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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 19, 2018
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	ELS
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES INC
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		89,747,439

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment in real estate:
Land	$ 1,342,925	$ 1,221,375
Land improvements	3,114,815	3,045,221
Buildings and other depreciable property	708,600	649,217
Investment in real estate	5,166,340	4,915,813
Accumulated depreciation	(1,613,158)	(1,516,694)
Net investment in real estate	3,553,182	3,399,119
Cash and restricted cash	112,410	31,085
Notes receivable, net	35,889	49,477
Investment in unconsolidated joint ventures	57,366	53,080
Deferred commission expense	40,352	31,443
Escrow deposits, goodwill, and other assets, net	55,838	45,828
Total Assets	3,855,037	3,610,032
Liabilities:
Mortgage notes payable, net	2,016,257	1,971,715
Term loan	198,545	198,302
Unsecured line of credit	80,000	30,000
Accrued expenses and accounts payable	102,620	80,744
Accrued interest payable	8,369	8,387
Rents and other customer payments received in advance and security deposits	80,011	79,267
Distributions payable	52,521	46,047
Total Liabilities	2,664,520	2,509,990
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2018 and December 31, 2017; none issued and outstanding.	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized as of September 30, 2018 and December 31, 2017; 89,746,747 and 88,585,160 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.	895	883
Paid-in capital	1,325,648	1,242,109
Distributions in excess of accumulated earnings		(211,980)
Accumulated other comprehensive income	3,959	942
Total Stockholders’ Equity	1,118,759	1,031,954
Non-controlling interests – Common OP Units	71,758	68,088
Total Equity	1,190,517	1,100,042
Total Liabilities and Equity	3,855,037	3,610,032
Right-to-use contract upfront payments, deferred, net
Liabilities:
Deferred revenue	115,172	85,596
Right-to-use annual payments
Liabilities:
Deferred revenue	$ 11,025	$ 9,932

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	89,746,747	88,585,160
Common stock, shares outstanding	89,746,747	88,585,160

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Community base rental income	$ 130,746	$ 123,177	$ 386,064	$ 365,833
Rental home income	3,507	3,592	10,583	10,829
Resort base rental income	64,351	58,471	183,836	169,594
Interest income	1,846	1,974	5,658	5,542
Income from other investments, net	5,421	2,052	9,774	3,918
Total revenues	256,675	241,625	743,202	695,326
Expenses:
Property operating and maintenance	84,445	80,164	239,444	221,119
Rental home operating and maintenance	1,904	1,704	4,957	4,912
Real estate taxes	13,240	14,006	40,815	41,986
Sales and marketing, gross	3,568	3,277	9,685	8,861
Right-to-use contract commissions, deferred, net	(458)	(176)	(744)	(372)
Depreciation on real estate assets and rental homes	32,856	30,493	96,630	90,849
Amortization of in-place leases	2,124	138	5,069	2,128
Home selling expenses	1,101	1,447	3,149	3,301
General and administrative	8,816	7,505	26,523	23,339
Other expenses	386	324	1,096	814
Interest and related amortization	26,490	25,027	78,478	74,728
Total expenses	197,803	187,446	573,792	535,799
Income before equity in income of unconsolidated joint ventures	58,872	54,179	169,410	159,527
Equity in income of unconsolidated joint ventures	788	686	3,596	2,876
Consolidated net income	59,660	54,865	173,006	162,403
Income allocated to non-controlling interests – Common OP Units	(3,590)	(3,286)	(10,569)	(9,825)
Net income available for Common Stockholders	56,070	48,525	162,429	144,911
Other comprehensive income:
Adjustment for fair market value of swap	380	(30)	3,017	227
Consolidated comprehensive income	60,040	54,835	176,023	162,630
Comprehensive income attributable to Common Stockholders	$ 56,427	$ 48,544	$ 165,261	$ 145,171
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 0.63	$ 0.56	$ 1.83	$ 1.67
Earnings per Common Share - Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 0.63	$ 0.56	$ 1.82	$ 1.66
Weighted average Common Shares outstanding – basic (shares)	89,200	87,037	88,760	86,620
Weighted average Common Shares outstanding – fully diluted (shares)	95,263	93,324	94,827	93,135
Non- controlling interests – Common OP Units
Other comprehensive income:
Comprehensive income allocated to non-controlling interests – Common OP Units	$ (3,613)	$ (3,237)	$ (10,754)	$ (9,792)
Redeemable Perpetual Preferred Stock
Expenses:
Redeemable perpetual preferred stock dividends and original issuance costs	0	(3,054)	(8)	(7,667)
Right-to-use annual payments
Revenues:
Contract revenue	12,206	11,531	35,616	34,133
Right-to-use contracts current period, gross
Revenues:
Contract revenue	4,863	4,208	11,969	11,212
Right-to-use contract upfront payments, deferred, net
Revenues:
Contract revenue	(2,883)	(1,670)	(6,189)	(3,766)
Utility and other income
Revenues:
Utility and other income	25,917	26,295	75,758	69,071
Gross revenues from home sales
Revenues:
Contract revenue	9,339	10,012	26,753	24,872
Expenses:
Cost of services	9,742	10,377	27,948	25,391
Brokered resale and ancillary services revenues, net
Revenues:
Contract revenue	1,362	1,983	3,380	4,088
Property management
Expenses:
Cost of services	$ 13,589	$ 13,160	$ 40,742	$ 38,743

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Loss/(Income)	Non- controlling interests – Common OP Units	Preferred Stock	Preferred Stock Paid-in Capital	Preferred Stock Redeemable Perpetual Preferred Stock
Balance at Dec. 31, 2016	$ 1,081,847	$ 854	$ 1,103,048	$ 136,144	$ (231,276)	$ (227)	$ 73,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0	12	15,339				(15,351)
Issuance of Common Stock through employee stock purchase plan	403		403
Compensation expenses related to restricted stock and stock options	1,755		1,755
Adjustment for Common OP Unitholders in the Operating Partnership	0		(2,885)				2,885
Adjustment for fair market value of swap	226					226
Consolidated net income	63,075			2,297	56,888		3,890
Distributions	(47,527)			(2,297)	(42,335)		(2,895)
Other	(33)		(32)		(1)
Balance at Mar. 31, 2017	1,099,746	866	1,117,628	136,144	(216,724)	(1)	61,833
Balance at Dec. 31, 2016	1,081,847	854	1,103,048	136,144	(231,276)	(227)	73,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for fair market value of swap	227
Series C Preferred stock redemption	(138,400)
Balance at Sep. 30, 2017	1,015,175	872	1,164,658	0	(213,771)	0	63,416
Balance at Mar. 31, 2017	1,099,746	866	1,117,628	136,144	(216,724)	(1)	61,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0	1	1,085				(1,086)
Issuance of Common Stock through employee stock purchase plan	361		361
Compensation expenses related to restricted stock and stock options	2,502		2,502
Adjustment for Common OP Unitholders in the Operating Partnership	0		(152)				152
Adjustment for fair market value of swap	31					31
Consolidated net income	44,462			2,316	39,497		2,649
Distributions	(47,576)			(2,316)	(42,415)		(2,845)
Other	(115)		(116)		1
Balance at Jun. 30, 2017	1,099,411	867	1,121,308	136,144	(219,641)	30	60,703
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0	0	5				(5)
Issuance of Common Stock through employee stock purchase plan	851		851
Issuance of stock	42,037	5	42,032					$ 0	$ 757	$ (757)
Compensation expenses related to restricted stock and stock options	2,556		2,556
Adjustment for Common OP Unitholders in the Operating Partnership	0		(2,276)				2,276
Adjustment for fair market value of swap	(30)					(30)
Consolidated net income	54,865			3,054	48,525		3,286
Distributions	(47,796)			(2,297)	(42,655)		(2,844)
Series C Preferred stock redemption								$ (136,144)		$ (136,144)
Other	(575)		(575)
Balance at Sep. 30, 2017	1,015,175	872	1,164,658	0	(213,771)	0	63,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of change in accounting principle (as described in Note 2)	(15,186)				(15,186)
Adjusted balance	1,084,856	883	1,242,109	0	(227,166)	942	68,088
Balance at Dec. 31, 2017	1,100,042	883	1,242,109	0	(211,980)	942	68,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0		80				(80)
Issuance of Common Stock through employee stock purchase plan	503		503
Compensation expenses related to restricted stock and stock options	1,800		1,800
Adjustment for Common OP Unitholders in the Operating Partnership	0		782				(782)
Adjustment for fair market value of swap	1,873					1,873
Consolidated net income	64,177				60,222		3,955
Distributions	(52,010)				(48,805)		(3,205)
Other	(60)		(60)
Balance at Mar. 31, 2018	1,101,139	883	1,245,214	0	(215,749)	2,815	67,976
Balance at Dec. 31, 2017	1,100,042	883	1,242,109	0	(211,980)	942	68,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		10	78,745
Adjustment for fair market value of swap	3,017
Balance at Sep. 30, 2018	1,190,517	895	1,325,648	0	(211,743)	3,959	71,758
Balance at Mar. 31, 2018	1,101,139	883	1,245,214	0	(215,749)	2,815	67,976
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0	1	81				(82)
Issuance of Common Stock through employee stock purchase plan	343		343
Compensation expenses related to restricted stock and stock options	2,741		2,741
Adjustment for Common OP Unitholders in the Operating Partnership	0		(57)				57
Adjustment for fair market value of swap	764					764
Consolidated net income	49,169			8	46,137		3,024
Distributions	(52,050)			(8)	(48,841)		(3,201)
Other	(275)		(275)
Balance at Jun. 30, 2018	1,101,831	884	1,248,047	0	(218,453)	3,579	67,774
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0	1	858				(859)
Issuance of Common Stock through employee stock purchase plan	765		765
Issuance of stock	78,755
Compensation expenses related to restricted stock and stock options	2,746		(2,746)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(4,414)				4,414
Adjustment for fair market value of swap	380					380
Consolidated net income	59,660				56,070		3,590
Distributions	(52,521)				(49,360)		(3,161)
Other	(1,099)		(1,099)
Balance at Sep. 30, 2018	$ 1,190,517	$ 895	$ 1,325,648	$ 0	$ (211,743)	$ 3,959	$ 71,758

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows From Operating Activities:
Consolidated net income	$ 173,006	$ 162,403
Adjustments to reconcile Consolidated net income to Net cash provided by operating activities:
Depreciation	97,729	91,781
Amortization of in-place leases	5,069	2,128
Amortization of loan costs	2,675	2,676
Debt premium amortization	(1,061)	(1,664)
Equity in income of unconsolidated joint ventures	(3,596)	(2,876)
Distributions of income from unconsolidated joint ventures	2,869	2,071
Proceeds from insurance claims, net	(3,353)	(134)
Compensation expenses related to restricted stock and stock options	7,287	6,813
Revenue recognized from right-to-use contract upfront payments	(5,780)	(7,440)
Commission expense recognized related to right-to-use contracts	2,715	3,327
Long-term incentive plan compensation	819	1,011
Provision for (recovery of) uncollectible rents receivable	412	(52)
Changes in assets and liabilities:
Notes receivable activity, net	280	(337)
Deferred commission expense	(3,424)	(3,560)
Escrow deposits, goodwill and other assets	17,910	21,822
Rents and other customer payments received in advance and security deposits	13,858	16,752
Rents received in advance and security deposits	665	(3,305)
Net cash provided by operating activities	321,142	303,322
Cash Flows From Investing Activities:
Real estate acquisitions, net	(131,804)	(2,163)
Investment in unconsolidated joint ventures	(3,914)	(33,479)
Distributions of capital from unconsolidated joint ventures	168	640
Proceeds from insurance claims	6,615	1,547
Repayments of notes receivable	21,618	7,643
Issuance of notes receivable	(8,716)	(22,297)
Capital improvements	(128,436)	(87,877)
Net cash used in investing activities	(244,469)	(135,986)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,610	1,615
Gross proceeds from sale of Common Stock	78,755	42,037
Distributions:
Common Stockholders	(140,850)	(121,114)
Common OP Unitholders	(9,250)	(8,786)
Perpetual Preferred Stockholders	(8)	(6,910)
Principal payments and mortgage debt payoff	(36,308)	(60,392)
New mortgage notes payable financing proceeds	64,014	146,000
Line of Credit payoff	(174,000)	0
Line of Credit proceeds	224,000	0
Redemption of preferred stock	0	(136,144)
Debt issuance and defeasance costs	(1,878)	(1,864)
Other	(1,433)	(723)
Net cash provided by (used in) financing activities	4,652	(146,281)
Net increase in Cash and restricted cash	81,325	21,055
Cash and restricted cash, beginning of period	31,085	56,340
Cash and restricted cash, end of period	112,410	77,395
Supplemental Information:
Cash paid during the period for interest	76,881	76,713
Building and other depreciable property – reclassification of rental homes	29,170	25,852
Escrow deposits and other assets – reclassification of rental homes	(29,170)	(25,852)
Real estate acquisitions:
Investment in real estate, fair value	(150,926)	(7,985)
Investment in real estate, cost	0	(110)
Escrow deposits and other assets	(9)	0
Debt assumed	9,200	5,900
Debt financed	8,786	0
Accrued expenses and accounts payable	1,066	32
Rents and other customer payments received in advance and security deposits	79	0
Real estate acquisitions, net	(131,804)	(2,163)
Right-to-use contract upfront payments, deferred, net
Changes in assets and liabilities:
Deferred revenue	11,969	11,210
Right-to-use annual payments
Changes in assets and liabilities:
Deferred revenue	$ 1,093	$ 696

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Equity LifeStyle Properties, Inc., a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and other consolidated subsidiaries (“Subsidiaries”) are referred to herein as “we,” “us,” and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") communities and recreational vehicle ("RV") resorts and campgrounds. We provide our customers the opportunity to place factory built homes, cottages, cabins or RVs on our properties either 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. Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”). These unaudited interim Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2017 Form 10-K. The following notes to the unaudited interim Consolidated Financial Statements highlight significant changes to the notes included in the 2017 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


(a)	Consolidation

We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities ("VIEs") with respect to which we are the primary beneficiary. We have determined the Operating Partnership, which is our sole significant asset, meets the definition of a VIE. Therefore, we consolidate the Operating Partnership. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany balances and transactions have been eliminated in consolidation.

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 significant influence over the entity with respect to its operations and major decisions. We apply the cost method of accounting when our investment is (i) minimal (typically less than 5.0%) and (ii) 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)	Identified Intangibles and Goodwill

As of both September 30, 2018 and December 31, 2017, the gross carrying amount of identified intangible assets and goodwill, a component of Escrow deposits, goodwill and other assets, net on the Consolidated Balance Sheets, was approximately $12.1 million. As of both September 30, 2018 and December 31, 2017, this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangible assets was approximately $3.0 million and $2.9 million as of September 30, 2018 and December 31, 2017, respectively.

As of September 30, 2018 and December 31, 2017, the gross carrying amount of in-place lease intangible assets, a component of Buildings and other depreciable property on the Consolidated Balance Sheets, was approximately $84.9 million and $76.7 million, respectively. Accumulated amortization of in-place lease intangible assets was approximately $81.7 million and $76.5 million as of September 30, 2018 and December 31, 2017, respectively.


(c)	Restricted Cash

As of both September 30, 2018 and December 31, 2017, Cash and restricted cash included approximately $5.3 million of restricted cash for the payment of capital improvements, insurance or real estate taxes pursuant to certain loan agreements.


(d)	Fair Value of Financial Instruments

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

Our mortgage notes payable and term loan, excluding deferred financing costs of approximately $23.6 million and $23.7 million as of September 30, 2018 and December 31, 2017, respectively, had an aggregate carrying value of approximately $2,238.4 million and $2,193.7 million as of September 30, 2018 and December 31, 2017, respectively, and a fair value of approximately $2,200.8 million and $2,184.0 million as of September 30, 2018 and December 31, 2017, respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At September 30, 2018 and December 31, 2017, our cash flow hedge of interest rate risk included in Escrow deposits, goodwill and other assets, net 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 inputs as part of our determination of the purchase price allocation for our acquisitions.


(e)	Revenue Recognition

Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), Leases, which include the following classifications on the Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site on which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer’s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute.

All other classifications on the Consolidated Statements of Income and Comprehensive Income are accounted for under other applicable accounting standards.

We enter into right-to-use contracts that give 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 upgrade contracts grant certain additional access rights to the customer and require upfront non-refundable payments. The right-to-use upfront non-refundable payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See Recently Adopted Accounting Pronouncements within Note 2 for further discussion.

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.


(f)	Recently Adopted Accounting Pronouncements

On January 1, 2018, we adopted on a prospective basis ("ASU 2017-01") Business Combinations: Clarifying the Definition of a Business (Topic 805). 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. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $1.5 million were capitalized for the nine months ended September 30, 2018.

On January 1, 2018, we adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230). This guidance requires 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. The adoption of this guidance did not have any effect on the Consolidated Financial Statements.

On January 1, 2018, we adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. This update adds or clarifies guidance on the classification of certain cash receipts and payments on the Consolidated Statements of Cash Flows. The adoption of ASU 2016-15 impacted our classification of proceeds from the settlement of insurance claims and distributions received from equity method investments. The retrospective adoption of this guidance resulted in the reclassification of $1.5 million of insurance proceeds from Operating Activities to Investing Activities and $0.6 million of distributions from equity method investments from Operating Activities to Investing Activities on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2017.

On January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. As a result of the cumulative impact of adopting this guidance, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings on the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In addition to the information included within Note 2 regarding the impact of ASU 2014-09, also see Note 10, Reportable Segments, for further disaggregation of our various revenue streams by major source.

The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows:



(amounts in thousands)	Balance at December 31, 2017			Adjustment due to ASU 2014-09 Adoption			Balance at January 1, 2018
Assets
Deferred commission expense	$	31,443		$	8,200		$	39,643
Liabilities
Deferred revenue-upfront payment from right-to-use contracts	$	85,596		$	23,386		$	108,982
Equity
Distribution in excess of accumulated earnings	$	(211,980	)	$	(15,186	)	$	(227,166	)

The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended September 30, 2018 was as follows:



(amounts in thousands, except per share data)	As Reported			Balances Without Adoption of ASU 2014-09 (a)			Effect of Change Higher/(Lower)
Revenues
Right-to-use contract upfront payments, deferred, net	$	(2,883	)	$	(2,131	)	$	752
Total revenues	$	256,675		$	257,427		$	(752	)

Expenses
Right-to-use contract commissions, deferred, net	$	(458	)	$	(245	)	$	213
Total expenses	$	197,803		$	198,016		$	(213	)

Consolidated net income	$	59,660		$	60,189		$	(529	)
Net income available for Common Stockholders	$	56,070		$	56,567		$	(497	)
Earnings per Common Share - Basic	$	0.63		$	0.63		$	—
Earnings per Common Share - Fully Diluted	$	0.63		$	0.63		$	—

_____________________

(a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09.

The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the nine months ended September 30, 2018 was as follows:



(amounts in thousands, except per share data)	As Reported			Balances Without Adoption of ASU 2014-09 (a)			Effect of Change Higher/(Lower)
Revenues
Right-to-use contract upfront payments, deferred, net	$	(6,189	)	$	(3,968	)	$	2,221
Total revenues	$	743,202		$	745,423		$	(2,221	)

Expenses
Right-to-use contract commissions, deferred, net	$	(744	)	$	(81	)	$	663
Total expenses	$	573,792		$	574,455		$	(663	)

Consolidated net income	$	173,006		$	174,554		$	(1,548	)
Net income available for Common Stockholders	$	162,429		$	163,890		$	(1,461	)
Earnings per Common Share - Basic	$	1.83		$	1.85		$	(0.02	)
Earnings per Common Share - Fully Diluted	$	1.82		$	1.84		$	(0.02	)

_____________________

(a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09.


(g)	New Accounting Pronouncements

In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and presented in the same line item in the Consolidated Financial Statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. This guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the Consolidated Financial Statements and related disclosures.

In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815). 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 increasing 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. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the Consolidated Financial Statements and related disclosures.

In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (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 the Consolidated Financial Statements and related disclosures.

In February 2016, the FASB issued ("ASU 2016-02") Leases, regarding the accounting for leases for both lessees and lessors. The pronouncement generally requires lessees to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. In July 2018, ASU 2016-02 was amended, providing another transition method by allowing companies to initially apply the new lease standard in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance sheet of retained earnings, if necessary. The lease standard amendment also provided a practical expedient for an accounting policy election for lessors, by class of underlying asset, to not separate nonlease components from the associated lease components, if certain requirements are met. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2018.

The Company expects to adopt this new guidance on January 1, 2019 using the modified retrospective approach, which will result in a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2019. Upon adoption, the Company will recognize a right of use asset and corresponding lease liability for operating leases where it is the lessee, such as ground leases and office leases. The Company is in the process of evaluating the inputs required to calculate the amounts that will be recorded on its balance sheet for each lease. For leases with a term of 12 months or less, the Company expects to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. For leases where we are the lessor, the Company expects that accounting for lease components will be largely unchanged from existing GAAP and to elect the practical expedient to not separate non-lease components from lease components based upon the predominant component for these operating leases.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the quarters and nine months ended September 30, 2018 and 2017:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2018		2017		2018		2017
Numerator:
Net Income Available for Common Stockholders:
Net income available for Common Stockholders – basic	$	56,070	$	48,525	$	162,429	$	144,911
Amounts allocated to dilutive securities	3,590		3,286		10,569		9,825
Net income available for Common Stockholders – fully dilutive	$	59,660	$	51,811	$	172,998	$	154,736
Denominator:
Weighted average Common Shares outstanding – basic	89,200		87,037		88,760		86,620
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	5,771		5,836		5,808		6,100
Stock options and restricted shares	292		451		259		415
Weighted average Common Shares outstanding – fully diluted	95,263		93,324		94,827		93,135

Earnings per Common Share – Basic:
Net income available for Common Stockholders	$	0.63	$	0.56	$	1.83	$	1.67

Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders	$	0.63	$	0.56	$	1.82	$	1.66

Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Common Stockholder Distribution Activity

The following quarterly distributions have been declared and paid to common stockholders and non-controlling common operating partnership unit ("OP Unit") holders since January 1, 2017:



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.4875	March 31, 2017	March 31, 2017	April 14, 2017
$0.4875	June 30, 2017	June 30, 2017	July 14, 2017
$0.4875	September 30, 2017	September 29, 2017	October 13, 2017
$0.4875	December 31, 2017	December 29, 2017	January 12, 2018
$0.5500	March 31, 2018	March 30, 2018	April 13, 2018
$0.5500	June 30, 2018	June 29, 2018	July 13, 2018
$0.5500	September 30, 2018	September 28, 2018	October 12, 2018

On November 2, 2017, we adopted a new at-the-market (“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. Under our prior ATM program, the aggregate offering price was up to $125.0 million.

The following table presents the shares that were issued under the ATM equity offering programs during the nine months ended September 30, 2018 and nine months ended September 30, 2017.



(amounts in thousands, except stock data):	Nine Months Ended
	September 30, 2018		September 30, 2017
Shares of Common Stock sold	861,141		484,913
Weighted average price	$	91.45	$	86.69
Total gross proceeds	$	78,755	$	42,037
Commissions paid to sales agents	$	1,028	$	526

As of September 30, 2018, approximately $71.2 million of Common Stock remained available for issuance under the ATM equity offering program.

Exchanges

Subject to certain limitations, holders of OP Units can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the nine months ended September 30, 2018, 87,718 OP Units were exchanged for an equal number of shares of Common Stock. During the same period in 2017, 1,335,247 OP Units were exchanged for an equal number of shares of Common Stock.

Series C Preferred Stock Redemption and Distribution Activity

During the nine months ended September 30, 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 September 30, 2017 or 2018.

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



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$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	September 25, 2017

Real Estate Acquisitions	9 Months Ended
Real Estate Acquisitions	Sep. 30, 2018
Business Combinations [Abstract]
Real Estate Acquisitions	Real Estate Acquisitions On September 21, 2018, we completed the acquisition of Sunseekers, a 241-site RV resort in North Fort Myers, Florida. The purchase price was $6.5 million and was funded with net proceeds from sales of Common Stock under our ATM equity offering program. On July 20, 2018, we completed the acquisition of Everglades Lakes, a 612-site manufactured home community in Fort Lauderdale, Florida. The purchase price was $72.2 million, including $0.2 million of transaction costs, and was funded with net proceeds from sales of Common Stock under our ATM equity offering program. On April 20, 2018, we completed the acquisition of Holiday Travel Park, a 613-site RV Resort in Holiday, Florida. The purchase price was $22.5 million, including $0.3 million of transaction costs, and was funded with available cash and proceeds from our line of credit. On March 15, 2018, we completed the acquisition of Serendipity, a 425-site manufactured home community located in Clearwater, Florida. The purchase price was $30.7 million, including $0.6 million of transaction costs, and was funded with available cash, a loan assumption of $9.2 million and new loan proceeds of $8.8 million. On March 8, 2018, we completed the acquisition of Kingswood, a 229-site manufactured home community located in Riverview, Florida. The purchase price was $17.5 million, including $0.4 million of transaction costs, and was funded with available cash.

Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

The following table summarizes our Investment in unconsolidated joint ventures (amounts in thousands, except number of Properties shown parenthetically as of September 30, 2018 and December 31, 2017):



						Investment as of				Joint Venture Income/(Loss) Nine Months Ended
Investment	Location	Number of Sites ^(a)	Economic Interest ^(b)			September 30, 2018		December 31, 2017		September 30, 2018			September 30, 2017
Meadows	Various (2,2)	1,077	50	%		$	558	$	307	$	1,252		$	1,610
Lakeshore	Florida (3,3)	720	(c)			2,278		2,530		(62		)	10
Voyager	Arizona (1,1)	1,801	50	%	^(d)	3,249		3,205		866			795
Loggerhead	Florida	2,343	49	%		35,205		31,414		1,089			230
ECHO JV	Various	—	50	%		16,076		15,624		451			231
		5,941				$	57,366	$	53,080	$	3,596		$	2,876

_____________________


(a)	Loggerhead sites represent marina slip count.


(b)	The percentages shown approximate our economic interest as of September 30, 2018. Our legal ownership interest may differ.


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


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

On March 29, 2018, the Crosswinds joint venture repaid a short-term loan to us in the amount of $13.8 million. We provided the loan to Crosswinds in conjunction with the formation of the joint venture in June 2017.

We received approximately $3.0 million and $2.7 million in distributions from these joint ventures for the nine months ended September 30, 2018 and 2017, respectively. Approximately $0.1 million and $0.6 million of the distributions made to us exceeded our basis in joint ventures for the nine months ended September 30, 2018 and September 30, 2017, respectively, and as such were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements	9 Months Ended
Borrowing Arrangements	Sep. 30, 2018
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable During the nine months ended September 30, 2018, we closed on one loan, secured by two RV resorts, for gross proceeds of approximately $64.0 million. The loan carries an interest rate of 4.83% per annum and matures in 2038. In connection with the Serendipity acquisition during the first quarter of 2018, we assumed a loan of approximately $9.2 million and obtained additional financing of $8.8 million for a total mortgage debt, secured by the manufactured home community, of $18.0 million. The loans carry an average interest rate of 4.75% and mature in 2039. As of September 30, 2018 and December 31, 2017, we had outstanding mortgage indebtedness of approximately $2,016.3 million and $1,971.7 million, respectively, net of deferred financing costs. The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, for the nine months ended September 30, 2018 was approximately 4.7% per annum. The debt bears interest at stated rates ranging from 3.1% to 8.9% per annum and matures on various dates ranging from 2018 to 2041. The debt encumbered a total of 124 and 120 of our Properties as of September 30, 2018 and December 31, 2017, respectively, and the carrying value of such Properties was approximately $2,508.5 million and $2,323.1 million, as of September 30, 2018 and December 31, 2017, respectively. Unsecured Line of Credit During the nine months ended September 30, 2018, we borrowed and paid off amounts on our unsecured line of credit, leaving a balance of $80.0 million outstanding as of September 30, 2018. As of September 30, 2018, we are in compliance in all material respects with the covenants in our borrowing arrangements.

Equity Incentive Awards	9 Months Ended
Equity Incentive Awards	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Awards	Equity Incentive Awards Compensation expense related to restricted stock and stock options, reported in General and administrative on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended September 30, 2018 and 2017 was approximately $2.7 million and $2.6 million, respectively, and for the nine months ended September 30, 2018 and 2017 was approximately $7.3 million and $6.8 million, respectively. Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by our Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Grants under the 2014 Plan are approved 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 approved by the Board of Directors. The Compensation Committee determines the vesting schedule, if any, of each restricted stock grant or stock option grant and the term of each stock 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 were originally available for grant under the 2014 Plan. As of September 30, 2018, 2,927,923 shares remained available for grant. On February 1, 2018, we awarded 70,250 shares of restricted stock (the “2018 Awards”) at a fair market value of approximately $5.9 million to certain members of our senior management for their service in 2018. These restricted stock grants vest over a three-year vesting period, 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 solely 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 the year of the vesting period, in equal installments on December 28, 2019 and December 28, 2020. Additionally, on February 1, 2018, we awarded 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 vest in full on December 31 of the relevant grant year. 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. 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 intend to replicate these Transition Awards in future years. On May 1, 2018, we awarded to certain members of our Board of Directors, 51,388 shares of Restricted Stock at a fair market value of approximately $4.6 million and Options to purchase 6,270 shares of common stock with an exercise price of $89.65 per share. The shares of common stock covered by these awards are subject to multiple tranches that vest between November 1, 2018 and May 1, 2021. On July 31, 2018, we awarded to certain members of our Board of Directors 617 shares of Restricted Stock at a fair market value of approximately $0.1 million. The shares of common stock covered by these awards are subject to multiple tranches that vest between January 31, 2019 and July 31, 2021. The fair market value of our restricted stock grants was determined by using the closing share price of our common stock on the date the shares were issued. Time-based restricted stock awards are recorded as stock-based compensation expense and paid in capital over the vesting period. Stock-based compensation for restricted stock awards with performance conditions will be recognized using the closing price of our common stock at the grant date when the key terms and conditions are known to all parties.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 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

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Reportable Segments

We have identified two reportable segments which are: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. 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 quarters and nine months ended September 30, 2018 or 2017.

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2018 and 2017:

Quarter Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	236,204		$	13,204		$	249,408
Operations expenses	(114,384		)	(12,747		)	(127,131		)
Income from segment operations	121,820			457			122,277
Interest income	863			978			1,841
Depreciation on real estate assets and rental homes	(30,425		)	(2,431		)	(32,856		)
Amortization of in-place leases	(2,124		)	—			(2,124		)
Income (loss) from operations	$	90,134		$	(996	)	$	89,138
Reconciliation to consolidated net income:
Corporate interest income							5
Income from other investments, net							5,421
General and administrative							(8,816		)
Other expenses							(386		)
Interest and related amortization							(26,490		)
Equity in income of unconsolidated joint ventures							788
Consolidated net income							$	59,660

Total assets	$	3,630,136		$	224,901		$	3,855,037
Capital improvements	$	21,722		$	25,339		$	47,061

Quarter Ended September 30, 2017



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	223,184		$	14,415		$	237,599
Operations expenses	(110,431		)	(13,528		)	(123,959		)
Income from segment operations	112,753			887			113,640
Interest income	773			1,042			1,815
Depreciation on real estate assets and rental homes	(27,879		)	(2,614		)	(30,493		)
Amortization of in-place leases	(138		)	—			(138		)
Income (loss) from operations	$	85,509		$	(685	)	$	84,824
Reconciliation to consolidated net income:
Corporate interest income							159
Income from other investments, net							2,052
General and administrative							(7,505		)
Other expenses							(324		)
Interest and related amortization							(25,027		)
Equity in income of unconsolidated joint ventures							686
Consolidated net income							$	54,865

Total assets	$	3,298,122		$	227,725		$	3,525,847
Capital improvements	$	20,308		$	14,104		$	34,412

Nine Months Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	689,387		$	38,383		$	727,770
Operations expenses	(329,942		)	(36,054		)	(365,996		)
Income from segment operations	359,445			2,329			361,774
Interest income	2,494			2,918			5,412
Depreciation on real estate assets and rental homes	(89,308		)	(7,322		)	(96,630		)
Amortization of in-place leases	(5,069		)	—			(5,069		)
Income (loss) from operations	$	267,562		$	(2,075	)	$	265,487
Reconciliation to consolidated net income:
Corporate interest income							246
Income from other investments, net							9,774
General and administrative							(26,523		)
Other expenses							(1,096		)
Interest and related amortization							(78,478		)
Equity in income of unconsolidated joint ventures							3,596
Consolidated net income							$	173,006

Total assets	$	3,630,136		$	224,901		$	3,855,037
Capital improvements	$	69,591		$	58,845		$	128,436

Nine Months Ended September 30, 2017



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	648,766		$	37,100		$	685,866
Operations expenses	(310,337		)	(33,604		)	(343,941		)
Income from segment operations	338,429			3,496			341,925
Interest income	2,256			3,122			5,378
Depreciation on real estate assets and rental homes	(82,939		)	(7,910		)	(90,849		)
Amortization of in-place leases	(2,128		)	—			(2,128		)
Income (loss) from operations	$	255,618		$	(1,292	)	$	254,326
Reconciliation to consolidated net income:
Corporate interest income							164
Income from other investments, net							3,918
General and administrative							(23,339		)
Other expenses							(814		)
Interest and related amortization							(74,728		)
Equity in income of unconsolidated joint ventures							2,876
Consolidated net income							$	162,403

Total assets	$	3,298,122		$	227,725		$	3,525,847
Capital improvements	$	52,040		$	35,837		$	87,877

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2018 and 2017:



	Quarters Ended September 30,						Nine Months Ended September 30,
(amounts in thousands)	2018			2017			2018			2017
Revenues:
Community base rental income	$	130,746		$	123,177		$	386,064		$	365,833
Resort base rental income	64,351			58,471			183,836			169,594
Right-to-use annual payments	12,206			11,531			35,616			34,133
Right-to-use contracts current period, gross	4,863			4,208			11,969			11,212
Right-to-use contract upfront payments, deferred, net	(2,883		)	(1,670		)	(6,189		)	(3,766		)
Utility and other income	25,917			26,295			75,758			69,071
Ancillary services revenues, net	1,004			1,172			2,333			2,689
Total property operations revenues	236,204			223,184			689,387			648,766
Expenses:
Property operating and maintenance	84,445			80,164			239,444			221,119
Real estate taxes	13,240			14,006			40,815			41,986
Sales and marketing, gross	3,568			3,277			9,685			8,861
Right-to-use contract commissions, deferred, net	(458		)	(176		)	(744		)	(372		)
Property management	13,589			13,160			40,742			38,743
Total property operations expenses	114,384			110,431			329,942			310,337
Income from property operations segment	$	121,820		$	112,753		$	359,445		$	338,429

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2018 and 2017:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2018		2017		2018		2017
Revenues:
Gross revenue from home sales	$	9,339	$	10,012	$	26,753	$	24,872
Brokered resale revenues, net	358		337		1,009		925
Rental home income ^(a)	3,507		3,592		10,583		10,829
Ancillary services revenues, net	—		474		38		474
Total revenues	13,204		14,415		38,383		37,100
Expenses:
Cost of home sales	9,742		10,377		27,948		25,391
Home selling expenses	1,101		1,447		3,149		3,301
Rental home operating and maintenance	1,904		1,704		4,957		4,912
Total expenses	12,747		13,528		36,054		33,604
Income from home sales and rentals operations segment	$	457	$	887	$	2,329	$	3,496

______________________


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

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 1, 2018, we paid off six mortgage loans of $66.3 million, including $0.1 million of prepayment penalties, using our line of credit. The loans, which would have matured in 2019, had a weighted average interest rate of 6.07% per annum and were secured by six MH properties.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Equity LifeStyle Properties, Inc., a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and other consolidated subsidiaries (“Subsidiaries”) are referred to herein as “we,” “us,” and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") communities and recreational vehicle ("RV") resorts and campgrounds. We provide our customers the opportunity to place factory built homes, cottages, cabins or RVs on our properties either 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. Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”). These unaudited interim Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2017 Form 10-K. The following notes to the unaudited interim Consolidated Financial Statements highlight significant changes to the notes included in the 2017 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results.
Consolidation	Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities ("VIEs") with respect to which we are the primary beneficiary. We have determined the Operating Partnership, which is our sole significant asset, meets the definition of a VIE. Therefore, we consolidate the Operating Partnership. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany balances and transactions have been eliminated in consolidation. 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 significant influence over the entity with respect to its operations and major decisions. We apply the cost method of accounting when our investment is (i) minimal (typically less than 5.0%) and (ii) 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3). Our mortgage notes payable and term loan, excluding deferred financing costs of approximately $23.6 million and $23.7 million as of September 30, 2018 and December 31, 2017, respectively, had an aggregate carrying value of approximately $2,238.4 million and $2,193.7 million as of September 30, 2018 and December 31, 2017, respectively, and a fair value of approximately $2,200.8 million and $2,184.0 million as of September 30, 2018 and December 31, 2017, respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At September 30, 2018 and December 31, 2017, our cash flow hedge of interest rate risk included in Escrow deposits, goodwill and other assets, net 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 inputs as part of our determination of the purchase price allocation for our acquisitions.
Revenue Recognition, Leases	Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), Leases, which include the following classifications on the Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site on which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer’s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute.
Revenue Recognition, Contracts with Customers	We enter into right-to-use contracts that give 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 upgrade contracts grant certain additional access rights to the customer and require upfront non-refundable payments. The right-to-use upfront non-refundable payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See Recently Adopted Accounting Pronouncements within Note 2 for further discussion. 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.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted on a prospective basis ("ASU 2017-01") Business Combinations: Clarifying the Definition of a Business (Topic 805). 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. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $1.5 million were capitalized for the nine months ended September 30, 2018. On January 1, 2018, we adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230). This guidance requires 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. The adoption of this guidance did not have any effect on the Consolidated Financial Statements. On January 1, 2018, we adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. This update adds or clarifies guidance on the classification of certain cash receipts and payments on the Consolidated Statements of Cash Flows. The adoption of ASU 2016-15 impacted our classification of proceeds from the settlement of insurance claims and distributions received from equity method investments. The retrospective adoption of this guidance resulted in the reclassification of $1.5 million of insurance proceeds from Operating Activities to Investing Activities and $0.6 million of distributions from equity method investments from Operating Activities to Investing Activities on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2017. On January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. As a result of the cumulative impact of adopting this guidance, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings on the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In addition to the information included within Note 2 regarding the impact of ASU 2014-09, also see Note 10, Reportable Segments, for further disaggregation of our various revenue streams by major source. New Accounting Pronouncements In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and presented in the same line item in the Consolidated Financial Statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. This guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the Consolidated Financial Statements and related disclosures. In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815). 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 increasing 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. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the Consolidated Financial Statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (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 the Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ("ASU 2016-02") Leases, regarding the accounting for leases for both lessees and lessors. The pronouncement generally requires lessees to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. In July 2018, ASU 2016-02 was amended, providing another transition method by allowing companies to initially apply the new lease standard in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance sheet of retained earnings, if necessary. The lease standard amendment also provided a practical expedient for an accounting policy election for lessors, by class of underlying asset, to not separate nonlease components from the associated lease components, if certain requirements are met. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2018. The Company expects to adopt this new guidance on January 1, 2019 using the modified retrospective approach, which will result in a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2019. Upon adoption, the Company will recognize a right of use asset and corresponding lease liability for operating leases where it is the lessee, such as ground leases and office leases. The Company is in the process of evaluating the inputs required to calculate the amounts that will be recorded on its balance sheet for each lease. For leases with a term of 12 months or less, the Company expects to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. For leases where we are the lessor, the Company expects that accounting for lease components will be largely unchanged from existing GAAP and to elect the practical expedient to not separate non-lease components from lease components based upon the predominant component for these operating leases.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of cumulative effect adjustments resulting from the adoption of ASU 2014-09

The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows:



(amounts in thousands)	Balance at December 31, 2017			Adjustment due to ASU 2014-09 Adoption			Balance at January 1, 2018
Assets
Deferred commission expense	$	31,443		$	8,200		$	39,643
Liabilities
Deferred revenue-upfront payment from right-to-use contracts	$	85,596		$	23,386		$	108,982
Equity
Distribution in excess of accumulated earnings	$	(211,980	)	$	(15,186	)	$	(227,166	)

The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended September 30, 2018 was as follows:



(amounts in thousands, except per share data)	As Reported			Balances Without Adoption of ASU 2014-09 (a)			Effect of Change Higher/(Lower)
Revenues
Right-to-use contract upfront payments, deferred, net	$	(2,883	)	$	(2,131	)	$	752
Total revenues	$	256,675		$	257,427		$	(752	)

Expenses
Right-to-use contract commissions, deferred, net	$	(458	)	$	(245	)	$	213
Total expenses	$	197,803		$	198,016		$	(213	)

Consolidated net income	$	59,660		$	60,189		$	(529	)
Net income available for Common Stockholders	$	56,070		$	56,567		$	(497	)
Earnings per Common Share - Basic	$	0.63		$	0.63		$	—
Earnings per Common Share - Fully Diluted	$	0.63		$	0.63		$	—

_____________________

(a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09.

The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the nine months ended September 30, 2018 was as follows:



(amounts in thousands, except per share data)	As Reported			Balances Without Adoption of ASU 2014-09 (a)			Effect of Change Higher/(Lower)
Revenues
Right-to-use contract upfront payments, deferred, net	$	(6,189	)	$	(3,968	)	$	2,221
Total revenues	$	743,202		$	745,423		$	(2,221	)

Expenses
Right-to-use contract commissions, deferred, net	$	(744	)	$	(81	)	$	663
Total expenses	$	573,792		$	574,455		$	(663	)

Consolidated net income	$	173,006		$	174,554		$	(1,548	)
Net income available for Common Stockholders	$	162,429		$	163,890		$	(1,461	)
Earnings per Common Share - Basic	$	1.83		$	1.85		$	(0.02	)
Earnings per Common Share - Fully Diluted	$	1.82		$	1.84		$	(0.02	)

_____________________

(a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09.

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the quarters and nine months ended September 30, 2018 and 2017:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2018		2017		2018		2017
Numerator:
Net Income Available for Common Stockholders:
Net income available for Common Stockholders – basic	$	56,070	$	48,525	$	162,429	$	144,911
Amounts allocated to dilutive securities	3,590		3,286		10,569		9,825
Net income available for Common Stockholders – fully dilutive	$	59,660	$	51,811	$	172,998	$	154,736
Denominator:
Weighted average Common Shares outstanding – basic	89,200		87,037		88,760		86,620
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	5,771		5,836		5,808		6,100
Stock options and restricted shares	292		451		259		415
Weighted average Common Shares outstanding – fully diluted	95,263		93,324		94,827		93,135

Earnings per Common Share – Basic:
Net income available for Common Stockholders	$	0.63	$	0.56	$	1.83	$	1.67

Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders	$	0.63	$	0.56	$	1.82	$	1.66

Common Stock and Other Equity Related Transactions (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Dividends declared

The following quarterly distributions have been declared and paid to common stockholders and non-controlling common operating partnership unit ("OP Unit") holders since January 1, 2017:



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.4875	March 31, 2017	March 31, 2017	April 14, 2017
$0.4875	June 30, 2017	June 30, 2017	July 14, 2017
$0.4875	September 30, 2017	September 29, 2017	October 13, 2017
$0.4875	December 31, 2017	December 29, 2017	January 12, 2018
$0.5500	March 31, 2018	March 30, 2018	April 13, 2018
$0.5500	June 30, 2018	June 29, 2018	July 13, 2018
$0.5500	September 30, 2018	September 28, 2018	October 12, 2018

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



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$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	September 25, 2017

Schedule of shares that were issued under the ATM equity offering programs

The following table presents the shares that were issued under the ATM equity offering programs during the nine months ended September 30, 2018 and nine months ended September 30, 2017.



(amounts in thousands, except stock data):	Nine Months Ended
	September 30, 2018		September 30, 2017
Shares of Common Stock sold	861,141		484,913
Weighted average price	$	91.45	$	86.69
Total gross proceeds	$	78,755	$	42,037
Commissions paid to sales agents	$	1,028	$	526

- 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

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+ Details

Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule of our investment in unconsolidated joint ventures



						Investment as of				Joint Venture Income/(Loss) Nine Months Ended
Investment	Location	Number of Sites ^(a)	Economic Interest ^(b)			September 30, 2018		December 31, 2017		September 30, 2018			September 30, 2017
Meadows	Various (2,2)	1,077	50	%		$	558	$	307	$	1,252		$	1,610
Lakeshore	Florida (3,3)	720	(c)			2,278		2,530		(62		)	10
Voyager	Arizona (1,1)	1,801	50	%	^(d)	3,249		3,205		866			795
Loggerhead	Florida	2,343	49	%		35,205		31,414		1,089			230
ECHO JV	Various	—	50	%		16,076		15,624		451			231
		5,941				$	57,366	$	53,080	$	3,596		$	2,876

_____________________


(a)	Loggerhead sites represent marina slip count.


(b)	The percentages shown approximate our economic interest as of September 30, 2018. Our legal ownership interest may differ.


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


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

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of segment financial information

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2018 and 2017:

Quarter Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	236,204		$	13,204		$	249,408
Operations expenses	(114,384		)	(12,747		)	(127,131		)
Income from segment operations	121,820			457			122,277
Interest income	863			978			1,841
Depreciation on real estate assets and rental homes	(30,425		)	(2,431		)	(32,856		)
Amortization of in-place leases	(2,124		)	—			(2,124		)
Income (loss) from operations	$	90,134		$	(996	)	$	89,138
Reconciliation to consolidated net income:
Corporate interest income							5
Income from other investments, net							5,421
General and administrative							(8,816		)
Other expenses							(386		)
Interest and related amortization							(26,490		)
Equity in income of unconsolidated joint ventures							788
Consolidated net income							$	59,660

Total assets	$	3,630,136		$	224,901		$	3,855,037
Capital improvements	$	21,722		$	25,339		$	47,061

Quarter Ended September 30, 2017



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	223,184		$	14,415		$	237,599
Operations expenses	(110,431		)	(13,528		)	(123,959		)
Income from segment operations	112,753			887			113,640
Interest income	773			1,042			1,815
Depreciation on real estate assets and rental homes	(27,879		)	(2,614		)	(30,493		)
Amortization of in-place leases	(138		)	—			(138		)
Income (loss) from operations	$	85,509		$	(685	)	$	84,824
Reconciliation to consolidated net income:
Corporate interest income							159
Income from other investments, net							2,052
General and administrative							(7,505		)
Other expenses							(324		)
Interest and related amortization							(25,027		)
Equity in income of unconsolidated joint ventures							686
Consolidated net income							$	54,865

Total assets	$	3,298,122		$	227,725		$	3,525,847
Capital improvements	$	20,308		$	14,104		$	34,412

Nine Months Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	689,387		$	38,383		$	727,770
Operations expenses	(329,942		)	(36,054		)	(365,996		)
Income from segment operations	359,445			2,329			361,774
Interest income	2,494			2,918			5,412
Depreciation on real estate assets and rental homes	(89,308		)	(7,322		)	(96,630		)
Amortization of in-place leases	(5,069		)	—			(5,069		)
Income (loss) from operations	$	267,562		$	(2,075	)	$	265,487
Reconciliation to consolidated net income:
Corporate interest income							246
Income from other investments, net							9,774
General and administrative							(26,523		)
Other expenses							(1,096		)
Interest and related amortization							(78,478		)
Equity in income of unconsolidated joint ventures							3,596
Consolidated net income							$	173,006

Total assets	$	3,630,136		$	224,901		$	3,855,037
Capital improvements	$	69,591		$	58,845		$	128,436

Nine Months Ended September 30, 2017



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	648,766		$	37,100		$	685,866
Operations expenses	(310,337		)	(33,604		)	(343,941		)
Income from segment operations	338,429			3,496			341,925
Interest income	2,256			3,122			5,378
Depreciation on real estate assets and rental homes	(82,939		)	(7,910		)	(90,849		)
Amortization of in-place leases	(2,128		)	—			(2,128		)
Income (loss) from operations	$	255,618		$	(1,292	)	$	254,326
Reconciliation to consolidated net income:
Corporate interest income							164
Income from other investments, net							3,918
General and administrative							(23,339		)
Other expenses							(814		)
Interest and related amortization							(74,728		)
Equity in income of unconsolidated joint ventures							2,876
Consolidated net income							$	162,403

Total assets	$	3,298,122		$	227,725		$	3,525,847
Capital improvements	$	52,040		$	35,837		$	87,877

Financial information for the property operations segment

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2018 and 2017:



	Quarters Ended September 30,						Nine Months Ended September 30,
(amounts in thousands)	2018			2017			2018			2017
Revenues:
Community base rental income	$	130,746		$	123,177		$	386,064		$	365,833
Resort base rental income	64,351			58,471			183,836			169,594
Right-to-use annual payments	12,206			11,531			35,616			34,133
Right-to-use contracts current period, gross	4,863			4,208			11,969			11,212
Right-to-use contract upfront payments, deferred, net	(2,883		)	(1,670		)	(6,189		)	(3,766		)
Utility and other income	25,917			26,295			75,758			69,071
Ancillary services revenues, net	1,004			1,172			2,333			2,689
Total property operations revenues	236,204			223,184			689,387			648,766
Expenses:
Property operating and maintenance	84,445			80,164			239,444			221,119
Real estate taxes	13,240			14,006			40,815			41,986
Sales and marketing, gross	3,568			3,277			9,685			8,861
Right-to-use contract commissions, deferred, net	(458		)	(176		)	(744		)	(372		)
Property management	13,589			13,160			40,742			38,743
Total property operations expenses	114,384			110,431			329,942			310,337
Income from property operations segment	$	121,820		$	112,753		$	359,445		$	338,429

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2018 and 2017:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2018		2017		2018		2017
Revenues:
Gross revenue from home sales	$	9,339	$	10,012	$	26,753	$	24,872
Brokered resale revenues, net	358		337		1,009		925
Rental home income ^(a)	3,507		3,592		10,583		10,829
Ancillary services revenues, net	—		474		38		474
Total revenues	13,204		14,415		38,383		37,100
Expenses:
Cost of home sales	9,742		10,377		27,948		25,391
Home selling expenses	1,101		1,447		3,149		3,301
Rental home operating and maintenance	1,904		1,704		4,957		4,912
Total expenses	12,747		13,528		36,054		33,604
Income from home sales and rentals operations segment	$	457	$	887	$	2,329	$	3,496

______________________


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

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Intangible assets and goodwill	$ 12,100			$ 12,100
Intangible assets	4,300			4,300
Goodwill	7,800			7,800
Accumulated amortization of identified intangible assets	3,000			2,900
Cash and cash equivalents, restricted cash	5,300			5,300
Deferred financing costs, net	23,600			23,700
Capitalized transaction costs	1,500
Proceeds from insurance claims, operating activities	(3,353)	$ (134)
Proceeds from insurance claims, investing activities	6,615	1,547
Distributions of income from unconsolidated joint ventures	2,869	2,071
Distributions in excess of accumulated earnings			$ (227,166)	(211,980)
Reported Value Measurement
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,238,400			2,193,700
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable fair value	2,200,800			2,184,000
Leases, Acquired-in-Place
Significant Accounting Policies [Line Items]
Intangible assets	84,900			76,700
Accumulated amortization of identified intangible assets	$ 81,700			$ 76,500
Accounting Standards Update 2016-15
Significant Accounting Policies [Line Items]
Distributions of capital from unconsolidated joint ventures		$ 600
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Significant Accounting Policies [Line Items]
Distributions in excess of accumulated earnings			$ (15,186)

Summary of Significant Accounting Policies - Revenue Adjustment - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets
Deferred commission expense	$ 40,352	$ 39,643	$ 31,443
Liabilities:
Deferred revenue – upfront payments from right-to-use contracts		108,982
Equity
Distribution in excess of accumulated earnings		(227,166)	(211,980)
Calculated under Revenue Guidance in Effect before Topic 606
Assets
Deferred commission expense			31,443
Liabilities:
Deferred revenue – upfront payments from right-to-use contracts			85,596
Equity
Distribution in excess of accumulated earnings			$ (211,980)
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Assets
Deferred commission expense		8,200
Liabilities:
Deferred revenue – upfront payments from right-to-use contracts		23,386
Equity
Distribution in excess of accumulated earnings		$ (15,186)

Summary of Significant Accounting Policies - Revenue Adjustment - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 256,675	$ 241,625	$ 743,202	$ 695,326
Expenses
Right-to-use contract commissions, deferred, net	(458)	(176)	(744)	(372)
Total expenses	197,803	187,446	573,792	535,799
Consolidated net income	59,660	54,865	173,006	162,403
Net income available for Common Stockholders	$ 56,070	$ 48,525	$ 162,429	$ 144,911
Earnings per common share - Basic (usd per share)	$ 0.63	$ 0.56	$ 1.83	$ 1.67
Earnings per common share - Fully Diluted (usd per share)	$ 0.63	$ 0.56	$ 1.82	$ 1.66
Calculated under Revenue Guidance in Effect before Topic 606
Revenues:
Total revenues	$ 257,427		$ 745,423
Expenses
Right-to-use contract commissions, deferred, net	(245)		(81)
Total expenses	198,016		574,455
Consolidated net income	60,189		174,554
Net income available for Common Stockholders	$ 56,567		$ 163,890
Earnings per common share - Basic (usd per share)	$ 0.63		$ 1.85
Earnings per common share - Fully Diluted (usd per share)	$ 0.63		$ 1.84
Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Revenues:
Total revenues	$ (752)		$ (2,221)
Expenses
Right-to-use contract commissions, deferred, net	213		663
Total expenses	(213)		(663)
Consolidated net income	(529)		(1,548)
Net income available for Common Stockholders	$ (497)		$ (1,461)
Earnings per common share - Basic (usd per share)	$ 0.00		$ (0.02)
Earnings per common share - Fully Diluted (usd per share)	$ 0.00		$ (0.02)
Right-to-use contract upfront payments, deferred, net
Revenues:
Right-to-use contract upfront payments, deferred, net	$ (2,883)	$ (1,670)	$ (6,189)	$ (3,766)
Right-to-use contract upfront payments, deferred, net \| Calculated under Revenue Guidance in Effect before Topic 606
Revenues:
Right-to-use contract upfront payments, deferred, net	(2,131)		(3,968)
Right-to-use contract upfront payments, deferred, net \| Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Revenues:
Right-to-use contract upfront payments, deferred, net	$ 752		$ 2,221

Earnings Per Common Share - Calculation of numerator and denominator in eps table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income available for Common Stockholders – basic	$ 56,070	$ 48,525	$ 162,429	$ 144,911
Amounts allocated to dilutive securities	3,590	3,286	10,569	9,825
Net income available for Common Stockholders – fully dilutive	$ 59,660	$ 51,811	$ 172,998	$ 154,736
Denominator:
Weighted average Common Shares outstanding – basic (shares)	89,200	87,037	88,760	86,620
Effect of dilutive securities:
Conversion of Common OP Units to Common Shares (shares)	5,771	5,836	5,808	6,100
Stock options and restricted shares (shares)	292	451	259	415
Weighted average Common Shares outstanding – fully diluted (shares)	95,263	93,324	94,827	93,135
Earnings per Common Share – Basic:
Net income available for Common Stockholders (usd per share)	$ 0.63	$ 0.56	$ 1.83	$ 1.67
Earnings per Common Share – Fully Diluted:
Net income available for Common Stockholders (usd per share)	$ 0.63	$ 0.56	$ 1.82	$ 1.66

Common Stock and Other Equity Related Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands											9 Months Ended
	Oct. 12, 2018	Jul. 13, 2018	Apr. 13, 2018	Jan. 12, 2018	Oct. 13, 2017	Sep. 25, 2017	Jul. 14, 2017	Jun. 30, 2017	Apr. 14, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Nov. 02, 2017	Nov. 01, 2017
Class of Stock [Line Items]
Common stock, dividends paid (usd per share)		$ 0.5500	$ 0.550	$ 0.4875	$ 0.4875		$ 0.4875		$ 0.4875
Common stock, par value (usd per share)											$ 0.01		$ 0.01
Common stock, available for issuance											$ 71,200
OP units were exchanged for an equal number of shares of common stock (OP Units)											87,718	1,335,247
Preferred stock, dividend rate (percentage)											6.75%
Series C Preferred stock redemption												$ 138,400
Dividends paid per share (usd per share)						$ 0.421875		$ 0.421875		$ 0.421875
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (usd per share)	$ 0.5500
Private Placement
Class of Stock [Line Items]
Aggregate offering price														$ 200,000	$ 125,000

Common Stock and Other Equity Related Transactions (Movement during the period) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Commissions paid to sales agents	$ 1,433	$ 723
Private Placement
Class of Stock [Line Items]
Total gross proceeds	$ 78,755	$ 42,037
Private Placement \| Common Stock
Class of Stock [Line Items]
Shares of Common Stock sold (shares)	861,141	484,913
Weighted average price (usd per share)	$ 91.45	$ 86.69
Commissions paid to sales agents	$ 1,028	$ 526

Real Estate Acquisitions (Details) $ in Millions						3 Months Ended	9 Months Ended
Real Estate Acquisitions (Details) $ in Millions	Sep. 21, 2018 USD ($) site	Jul. 20, 2018 USD ($) site	Apr. 20, 2018 USD ($) site	Mar. 15, 2018 USD ($) site	Mar. 08, 2018 USD ($) site	Mar. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Business Acquisition [Line Items]
Proceeds from loans							$ 64.0
Serendipity
Business Acquisition [Line Items]
Liabilities incurred						$ 9.2
Proceeds from loans						$ 8.8
North Fort Myers, Florida \| Sunseekers
Business Acquisition [Line Items]
Number of acquired sites \| site	241
Purchase price	$ 6.5
Fort Lauderdale \| Everglades Lake
Business Acquisition [Line Items]
Number of acquired sites \| site		612
Purchase price		$ 72.2
Transaction costs		$ 0.2
Holiday, Florida \| Holiday Travel Park
Business Acquisition [Line Items]
Number of acquired sites \| site			613
Purchase price			$ 22.5
Transaction costs			$ 0.3
Clear Water, Florida \| Serendipity
Business Acquisition [Line Items]
Number of acquired sites \| site				425
Purchase price				$ 30.7
Transaction costs				0.6
Liabilities incurred				9.2
Proceeds from loans				$ 8.8
Riverview, Florida \| Kingswood
Business Acquisition [Line Items]
Number of acquired sites \| site					229
Purchase price					$ 17.5
Transaction costs					$ 0.4

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 29, 2018 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 joint_venture_site	Sep. 30, 2018	Sep. 30, 2018 site	Dec. 31, 2017 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of sites						2		5,941
Economic interest (in percentage)							65.00%
Investment in unconsolidated joint ventures		$ 57,366		$ 57,366					$ 53,080
Joint venture income/(loss)		788	$ 686	3,596	$ 2,876
Income from distribution made to us				3,000	2,700
Distributions, including those in excess of basis				100	600
Crosswinds
Schedule of Equity Method Investments [Line Items]
Economic interest (in percentage)							49.00%
Short term loan repaid	$ 13,800
Various \| Meadows
Schedule of Equity Method Investments [Line Items]
Number of sites \| site								1,077
Economic interest (in percentage)							50.00%
Investment in unconsolidated joint ventures		558		558					307
Joint venture income/(loss)				1,252	1,610
Various \| ECHO JV
Schedule of Equity Method Investments [Line Items]
Number of sites \| site								0
Economic interest (in percentage)							50.00%
Investment in unconsolidated joint ventures		16,076		16,076					15,624
Joint venture income/(loss)				451	231
Florida \| Lakeshore
Schedule of Equity Method Investments [Line Items]
Number of sites \| site								720
Investment in unconsolidated joint ventures		2,278		2,278					2,530
Joint venture income/(loss)				(62)	10
Florida \| Loggerhead
Schedule of Equity Method Investments [Line Items]
Number of sites \| site								2,343
Economic interest (in percentage)							49.00%
Investment in unconsolidated joint ventures		35,205		35,205					31,414
Joint venture income/(loss)				1,089	230
Arizona \| Voyager
Schedule of Equity Method Investments [Line Items]
Number of sites \| site								1,801
Economic interest (in percentage)							50.00%
Investment in unconsolidated joint ventures		$ 3,249		3,249					$ 3,205
Joint venture income/(loss)				$ 866	$ 795
Recreational Vehicle Resort \| Voyager
Schedule of Equity Method Investments [Line Items]
Economic interest (in percentage)							50.00%
Servicing Assets \| Voyager
Schedule of Equity Method Investments [Line Items]
Economic interest (in percentage)							33.00%

Borrowing Arrangements - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2018	Sep. 30, 2018 property	Sep. 30, 2018 Property	Sep. 30, 2018 loan	Dec. 31, 2017 USD ($) Property
Debt Instrument [Line Items]
Number of loans \| loan						1
Number of pledged properties				2	124		120
Proceeds from loans		$ 64,000
Stated interest rate (in percentage)			4.83%
Pledged assets, not separately reported		2,508,500					$ 2,323,100
Weighted average interest rate (percentage)			4.70%
Mortgage notes payable, net		2,016,257					1,971,715
Unsecured line of credit		$ 80,000					$ 30,000
Secured Debt \| Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)			3.10%
Secured Debt \| Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)			8.90%
Serendipity
Debt Instrument [Line Items]
Proceeds from loans	$ 8,800
Liabilities incurred	9,200
Pledged assets, not separately reported	$ 18,000
Weighted average interest rate (percentage)	4.75%

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended
	Jul. 31, 2018	May 01, 2018	Feb. 01, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	May 13, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award (in years)						10 years
Number of shares available for grant (in shares)				2,927,923		2,927,923
Grants during the period (in shares)		6,270
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)								3,750,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 2.7	$ 2.6	$ 7.3	$ 6.8
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)	617	51,388	70,250
Fair value of shares issued	$ 0.1	$ 4.6	$ 5.9
Exercise price (in usd per share)		$ 89.65
Management \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			3 years
Management \| Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grants in period (in shares)			70,250
Fair value of shares issued			$ 5.9
Award vesting period (years)			3 years
Vesting on December 28, 2018 \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)						33.00%
Vesting on December 28, 2018 \| Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)						67.00%
Vesting on December 28, 2019 \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)						33.00%
Vesting on December 28, 2019 \| Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)						33.00%
Vesting on December 28, 2020 \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (in percentage)						33.00%

Commitments and Contingencies - Additional Information (Detail)	Oct. 20, 2015 demolition
Commitments and Contingencies Disclosure [Abstract]
Number of historical demolition and renovation projects	200

Reportable Segments - Additional Information (Detail)	9 Months Ended
Reportable Segments - Additional Information (Detail)	Sep. 30, 2018 integer
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Depreciation on real estate assets and rental homes	$ (32,856)	$ (30,493)	$ (96,630)	$ (90,849)
Amortization of in-place leases	(2,124)	(138)	(5,069)	(2,128)
Reconciliation to Consolidated net income:
Income from other investments, net	5,421	2,052	9,774	3,918
General and administrative	(8,816)	(7,505)	(26,523)	(23,339)
Other expenses	(386)	(324)	(1,096)	(814)
Interest and related amortization	(26,490)	(25,027)	(78,478)	(74,728)
Equity in income of unconsolidated joint ventures	788	686	3,596	2,876
Consolidated net income	59,660	54,865	173,006	162,403
Total assets	3,855,037	3,525,847	3,855,037	3,525,847	$ 3,610,032
Capital improvements	47,061	34,412	128,436	87,877
Property Operations
Reconciliation to Consolidated net income:
Total assets	3,630,136	3,298,122	3,630,136	3,298,122
Capital improvements	21,722	20,308	69,591	52,040
Home Sales and Rentals Operations
Reconciliation to Consolidated net income:
Total assets	224,901	227,725	224,901	227,725
Capital improvements	25,339	14,104	58,845	35,837
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	249,408	237,599	727,770	685,866
Operations expenses	(127,131)	(123,959)	(365,996)	(343,941)
Income from segment operations	122,277	113,640	361,774	341,925
Interest income	1,841	1,815	5,412	5,378
Depreciation on real estate assets and rental homes	(32,856)	(30,493)	(96,630)	(90,849)
Amortization of in-place leases	(2,124)	(138)	(5,069)	(2,128)
Income (loss) from operations	89,138	84,824	265,487	254,326
Operating Segments \| Property Operations
Segment Reporting Information [Line Items]
Operations revenues	236,204	223,184	689,387	648,766
Operations expenses	(114,384)	(110,431)	(329,942)	(310,337)
Income from segment operations	121,820	112,753	359,445	338,429
Interest income	863	773	2,494	2,256
Depreciation on real estate assets and rental homes	(30,425)	(27,879)	(89,308)	(82,939)
Amortization of in-place leases	(2,124)	(138)	(5,069)	(2,128)
Income (loss) from operations	90,134	85,509	267,562	255,618
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	13,204	14,415	38,383	37,100
Operations expenses	(12,747)	(13,528)	(36,054)	(33,604)
Income from segment operations	457	887	2,329	3,496
Interest income	978	1,042	2,918	3,122
Depreciation on real estate assets and rental homes	(2,431)	(2,614)	(7,322)	(7,910)
Amortization of in-place leases	0	0	0	0
Income (loss) from operations	(996)	(685)	(2,075)	(1,292)
Segment Reconciling Items
Reconciliation to Consolidated net income:
Corporate interest income	5	159	246	164
Income from other investments, net	5,421	2,052	9,774	3,918
General and administrative	(8,816)	(7,505)	(26,523)	(23,339)
Other expenses	(386)	(324)	(1,096)	(814)
Interest and related amortization	(26,490)	(25,027)	(78,478)	(74,728)
Equity in income of unconsolidated joint ventures	$ 788	$ 686	$ 3,596	$ 2,876

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Community base rental income	$ 130,746	$ 123,177	$ 386,064	$ 365,833
Rental home income	3,507	3,592	10,583	10,829
Total revenues	256,675	241,625	743,202	695,326
Expenses:
Property operating and maintenance	84,445	80,164	239,444	221,119
Real estate taxes	13,240	14,006	40,815	41,986
Sales and marketing, gross	3,568	3,277	9,685	8,861
Right-to-use contract commissions, deferred, net	(458)	(176)	(744)	(372)
Home selling expenses	1,101	1,447	3,149	3,301
Rental home operating and maintenance	1,904	1,704	4,957	4,912
Total expenses	197,803	187,446	573,792	535,799
Income before equity in income of unconsolidated joint ventures	58,872	54,179	169,410	159,527
Property Operations
Revenues:
Community base rental income	130,746	123,177	386,064	365,833
Rental home income	64,351	58,471	183,836	169,594
Utility and other income	25,917	26,295	75,758	69,071
Total revenues	236,204	223,184	689,387	648,766
Expenses:
Property operating and maintenance	84,445	80,164	239,444	221,119
Real estate taxes	13,240	14,006	40,815	41,986
Sales and marketing, gross	3,568	3,277	9,685	8,861
Right-to-use contract commissions, deferred, net	(458)	(176)	(744)	(372)
Total expenses	114,384	110,431	329,942	310,337
Income before equity in income of unconsolidated joint ventures	121,820	112,753	359,445	338,429
Home Sales and Rentals Operations
Revenues:
Rental home income	3,507	3,592	10,583	10,829
Total revenues	13,204	14,415	38,383	37,100
Expenses:
Home selling expenses	1,101	1,447	3,149	3,301
Rental home operating and maintenance	1,904	1,704	4,957	4,912
Total expenses	12,747	13,528	36,054	33,604
Income before equity in income of unconsolidated joint ventures	457	887	2,329	3,496
Gross revenues from home sales
Revenues:
Contract revenue	9,339	10,012	26,753	24,872
Expenses:
Cost of home sales	9,742	10,377	27,948	25,391
Gross revenues from home sales \| Home Sales and Rentals Operations
Revenues:
Contract revenue	9,339	10,012	26,753	24,872
Expenses:
Cost of home sales	9,742	10,377	27,948	25,391
Brokered resale revenues, net \| Home Sales and Rentals Operations
Revenues:
Contract revenue	358	337	1,009	925
Right-to-use annual payments
Revenues:
Contract revenue	12,206	11,531	35,616	34,133
Right-to-use annual payments \| Property Operations
Revenues:
Contract revenue	12,206	11,531	35,616	34,133
Right-to-use contracts current period, gross
Revenues:
Contract revenue	4,863	4,208	11,969	11,212
Right-to-use contracts current period, gross \| Property Operations
Revenues:
Contract revenue	4,863	4,208	11,969	11,212
Right-to-use contract upfront payments, deferred, net
Revenues:
Contract revenue	(2,883)	(1,670)	(6,189)	(3,766)
Right-to-use contract upfront payments, deferred, net \| Property Operations
Revenues:
Contract revenue	(2,883)	(1,670)	(6,189)	(3,766)
Ancillary services \| Property Operations
Revenues:
Contract revenue	1,004	1,172	2,333	2,689
Ancillary services \| Home Sales and Rentals Operations
Revenues:
Contract revenue	0	474	38	474
Property management
Expenses:
Cost of home sales	13,589	13,160	40,742	38,743
Property management \| Property Operations
Expenses:
Cost of home sales	$ 13,589	$ 13,160	$ 40,742	$ 38,743

Subsequent Events (Details) $ in Millions	Oct. 01, 2018 USD ($) property loan	Sep. 30, 2018 property	Sep. 30, 2018 Property	Dec. 31, 2017 Property
Subsequent Event [Line Items]
Number of pledged properties		2	124	120
Subsequent Event
Subsequent Event [Line Items]
Loans repaid \| loan	6
Repayments of debt	$ 66.3
Prepayment penalty	$ 0.1
Weighted average interest rate (percentage)	6.07%
Number of pledged properties \| property	6