5,170		—		760		1,741		5,930		7,671		(2,616		)	2004
Carefree Village	Tampa	FL	—			6,799		10,421		—		719		6,799		11,140		17,939		(3,034		)	2011
Carriage Cove	Daytona Beach	FL	(10,839		)	2,914		8,682		—		1,687		2,914		10,369		13,283		(6,625		)	1998
Cheron Village	Davie	FL	(5,306		)	10,393		6,217		—		189		10,393		6,406		16,799		(2,042		)	2011
Clerbrook	Clermont	FL	—			3,883		11,700		—		2,026		3,883		13,726		17,609		(5,219		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
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	$	(34,122	)	$	13,684	$	24,106	$	—	$	1,079	$	13,684	$	25,185	$	38,869	$	(6,573	)	2011
Clover Leaf Forest	Brooksville	FL	—			1,092		2,178		—		293		1,092		2,471		3,563		(497		)	2011
Coachwood	Leesburg	FL	—			1,602		4,822		—		619		1,602		5,441		7,043		(2,449		)	2004
Colony Cove	Ellenton	FL	(105,641		)	28,660		92,457		35,859		7,132		64,519		99,589		164,108		(25,354		)	2011
Coquina Crossing	Elkton	FL	(30,878		)	5,274		5,545		—		18,516		5,274		24,061		29,335		(11,346		)	1999
Coral Cay	Margate	FL	(21,198		)	5,890		20,211		—		8,642		5,890		28,853		34,743		(20,277		)	1994
Country Place⁽²⁾	New Port Richey	FL	(20,614		)	663		—		18		7,914		681		7,914		8,595		(6,020		)	1986
Countryside	Vero Beach	FL	—			3,711		11,133		—		7,535		3,711		18,668		22,379		(11,320		)	1998
Covington Estates	Saint Cloud	FL	(9,612		)	3,319		7,253		—		180		3,319		7,433		10,752		(1,987		)	2011
Crystal Isles	Crystal River	FL	—			926		2,787		10		3,102		936		5,889		6,825		(1,910		)	2004
Crystal Lakes-Zephyrhills	Zephyrhills	FL	—			3,767		6,834		110		1,248		3,877		8,082		11,959		(1,944		)	2011
Down Yonder	Largo	FL	(11,752		)	2,652		7,981		—		1,226		2,652		9,207		11,859		(4,455		)	1998
East Bay Oaks	Largo	FL	(9,936		)	1,240		3,322		—		1,574		1,240		4,896		6,136		(4,055		)	1983
Eldorado Village	Largo	FL	(6,637		)	778		2,341		—		1,323		778		3,664		4,442		(2,943		)	1983
Emerald Lake	Punta Gorda	FL	(4,592		)	3,598		5,197		—		439		3,598		5,636		9,234		(1,477		)	2011
Featherock	Valrico	FL	—			11,369		22,770		—		726		11,369		23,496		34,865		(5,810		)	2011
Fiesta Key	Long Key	FL	—			16,611		7,338		—		5,290		16,611		12,628		29,239		(1,463		)	2013
Forest Lake Estates RV	Zephyrhills	FL	—			—		537		—		98		—		636		636		(44		)	2016
Forest Lake Estates	Zephyrhills	FL	(21,174		)	40,716		33,918		—		425		40,716		34,343		75,059		(5,993		)	2016
Fort Myers Beach Resort	Fort Myers Beach	FL	—			1,188		3,548		—		551		1,188		4,099		5,287		(1,942		)	2004
Foxwood	Ocala	FL	—			3,853		7,967		—		930		3,853		8,897		12,750		(2,386		)	2011
Glen Ellen	Clearwater	FL	—			619		1,882		—		298		619		2,180		2,799		(1,065		)	2002
Grand Island	Grand Island	FL	—			1,723		5,208		125		4,919		1,848		10,127		11,975		(4,957		)	2001
Gulf Air Resort	Fort Myers Beach	FL	(6,396		)	1,609		4,746		—		517		1,609		5,263		6,872		(2,415		)	2004
Gulf View	Punta Gorda	FL	—			717		2,158		—		1,379		717		3,537		4,254		(1,624		)	2004
Hacienda Village	New Port Richey	FL	(17,853		)	4,297		13,088		—		3,467		4,297		16,555		20,852		(7,607		)	2002
Harbor Lakes	Port Charlotte	FL	(18,649		)	3,384		10,154		—		1,124		3,384		11,278		14,662		(5,067		)	2004
Harbor View	New Port Richey	FL	(19,160		)	4,030		12,146		—		699		4,030		12,845		16,875		(6,398		)	2002
Haselton Village	Eustis	FL	(6,097		)	3,800		8,955		—		521		3,800		9,476		13,276		(2,354		)	2011
Heritage Plantation	Vero Beach	FL	—			2,403		7,259		—		2,595		2,403		9,854		12,257		(7,120		)	1994
Heron Cay	Vero Beach	FL	(29,867		)	14,368		23,792		—		925		14,368		24,717		39,085		(6,375		)	2011
Hidden Valley	Orlando	FL	(8,690		)	11,398		12,861		—		487		11,398		13,348		24,746		(3,591		)	2011



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at Close of Period 12/31/17
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		$	341	$	1,085	$	3,471	$	4,556	$	(1,755	)	2002
Hillcrest	Clearwater	FL	—			1,278		3,928		—			1,414		1,278		5,342		6,620		(3,416		)	1998
Holiday Ranch	Clearwater	FL	—			925		2,866		—			572		925		3,438		4,363		(2,166		)	1998
Holiday Village	Ormond Beach	FL	—			2,610		7,837		—			731		2,610		8,568		11,178		(4,224		)	2002
Holiday Village	Vero Beach	FL	—			350		1,374		—			224		350		1,598		1,948		(1,053		)	1998
Indian Oaks	Rockledge	FL	—			1,089		3,376		—			1,071		1,089		4,447		5,536		(2,885		)	1998
Island Vista	North Ft. Myers	FL	—			5,004		15,066		—			1,765		5,004		16,831		21,835		(5,985		)	2006
Kings & Queens	Lakeland	FL	—			1,696		3,064		—			176		1,696		3,240		4,936		(872		)	2011
Lake Fairways	N. Ft. Myers	FL	(41,330		)	6,075		18,134		35			3,520		6,110		21,654		27,764		(15,570		)	1994
Lake Haven	Dunedin	FL	(14,920		)	1,135		4,047		—			3,803		1,135		7,850		8,985		(5,853		)	1983
Lake Magic	Clermont	FL	—			1,595		4,793		—			1,175		1,595		5,968		7,563		(2,594		)	2004
Lake Village	Nokomis	FL	(16,824		)	15,850		18,099		—			441		15,850		18,540		34,390		(4,826		)	2011
Lake Worth Village	Lake Worth	FL	(7,216		)	14,959		24,501		—			2,528		14,959		27,029		41,988		(7,100		)	2011
Lakeland Harbor	Lakeland	FL	(15,424		)	10,446		17,376		—			368		10,446		17,744		28,190		(4,631		)	2011
Lakeland Junction	Lakeland	FL	(3,784		)	3,018		4,752		—			139		3,018		4,891		7,909		(1,324		)	2011
Lakes at Countrywood	Plant City	FL	(9,265		)	2,377		7,085		—			2,237		2,377		9,322		11,699		(4,890		)	2001
Lakeside Terrace	Fruitland Park	FL	—			3,275		7,165		—			542		3,275		7,707		10,982		(1,949		)	2011
Lakewood Village	Melbourne	FL	—			1,862		5,627		—			2,030		1,862		7,657		9,519		(5,511		)	1994
Lighthouse Pointe	Port Orange	FL	—			2,446		7,483		23			1,657		2,469		9,140		11,609		(5,886		)	1998
Manatee	Bradenton	FL	—			2,300		6,903		—			1,064		2,300		7,967		10,267		(3,572		)	2004
Maralago Cay	Lantana	FL	(41,275		)	5,325		15,420		—			6,009		5,325		21,429		26,754		(13,332		)	1997
Meadows at Countrywood	Plant City	FL	(20,380		)	4,514		13,175		75			10,158		4,589		23,333		27,922		(13,258		)	1998
Miami Everglades	Miami	FL	—			5,362		6,238		—			325		5,362		6,563		11,925		(1,015		)	2015
Mid-Florida Lakes	Leesburg	FL	(63,308		)	5,997		20,635		—			11,551		5,997		32,186		38,183		(21,523		)	1994
Oak Bend	Ocala	FL	—			850		2,572		—			1,539		850		4,111		4,961		(2,935		)	1993
Oaks at Countrywood	Plant City	FL	(3,774		)	846		2,513		(75		)	1,368		771		3,881		4,652		(2,145		)	1998
Orange Lake	Clermont	FL	(4,980		)	4,303		6,815		—			717		4,303		7,532		11,835		(1,989		)	2011
Orlando	Clermont	FL	—			2,975		7,017		40			5,417		3,015		12,434		15,449		(4,172		)	2004
Palm Beach Colony	West Palm Beach	FL	(11,669		)	5,930		10,113		8			829		5,938		10,942		16,880		(2,841		)	2011
Paradise Park- Largo	Largo	FL	(5,726		)	3,523		4,026		—			434		3,523		4,459		7,982		(367		)	2017
Park City West	Fort Lauderdale	FL	—			4,184		12,561		—			1,006		4,184		13,567		17,751		(6,202		)	2004
Parkwood Communities	Wildwood	FL	(9,068		)	6,990		15,115		—			544		6,990		15,659		22,649		(4,157		)	2011



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Pasco	Lutz	FL	$	(4,013	)	$	1,494	$	4,484	$	—	$	872	$	1,494	$	5,356	$	6,850	$	(2,387	)	2004
Peace River	Wauchula	FL	—			900		2,100		—		875		900		2,975		3,875		(1,079		)	2006
Pickwick	Port Orange	FL	(18,866		)	2,803		8,870		—		1,582		2,803		10,452		13,255		(6,660		)	1998
Pine Island Resort	St. James City	FL	—			1,678		5,044		—		1,164		1,678		6,208		7,886		(1,984		)	2007
Pine Lakes	N. Ft. Myers	FL	—			6,306		14,579		21		8,322		6,327		22,901		29,228		(16,212		)	1994
Pioneer Village	N. Ft. Myers	FL	(13,925		)	4,116		12,353		—		2,271		4,116		14,624		18,740		(6,662		)	2004
Ramblers Rest	Venice	FL	—			4,646		14,201		—		7,519		4,646		21,720		26,366		(7,033		)	2006
Ridgewood Estates	Ellenton	FL	—			8,769		8,791		—		402		8,769		9,193		17,962		(2,499		)	2011
Riverside RV	Arcadia	FL	—			8,400		11,905		—		150		8,400		12,054		20,454		(930		)	2016
Rose Bay	Port Orange	FL	—			3,866		3,528		—		364		3,866		3,893		7,759		(999		)	2016
Royal Coachman	Nokomis	FL	(11,087		)	5,321		15,978		—		1,680		5,321		17,658		22,979		(8,111		)	2004
Shady Lane Oaks	Clearwater	FL	(5,399		)	4,984		8,482		—		309		4,984		8,791		13,775		(2,421		)	2011
Shady Lane Village	Clearwater	FL	—			3,102		5,480		—		139		3,102		5,619		8,721		(1,552		)	2011
Shangri La	Largo	FL	—			1,722		5,200		—		340		1,722		5,540		7,262		(2,505		)	2004
Sherwood Forest	Kissimmee	FL	—			4,852		14,596		—		6,956		4,852		21,552		26,404		(12,907		)	1998
Sherwood Forest RV	Kissimmee	FL	—			2,870		3,621		568		3,457		3,438		7,078		10,516		(4,109		)	1998
Silk Oak	Clearwater	FL	—			1,649		5,028		—		326		1,649		5,354		7,003		(2,649		)	2002
Silver Dollar	Odessa	FL	(12,740		)	4,107		12,431		240		2,789		4,347		15,220		19,567		(6,833		)	2004
Sixth Ave.	Zephryhills	FL	—			837		2,518		—		103		837		2,621		3,458		(1,213		)	2004
Southern Palms	Eustis	FL	—			2,169		5,884		—		3,694		2,169		9,578		11,747		(5,802		)	1998
Southernaire	Mt. Dora	FL	—			796		2,395		—		264		796		2,659		3,455		(1,173		)	2004
Space Coast	Rockledge	FL	—			2,413		3,716		—		493		2,413		4,209		6,622		(624		)	2014
Starlight Ranch	Orlando	FL	(34,905		)	13,543		20,388		—		1,346		13,543		21,734		35,277		(5,998		)	2011
Sunshine Holiday MH	Ormond Beach	FL	—			2,001		6,004		—		919		2,001		6,923		8,924		(3,202		)	2004
Sunshine Holiday RV	Fort Lauderdale	FL	—			3,099		9,286		—		1,386		3,099		10,672		13,771		(4,519		)	2004
Sunshine Key	Big Pine Key	FL	—			5,273		15,822		—		5,240		5,273		21,062		26,335		(8,564		)	2004
Sunshine Travel	Vero Beach	FL	—			1,603		4,813		—		852		1,603		5,665		7,268		(2,408		)	2004
Tarpon Glen	Tarpon Springs	FL	—			2,678		4,016		—		314		2,678		4,330		7,008		(1,203		)	2011
Terra Ceia	Palmetto	FL	—			965		2,905		—		405		965		3,310		4,275		(1,464		)	2004
The Heritage	N. Ft. Myers	FL	(10,894		)	1,438		4,371		346		4,455		1,784		8,826		10,610		(6,174		)	1993
The Meadows	Palm Beach Gardens	FL	(9,934		)	3,229		9,870		—		6,541		3,229		16,411		19,640		(8,167		)	1999
Three Flags RV Resort	Wildwood	FL	—			228		684		—		461		228		1,145		1,373		(435		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Toby’s	Arcadia	FL	$	(3,589	)	$	1,093	$	3,280	$	—	$	465	$	1,093	$	3,745	$	4,838	$	(1,730	)	2003
Topics	Spring Hill	FL	—			844		2,568		—		604		844		3,172		4,016		(1,425		)	2004
Tropical Palms	Kissimmee	FL	—			5,677		17,116		—		9,694		5,677		26,810		32,487		(12,297		)	2004
Tropical Palms	Punta Gorda	FL	—			2,365		7,286		—		2,608		2,365		9,894		12,259		(3,197		)	2006
Vacation Village	Largo	FL	(4,703		)	1,315		3,946		—		690		1,315		4,636		5,951		(2,006		)	2004
Vero Palm	Vero Beach	FL	(11,988		)	6,697		9,025		—		490		6,697		9,515		16,212		(2,486		)	2011
Village Green	Vero Beach	FL	(21,397		)	15,901		25,175		—		1,177		15,901		26,352		42,253		(7,202		)	2011
Villas at Spanish Oaks	Ocala	FL	—			2,250		6,922		—		2,438		2,250		9,360		11,610		(6,591		)	1993
Whispering Pines - Largo	Largo	FL	—			8,218		14,054		—		495		8,218		14,549		22,767		(3,872		)	2011
Windmill Manor	Bradenton	FL	(13,709		)	2,153		6,125		—		1,998		2,153		8,123		10,276		(4,989		)	1998
Windmill Village	N. Ft. Myers	FL	—			1,417		5,440		—		2,493		1,417		7,933		9,350		(6,918		)	1983
Winds of St. Armands North	Sarasota	FL	(25,476		)	1,523		5,063		—		3,565		1,523		8,628		10,151		(7,043		)	1983
Winds of St. Armands South	Sarasota	FL	(16,605		)	1,106		3,162		—		1,419		1,106		4,581		5,687		(3,934		)	1983
Winter Garden	Winter Garden	FL	—			2,321		6,962		—		583		2,321		7,545		9,866		(2,643		)	2007
Coach Royale	Boise	ID	—			465		1,685		—		58		465		1,743		2,208		(497		)	2011
Maple Grove	Boise	ID	—			1,358		5,151		—		161		1,358		5,312		6,670		(1,500		)	2011
Shenandoah Estates	Boise	ID	—			1,287		7,603		—		387		1,287		7,990		9,277		(1,916		)	2011
West Meadow Estates	Boise	ID	(7,800		)	1,371		6,770		—		145		1,371		6,915		8,286		(1,788		)	2011
Golf Vistas Estates	Monee	IL	(11,195		)	2,842		4,719		1		6,892		2,843		11,611		14,454		(7,059		)	1997
O'Connell's	Amboy	IL	(3,923		)	1,648		4,974		—		2,405		1,648		7,379		9,027		(2,905		)	2004
Pheasant Lake Estates	Beecher	IL	(41,474		)	12,764		42,183		—		405		12,764		42,588		55,352		(7,783		)	2013
Pine Country	Belvidere	IL	—			53		166		—		1,118		53		1,284		1,337		(203		)	2006
Willow Lake Estates	Elgin	IL	—			6,138		21,033		—		8,291		6,138		29,324		35,462		(19,777		)	1994
Hoosier Estates	Lebanon	IN	—			2,293		7,197		—		124		2,293		7,321		9,614		(1,840		)	2011
Horseshoe Lake	Clinton	IN	—			155		365		2		589		157		954		1,111		(326		)	2004
Indian Lakes	Batesville	IN	—			450		1,061		6		4,153		456		5,214		5,670		(1,101		)	2004
Lakeside	New Carlisle	IN	—			426		1,281		—		207		426		1,488		1,914		(658		)	2004
North Glen Village	Westfield	IN	—			2,308		6,333		—		341		2,308		6,674		8,982		(1,742		)	2011
Oak Tree Village	Portage	IN	—			569		—		—		4,150		569		4,150		4,719		(3,346		)	1987
Twin Mills RV	Howe	IN	—			1,399		4,186		—		428		1,399		4,614		6,013		(1,699		)	2006
Diamond Caverns Resort & Golf Club	Park City	KY	—			530		1,512		—		305		530		1,817		2,347		(717		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)						Gross Amount Carried at Close of Period 12/31/17
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	$	—		$	370		$	91	$	658	$	749	$	(241	)	2006
Hillcrest	Rockland	MA	(1,749		)	2,034		3,182		—			124			2,034		3,306		5,340		(894		)	2011
Old Chatham RV	South Dennis	MA	(7,166		)	1,760		5,293		—			349			1,760		5,642		7,402		(2,256		)	2005
Sturbridge	Sturbridge	MA	—			110		347		—			696			110		1,043		1,153		(297		)	2006
The Glen	Norwell	MA	—			940		1,680		—			6			940		1,686		2,626		(466		)	2011
Fernwood	Capitol Heights	MD	(13,948		)	6,556		11,674		—			685			6,556		12,359		18,915		(3,199		)	2011
Williams Estates and Peppermint Woods	Middle River	MD	—			22,774		42,575		—			1,288			22,774		43,863		66,637		(11,294		)	2011
Moody Beach	Moody	ME	—			93		292		—			638			93		930		1,023		(238		)	2006
Pinehirst RV Park	Old Orchard Beach	ME	(10,767		)	1,942		5,827		—			1,758			1,942		7,585		9,527		(2,825		)	2005
Mt. Desert Narrows	Bar Harbor	ME	—			1,037		3,127		—			327			1,037		3,454		4,491		(1,134		)	2007
Narrows Too	Trenton	ME	—			1,451		4,408		—			203			1,451		4,611		6,062		(1,526		)	2007
Patton Pond	Ellsworth	ME	—			267		802		—			166			267		968		1,235		(327		)	2007
Bear Cave Resort	Buchanan	MI	—			176		516		—			237			176		753		929		(289		)	2006
Lake in the Hills	Auburn Hills	MI	(3,935		)	1,792		5,599		—			210			1,792		5,809		7,601		(1,695		)	2011
St Clair	St Clair	MI	—			453		1,068		6			456			459		1,524		1,983		(657		)	2004
Swan Creek	Ypsilanti	MI	(5,141		)	1,844		7,180		—			246			1,844		7,426		9,270		(2,176		)	2011
Cedar Knolls	Apple Valley	MN	(15,117		)	10,021		14,357		—			548			10,021		14,905		24,926		(4,215		)	2011
Cimarron Park	Lake Elmo	MN	—			11,097		23,132		(10,234		)	(18,863		)	863		4,269		5,132		(3,451		)	2011
Rockford Riverview Estates	Rockford	MN	—			2,959		8,882		—			336			2,959		9,218		12,177		(2,516		)	2011
Rosemount Woods	Rosemount	MN	—			4,314		8,932		—			331			4,314		9,263		13,577		(2,406		)	2011
Bogue Pines	Newport	NC	—			1,476		2,592		—			18			1,476		2,610		4,086		(462		)	2015
Forest Lake	Advance	NC	—			986		2,325		13			878			999		3,203		4,202		(1,292		)	2004
Goose Creek	Newport	NC	(15,224		)	4,612		13,848		750			2,204			5,362		16,052		21,414		(7,161		)	2004
Green Mountain Park	Lenoir	NC	—			1,037		3,075		—			1,243			1,037		4,318		5,355		(1,371		)	2006
Lake Gaston	Littleton	NC	—			130		409		—			1,286			130		1,695		1,825		(297		)	2006
Lake Myers RV	Mocksville	NC	—			1,504		4,587		—			516			1,504		5,103		6,607		(1,897		)	2006
Scenic	Asheville	NC	—			1,183		3,511		—			573			1,183		4,084		5,267		(1,458		)	2006
Twin Lakes	Chocowinity	NC	—			1,709		3,361		—			751			1,709		4,112		5,821		(1,794		)	2004
Waterway RV	Cedar Point	NC	(5,464		)	2,392		7,185		—			836			2,392		8,021		10,413		(3,508		)	2004
Whispering Pines - NC	Newport	NC	—			3,096		5,082		0.001			78			3,097		5,159		8,256		(843		)	2015



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
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	$	—	$	747	$	4,563	$	15,696	$	20,259	$	(3,990	)	2011
Meadow Park	Fargo	ND	—			943		2,907		—		249		943		3,156		4,099		(853		)	2011
Pine Acres	Raymond	NH	—			3,096		2,102		—		324		3,096		2,426		5,522		(595		)	2014
Sandy Beach RV	Contoocook	NH	—			1,755		5,265		—		231		1,755		5,496		7,251		(2,266		)	2005
Tuxbury Resort	South Hampton	NH	—			3,557		3,910		—		1,067		3,557		4,977		8,534		(1,540		)	2007
Chestnut Lake	Port Republic	NJ	—			337		796		5		1,198		342		1,994		2,336		(549		)	2004
Echo Farms	Ocean View	NJ	—			2,840		3,045		—		1,248		2,840		4,293		7,133		(674		)	2014
Lake & Shore	Ocean View	NJ	—			378		1,192		—		2,089		378		3,281		3,659		(1,115		)	2006
Mays Landing	Mays Landing	NJ	—			536		289		—		531		536		820		1,356		(79		)	2014
Pine Ridge at Crestwood	Whiting	NJ	—			17,367		33,127		—		1,654		17,367		34,781		52,148		(9,035		)	2011
Sea Pines	Swainton	NJ	—			198		625		—		1,307		198		1,932		2,130		(576		)	2006
Bonanza	Las Vegas	NV	—			908		2,643		—		1,965		908		4,608		5,516		(3,745		)	1983
Boulder Cascade	Las Vegas	NV	(7,640		)	2,995		9,020		—		2,823		2,995		11,843		14,838		(7,388		)	1998
Cabana	Las Vegas	NV	(8,475		)	2,648		7,989		—		1,132		2,648		9,121		11,769		(6,778		)	1994
Flamingo West	Las Vegas	NV	(12,488		)	1,730		5,266		—		1,971		1,730		7,237		8,967		(5,195		)	1994
Las Vegas	Las Vegas	NV	—			1,049		2,473		14		1,061		1,063		3,534		4,597		(1,306		)	2004
Mountain View - NV	Henderson	NV	(18,353		)	16,665		25,915		—		548		16,665		26,463		43,128		(6,786		)	2011
Villa Borega	Las Vegas	NV	(8,887		)	2,896		8,774		—		1,315		2,896		10,089		12,985		(6,649		)	1997
Alpine Lake	Corinth	NY	—			4,783		14,125		153		2,588		4,936		16,713		21,649		(6,352		)	2005
Brennan Beach	Pulaski	NY	—			7,325		21,141		—		5,611		7,325		26,752		34,077		(10,339		)	2005
Greenwood Village	Manorville	NY	—			3,667		9,414		484		6,439		4,151		15,853		20,004		(8,956		)	1998
Lake George Escape	Lake George	NY	—			3,562		10,708		—		4,377		3,562		15,085		18,647		(5,282		)	2005
Lake George Schroon Valley	Warrensburg	NY	—			540		1,626		—		214		540		1,840		2,380		(570		)	2008
Rondout Valley Resort	Accord	NY	—			1,115		3,240		—		739		1,115		3,979		5,094		(1,460		)	2006
The Woodlands	Lockport	NY	(45,241		)	12,183		39,687		—		1,488		12,183		41,175		53,358		(10,570		)	2011
Kenisee Lake	Jefferson	OH	—			295		696		4		346		299		1,042		1,341		(381		)	2004
Wilmington	Wilmington	OH	—			235		555		3		417		238		972		1,210		(335		)	2004
Bend	Bend	OR	—			733		1,729		10		1,077		743		2,806		3,549		(1,064		)	2004
Falcon Wood Village	Eugene	OR	—			1,112		3,426		—		718		1,112		4,144		5,256		(2,657		)	1997



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
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	$	—	$	2,066	$	1,817	$	7,799	$	9,616	$	(3,322	)	2002
Pacific City	Cloverdale	OR	—			1,076		2,539		15		1,501		1,091		4,040		5,131		(1,730		)	2004
Portland Fairview	Fairview	OR	—			7,330		10,278		—		147		7,330		10,424		17,754		(1,308		)	2016
Quail Hollow	Fairview	OR	—			—		3,249		—		721		—		3,970		3,970		(2,515		)	1997
Seaside	Seaside	OR	—			891		2,101		12		913		903		3,014		3,917		(1,220		)	2004
Shadowbrook	Clackamas	OR	—			1,197		3,693		—		669		1,197		4,362		5,559		(2,828		)	1997
South Jetty	Florence	OR	—			678		1,598		9		882		687		2,480		3,167		(875		)	2004
Whalers Rest	South Beach	OR	—			754		1,777		10		772		764		2,549		3,313		(1,041		)	2004
Appalachian	Shartlesville	PA	—			1,666		5,044		—		707		1,666		5,751		7,417		(2,067		)	2006
Circle M	Lancaster	PA	—			330		1,041		—		1,300		330		2,341		2,671		(695		)	2006
Dutch County	Manheim	PA	—			88		278		—		234		88		512		600		(164		)	2006
Gettysburg Farm	Dover	PA	—			111		350		—		298		111		648		759		(206		)	2006
Green Acres	Breinigsville	PA	(38,114		)	2,680		7,479		—		4,917		2,680		12,396		15,076		(10,058		)	1988
Greenbriar Village	Bath	PA	—			8,359		16,941		—		363		8,359		17,304		25,663		(4,384		)	2011
Hershey	Lebanon	PA	—			1,284		3,028		17		1,914		1,301		4,942		6,243		(1,862		)	2004
Lil Wolf	Orefield	PA	—			5,627		13,593		—		2,420		5,627		16,013		21,640		(3,647		)	2011
Mountain View - PA	Walnutport	PA	—			3,207		7,182		—		302		3,207		7,484		10,691		(1,935		)	2011
Robin Hill	Lenhartsville	PA	—			1,263		3,786		—		404		1,263		4,190		5,453		(1,232		)	2009
Scotrun	Scotrun	PA	—			153		483		—		242		153		725		878		(255		)	2006
Spring Gulch	New Holland	PA	—			1,593		4,795		—		815		1,593		5,610		7,203		(2,482		)	2004
Sun Valley	Bowmansville	PA	—			866		2,601		—		758		866		3,359		4,225		(898		)	2009
Timothy Lake North	East Stroudsburg	PA	—			296		933		—		748		296		1,681		1,977		(507		)	2006
Timothy Lake South	East Stroudsburg	PA	—			206		649		—		184		206		833		1,039		(276		)	2006
Carolina Landing	Fair Play	SC	—			457		1,078		6		529		463		1,607		2,070		(610		)	2004
Inlet Oaks	Murrells Inlet	SC	—			1,546		4,642		—		252		1,546		4,894		6,440		(1,882		)	2006
The Oaks at Point South	Yemassee	SC	—			267		810		—		141		267		951		1,218		(357		)	2006
Cherokee Landing	Middleton	TN	—			118		279		2		143		120		422		542		(169		)	2004
Natchez Trace	Hohenwald	TN	—			533		1,257		7		938		540		2,195		2,735		(827		)	2004
Alamo Palms Resort	Harlingen	TX	(6,234		)	1,562		7,924		—		292		1,562		8,216		9,778		(2,047		)	2012
Bay Landing	Bridgeport	TX	—			438		1,033		6		1,061		444		2,094		2,538		(646		)	2004
Colorado River	Columbus	TX	—			466		1,099		6		870		472		1,969		2,441		(603		)	2004
Country Sunshine	Weslaco	TX	—			627		1,881		—		1,016		627		2,897		3,524		(1,341		)	2004
Fun n Sun RV	San Benito	TX	(6,120		)	2,533		5,560		408		6,587		2,941		12,147		15,088		(7,478		)	1998
Lake Conroe	Willis	TX	—			1,363		3,214		18		9,357		1,381		12,571		13,952		(2,554		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at Close of Period 12/31/17
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	$	—	$	529	$	35	$	2,849	$	2,884	$	(1,151	)	2004
Lake Texoma	Gordonville	TX	—			488		1,151		6		1,609		494		2,760		3,254		(911		)	2004
Lake Whitney	Whitney	TX	—			679		1,602		10		1,226		689		2,828		3,517		(1,011		)	2004
Lakewood	Harlingen	TX	—			325		979		—		347		325		1,326		1,651		(611		)	2004
Medina Lake	Lakehills	TX	—			936		2,208		13		1,200		949		3,408		4,357		(1,410		)	2004
Paradise Park RV	Harlingen	TX	—			1,568		4,705		—		1,048		1,568		5,753		7,321		(2,580		)	2004
Paradise South	Mercedes	TX	—			448		1,345		—		533		448		1,878		2,326		(790		)	2004
Southern Comfort	Weslaco	TX	(4,554		)	1,108		3,323		—		530		1,108		3,853		4,961		(1,767		)	2004
Sunshine RV	Harlingen	TX	—			1,494		4,484		—		1,442		1,494		5,926		7,420		(2,615		)	2004
Tropic Winds	Harlingen	TX	—			1,221		3,809		—		755		1,221		4,564		5,785		(2,281		)	2002
Victoria Palms Resort	Harlingen	TX	(10,546		)	2,849		12,305		—		1,700		2,849		14,005		16,854		(3,572		)	2012
All Seasons	Salt Lake City	UT	—			510		1,623		—		646		510		2,269		2,779		(1,419		)	1997
St. George	Hurricane	UT	—			64		264		2		550		66		814		880		(179		)	2010
Westwood Village	Farr West	UT	—			1,346		4,179		—		2,370		1,346		6,549		7,895		(4,030		)	1997
Bethpage	Urbana	VA	—			33,486		50,229		868		1,331		34,354		51,560		85,914		—			2017
Chesapeake Bay	Cloucester	VA	—			1,230		2,900		16		2,412		1,246		5,312		6,558		(1,944		)	2004
Grey's Point	Topping	VA	—			19,402		29,103		—		7		19,402		29,110		48,512		—			2017
Harbor View	Colonial Beach	VA	—			64		202		—		626		64		828		892		(239		)	2006
Lynchburg	Gladys	VA	—			266		627		3		369		269		996		1,265		(386		)	2004
Meadows of Chantilly	Chantilly	VA	(42,210		)	5,430		16,440		—		7,941		5,430		24,381		29,811		(16,617		)	1994
Regency Lakes	Winchester	VA	(9,216		)	9,757		19,055		—		1,912		9,757		20,967		30,724		(5,203		)	2011
Virginia Landing	Quinby	VA	—			602		1,419		8		388		610		1,807		2,417		(765		)	2004
Williamsburg	Williamsburg	VA	—			111		350		—		325		111		675		786		(212		)	2006
Birch Bay	Blaine	WA	—			502		1,185		7		195		509		1,380		1,889		(592		)	2004
Chehalis	Chehalis	WA	—			590		1,392		8		1,511		598		2,903		3,501		(1,006		)	2004
Crescent Bar	Quincy	WA	—			314		741		4		484		318		1,225		1,543		(500		)	2004
Grandy Creek	Concrete	WA	—			475		1,425		—		391		475		1,816		2,291		(594		)	2008
Kloshe Illahee	Federal Way	WA	(15,217		)	2,408		7,286		—		866		2,408		8,152		10,560		(5,380		)	1997
La Conner	La Conner	WA	—			—		2,016		—		1,122		—		3,138		3,138		(1,387		)	2004
Leavenworth	Leavenworth	WA	—			786		1,853		10		873		796		2,726		3,522		(1,089		)	2004
Little Diamond	Newport	WA	—			353		834		5		926		358		1,760		2,118		(582		)	2004
Long Beach	Seaview	WA	—			321		758		5		441		326		1,199		1,525		(444		)	2004
Mount Vernon	Bow	WA	—			621		1,464		8		1,342		629		2,806		3,435		(969		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at Close of Period 12/31/17
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		$	447	$	287	$	1,115	$	1,402	$	(343	)	2004
Paradise	Silver Creek	WA	—			466		1,099		6			583		472		1,682		2,154		(641		)	2004
Tall Chief	Fall City	WA	—			314		946		—			489		314		1,435		1,749		(421		)	2010
Thunderbird	Monroe	WA	—			500		1,178		6			374		506		1,552		2,058		(646		)	2004
Arrowhead	Wisconsin Dells	WI	—			522		1,616		—			537		522		2,153		2,675		(794		)	2006
Blackhawk	Milton	WI	—			1,789		7,613		—			328		1,789		7,941		9,730		(1,283		)	2014
Fremont	Fremont	WI	—			1,437		4,296		—			886		1,437		5,182		6,619		(2,270		)	2004
Lakeland	Milton	WI	—			3,159		13,830		—			402		3,159		14,232		17,391		(2,238		)	2014
Neshonoc Lakeside	LaCrosse County	WI	(5,212		)	1,106		4,862		(1		)	103		1,105		4,964		6,069		(783		)	2013
Plymouth Rock	Elkhart Lake	WI	—			2,293		6,879		—			1,155		2,293		8,034		10,327		(2,228		)	2009
Rainbow Lake Manor	Bristol	WI	—			4,474		16,594		—			558		4,474		17,152		21,626		(3,177		)	2013
Tranquil Timbers	Sturgeon Bay	WI	—			714		2,152		—			481		714		2,633		3,347		(1,008		)	2006
Westwood Estates	Pleasant Prairie	WI	—			5,382		19,732		—			1,214		5,382		20,946		26,328		(3,852		)	2013
Yukon Trails	Lyndon Station	WI	—			556		1,629		—			243		556		1,872		2,428		(818		)	2004
Subtotal of Properties Held for Long Term			(1,971,715		)	1,179,009		2,753,350		42,363			687,336		1,221,375		3,440,683		4,662,058		(1,441,277		)
Realty Systems, Inc.			—			—		—		—			229,159		—		229,159		229,159		(55,535		)
Management Business and other			—			—		436		—			24,160		—		24,596		24,596		(19,882		)
			$	(1,971,715	)	$	1,179,009	$	2,753,786	$	42,363		$	940,655	$	1,221,375	$	3,694,438	$	4,915,813	$	(1,516,694	)

_________________________________


(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, 2017, 2016 and 2015 were as follows:



	2017			2016			2015
Balance, beginning of year	$	4,685,336		$	4,477,599		$	4,387,913
Acquisitions	142,484			120,448			23,900
Improvements	126,050			119,437			93,799
Dispositions and other	(38,057		)	(32,148		)	(28,013		)
Balance, end of year	$	4,915,813		$	4,685,336		$	4,477,599

The changes in accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 were as follows:



	2017			2016			2015
Balance, beginning of year	$	1,399,531		$	1,282,423		$	1,169,492
Depreciation expense ^(a)	121,455			117,400			113,609
Amortization of in-place leases	2,231			3,373			2,358
Dispositions and other	(6,523		)	(3,665		)	(3,036		)
Balance, end of year	$	1,516,694		$	1,399,531		$	1,282,423

________________________


(a)	Includes depreciation from rental operations of approximately $10.4 million, for the years ended December 31, 2017 and approximately $10.7 million for the year ended December 31, 2016 and 2015.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation and Principals of Consolidation

Basis of Consolidation

Use of Estimates

Real Estate

Note 2—Summary of Significant Accounting Policies (continued)

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, Net

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

Note 2—Summary of Significant Accounting Policies (continued)

Receivables

Allowance for Doubtful Accounts

Derivatives

Investment in Unconsolidated Joint Ventures

Preferred Stock

Equity Incentive Awards

Summary of significant accounting (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Tax Treatment Of Dividends And Distributions Table

During the years ended December 31, 2017, 2016 and 2015, our tax treatment of common stock distributions were as follows (unaudited):



	2017		2016		2015
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	1.657	$	1.471	$	1.169
Long-term capital gains	0.718		—		—
Nondividend distributions	—		0.179		0.081
Distributions declared per common stock outstanding	$	2.375	$	1.650	$	1.250

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015 (amounts in thousands, except per share data):



	Years Ended December 31,
	2017			2016			2015
Numerators:
Net Income Available for Common Stockholders:
Consolidated net income	$	210,377		$	187,132		$	150,512
Amounts allocated to dilutive securities	(12,788		)	(13,869		)	(11,141		)
Preferred Stock distributions	(7,685		)	(9,226		)	(9,226		)
Net income available to Common Stockholders – basic	189,904			164,037			130,145
Amounts allocated to dilutive securities	12,788			13,869			11,141
Net income available to Common Stockholders – fully diluted	$	202,692		$	177,906		$	141,286
Denominator:
Weighted average Common Stock outstanding—basic	86,997			84,778			84,031
Effect of dilutive securities:
Redemption of Common OP Units for Common Stock	6,033			7,204			7,216
Stock options and restricted stock	395			587			660
Weighted average Common Stock outstanding—fully diluted	93,425			92,569			91,907

Earnings per Common Share—Basic:
Net income available for Common Stockholders	$	2.18		$	1.93		$	1.55

Earnings per Common Share—Fully Diluted:
Net income available for Common Stockholders	$	2.17		$	1.92		$	1.54

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward



	Years Ended December 31,
	2017		2016		2015
Shares outstanding at January 1,	85,529,386		84,253,065		83,879,779
Common stock issued through the ATM Equity Offering Program	1,380,017		683,548		—
Common stock issued through conversion of OP Units	1,335,900		37,678		24,289
Common stock issued through exercise of options	220,000		440,000		220,000
Common stock issued through stock grants	130,426		133,717		158,014
Common stock forfeitures	(990	)	—		—
Common stock issued through ESPP and Dividend Reinvestment Plan	25,101		17,373		20,133
Common stock repurchased and retired	(34,680	)	(35,995	)	(49,150	)
Shares outstanding at December 31,	88,585,160		85,529,386		84,253,065

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, 2015:



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.375000	March 31, 2015	March 27, 2015	April 10, 2015
$0.375000	June 30, 2015	June 26, 2015	July 10, 2015
$0.375000	September 30, 2015	September 25, 2015	October 9, 2015
$0.375000	December 31, 2015	December 28, 2015	January 8, 2016
$0.425000	March 31, 2016	March 25, 2016	April 8, 2016
$0.425000	June 30, 2016	June 24, 2016	July 8, 2016
$0.425000	September 30, 2016	September 30, 2016	October 14, 2016
$0.425000	December 31, 2016	December 30, 2016	January 13, 2017
$0.487500	March 31, 2017	March 31, 2017	April 14, 2017
$0.487500	June 30, 2017	June 30, 2017	July 14, 2017
$0.487500	September 30, 2017	September 29, 2017	October 13, 2017
$0.487500	December 31, 2017	December 29, 2017	January 12, 2018

Schedule of Stock by Class



	Year Ended December 31, 2017		Year Ended December 31, 2016
Shares of Common Stock sold	1,380,017		683,548
Weighted average price	$	87.46	$	73.15
Total gross proceeds	$	120,698	$	50,000
Commissions paid to sales agents	$	1,512	$	657

The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2015 and prior to the stock's redemption, which occurred in September 2017:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.421875	March 31, 2015	March 20, 2015	March 31, 2015
$0.421875	June 30, 2015	June 19, 2015	June 30, 2015
$0.421875	September 30, 2015	September 18, 2015	September 30, 2015
$0.421875	December 31, 2015	December 11, 2015	December 31, 2015
$0.421875	March 31, 2016	March 21, 2016	March 31, 2016
$0.421875	June 30, 2016	June 17, 2016	June 30, 2016
$0.421875	September 30, 2016	September 16, 2016	September 30, 2016
$0.421875	December 31, 2016	December 15, 2016	December 31, 2016
$0.421875	March 31, 2017	March 10, 2017	March 31, 2017
$0.421875	June 30, 2017	June 15, 2017	June 30, 2017
$0.421875	September 30, 2017	September 15, 2017	October 2, 2017

- 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, 2017

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, 2017, 2016, and 2015 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,
	2017		2016		2015
Assets acquired
Land	$	57,278	$	60,489	$	8,985
Buildings and other depreciable property	85,096		55,445		13,948
Manufactured homes	—		67		345
In-place leases	—		4,447		622
Net investment in real estate	$	142,374	$	120,448	$	23,900
Other assets	—		20		53
Total assets acquired	$	142,374	$	120,468	$	23,953
Liabilities assumed
Mortgage notes payable	$	5,900	$	22,010	$	—
Other liabilities	32		2,214		266
Total liabilities assumed	$	5,932	$	24,224	$	266
Net assets acquired	$	136,442	$	96,244	$	23,687

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments



						Investment as of				Income/(Loss) for Years Ended
Investment	Location	Number of Sites^(d)	Economic Interest^(a)			December 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016			December 31, 2015
Meadows	Various (2,2)	1,077	50	%		$	307	$	510	$	2,197	$	1,348		$	1,401
Lakeshore	Florida (3,2)	720	^(b)			2,530		56		115		318			1,777
Voyager	Arizona (1,1)	1,801	50	%	^(c)	3,205		3,376		891		1,014			846
Loggerhead	Various	2,343	49	%		31,414		—		230		—			—
Echo JV	Various	—	50	%		15,624		15,427		332		(75		)	65
		5,941				$	53,080	$	19,369	$	3,765	$	2,605		$	4,089

_________________________


(a)	The percentages shown approximate our economic interest as of December 31, 2017. Our legal ownership interest may differ.


(b)	Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest.


(c)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.


(d)	Loggerhead sites represents marina slip counts.

Notes and Contracts Receivable (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Schedule of doubtful accounts

During the years ended December 31, 2017, 2016 and 2015, our allowance for doubtful accounts was as follows (amounts in thousands):



	2017			2016			2015
Balance, beginning of period	$	5,378		$	6,470		$	7,110
Provision for losses	4,181			3,926			4,055
Write-offs	(4,014		)	(5,018		)	(4,695		)
Balance, end of period	$	5,545		$	5,378		$	6,470

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Aggregate Payments of Principal on Long-Term Borrowings

The table below presents as of December 31, 2017, the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter (amounts in thousands):



Year	Amount
2018	$	47,300
2019	241,158
2020	158,547
2021	248,414
2022	168,625
Thereafter	1,356,449
Net unamortized premiums	3,253
Unamortized deferred financing costs	(23,729		)
Total	$	2,200,017

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017		December 31, 2016
Interest Rate Swap - 2017	Escrow deposits, goodwill and other assets, net	$	942	N/A
Interest Rate Swap - 2014	Accrued expenses and accounts payable	N/A		$	227

Effect of Derivative Instruments on Consolidated Statements of Operations



Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/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, 2017			December 31, 2016		December 31, 2015			December 31, 2017		December 31, 2016		December 31, 2015
Interest Rate Swap	$	(869	)	$	813	$	1,900	Interest Expense	$	300	$	1,139	$	1,728

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

12 Months Ended

Dec. 31, 2017

Deferred Revenue Disclosure [Abstract]

Deferred Revenue, by Arrangement, Disclosure

As of December 31, 2017 and 2016, 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,
	2017			2016
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$	81,484		$	78,405
Right-to-use contracts current period, gross	14,132			12,327
Revenue recognized from right-to-use contract upfront payments	(10,020		)	(9,248		)
Right-to-use contract upfront payments, deferred, net	4,112			3,079
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	$	85,596		$	81,484

Deferred commission expense, as of January 1,	$	31,375		$	30,865
Deferred commission expense	4,577			4,659
Commission expense recognized	(4,509		)	(4,149		)
Net increase in deferred commission expense	68			510
Deferred commission expense, as of December 31,	$	31,443		$	31,375

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2017, future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases are as follows (amounts in thousands):



Year	Amount
2018	$	106,578
2019	105,698
2020	66,108
2021	12,635
2022	11,920
Thereafter	36,674
Total	$	339,613

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2017 (amounts in thousands):



	Total		2018		2019		2020		2021		2022		Thereafter
Office Rent Lease	$	8,354	$	2,221	$	2,062	$	2,011	$	1,711	$	200	$	149
Ground Lease	15,655		2,022		2,028		2,030		2,033		1,533		6,009
Total Operating Leases	$	24,009	$	4,243	$	4,090	$	4,041	$	3,744	$	1,733	$	6,158

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases, Operating [Abstract]

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



Year	Amount
2018	$	106,578
2019	105,698
2020	66,108
2021	12,635
2022	11,920
Thereafter	36,674
Total	$	339,613

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2017 (amounts in thousands):



	Total		2018		2019		2020		2021		2022		Thereafter
Office Rent Lease	$	8,354	$	2,221	$	2,062	$	2,011	$	1,711	$	200	$	149
Ground Lease	15,655		2,022		2,028		2,030		2,033		1,533		6,009
Total Operating Leases	$	24,009	$	4,243	$	4,090	$	4,041	$	3,744	$	1,733	$	6,158

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2017

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

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of our restricted stock activity, and related information for the years ended December 31, 2017, 2016, and 2015 follows:



	Number of Shares		Weighted Average Grant Date Fair Value
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	133,717		68.21
Shares vested	(153,610	)	59.85
Balance at December 31, 2016	65,607		63.68
Shares granted	130,426		76.25
Shares forfeited	(990	)	80.54
Shares vested	(125,271	)	68.79
Balance at December 31, 2017	69,772		77.77

Summary of Stock Option Activity

Note 14—Equity Incentive Awards (continued)

A summary of our stock option activity, and related information for the years ended December 31, 2017, 2016 and 2015 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		10.70
Options exercised	(440,000	)	25.66
Balance at December 31, 2016	433,150		21.44		1.7
Options issued	6,930		11.00
Options exercised	(220,000	)	22.05
Balance at December 31, 2017	220,080		18.32		1.5
Exercisable at December 31, 2017	212,966		20.84		1.4

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:



	2017
Dividend Yield	2.4		%
Risk-free interest rate	1.9		%
Expected Life	5.5 years
Expected Volatility	17.8		%
Estimated Grant Date Fair Value of Options	$	76,230

Preferred Stock Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Stock by Class



	Year Ended December 31, 2017		Year Ended December 31, 2016
Shares of Common Stock sold	1,380,017		683,548
Weighted average price	$	87.46	$	73.15
Total gross proceeds	$	120,698	$	50,000
Commissions paid to sales agents	$	1,512	$	657

The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2015 and prior to the stock's redemption, which occurred in September 2017:



Distribution Amount Per Share	For the Quarter Ending	Stockholder Record Date	Payment Date
$0.421875	March 31, 2015	March 20, 2015	March 31, 2015
$0.421875	June 30, 2015	June 19, 2015	June 30, 2015
$0.421875	September 30, 2015	September 18, 2015	September 30, 2015
$0.421875	December 31, 2015	December 11, 2015	December 31, 2015
$0.421875	March 31, 2016	March 21, 2016	March 31, 2016
$0.421875	June 30, 2016	June 17, 2016	June 30, 2016
$0.421875	September 30, 2016	September 16, 2016	September 30, 2016
$0.421875	December 31, 2016	December 15, 2016	December 31, 2016
$0.421875	March 31, 2017	March 10, 2017	March 31, 2017
$0.421875	June 30, 2017	June 15, 2017	June 30, 2017
$0.421875	September 30, 2017	September 15, 2017	October 2, 2017

- Definition

+ References

+ Details

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	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 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		)
Other expenses, including property rights initiatives							(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, 2017
	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	859,582		$	52,355		$	911,937
Operations expenses	(411,465		)	(47,309		)	(458,774		)
Income from segment operations	448,117			5,046			453,163
Interest income	3,048			4,192			7,240
Depreciation on real estate assets and rental homes	(110,841		)	(10,614		)	(121,455		)
Amortization of in-place leases	(2,231		)	—			(2,231		)
Income (loss) from operations	$	338,093		$	(1,376	)	336,717
Reconciliation to Consolidated net income
Corporate interest income							340
Income from other investments, net							5,795
General and administrative							(31,737		)
Early debt retirement							(2,785		)
Other expenses, including property rights initiatives							(1,148		)
Interest and related amortization							(100,570		)
Equity in income of unconsolidated joint ventures							3,765
Consolidated net income							$	210,377

Total assets	$	3,386,084		$	223,948		$	3,610,032
Capital improvements	$	76,112		$	49,938		$	126,050



	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		)
Other expenses, including property rights initiatives							(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, 2017, 2016, and 2015 (amounts in thousands):



	Years Ended December 31,
	2017			2016			2015
Revenues:
Community base rental income	$	489,613		$	464,745		$	442,046
Resort base rental income	218,806			201,533			184,760
Right-to-use annual payments	45,798			45,035			44,443
Right-to-use contracts current period, gross	14,132			12,327			12,783
Right-to-use contract upfront payments, deferred, net	(4,108		)	(3,079		)	(4,231		)
Utility income and other	93,252			81,427			76,153
Ancillary services revenues, net	2,089			1,796			2,880
Total property operations revenues	859,582			803,784			758,834
Expenses:
Property operating and maintenance	294,119			268,249			254,668
Real estate taxes	55,010			53,036			50,962
Sales and marketing, gross	11,438			11,056			11,751
Right-to-use contract commissions, deferred, net	(354		)	(223		)	(1,556		)
Property management	51,252			47,083			44,528
Total property operations expenses	411,465			379,201			360,353
Income from property operations segment	$	448,117		$	424,583		$	398,481



	Years Ended December 31,
	2017		2016		2015
Revenues:
Gross revenue from home sales	$	36,302	$	37,191	$	33,150
Brokered resale revenues, net	1,235		1,198		1,269
Rental home income ⁽¹⁾	14,344		14,107		14,012
Ancillary services revenues, net	474		—		—
Total revenues	52,355		52,496		48,431
Expenses:
Cost of home sales	36,513		37,456		32,279
Home selling expenses	4,186		3,575		3,191
Rental home operating and maintenance	6,610		6,883		7,167
Total expenses	47,309		47,914		42,637
Income from home sales and rentals operations segment	$	5,046	$	4,582	$	5,794

_________________________


(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, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

The following is unaudited quarterly data for 2017 and 2016 (amounts in thousands, except per share amounts):



2017	First Quarter 3/31		Second Quarter 6/30		Third Quarter 9/30		Fourth Quarter 12/31
Total revenues	$	232,389	$	221,312	$	241,625	$	229,986
Income from operations	$	93,636	$	75,865	$	84,824	$	82,392
Consolidated net income	$	63,075	$	44,463	$	54,865	$	47,974
Net income available for Common Stockholders	$	56,888	$	39,498	$	48,525	$	44,993
Basic weighted average Common Shares	86,048		86,763		87,037		88,115
Diluted weighted average Common Shares	93,011		93,063		93,324		94,295
Earnings income per Common Share outstanding—Basic	$	0.66	$	0.46	$	0.56	$	0.51
Earnings per Common Share outstanding—Diluted	$	0.65	$	0.45	$	0.56	$	0.51



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		85,105		85,163
Diluted weighted average Common Shares	92,041		92,264		92,910		92,965
Earnings 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

Our Organization and Basis of Presentation - Additional Information (Detail) - shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Units of partnership interest (in shares)	5,834,100	7,170,000	7,207,678

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Jan. 12, 2018	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017	Jan. 13, 2017	Oct. 14, 2016	Jul. 08, 2016	Apr. 08, 2016	Jan. 08, 2016	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Cash and cash equivalents, restricted cash													$ 5,300	$ 5,300
Accumulated amortization for deferred financing costs													33,900	31,400
Intangibles including goodwill													12,100	12,100
Intangible assets													4,300	4,300
Goodwill													7,800	7,800
Accumulated amortization of identified intangible assets													2,900	2,800
Amortization of in-place leases													2,231	3,373	$ 2,358
Long-term debt													2,193,700	2,110,200
Deferred revenue, estimated period of recognition															31 years
Private REIT Subsidiaries preferred stock													68,088	$ 73,304
Operating loss carryforwards													13,000
Net investment in real estate U.S federal tax basis													3,200,000
Net investment in notes receivable U.S federal tax basis													$ 51,200
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income (usd per share)													$ 1.657	$ 1.471	$ 1.169
Long-term Capital Gain													0.718	0.000	0.000
Nondividend distributions (usd per share)													0.000	0.179	0.081
Distributions declared per Common Share outstanding (usd per share)													$ 2.375	$ 1.650	$ 1.250
Quarterly distribution paid per common share (usd per share)		$ 0.487500	$ 0.487500	$ 0.487500	$ 0.425000	$ 0.425000	$ 0.425000	$ 0.425000	$ 0.375000	$ 0.375000	$ 0.375000	$ 0.375000
Preferred Stock
Significant Accounting Policies [Line Items]
Private REIT Subsidiaries preferred stock													$ 100
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable, fair value													2,184,000	$ 2,100,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization of in-place leases													$ 100	200	$ 400
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)													93.80%
Subsequent Event
Tax status of Common Shares distributions deemed paid during the year:
Quarterly distribution paid per common share (usd per share)	$ 0.4875
Other income and expense
Tax status of Common Shares distributions deemed paid during the year:
Litigation settlement														2,400
Domestic Tax Authority
Significant Accounting Policies [Line Items]
Operating loss carryforwards													$ 75,000	$ 88,100

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerators:
Consolidated net income	$ 47,974	$ 54,865	$ 44,463	$ 63,075	$ 42,381	$ 46,757	$ 40,804	$ 57,190	$ 210,377	$ 187,132	$ 150,512
Amounts allocated to dilutive securities									12,788	13,869	11,141
Preferred Stock distributions									(7,685)	(9,226)	(9,226)
Net income available to Common Stockholders – basic									189,904	164,037	130,145
Net income available to Common Stockholders – fully diluted									12,788	13,869	11,141
Net Income (Loss) Available to Common Stockholders, Diluted									$ 202,692	$ 177,906	$ 141,286
Denominator:
Weighted average Common Shares outstanding – basic (shares)	88,115	87,037	86,763	86,048	85,163	85,105	84,516	84,321	86,997	84,778	84,031
Effect of dilutive securities:
Redemption of Common OP Units for Common Stockholders (shares)									6,033	7,204	7,216
Stock options and restricted Stockholders (shares)									395	587	660
Weighted average Common Shares outstanding – fully diluted (shares)	94,295	93,324	93,063	93,011	92,965	92,910	92,264	92,041	93,425	92,569	91,907
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 0.51	$ 0.56	$ 0.46	$ 0.66	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 2.18	$ 1.93	$ 1.55
Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 0.51	$ 0.56	$ 0.45	$ 0.65	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 2.17	$ 1.92	$ 1.54

Common Stock and Other Equity Related Transactions - Employee Stock Purchase Program (Details) - USD ($)													12 Months Ended
	Jan. 12, 2018	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017	Jan. 13, 2017	Oct. 14, 2016	Jul. 08, 2016	Apr. 08, 2016	Jan. 08, 2016	Oct. 09, 2015	Jul. 10, 2015	Apr. 10, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Stock Purchase Program [Line Items]
ESPP, purchase price discount (in percentage)													85.00%
ESPP, issued during the period (in shares)													24,715	17,037	19,788
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)		$ 0.487500	$ 0.487500	$ 0.487500	$ 0.425000	$ 0.425000	$ 0.425000	$ 0.425000	$ 0.375000	$ 0.375000	$ 0.375000	$ 0.375000
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
Subsequent Event
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)	$ 0.4875

Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Units of partnership interest (in shares)	5,834,100	7,170,000	7,207,678
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1, (shares)	85,529,386	84,253,065	83,879,779
Common stock issued through the At-The-Market Offering Program (in shares)	1,380,017	683,548	0
Common stock issued through conversion of OP Units (in shares)	1,335,900	37,678	24,289
Common stock issued through exercise of options (in shares)	220,000	440,000	220,000
Common stock issued through stock grants	130,426	133,717	158,014
Common stock forfeitures	(990)	0	0
Common stock issued through ESPP and Dividend Reinvestment Plan (in shares)	25,101	17,373	20,133
Common stock repurchased and retired (in shares)	(34,680)	(35,995)	(49,150)
Shares outstanding at December 31, (shares)	88,585,160	85,529,386	84,253,065
Share based payment award repurchased shares for taxes (usd per share)	$ 89.02	$ 72.22	$ 66.20
Percentage of ownership interests (in percentage)	93.80%	92.30%
Ownership percentage by noncontrolling owners (in percentage)	6.20%	7.70%

Common Stock and Other Equity Related Transactions - At-market offering (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 02, 2017	Nov. 01, 2017
Class of Stock [Line Items]
Par or stated value per share (usd per share)	$ 0.01	$ 0.01
Common stock issued through the At-The-Market Offering Program (in shares)	1,380,017	683,548	0
Commissions paid to sales agents	$ 1,947	$ 1,122	$ 491
Private Placement
Class of Stock [Line Items]
Aggregate offering price				$ 200,000	$ 125,000
Total gross proceeds	121	$ 50
Common stock, available for issuance	$ 150,000
Private Placement \| Common Stock
Class of Stock [Line Items]
Common stock issued through the At-The-Market Offering Program (in shares)	1,380,017	683,548
Weighted average price (in usd per share)	$ 87.46	$ 73.15
Commissions paid to sales agents	$ 1,512	$ 657

Investment in Real Estate - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) site	Dec. 31, 2016 USD ($) property site	Dec. 31, 2015 USD ($) site
Real Estate Properties [Line Items]
Number of properties acquired \| property		4
Number of sites acquired \| site	1,870	2,377
Purchase price of the property	$ 142,400	$ 120,500
Long-term Debt	2,200,017
Mortgage debt assumed	5,900	22,600
Unamortized discount (premium)	3,253
R V Resort
Real Estate Properties [Line Items]
Number of sites acquired \| site			731
Purchase price of the property			$ 23,900
Paradise Park Largo
Real Estate Properties [Line Items]
Debt assumed for the purchase of property	$ 5,900
Forest Lake Estates \| Zephryhills, Florida
Real Estate Properties [Line Items]
Debt assumed for the purchase of property		$ 22,600

Investment in Real Estate - Real Estate Acquired (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets acquired
Assets acquired	$ 142,374	$ 120,448	$ 23,900
Other assets	0	20	53
Total assets acquired	142,374	120,468	23,953
Liabilities assumed
Mortgage notes payable	5,900	22,010	0
Other liabilities	32	2,214	266
Total liabilities assumed	5,932	24,224	266
Net assets acquired	136,442	96,244	23,687
Land
Assets acquired
Assets acquired	57,278	60,489	8,985
Buildings and other depreciable property
Assets acquired
Assets acquired	85,096	55,445	13,948
Manufactured homes
Assets acquired
Assets acquired	0	67	345
In-place leases
Assets acquired
Assets acquired	$ 0	$ 4,447	$ 622

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands				12 Months Ended
	Aug. 08, 2017 USD ($)	Jun. 15, 2017 USD ($) joint_venture_site	Aug. 29, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 04, 2016 USD ($)	Feb. 12, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures				$ 33,345	$ 5,134	$ 4,000
Purchase price of the property				142,400	120,500
Equity in income from unconsolidated joint ventures				3,765	2,605	4,089
Term loan issued to JV		$ 13,800
Loan receivable, stated interest rate (in percentage)		5.00%
Adjustment depreciation				1,500	1,300	1,100
Distributions, including those in excess of basis				3,800	5,900	3,700
Distributions in excess of basis				800		1,400
Investments in unconsolidated joint ventures				$ 53,080	19,369
Florida Atlantic Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	$ 30,000
Economic Interest (in percentage)	49.00%
Crosswinds
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		$ 2,200
Economic Interest (in percentage)		49.00%
Voyager Investments
Schedule of Equity Method Investments [Line Items]
Proceeds from distributions			$ 4,100
Arizona \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)				50.00%
Equity in income from unconsolidated joint ventures				$ 891	1,014	$ 846
Proceeds from loans			$ 8,500
Investments in unconsolidated joint ventures				$ 3,205	$ 3,376
ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures							$ 5,000	$ 4,000
Crosswinds \| Corporate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of sites acquired \| joint_venture_site		376
Purchase price of the property		$ 18,400

Investment in Unconsolidated Joint Ventures - Summary of Unconsolidated Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) site	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Sites(d) \| site	5,941
Investment in unconsolidated joint ventures	$ 53,080	$ 19,369
Equity in income of unconsolidated joint ventures	$ 3,765	2,605	$ 4,089
Meadows Investments \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites(d) \| site	1,077
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures	$ 307	510
Equity in income of unconsolidated joint ventures	$ 2,197	1,348	1,401
Lakeshore Investments \| Florida
Schedule of Equity Method Investments [Line Items]
Number of Sites(d) \| site	720
Investment in unconsolidated joint ventures	$ 2,530	56
Equity in income of unconsolidated joint ventures	$ 115	318	1,777
Voyager Investments \| Arizona
Schedule of Equity Method Investments [Line Items]
Number of Sites(d) \| site	1,801
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures	$ 3,205	3,376
Equity in income of unconsolidated joint ventures	$ 891	1,014	846
Loggerhead \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites(d) \| site	2,343
Economic Interest (in percentage)	49.00%
Investment in unconsolidated joint ventures	$ 31,414	0
Equity in income of unconsolidated joint ventures	$ 230	0	0
ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites(d) \| site	0
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures	$ 15,624	15,427
Equity in income of unconsolidated joint ventures	$ 332	$ (75)	$ 65
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%

Notes and Contracts Receivable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivables	$ 19,700	$ 18,000
Receivables, allowances	5,545	5,378	$ 6,470	$ 7,110
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Chattel notes receivable, net	$ 15,900	16,500
Loans receivable, stated interest yield per annum (in percentage)	7.70%
Notes receivable, yield rate (in percentage)	22.00%
Loans receivable, amortization term (in years)	10 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
Contract receivable, weighted average rate (in percentage)	16.40%
Receivables, allowances	$ 500	700
Rent Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, allowances	$ 4,700	$ 4,400

Notes and Contracts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 5,378	$ 6,470	$ 7,110
Provision for losses	4,181	3,926	4,055
Write-offs	(4,014)	(5,018)	(4,695)
Ending balance	$ 5,545	$ 5,378	$ 6,470

Borrowing Arrangements - Mortgage Note Payable and 2016 Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property loan integer	Dec. 31, 2015 USD ($) property
Debt Instrument [Line Items]
Mortgage notes payable \| $	$ 1,971,715	$ 1,891,900
Weighted average interest rate (in percentage)	4.80%
Stated interest rate (in percentage)	4.07%
Proceeds from issuance of secured debt \| $	$ 146,000	$ 88,100
Number of pledged properties	120	126
Pledged assets, not separately reported \| $	$ 2,300,000	$ 2,300,000
Mortgage notes payable financing proceeds \| $	$ 350,369	$ 88,050	$ 395,323
Debt instrument, term (in years)	20 years
Interest rate at period end (in percentage)	5.93%	4.01%
Repayments of debt \| $	$ 230,200
Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	3.10%
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)			3.93%
Number of pledged properties \| property			26
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)			5.58%
Number of pledged properties \| property			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 \| property		4
Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)			5.73%
Number of pledged properties \| property			1
Number of pledged properties towards loans repaid \| property	13	3
R V Resort
Debt Instrument [Line Items]
Number of pledged properties towards loans repaid \| property		2
R V Resort \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| property			3
Number of pledged properties towards loans repaid \| property	2	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

Borrowing Arrangements -2017 activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) property loan	Dec. 31, 2016 USD ($) property integer	Dec. 31, 2015 USD ($) property	Dec. 31, 2015 property loan	Dec. 31, 2015 property integer
Debt Instrument [Line Items]
Number of loans	3			4	2
Proceeds from issuance of secured debt \| $	$ 146,000	$ 88,100
Mortgage notes payable financing proceeds \| $	$ 350,369	$ 88,050	$ 395,323
Stated interest rate (in percentage)	4.07%
Debt instrument, term (in years)	20 years
Number of pledged properties	120	126
Number Of pledged properties, loans repaid	15
Number of pledged properties, maturing loan \| loan	13
Repayments of debt \| $	$ 230,200
Penalty on prepayment \| $	$ 2,700
Interest rate at period end (in percentage)	5.93%	4.01%
Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties			32	32	32
Repayments of debt \| $		$ 41,800
Interest rate at period end (in percentage)		5.85%
Fannie Mae
Debt Instrument [Line Items]
Stated interest rate (in percentage)	3.97%
Number of pledged properties	5
Fannie Mae \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount \| $	$ 204,400
Manufactured homes
Debt Instrument [Line Items]
Number of pledged properties towards loans repaid		4
Manufactured homes \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties			1	1	1
Number of pledged properties towards loans repaid	13	3
R V Resort
Debt Instrument [Line Items]
Number of pledged properties towards loans repaid		2
R V Resort \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties			3	3	3
Number of pledged properties towards loans repaid	2	2
Paradise Park Largo
Debt Instrument [Line Items]
Stated interest rate (in percentage)	4.60%
Debt assumed for the purchase of property \| $	$ 5,900

Borrowing Arrangements - 2015 Activity (Details) $ in Thousands	12 Months Ended						24 Months Ended
	Dec. 31, 2017 USD ($) property loan	Dec. 31, 2016 USD ($) integer	Dec. 31, 2015 property	Dec. 31, 2015 USD ($) property	Dec. 31, 2015 property loan	Dec. 31, 2015 property integer	Dec. 31, 2016 USD ($) integer
Debt Instrument [Line Items]
Mortgage notes payable financing proceeds	$ 350,369	$ 88,050		$ 395,323
Debt instrument, term (in years)	20 years
Weighted average interest rate (in percentage)	4.80%
Number of pledged properties	120	126					126
Payments of debt extinguishment costs				17,000
Number of loans	3				4	2
Stated interest rate (in percentage)	4.07%
Mortgage debt assumed	$ 5,900	$ 22,600					$ 22,600
Net unamortized premiums	$ (3,253)
Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	3.10%
Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	8.90%
New Credit Facilities
Debt Instrument [Line Items]
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%
Number of pledged properties \| property			26	26	26	26
Old Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)			5.58%	5.58%	5.58%	5.58%
Number of pledged properties \| property			32	32	32	32
Repayments of long-term debt				$ 48,700			$ 370,200
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 \| Old Credit Facilities
Debt Instrument [Line Items]
Number of pledged properties \| property			3	3	3	3

Borrowing Arrangements - Maturities (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Debt Disclosure [Abstract]
2018	$ 47,300
2019	241,158
2020	158,547
2021	248,414
2022	168,625
Thereafter	1,356,449
Net unamortized premiums	3,253
Unamortized deferred financing costs	(23,729)
Long-term Debt	$ 2,200,017

Borrowing Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Term loan	$ 198,302,000	$ 199,379,000
Line of credit facility, maximum borrowing capacity	400,000,000	400,000,000.0
Unsecured line of credit	$ 30,000,000	0
Line of credit facility, additional borrowing capacity		100,000,000.0
Line of credit facility, expiration date	Oct. 27, 2021
Commitment fee		3,700,000
Term Loans
Debt Instrument [Line Items]
Term loan		$ 200,000,000
Debt instrument, maturity date	Apr. 27, 2023
Derivative, maturity years (in years)	3 years
Minimum
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.10%
Interest rate during period (in percentage)	0.15%
Minimum \| Term Loans
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.20%	1.35%
Maximum
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.55%
Interest rate during period (in percentage)	0.35%
Maximum \| Term Loans
Debt Instrument [Line Items]
Interest rate additional above LIBOR (in percentage)	1.90%	1.95%

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Interest rate at period end (in percentage)	5.93%	4.01%
Loss reclassified from accumulated OCI into income, net	$ 0.2
2014 Swap \| Term Loans
Derivative [Line Items]
Fixed interest rate (in percentage)	1.85%
Derivative, fixed interest rate, term	3 years
Maturity date	Nov. 01, 2020
Basis spread on variable rate (in percentage)	1.20%
Interest rate at period end (in percentage)	3.05%

Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Amount of (gain)/loss recognized in OCI on derivative (effective portion)	$ (869)	$ 813	$ 1,900
Escrow Deposits, Goodwill and other Assets
Derivative [Line Items]
Interest Rate Swap	942
Accrued expenses and accounts payable
Derivative [Line Items]
Interest Rate Swap		227
Cash Flow Hedging \| Interest Expense \| Interest Rate Swap
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	$ 300	$ 1,139	$ 1,728

Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Deferred Revenue [Roll Forward]
Deferred revenue—upfront payments from right-to-use contracts, as of January 1,	$ 81,484	$ 78,405
Right-to-use contracts current period, gross	14,132	12,327	$ 12,783
Revenue recognized from right-to-use contract upfront payments	(10,020)	(9,248)	(8,552)
Right-to-use contract upfront payments, deferred, net	4,112	3,079
Deferred revenue—upfront payments from right-to-use contracts, as of December 31,	85,596	81,484	78,405
Movement in Deferred Costs [Roll Forward]
Deferred commission expense, as of January 1,	31,375	30,865
Deferred commission expense	4,577	4,659
Commission expense recognized	(4,509)	(4,149)	(3,595)
Net increase in deferred commission expense	68	510
Deferred commission expense, as of December 31,	$ 31,443	$ 31,375	$ 30,865

Lease Agreements - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) integer
Schedule of Operating Leases [Line Items]
Number of properties where non-cancelable long-term leases are in effect \| integer	24
2018	$ 106,578
2019	105,698
2020	66,108
2021	12,635
2022	11,920
Thereafter	36,674
Total	$ 339,613
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, 2017 USD ($) installment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Description of lease \| installment	12
Rent expense	$ 3,900	$ 3,900	$ 3,800
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	24,009
2018	4,243
2019	4,090
2020	4,041
2021	3,744
2022	1,733
Thereafter	$ 6,158
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	$ 8,354
2018	2,221
2019	2,062
2020	2,011
2021	1,711
2022	200
Thereafter	149
Ground Lease
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating Leases, Future Minimum Payments Due	15,655
2018	2,022
2019	2,028
2020	2,030
2021	2,033
2022	1,533
Thereafter	$ 6,009
Minimum \| Ground Lease
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Lease expiration year	2018
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Rent expense	$ 3.9	$ 3.9	$ 3.8
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 ($) $ / shares in Units, $ in Millions				12 Months Ended
	Oct. 31, 2017	May 02, 2017	Feb. 01, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)				10 years
Options granted during the period (in shares)				3,126,698
Common stock issued through stock grants				130,426	133,717	158,014
Options issued (in shares)		6,930			7,550
Options issued (in usd per share)		$ 81.15		$ 11.00	$ 10.70
Common stock issued through exercise of options (in shares)				220,000	440,000	220,000
Exercises in period, intrinsic value				$ 13.9	$ 18.3
Intrinsic value of outstanding and exercisable options				14.5	$ 22.0	$ 37.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued through stock grants					133,717	158,014
Share based compensation expense to be recognized				4.4
Share based compensation expense, restricted stock grant				$ 9.4	$ 9.2	$ 8.6
Period for recognition of cost not recognized (in years)				1 year 1 month 6 days
Management \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued through stock grants	188	55,238	75,000		133,717	158,014
Share based compensation, fair market value	$ 0.0	$ 4.5	$ 5.4		$ 9.1	$ 8.6
Options issued (in shares)					7,550
Options issued (in usd per share)					$ 74.53
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%

Equity Incentive Awards - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Shares granted (in shares)	130,426	133,717	158,014
Shares forfeited (in shares)	990	0	0
Restricted Stock
Number of Shares
Beginning balance (in shares)	65,607	85,500	102,225
Shares granted (in shares)		133,717	158,014
Shares vested (in shares)	(125,271)	(153,610)	(174,739)
Closing balance (in shares)	69,772	65,607	85,500
Weighted Average Grant Date Fair Value
Beginning balance (usd per share)	$ 77.77	$ 63.68	$ 49.72
Shares granted (usd per share)	76.25	68.21	54.68
Shares forfeited (usd pr share)	80.54
Shares vested (usd per share)	68.79	59.85	49.17
Ending balance (usd per share)	$ 63.68	$ 49.72	$ 41.09

Equity Incentive Awards - Assumptions (Details)	12 Months Ended
Equity Incentive Awards - Assumptions (Details)	Dec. 31, 2017 $ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend Yield (in percentage)	2.40%
Risk-free interest rate (in percentage)	1.90%
Expected Life (in years)	5 years 6 months
Expected Volatility (in percentage)	17.80%
Estimated Fair Value of Options Granted (in shares)	$ 76,230

Equity Incentive Awards - Stock option activity (Details) - $ / shares		12 Months Ended
	May 02, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares Subject To Options
Beginning balance (in shares)		433,150	865,600	1,085,600
Options issued (in shares)	6,930		7,550
Options exercised (in shares)		(220,000)	(440,000)	(220,000)
Ending balance (in shares)		220,080	433,150	865,600	1,085,600
Exercisable at December 31 (in shares)		212,966
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in usd per share)		$ 21.44	$ 23.12	$ 21.95
Options issued (in usd per share)	$ 81.15	11.00	10.70
Options exercised (in usd per share)		22.05	25.66	17.35
Ending balance (in usd per share)		18.32	$ 21.44	$ 23.12	$ 21.95
Exercisable at December 31 (in usd per share)		$ 20.84
Weighted Average Outstanding Contractual Life (in years)		1 year 6 months	1 year 8 months	1 year 7 months	2 years 1 month 1 day
Exercisable at December 31 (in years)		1 year 5 months

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2017	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	$ 0.01
Distribution Amount Per Share (usd per share)	$ 0.421875	$ 0.421875	0.421875	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875			$ 0.421875
Stock issuance costs										$ 1,947	$ 1,122	$ 491
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	$ 0.01
Dividend rate (percentage)										6.75%
Shares redeemed										$ 138,400
Stock issuance costs										$ 800

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Feb. 12, 2016	Dec. 31, 2017	Dec. 31, 2016
Long Term Incentive Plan 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payment of plan including employer cost		$ 4.7
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent		$ 1.3	$ 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, 2017	Dec. 31, 2016	Dec. 31, 2015
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	$ 1.5	$ 1.4	$ 1.3

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Oct. 20, 2015 demolition
Loss Contingencies [Line Items]
Insurance recoveries	$ 7,700
Income from other investments, net	5,795	$ 7,310	$ 7,359
Settlement accrual	8,000
Number of historical demolition \| demolition				200
Income from Other Investments
Loss Contingencies [Line Items]
Income from other investments, net	$ 1,300

Reportable Segments - Additional Detail (Details)	12 Months Ended
Reportable Segments - Additional Detail (Details)	Dec. 31, 2017 segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Reported Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operations revenues	$ 911,937	$ 856,280	$ 807,265
Operations expenses	(458,774)	(427,115)	(402,990)
Income from segment operations	453,163	429,165	404,275
Interest income	7,240	6,782	6,932
Depreciation on real estate assets and rental homes	(121,455)	(117,400)	(113,609)
Amortization of in-place leases	(2,231)	(3,373)	(2,358)
Income (loss) from operations	336,717	315,174	295,240
Reconciliation to Consolidated net income
Corporate interest income	340	63	98
Income from other investments, net	5,795	7,310	7,359
General and administrative	(31,737)	(31,004)	(30,644)
Early debt retirement	(2,785)
Property rights initiatives and other	(1,148)	(4,986)	(2,986)
Early debt retirement	(2,785)	0	(16,913)
Interest and related amortization	(100,570)	(102,030)	(105,731)
Equity in income of unconsolidated joint ventures	3,765	2,605	4,089
Consolidated net income	210,377	187,132	150,512
Total assets	3,610,032	3,478,987	3,400,400
Capital improvements	126,050	119,437	93,799
Property Operations Segment
Segment Reporting Information [Line Items]
Operations revenues	859,582	803,784	758,834
Operations expenses	(411,465)	(379,201)	(360,353)
Income from segment operations	448,117	424,583	398,481
Interest income	3,048	2,894	2,813
Depreciation on real estate assets and rental homes	(110,841)	(106,560)	(102,747)
Amortization of in-place leases	(2,231)	(3,373)	(2,358)
Income (loss) from operations	338,093	317,544	296,189
Reconciliation to Consolidated net income
Total assets	3,386,084	3,250,205	3,158,559
Capital improvements	76,112	57,825	51,369
Home Sales And Rentals
Segment Reporting Information [Line Items]
Operations revenues	52,355	52,496	48,431
Operations expenses	(47,309)	(47,914)	(42,637)
Income from segment operations	5,046	4,582	5,794
Interest income	4,192	3,888	4,119
Depreciation on real estate assets and rental homes	(10,614)	(10,840)	(10,862)
Amortization of in-place leases	0	0	0
Income (loss) from operations	(1,376)	(2,370)	(949)
Reconciliation to Consolidated net income
Total assets	223,948	228,782	241,841
Capital improvements	$ 49,938	$ 61,612	$ 42,430

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Community base rental income									$ 489,613	$ 464,745	$ 442,046
Resort base rental income									218,806	201,533	184,760
Right-to-use annual payments									45,798	45,035	44,443
Right-to-use contracts current period, gross									14,132	12,327	12,783
Right-to-use contract upfront payments, deferred, net									(4,108)	(3,079)	(4,231)
Utility and other income									93,252	81,427	76,153
Gross revenue from home sales									36,302	37,191	33,150
Brokered resale revenues and ancillary services revenues, net									3,798	2,994	4,149
Rental home income									14,344	14,107	14,012
Total revenues	$ 229,986	$ 241,625	$ 221,312	$ 232,389	$ 214,042	$ 226,165	$ 210,081	$ 220,147	925,312	870,435	821,654
Expenses:
Property operating and maintenance									294,119	268,249	254,668
Real estate taxes									55,010	53,036	50,962
Sales and marketing, gross									11,438	11,056	11,751
Right-to-use contract commissions, deferred, net									(354)	(223)	(1,556)
Property management									51,252	47,083	44,528
Cost of home sales									36,513	37,456	32,279
Home selling expenses									4,186	3,575	3,191
Rental home operating and maintenance									6,610	6,883	7,167
Total property operations expenses									718,700	685,908	675,231
Income before equity in income of unconsolidated joint ventures									206,612	184,527	146,423
Property Operations Segment
Revenues:
Community base rental income									489,613	464,745	442,046
Resort base rental income									218,806	201,533	184,760
Right-to-use annual payments									45,798	45,035	44,443
Right-to-use contracts current period, gross									14,132	12,327	12,783
Right-to-use contract upfront payments, deferred, net									(4,108)	(3,079)	(4,231)
Utility and other income									93,252	81,427	76,153
Ancillary services revenues, net									2,089	1,796	2,880
Total revenues									859,582	803,784	758,834
Expenses:
Property operating and maintenance									294,119	268,249	254,668
Real estate taxes									55,010	53,036	50,962
Sales and marketing, gross									11,438	11,056	11,751
Right-to-use contract commissions, deferred, net									(354)	(223)	(1,556)
Property management									51,252	47,083	44,528
Total property operations expenses									411,465	379,201	360,353
Income before equity in income of unconsolidated joint ventures									448,117	424,583	398,481
Home Sales And Rentals
Revenues:
Gross revenue from home sales									36,302	37,191	33,150
Brokered resale revenues and ancillary services revenues, net									1,235	1,198	1,269
Rental home income									14,344	14,107	14,012
Ancillary Services Revenues									474	0	0
Total revenues									52,355	52,496	48,431
Expenses:
Cost of home sales									36,513	37,456	32,279
Home selling expenses									4,186	3,575	3,191
Rental home operating and maintenance									6,610	6,883	7,167
Total property operations expenses									47,309	47,914	42,637
Income before equity in income of unconsolidated joint ventures									$ 5,046	$ 4,582	$ 5,794

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 229,986	$ 241,625	$ 221,312	$ 232,389	$ 214,042	$ 226,165	$ 210,081	$ 220,147	$ 925,312	$ 870,435	$ 821,654
Income from operations	82,392	84,824	75,865	93,636	77,199	77,628	72,090	88,257
Consolidated net income	47,974	54,865	44,463	63,075	42,381	46,757	40,804	57,190	210,377	187,132	150,512
Net income available for Common Stockholders	$ 44,993	$ 48,525	$ 39,498	$ 56,888	$ 36,966	$ 40,998	$ 35,490	$ 50,583	$ 210,377	$ 187,132	$ 150,512
Weighted average Common Shares outstanding – basic (shares)	88,115	87,037	86,763	86,048	85,163	85,105	84,516	84,321	86,997	84,778	84,031
Weighted average Common Shares outstanding—Diluted (shares)	94,295	93,324	93,063	93,011	92,965	92,910	92,264	92,041	93,425	92,569	91,907
Net income per Common Share outstanding—Basic (usd per share)	$ 0.51	$ 0.56	$ 0.46	$ 0.66	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 2.18	$ 1.93	$ 1.55
Net income per Common Share outstanding—Diluted (usd per share)	$ 0.51	$ 0.56	$ 0.45	$ 0.65	$ 0.43	$ 0.48	$ 0.42	$ 0.60	$ 2.17	$ 1.92	$ 1.54

Subsequent Events (Details) $ in Thousands						1 Months Ended	12 Months Ended
Subsequent Events (Details) $ in Thousands	Feb. 18, 2018 USD ($) property	Feb. 01, 2018 USD ($) shares	Oct. 31, 2017 USD ($) shares	May 02, 2017 USD ($) shares	Feb. 01, 2017 USD ($) shares	Feb. 27, 2018 USD ($)	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) property shares	Dec. 31, 2015 USD ($) shares	Feb. 15, 2018
Subsequent Event [Line Items]
Mortgage notes payable financing proceeds							$ 350,369	$ 88,050	$ 395,323
Debt instrument, term (in years)							20 years
Stated interest rate (in percentage)							4.07%
Common stock issued through stock grants \| shares							130,426	133,717	158,014
Subsequent Event
Subsequent Event [Line Items]
Loss contingency, receivable						$ 7,700
Other Nonoperating Income						$ 3,500
Mortgage notes payable financing proceeds	$ 64,000
Debt instrument, term (in years)	20 years
Stated interest rate (in percentage)										4.83%
R V Resort
Subsequent Event [Line Items]
Number of pledged properties towards loans repaid \| property								2
R V Resort \| Subsequent Event
Subsequent Event [Line Items]
Number of pledged properties towards loans repaid \| property	2
Restricted Stock
Subsequent Event [Line Items]
Common stock issued through stock grants \| shares								133,717	158,014
Management \| Restricted Stock
Subsequent Event [Line Items]
Common stock issued through stock grants \| shares			188	55,238	75,000			133,717	158,014
Share based compensation, fair market value			$ 0	$ 4,500	$ 5,400			$ 9,100	$ 8,600
Management \| Restricted Stock \| Subsequent Event
Subsequent Event [Line Items]
Award vesting period (in years)		3 years
Common stock issued through stock grants \| shares		70,250
Share based compensation, fair market value		$ 5,900
Management \| Transition Award \| Subsequent Event
Subsequent Event [Line Items]
Award vesting period (in years)		3 years
Common stock issued through stock grants \| shares		70,250
Share based compensation, fair market value		$ 5,900

Changes in Total Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Carrying amount of real estate investments [Roll Forward]
Gross real estate, beginning balance	$ 4,685,336	$ 4,477,599	$ 4,387,913
Acquisitions	142,484	120,448	23,900
Improvements	126,050	119,437	93,799
Dispositions and other	(38,057)	(32,148)	(28,013)
Gross real estate, ending balance	$ 4,915,813	$ 4,685,336	$ 4,477,599

Changes In Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of real estate accumulated depreciation [Roll Forward]
Accumulated Depreciation, Beginning Balance	$ 1,399,531	$ 1,282,423	$ 1,169,492
Depreciation expense	121,455	117,400	113,609
Amortization of in-place leases	2,231	3,373	2,358
Dispositions and other	(6,523)	(3,665)	(3,036)
Accumulated Depreciation, Ending Balance	1,516,694	1,399,531	1,282,423
Rental home depreciation expense	$ 10,400	$ 10,664	$ 10,700