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Common Stock and Other Equity Related Transactions

On October 26, 2018, we entered into our current 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 with a par value of $0.01 per share, up to an aggregate offering price of up to $200.0 million. The full capacity remained available for issuance as of December 31, 2018.

The following table presents the shares that were issued under our prior ATM equity offering program:



	Years Ended December 31,
(amounts in thousands, except share data)	2018		2017		2016
Shares of Common Stock sold	861,141		1,380,017		683,548
Weighted average price	$	91.45	$	87.46	$	73.15
Total gross proceeds	$	78,755	$	120,698	$	50,000
Commissions paid to sales agents	$	1,028	$	1,512	$	657

On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The aggregate number of shares of common stock available under the ESPP shall not exceed 2,000,000, subject to adjustment by our Board of Directors. The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2018, 2017 and 2016 were 22,071, 24,715 and 17,037, respectively.

The following table presents the changes in our outstanding common stock (excluding OP Units of 5,745,966, 5,834,100, and 7,170,000 outstanding at December 31, 2018, 2017 and 2016, respectively):



	Years Ended December 31,
	2018		2017		2016
Shares outstanding at January 1,	88,585,160		85,529,386		84,253,065
Common stock issued through the ATM Equity Offering Program	861,141		1,380,017		683,548
Common stock issued through conversion of OP Units	88,134		1,335,900		37,678
Common stock issued through exercise of options	202,800		220,000		440,000
Common stock issued through restricted stock grants	192,505		130,426		133,717
Common stock forfeitures	—		(990	)	—
Common stock issued through ESPP and Dividend Reinvestment Plan	22,572		25,101		17,373
Common stock repurchased and retired	(31,294	)	(34,680	)	(35,995	)
Shares outstanding at December 31,	89,921,018		88,585,160		85,529,386

During the years ended December 31, 2018, 2017 and 2016, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $96.23, $89.02 and $72.22 per share, respectively.

As of December 31, 2018, 2017 and 2016, ELS' percentage ownership of the Operating Partnership was approximately 94.0%, 93.8% and 92.3%, respectively. The remaining approximately 6.0%, 6.2% and 7.7% as of December 31, 2018, 2017 and 2016, respectively, was owned by the Common OP Unitholders.

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2016:



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.4250	March 31, 2016	March 25, 2016	April 8, 2016
$0.4250	June 30, 2016	June 24, 2016	July 8, 2016
$0.4250	September 30, 2016	September 30, 2016	October 14, 2016
$0.4250	December 31, 2016	December 30, 2016	January 13, 2017
$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
$0.5500	December 31, 2018	December 28, 2018	January 11, 2019

Investment in Real Estate

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Investment in Real Estate

Acquisitions

We acquired all of the following Properties from unaffiliated third parties:

During the year ended December 31, 2018, we acquired four RV communities, including Sunseekers, located in North Fort Myers, Florida, Holiday Travel Park, located in Holiday, Florida, Timber Creek, located in Waverly, Rhode Island, and King Nummy, located in Cape May Court House, New Jersey and four manufactured home communities, including Everglades Lakes, located in Fort Lauderdale, Florida, Serendipity, located in Clearwater, Florida, Kingswood, located in Riverview, Florida, and Palm Lake, located in Riviera Beach, Florida for a combined purchase price of $251.7 million, including $5.8 million of transaction costs. These properties contain 3,712 Sites. As a result of these acquisitions, we assumed approximately $9.2 million of mortgage debt and entered into new mortgage debt of $8.8 million. The remaining purchase price was funded with available cash, proceeds from our prior ATM equity offering program and the LOC. We also acquired two vacant land parcels adjacent to our other Properties for a combined purchase price of $2.8 million. Each of these acquisitions were accounted for as asset acquisitions.

During the year ended December 31, 2017, we acquired Bethpage Camp Resort and Grey's Point Camp, two RV communities in Urbanna and Topping,Virginia, respectively, and Paradise Park Largo, a manufactured home community in Largo, Florida for a combined purchase price of $142.4 million. These Properties include 1,870 sites. As a result of these acquisitions, we assumed approximately $5.9 million of mortgage debt. The remaining purchase price was funded with available cash, proceeds from our ATM equity offering program and the line of credit. We accounted for our 2017 acquisitions under the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”).

During the year ended December 31, 2016, we acquired four RV communities, including Riverside RV, located in Arcadia, Florida, Portland Fairview, located in Fairview Oregon, Forest Lakes Estate, located in Zephyrhills, Florida, and Rose Bay, located in Port Orange, Florida for a combined purchase price of $120.5 million. These Properties include 2,377 Sites. As a result of these acquisitions, we assumed approximately $22.6 million of mortgage debt. The remaining purchase price was funded with available cash and proceeds from our ATM equity offering program. We accounted for our 2016 acquisitions under the acquisition method in accordance with ASC 805.

We engaged a third-party to assist with our purchase price allocation when necessary. The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2018, 2017 and 2016, which we determined using Level-2 inputs for mortgage notes payable, other liabilities and other assets and Level-3 inputs for the others:



	Years Ended December 31,
(amounts in thousands)	2018		2017^(a)		2016
Assets acquired
Land	$	171,111	$	82,539	$	62,489
Buildings and other depreciable property	84,019		55,903		55,445
Manufactured homes ^(b)	140		840		67
In-place leases ^(b)	9,859		2,973		4,447
Net investment in real estate	$	265,129	$	142,255	$	122,448
Other assets	—		229		20
Total assets acquired	$	265,129	$	142,484	$	122,468
Liabilities assumed
Mortgage notes payable	$	9,200	$	5,900	$	22,010
Below-market lease liability ^(c)	10,645		—		—
Other liabilities	—		32		2,214
Total liabilities assumed	$	19,845	$	5,932	$	24,224
Net assets acquired	$	245,284	$	136,552	$	98,244

_________________________

(a)During the year ended December 31, 2018 we finalized the purchase price allocation on the 2017 acquisitions accounted for as business combinations.

(b)Manufactured homes and in-place leases are included in Buildings and other depreciable property on the Consolidated Balance Sheets.

(c)Below-market lease liability is included in Accrued expenses and accounts payable on the Consolidated Balance Sheets.

Properties Classified as Held for Sale

The following table presents the assets and liabilities associated with the five Properties classified as held for sale as of December 31, 2018:



	As of December 31,
(amounts in thousands)	2018
Assets
Land, building and other improvements	$	49,973
Less accumulated depreciation	(14,547		)
Net investment in real estate	35,426
Other assets	488
Assets held for sale, net	$	35,914
Liabilities
Mortgage notes payable	$	11,175
Other liabilities	1,175
Liabilities related to assets held for sale	$	12,350

Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

During the year ended December 31, 2017, we entered joint venture agreements to acquire 49% interest in Florida Atlantic Holding, LLC ("Loggerhead") and Crosswinds Mobile Home Park ("Crosswinds") for approximately $30.0 million and $18.8 million, respectively. As part of the Crosswinds transaction, we issued a short term loan of $13.8 million to the joint venture. The loan was subsequently repaid during 2018. During the year ended December 31, 2018, we contributed an additional $4.4 million and $0.1 million to the Loggerhead and Crosswind joint ventures, respectively.

We recorded $4.9 million, $3.8 million, and $2.6 million (net of $1.8 million, $1.5 million and $1.3 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2018, 2017 and 2016, respectively. We received approximately $4.5 million, $3.8 million and $5.9 million in distributions from joint ventures for the years ended December 31, 2018, 2017 and 2016, respectively. Approximately $0.2 million and $0.8 million of the distributions made to us exceeded our basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2018 and 2017, respectively. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 2016.

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically for the years ended December 31, 2018 and 2017, respectively):



						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites^(a)	Economic Interest^(b)			2018		2017		2018		2017		2016
Meadows	Various (2,2)	1,077	50	%		$	346	$	307	$	1,839	$	2,197	$	1,348
Lakeshore	Florida (3,3)	720	^(c)			2,263		2,530		22		115		318
Voyager	Arizona (1,1)	1,801	50	%	^(d)	3,135		3,205		995		891		1,014
Loggerhead	Various	2,343	49	%		35,789		31,414		1,486		230		—
Echo JV	Various	—	50	%		16,222		15,624		597		332		(75		)
		5,941				$	57,755	$	53,080	$	4,939	$	3,765	$	2,605

_________________________


(a)	Loggerhead sites represents marina slip counts.


(b)	The percentages shown approximate our economic interest as of December 31, 2018. Our legal ownership interest may differ.


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


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

Notes Receivable, Net	12 Months Ended
Notes Receivable, Net	Dec. 31, 2018
Receivables [Abstract]
Notes Receivable, Net	Notes Receivable, net Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. We provide financing for nonrefundable upgrades to existing right-to-use contracts ("Contracts Receivable"). These Contracts Receivable represent loans to customers who have entered right-to-use contracts. As of December 31, 2018 and 2017, Contract Receivable was $21.9 million and $19.7 million, respectively. Contracts Receivable, as of December 31, 2018, had an average stated interest rate of 16.6%, a weighted average term remaining of approximately 3.5 years and require monthly payments of principal and interest. In certain cases, we purchase loans made by others to finance the sales of homes to our customers (referred to as "Chattel Loans"). These loans are secured by the underlying homes sold. These Chattel Loans require monthly principal and interest payments. As of December 31, 2018 and 2017, we had $13.4 million and $15.9 million of Chattel Loans, respectively. As of December 31, 2018, the Chattel Loans receivable had a stated per annum average interest rate of approximately 7.7%, with a yield of 26.5%, and had an average term remaining of approximately 10 years.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

+ References + Details

Borrowing Arrangements

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

As of December 31, 2018 and 2017, we had outstanding mortgage indebtedness on Properties of approximately $2,149.7 million and $1,971.7 million, respectively, excluding liabilities classified as held for sale and net of deferred financing costs. The weighted average interest rates including the impact of premium/discount and deferred loan cost amortization were 4.7% and 4.8% per annum, for the years ended December 31, 2018 and 2017, respectively. The secured debt bears interest rates of 3.5% to 8.9% per annum and matures on various dates ranging from 2020 to 2041. The debt encumbered a total of 118 Properties, excluding held for sale Properties, as of December 31, 2018 and 120 Properties as of December 31, 2017, and the carrying values of such Properties were approximately $2,489.8 million and $2,323.1 million for December 31, 2018 and 2017, respectively.

2018 Activity

We entered into two secured credit facilities with gross proceeds of $357.8 million, with a weighted average maturity of 14.8 years and a weighted average interest rate of 4.23%. We also closed on one loan secured by two RV communities for gross proceeds of $64.0 million. The loan has a term of 20 years and carries an interest rate of 4.83% per annum. Additionally, in connection with the Serendipity acquisition, we assumed $9.2 million of debt and obtained $8.8 million of additional financing for a total of $18.0 million, secured by the MH community. The debt carries a weighted average interest rate of 4.75% and matures in 2039.

We also repaid $196.8 million of principal on 16 mortgage loans (15 due to mature in 2019 and one maturing in 2018) incurring $1.9 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 6.29% per annum and were secured by 15 MH and one RV communities.

2017 Activity

We entered into a $204.4 million secured credit facility with Fannie Mae, maturing in 20 years and bearing a 3.97% interest rate. The facility is secured by five MH communities. We also closed on three loans with total gross proceeds of $146.0 million. These loans have a term of 20 years, carry an interest rate of 4.07% per annum and are each secured by a MH community. Additionally, in connection with the Paradise Park Largo acquisition, we assumed $5.9 million of debt secured by the MH community, with an interest rate of 4.60% per annum, which is set to mature in 2040.

We also repaid $227.5 million of principal on 15 mortgage loans (13 due to mature in 2018 and two maturing in 2017) incurring $2.7 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.93% per annum and were secured by 13 MH and two RV communities.

2016 Activity

We closed on six loans with total gross proceeds of approximately $88.1 million. These loans have a weighted average maturity of 23 years, carry a weighted average interest rate of 4.01% per annum and are secured by four MH and two RV communities. Additionally, in connection with the Forest Lake Estates acquisition, we assumed $22.6 million of debt secured by the MH community, with an interest rate of 4.51% per annum, which is set to mature in 2038.

We also paid off five maturing loans of approximately $41.8 million in principal. These mortgage loans had a weighted average interest rate of 5.85% per annum and were secured by three MH and two RV communities.

Second Amended and Restated Unsecured Credit Facility

During the year ended December 31, 2017, we entered into a Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as the administrative agent, and other lenders named therein, which amended and restated the terms of the obligations owed by us under the Amended, Restated and Consolidated Credit Agreement dated as of July 17, 2014, pursuant to which we have access to a $400.0 million unsecured line of credit (the “LOC”) and entered into a $200.0 million senior unsecured term loan (the “Term Loan”). The LOC maturity date was extended to October 27, 2021, and this term can be extended an additional year in two six-month increments, subject to certain conditions. The LOC bears interest at a rate of LIBOR plus 1.10% to 1.55% and requires an annual facility fee of 0.15% to 0.35%. The spread over LIBOR varies quarterly based on leverage measured throughout the loan term. In 2017, we incurred commitment and arrangement fees of approximately $3.7 million to extend the LOC and enter into the Term Loan.

Unsecured Line of Credit

The LOC has no outstanding balance at December 31, 2018 and had $30.0 million outstanding as of December 31, 2017.

Term Loan

As of December 31, 2018, our $200.0 million unsecured Term Loan matures on April 27, 2023 and has an interest rate of LIBOR plus 1.20% to 1.90% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty. The spread over LIBOR varies quarterly based on leverage measured throughout the loan term. The Term Loan contains customary representations, warranties, and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, as amended under the Second Amended and Restated Credit Agreement, we also entered into a three-year LIBOR Swap Agreement (the "2017 Swap") allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. See Note 9 Derivative Instruments and Hedging Activities for further discussion.

Future Maturities of Debt

Debt is classified as held for sale if the Properties collateralizing it are held for sale. Debt associated with assets held for sale is classified in the table below based on its contractual maturity although the balances are expected to be repaid immediately upon the sale of the related Properties. Aggregate annual principal payments on long-term borrowings for the next five years and thereafter are as follows:



(amounts in thousands)	Held for Sale			Held for Use			Total
2019	$	157		$	54,848		$	55,005
2020	163			168,697			168,860
2021	10,881			218,337			229,218
2022	—			179,910			179,910
2023	—			341,561			341,561
Thereafter	—			1,410,368			1,410,368
Net unamortized premiums	—			994			994
Unamortized deferred financing costs	(26		)	(26,363		)	(26,389		)
Total	$	11,175		$	2,348,352		$	2,359,527

As of December 31, 2018, we were in compliance in all material respects with the covenants in our borrowing arrangements.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in our exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of the designated derivative that qualify as a cash flow hedge are recorded in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets and subsequently reclassified into earnings on the Consolidated Statements of Income and Comprehensive Income in the period that the hedged forecasted transaction affects earnings.

Our previous swap, entered into in 2014, matured during 2017. In connection with our Term Loan, we entered into the 2017 Swap (see Note 8. Borrowing Arrangements for further discussion on the Term Loan) allowing us to trade the variable interest rate on the Term Loan for a fixed interest rate. The 2017 Swap has a notional amount of $200.0 million of outstanding principal with an underlying LIBOR of 1.85% per annum for the first three years, and matures on November 1, 2020. Based on the leverage as of December 31, 2018 and 2017, our spread over LIBOR was 1.20% resulting in an estimated all-in interest rate of 3.05% per annum.

The table below presents the fair value of our derivative financial instrument:



		As of December 31,
(amounts in thousands)	Balance Sheet Location	2018		2017
Interest Rate Swap - 2017	Other assets, net	$	2,299	$	942

The table below presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income:



Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,								Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,
(amounts in thousands)	2018			2017			2016		(amounts in thousands)	2018			2017		2016
Interest Rate Swap	$	(1,613	)	$	(869	)	$	813	Interest Expense	$	(256	)	$	300	$	1,139

We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of December 31, 2018, we did not post any collateral related to this agreement.

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

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

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

Deferred Revenue Entry of Right-to-Use Contracts and Deferred Commission Expense

The components of the change in deferred revenue entry of right-to-use contracts and deferred commission expense were as follows:



	As of
(amounts in thousands)	2018			2017
Deferred revenue as of December 31,	$	85,596		$	81,484
Cumulative effect of change in accounting principle ^(a)	23,387			—
Deferred revenue as of January 1,	108,983			81,484
Right-to-use contracts current period, gross	15,191			14,132
Revenue recognized from right-to-use contract upfront payments	(7,811		)	(10,020		)
Right-to-use contract upfront payments, deferred, net	7,380			4,112
Deferred revenue—upfront payments from right-to-use contracts as of December 31,	$	116,363		$	85,596

Deferred commission expense as of December 31	$	31,443		$	31,375
Cumulative effect of change in accounting principle ^(a)	8,200			—
Deferred commission expense as of January 1,	39,643			31,375
Deferred commission expense	4,274			4,577
Commission expense recognized	(3,609		)	(4,509		)
Net increase in deferred commission expense	665			68
Deferred commission expense as of December 31,	$	40,308		$	31,443

_________________________


(a)	The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018. See Note 2 for further details.

Lease Agreements

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Lease Agreements

The leases entered into between the customer and us for the rental of a Site are generally month-to-month or for a period of one to ten years, renewable upon the consent of the parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenant are in effect at certain Sites for 17 of the Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. As of December 31, 2018, future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases are as follows:



(amounts in thousands)	Amount
2019	$	92,885
2020	92,759
2021	37,252
2022	19,561
2023	19,225
Thereafter	83,072
Total	$	344,754

Operating Leases

12 Months Ended

Dec. 31, 2018

Leases, Operating [Abstract]

Operating Leases

We lease land under non-cancelable operating leases at certain of the Properties expiring at various dates through 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have operating leases covering our office space expiring at various dates through 2026. As leases expire, it can be expected that certain leases will be renewed or replaced in the normal course of business. For the years ended December 31, 2018, 2017 and 2016, total operating lease payments for rent due under ground leases and office space aggregated to $7.9 million, $7.6 million and $7.4 million, respectively.

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2018:



(amounts in thousands)	Total		2019		2020		2021		2022		2023		Thereafter
Office space lease	$	8,669	$	2,348	$	2,402	$	2,068	$	569	$	530	$	752
Ground lease	11,551		1,832		1,832		1,832		1,362		417		4,276
Total operating leases	$	20,220	$	4,180	$	4,234	$	3,900	$	1,931	$	947	$	5,028

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Dec. 31, 2018
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties We lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Samuel Zell, Chairman of our Board of Directors. Payments made in accordance with the lease agreement to this entity amounted to approximately $1.4 million for each of the years ended December 31, 2018, 2017 and 2016.

Equity Incentive Awards

12 Months Ended

Dec. 31, 2018

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

Equity Incentive Awards

Our 2014 Equity Incentive Plan (the "2014 Plan") was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Pursuant to the 2014 Plan, our officers, directors, employees and consultants may be awarded restricted stock, options, including non-qualified stock options and incentive stock options, and other forms of equity awards subject to conditions and restrictions determined by the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors (the "Compensation Committee").

Equity awards under the 2014 Plan are made by the Compensation Committee, which determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award. Grants to directors are determined by the Board of Directors. A maximum of 3,750,000 shares of common stock are authorized for awards under the 2014 Plan. As of December 31, 2018, 2,927,923 shares remained available for future grants.

Restricted stock and options under the 2014 Plan have a maximum contractual term of ten years from the date of grant and have an exercise price not less than the fair value of the stock on the grant date. Individual grants could have different vesting periods but in generally no longer than three and a half years. All restricted stock awards have non-forfeitable rights to dividend payments even if the underlying stock does not entirely vest.

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. The 2018 Awards vest over a three-year vesting period, with one-third vested on December 28, 2018 and the remaining two-thirds vesting on each of January 31, 2020 and January 29, 2021, respectively (the “Extended Vesting Portion”). One-half of the Extended Vesting Portion of the 2018 Awards is time-based vesting in equal installments on January 31, 2020 and January 29, 2021. The remaining one-half of the Extended Vesting Portion of the 2018 Awards is performance-based vesting in equal installments on January 31, 2020 and January 29, 2021, upon meeting the performance conditions to be established by the Compensation Committee in the year of the vesting period.

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 vested on December 28, 2018, and the remaining one- third will vest on January 31, 2020. The Transition Awards are not subject to performance goals. The Compensation Committee does not intend to replicate these Transition Awards in future years.

Stock-based compensation expense, reported in General and administrative on the Consolidated Statements of Income and Comprehensive income, for the years ended December 31, 2018, 2017 and 2016 was $10.0 million, $9.4 million and $9.2 million, respectively.

Restricted Stock

A summary of our restricted stock activities and related information is as follows:



	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2015	85,500		$49.72
Shares granted	133,717		$68.21
Shares vested	(153,610	)	$59.85
Balance at December 31, 2016	65,607		$63.68
Shares granted	130,426		$76.25
Shares forfeited	(990	)	$80.54
Shares vested	(125,271	)	$68.79
Balance at December 31, 2017	69,772		$77.77
Shares granted	192,505		$86.01
Shares vested	(112,426	)	$81.48
Balance at December 31, 2018	149,851		$85.56

Compensation expense to be recognized subsequent to December 31, 2018 for restricted stock granted during or prior to 2018 that have not yet vested was $11.0 million, which is expected to be recognized over a weighted average term of 1.2 years.

Stock Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation:



	2018	2017	2016
Dividend Yield	2.5%	2.4%	2.3%
Risk-free interest rate	2.8%	1.9%	1.3%
Expected Life	5.6 years	5.5 years	6 years
Expected Volatility	16.7%	17.8%	19.8%
Weighted Average Grant Date Fair Value Per Share	$12.95	$11.00	$10.70

No options were forfeited or expired during the years ended December 31, 2018, 2017 and 2016. A summary of our stock option activity and related information is as follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2015	865,600		$23.12	1.5	$37.7
Options issued	7,550		$74.53
Options exercised	(440,000	)	$25.66		$18.7
Balance at December 31, 2016	433,150		$21.44	1.7	$22.0
Options issued	6,930		$81.15
Options exercised	(220,000	)	$22.05		$14.5
Balance at December 31, 2017	220,080		$22.72	1.6	$14.6
Options issued	6,270		$89.65
Options exercised	(202,800	)	$18.85		$16.9
Balance at December 31, 2018	23,550		$73.89	7.3	$0.5
Exercisable at December 31, 2018	17,084		$68.94	6.7	$0.5

Cash proceeds received from stock options exercised during the years ended December 31, 2018, 2017 and 2016 were $3.8 million, $4.9 million and $11.3 million, respectively.

Preferred Stock

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Preferred Stock

Our Board of Directors is authorized under our charter, without further stockholder approval, to issue, from time to time, in one or more series, 10,000,000 shares of $0.01 par value preferred stock, with specific rights, preferences and other attributes as the Board may determine, which may include preferences, powers and rights that are senior to the rights of holders of our common stock. However, under certain circumstances, the issuance of preferred stock may require stockholder approval pursuant to the rules and regulations of the New York Stock Exchange.

During the year ended December 31, 2017, we redeemed our 6.75% Series C Preferred Stock for $138.4 million, including accrued dividends. In connection with the redemption, we recorded expense of $0.8 million for the original issuance costs associated with the Series C Preferred Stock. The shares of Series C Preferred Stock that were redeemed now have the status of authorized but unissued preferred stock, without designation as to class or series. There were no shares of 6.75% Series C Preferred Stock issued or outstanding as of December 31, 2018 and 2017.

The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2016 and prior to the stock's redemption, which occurred in September 2017:



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

Long-Term Cash Incentive Plan	12 Months Ended
Long-Term Cash Incentive Plan	Dec. 31, 2018
Retirement Benefits [Abstract]
Long-Term Cash Incentive Plan	Long-Term Cash Incentive Plan On February 12, 2016, the Compensation Committee approved a Long-Term Cash Incentive Plan Award (the "2016 LTIP") to provide a long-term cash bonus opportunity to certain members of our management. The 2016 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the "Eligible Payment") is based upon certain performance conditions being met over a three-year period ending December 31, 2018. The Compensation Committee has responsibility for administering the 2016 LTIP and may use its reasonable discretion to adjust the performance criteria or the Eligible Payment to take into account the impact of any major or unforeseen transaction or event. Our named executive officers are not participants in the 2016 LTIP. The Eligible Payment will be paid, at the discretion of the Compensation Committee, in cash upon completion of our annual audit for the 2018 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2016 LTIP. The Eligible payment, including employer costs, was estimated to be approximately $4.4 million as of December 31, 2018. For the years ended December 31, 2018, 2017 and 2016, we accrued compensation expense of approximately $1.2 million, $1.3 million and $1.9 million, respectively.

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2018
Retirement Benefits [Abstract]
Savings Plan	Savings Plan We maintain a qualified retirement plan under which eligible employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the "401K Plan"). The 401K Plan permits eligible employees and those of any Subsidiary to defer up to 60.0% of their compensation on a pre-tax basis subject to certain limits. In addition, we match 100.0% of their contribution up to the first 3.0% and then 50.0% of the next 2.0% for a maximum potential match of 4.0%. Both employee's and our matching contributions vest immediately. Our contribution to the 401K Plan was approximately $1.7 million, $1.5 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal and regulatory proceedings ("Proceedings") arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, 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 Proceedings taken together do not represent a material liability. In addition, to the extent any such proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.

Reportable Segments

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Reportable Segments

Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"). The CODM evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income ("NOI"). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income, depreciation and amortization of in-place leases.

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

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2018, 2017 and 2016. The following tables summarize our segment financial information:



	Year Ended December 31, 2018
(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	916,565		$	51,721		$	968,286
Operations expenses	(434,360		)	(48,406		)	(482,766		)
Income from segment operations	482,205			3,315			485,520
Interest income	3,374			3,898			7,272
Depreciation on real estate assets and rental homes	(120,212		)	(9,810		)	(130,022		)
Amortization of in-place leases	(7,187		)	—			(7,187		)
Income (loss) from operations	$	358,180		$	(2,597	)	355,583
Reconciliation to consolidated net income
Corporate interest income							253
Income from other investments, net							10,842
General and administrative							(37,684		)
Early debt retirement							(1,071		)
Other expenses							(1,483		)
Interest and related amortization							(104,993		)
Equity in income of unconsolidated joint ventures							4,939
Consolidated net income							$	226,386

Total assets	$	3,692,510		$	233,298		$	3,925,808
Capital improvements	$	94,015		$	87,607		$	181,622



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

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



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

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

The following table summarizes our financial information for the Property Operations segment:



	Years Ended December 31,
(amounts in thousands)	2018			2017			2016
Revenues:
Community base rental income	$	518,252		$	489,613		$	464,745
Resort base rental income	239,906			218,806			201,533
Right-to-use annual payments	47,778			45,798			45,035
Right-to-use contracts current period, gross	15,191			14,132			12,327
Right-to-use contract upfront payments, deferred, net	(7,380		)	(4,108		)	(3,079		)
Utility income and other	100,562			93,252			81,427
Ancillary services revenues, net	2,256			2,089			1,796
Total property operations revenues	916,565			859,582			803,784
Expenses:
Property operating and maintenance	313,003			294,119			268,249
Real estate taxes	55,892			55,010			53,036
Sales and marketing, gross	12,542			11,438			11,056
Right-to-use contract commissions, deferred, net	(813		)	(354		)	(223		)
Property management	53,736			51,252			47,083
Total property operations expenses	434,360			411,465			379,201
Income from property operations segment	$	482,205		$	448,117		$	424,583

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:



	Years Ended December 31,
(amounts in thousands)	2018		2017		2016
Revenues:
Gross revenue from home sales	$	36,064	$	36,302	$	37,191
Brokered resale revenues, net	1,290		1,235		1,198
Rental home income ⁽¹⁾	14,329		14,344		14,107
Ancillary services revenues, net	38		474		—
Total revenues	51,721		52,355		52,496
Expenses:
Cost of home sales	37,475		36,513		37,456
Home selling expenses	4,095		4,186		3,575
Rental home operating and maintenance	6,836		6,610		6,883
Total expenses	48,406		47,309		47,914
Income from home sales and rentals operations segment	$	3,315	$	5,046	$	4,582

_________________________


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

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data (unaudited)



	2018
(amounts in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	246,025	$	240,502	$	256,675	$	243,451
Consolidated net income	$	64,177	$	49,169	$	59,660	$	53,380
Net income available for Common Stockholders ^(a)	$	60,222	$	46,137	$	56,070	$	50,166
Basic weighted average Common Shares	88,524		88,549		89,200		89,570
Diluted weighted average Common Shares	94,577		94,623		95,263		95,577
Earnings per Common Share — Basic	$	0.68	$	0.52	$	0.63	$	0.56
Earnings per Common Share — Fully Diluted	$	0.68	$	0.52	$	0.63	$	0.56



	2017
(amounts in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	232,389	$	221,312	$	241,625	$	229,986
Consolidated net income	$	63,075	$	44,463	$	54,865	$	47,974
Net income available for Common Stockholders	$	56,888	$	39,498	$	48,525	$	44,993
Basic weighted average Common Shares	86,048		86,763		87,037		88,115
Diluted weighted average Common Shares	93,011		93,063		93,324		94,295
Earnings per Common Share — Basic	$	0.66	$	0.46	$	0.56	$	0.51
Earnings per Common Share — Fully Diluted	$	0.65	$	0.45	$	0.56	$	0.51

_________________________


(a)	The sum of the four quarterly results may not total to the full year results due to rounding.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Equity Incentive Awards On January 23, 2019, the Compensation Committee of the Board of Directors approved the 2019 Restricted Stock Award Program for certain members of our management team pursuant to the authority set forth in the 2014 Plan. As a result, on February 1, 2019 we awarded 61,200 shares of common stock at a fair market value of approximately $6.5 million. Disposition Transaction On January 23, 2019, we closed on the sale of five all-age manufactured home communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million. The assets and liabilities associated with the transaction were classified as held for sale on the Consolidated Balance Sheets as of December 31, 2018. We expect to recognize a gain on sale of these properties of approximately $53.0 million in the first quarter of 2019.

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)						Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property			Land		Depreciable Property		Total		Accumulated Depreciation			Date of Acquisition
Properties Held for Long Term
Hidden Cove	Arley	AL	$	—		$	212	$	610	$	—		$	181		$	212	$	791	$	1,003	$	(315	)	2006
Apache East	Apache Junction	AZ	(5,156		)	2,236		4,181		—			162			2,236		4,343		6,579		(1,290		)	2011
Countryside RV	Apache Junction	AZ	(8,409		)	2,056		6,241		—			1,651			2,056		7,892		9,948		(4,126		)	2002
Denali Park	Apache Junction	AZ	—			2,394		4,016		—			243			2,394		4,259		6,653		(1,245		)	2011
Golden Sun RV	Apache Junction	AZ	(5,963		)	1,678		5,049		—			673			1,678		5,722		7,400		(3,006		)	2002
Valley Vista	Benson	AZ	—			115		429		—			182			115		611		726		(179		)	2010
Casita Verde RV	Casa Grande	AZ	—			719		2,179		—			244			719		2,423		3,142		(978		)	2006
Fiesta Grande RV	Casa Grande	AZ	—			2,869		8,653		—			1,142			2,869		9,795		12,664		(3,918		)	2006
Foothills West RV	Casa Grande	AZ	—			747		2,261		—			440			747		2,701		3,448		(1,134		)	2006
Sunshine Valley	Chandler	AZ	(23,157		)	9,139		12,912		—			446			9,139		13,358		22,497		(3,929		)	2011
Verde Valley	Cottonwood	AZ	—			1,437		3,390		19			2,629			1,456		6,019		7,475		(2,243		)	2004
Casa del Sol East II	Glendale	AZ	—			2,103		6,283		—			3,219			2,103		9,502		11,605		(4,985		)	1996
Casa del Sol East III	Glendale	AZ	—			2,450		7,452		—			1,101			2,450		8,553		11,003		(5,562		)	1998
Palm Shadows	Glendale	AZ	(5,512		)	1,400		4,218		—			1,470			1,400		5,688		7,088		(4,381		)	1993
Hacienda De Valencia	Mesa	AZ	(20,801		)	833		2,701		—			5,056			833		7,757		8,590		(5,586		)	1984
Mesa Spirit	Mesa	AZ	(17,129		)	17,382		25,238		192			(107		)	17,574		25,131		42,705		(4,020		)	2014
Monte Vista	Mesa	AZ	(21,598		)	11,402		34,355		—			16,921			11,402		51,276		62,678		(19,324		)	2004
Seyenna Vistas	Mesa	AZ	—			1,360		4,660		(87		)	3,085			1,273		7,745		9,018		(5,513		)	1994
The Highlands at Brentwood	Mesa	AZ	(13,069		)	1,997		6,024		—			2,285			1,997		8,309		10,306		(6,347		)	1993
Viewpoint	Mesa	AZ	(50,795		)	24,890		56,340		15			18,613			24,905		74,953		99,858		(32,466		)	2004
Apollo Village	Peoria	AZ	—			932		3,219		—			1,714			932		4,933		5,865		(3,525		)	1994
Casa del Sol West I	Peoria	AZ	—			2,215		6,467		—			2,523			2,215		8,990		11,205		(5,133		)	1996
Carefree Manor	Phoenix	AZ	—			706		3,040		—			983			706		4,023		4,729		(2,610		)	1998
Central Park	Phoenix	AZ	(12,423		)	1,612		3,784		—			1,861			1,612		5,645		7,257		(4,770		)	1983
Desert Skies	Phoenix	AZ	(4,763		)	792		3,126		—			843			792		3,969		4,761		(2,625		)	1998
Sunrise Heights	Phoenix	AZ	(5,835		)	1,000		3,016		—			1,796			1,000		4,812		5,812		(3,324		)	1994
Whispering Palms	Phoenix	AZ	—			670		2,141		—			411			670		2,552		3,222		(1,748		)	1998
Desert Vista	Salome	AZ	—			66		268		—			226			66		494		560		(159		)	2010
Sedona Shadows	Sedona	AZ	—			1,096		3,431		—			1,911			1,096		5,342		6,438		(3,248		)	1997
Venture In	Show Low	AZ	—			2,050		6,188		—			636			2,050		6,824		8,874		(2,886		)	2006
Paradise	Sun City	AZ	(13,142		)	6,414		19,263		11			2,652			6,425		21,915		28,340		(11,207		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
The Meadows	Tempe	AZ	$	(16,952	)	$	2,613	$	7,887	$	—	$	4,510	$	2,613	$	12,397	$	15,010	$	(8,775	)	1994
Fairview Manor	Tucson	AZ	—			1,674		4,708		—		2,339		1,674		7,047		8,721		(4,582		)	1998
Westpark	Wickenburg	AZ	(8,777		)	4,495		10,517		—		864		4,495		11,381		15,876		(3,198		)	2011
Araby	Yuma	AZ	—			1,440		4,345		—		1,084		1,440		5,429		6,869		(2,581		)	2003
Cactus Gardens	Yuma	AZ	(6,370		)	1,992		5,984		—		536		1,992		6,520		8,512		(3,097		)	2004
Capri RV	Yuma	AZ	—			1,595		4,774		—		436		1,595		5,210		6,805		(2,121		)	2006
Desert Paradise	Yuma	AZ	—			666		2,011		—		336		666		2,347		3,013		(1,155		)	2004
Foothill	Yuma	AZ	—			459		1,402		—		367		459		1,769		2,228		(837		)	2003
Mesa Verde	Yuma	AZ	(4,714		)	1,387		4,148		—		686		1,387		4,834		6,221		(1,900		)	2007
Suni Sands	Yuma	AZ	—			1,249		3,759		—		614		1,249		4,373		5,622		(2,094		)	2004
Cultus Lake	Lindell Beach	BC	—			410		968		6		390		416		1,358		1,774		(625		)	2004
Soledad Canyon	Acton	CA	—			2,933		6,917		39		5,452		2,972		12,369		15,341		(4,718		)	2004
Los Ranchos	Apple Valley	CA	—			8,336		15,774		—		777		8,336		16,551		24,887		(4,793		)	2011
Monte del Lago	Castroville	CA	(32,542		)	3,150		9,469		—		4,490		3,150		13,959		17,109		(8,537		)	1997
Date Palm Country Club	Cathedral City	CA	—			—		18,179		—		8,006		—		26,185		26,185		(19,158		)	1994
Date Palm RV	Cathedral City	CA	—			—		216		—		497		—		713		713		(448		)	1994
Colony Park	Ceres	CA	—			890		2,837		—		1,303		890		4,140		5,030		(2,596		)	1998
Russian River	Cloverdale	CA	—			368		868		5		427		373		1,295		1,668		(530		)	2004
Oakzanita Springs	Descanso	CA	—			396		934		5		1,590		401		2,524		2,925		(1,013		)	2004
Rancho Mesa	El Cajon	CA	—			2,130		6,389		—		1,170		2,130		7,559		9,689		(4,899		)	1998
Rancho Valley	El Cajon	CA	(6,580		)	685		1,902		—		1,701		685		3,603		4,288		(2,803		)	1983
Snowflower	Emigrant Gap	CA	—			308		727		4		1,631		312		2,358		2,670		(681		)	2004
Four Seasons	Fresno	CA	—			756		2,348		—		1,590		756		3,938		4,694		(2,119		)	1997
Yosemite Lakes	Groveland	CA	—			2,045		4,823		27		3,562		2,072		8,385		10,457		(3,175		)	2004
Royal Holiday	Hemet	CA	—			778		2,643		—		3,026		778		5,669		6,447		(2,938		)	1999
Pio Pico	Jamul	CA	—			2,626		6,194		35		3,671		2,661		9,865		12,526		(3,934		)	2004
Tahoe Valley	Lake Tahoe	CA	—			—		5,428		—		974		—		6,402		6,402		(2,987		)	2004
Sea Oaks	Los Osos	CA	—			871		2,703		—		889		871		3,592		4,463		(2,301		)	1997
Ponderosa	Lotus	CA	—			900		2,100		—		2,264		900		4,364		5,264		(1,202		)	2006
Turtle Beach	Manteca	CA	—			268		633		4		1,334		272		1,967		2,239		(460		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Wilderness Lake	Menifee	CA	$	—		$	2,157	$	5,088	$	29	$	2,138	$	2,186	$	7,226	$	9,412	$	(3,056	)	2004
Coralwood	Modesto	CA	—			—		5,047		—		1,494		—		6,541		6,541		(4,077		)	1997
Morgan Hill	Morgan Hill	CA	—			1,856		4,378		25		3,804		1,881		8,182		10,063		(2,574		)	2004
Lake Minden	Nicolaus	CA	—			961		2,267		13		1,329		974		3,596		4,570		(1,571		)	2004
Pacific Dunes Ranch	Oceana	CA	—			1,940		5,632		—		1,330		1,940		6,962		8,902		(3,018		)	2004
Lake of the Springs	Oregon House	CA	—			1,062		2,504		14		1,828		1,076		4,332		5,408		(1,681		)	2004
Concord Cascade	Pacheco	CA	(10,284		)	985		3,016		—		3,158		985		6,174		7,159		(4,426		)	1983
San Francisco RV	Pacifica	CA	—			1,660		4,973		—		2,380		1,660		7,353		9,013		(2,726		)	2005
San Benito	Paicines	CA	—			1,411		3,328		19		2,702		1,430		6,030		7,460		(2,273		)	2004
Palm Springs	Palm Desert	CA	—			1,811		4,271		24		1,850		1,835		6,121		7,956		(2,567		)	2004
Idyllwild	Pine Cove	CA	—			313		737		4		1,737		317		2,474		2,791		(839		)	2004
Las Palmas	Rialto	CA	—			1,295		3,866		—		916		1,295		4,782		6,077		(2,190		)	2004
Parque La Quinta	Rialto	CA	—			1,799		5,450		—		874		1,799		6,324		8,123		(2,903		)	2004
Quail Meadows	Riverbank	CA	—			1,155		3,469		—		854		1,155		4,323		5,478		(2,746		)	1998
California Hawaiian	San Jose	CA	(37,009		)	5,825		17,755		—		4,667		5,825		22,422		28,247		(14,870		)	1997
Nicholson Plaza	San Jose	CA	—			—		4,512		—		393		—		4,905		4,905		(3,521		)	1997
Sunshadow	San Jose	CA	—			—		5,707		—		944		—		6,651		6,651		(4,344		)	1997
Village of the Four Seasons	San Jose	CA	(20,926		)	5,229		15,714		—		1,835		5,229		17,549		22,778		(8,084		)	2004
Westwinds (4 properties)	San Jose	CA	—			—		17,616		—		10,550		—		28,166		28,166		(18,347		)	1997
Laguna Lake	San Luis Obispo	CA	—			2,845		6,520		—		1,213		2,845		7,733		10,578		(5,109		)	1998
Contempo Marin	San Rafael	CA	(38,301		)	4,787		16,379		—		4,171		4,787		20,550		25,337		(15,745		)	1994
Rancho Oso	Santa Barbara	CA	—			860		2,029		12		1,773		872		3,802		4,674		(1,421		)	2004
DeAnza Santa Cruz	Santa Cruz	CA	(11,925		)	2,103		7,201		—		3,955		2,103		11,156		13,259		(7,601		)	1994
Meadowbrook	Santee	CA	(24,076		)	4,345		12,528		—		2,903		4,345		15,431		19,776		(9,976		)	1998
Santa Cruz Ranch RV	Scotts Valley	CA	—			1,595		3,937		—		606		1,595		4,543		6,138		(1,643		)	2007
Lamplighter	Spring Valley	CA	(30,606		)	633		2,201		—		1,936		633		4,137		4,770		(3,196		)	1983
Santiago Estates	Sylmar	CA	(24,160		)	3,562		10,767		—		2,976		3,562		13,743		17,305		(8,437		)	1998
Royal Oaks	Visalia	CA	—			602		1,921		—		1,505		602		3,426		4,028		(1,844		)	1997
Hillcrest Village	Aurora	CO	(41,174		)	1,912		5,202		289		5,682		2,201		10,884		13,085		(7,706		)	1983
Cimarron	Broomfield	CO	—			863		2,790		—		1,636		863		4,426		5,289		(3,496		)	1983



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Holiday Village	Colorado Springs	CO	$	—		$	567	$	1,759	$	—	$	2,380	$	567	$	4,139	$	4,706	$	(2,785	)	1983
Bear Creek	Denver	CO	(6,225		)	1,100		3,359		—		746		1,100		4,105		5,205		(2,632		)	1998
Holiday Hills	Denver	CO	(53,349		)	2,159		7,780		—		7,721		2,159		15,501		17,660		(11,792		)	1983
Golden Terrace	Golden	CO	—			826		2,415		—		2,855		826		5,270		6,096		(3,483		)	1983
Golden Terrace South	Golden	CO	—			750		2,265		—		1,009		750		3,274		4,024		(2,094		)	1997
Golden Terrace West	Golden	CO	—			1,694		5,065		—		7,381		1,694		12,446		14,140		(6,311		)	1986
Pueblo Grande	Pueblo	CO	—			241		1,069		—		1,382		241		2,451		2,692		(1,625		)	1983
Woodland Hills	Thornton	CO	(30,583		)	1,928		4,408		—		3,950		1,928		8,358		10,286		(5,870		)	1994
Stonegate Manor	North Windham	CT	(6,465		)	6,011		12,336		—		407		6,011		12,743		18,754		(3,823		)	2011
Waterford Estates	Bear	DE	(40,453		)	5,250		16,202		—		2,492		5,250		18,694		23,944		(8,419		)	1996
McNicol	Lewes	DE	—			562		1,710		—		267		562		1,977		2,539		(1,289		)	1998
Whispering Pines	Lewes	DE	—			1,536		4,609		—		2,235		1,536		6,844		8,380		(5,622		)	1988
Mariners Cove	Millsboro	DE	(20,101		)	990		2,971		—		6,703		990		9,674		10,664		(6,873		)	1987
Sweetbriar	Millsboro	DE	—			498		1,527		—		797		498		2,324		2,822		(1,457		)	1998
Aspen Meadows	Rehoboth	DE	—			1,148		3,460		—		713		1,148		4,173		5,321		(2,785		)	1998
Camelot Meadows	Rehoboth	DE	—			527		2,058		1,251		4,645		1,778		6,703		8,481		(4,364		)	1998
Riverside RV	Arcadia	FL	—			8,400		11,905		—		398		8,400		12,303		20,703		(1,750		)	2016
Toby’s	Arcadia	FL	(3,435		)	1,093		3,280		—		667		1,093		3,947		5,040		(1,860		)	2003
Sunshine Key	Big Pine Key	FL	—			5,273		15,822		—		13,381		5,273		29,203		34,476		(9,408		)	2004
Manatee	Bradenton	FL	—			2,300		6,903		—		1,180		2,300		8,083		10,383		(3,852		)	2004
Windmill Manor	Bradenton	FL	(13,128		)	2,153		6,125		—		2,134		2,153		8,259		10,412		(5,266		)	1998
Clover Leaf Farms	Brooksville	FL	(33,556		)	13,684		24,106		—		1,442		13,684		25,548		39,232		(7,372		)	2011
Clover Leaf Forest	Brooksville	FL	—			1,092		2,178		—		300		1,092		2,478		3,570		(585		)	2011
Glen Ellen	Clearwater	FL	—			619		1,882		—		346		619		2,228		2,847		(1,145		)	2002
Hillcrest	Clearwater	FL	—			1,278		3,928		—		1,513		1,278		5,441		6,719		(3,587		)	1998
Holiday Ranch	Clearwater	FL	—			925		2,866		—		663		925		3,529		4,454		(2,279		)	1998
Shady Lane Oaks	Clearwater	FL	(5,164		)	4,984		8,482		—		394		4,984		8,876		13,860		(2,697		)	2011
Shady Lane Village	Clearwater	FL	—			3,102		5,480		—		236		3,102		5,716		8,818		(1,733		)	2011
Silk Oak	Clearwater	FL	—			1,649		5,028		—		466		1,649		5,494		7,143		(2,830		)	2002
Serendipity	Clearwater	FL	(17,510		)	18,944		11,782		—		150		18,944		11,932		30,876		(1,770		)	2018
Clerbrook	Clermont	FL	—			3,883		11,700		—		2,278		3,883		13,978		17,861		(5,706		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Lake Magic	Clermont	FL	$	—		$	1,595	$	4,793	$	—	$	1,264	$	1,595	$	6,057	$	7,652	$	(2,804	)	2004
Orange Lake	Clermont	FL	(4,764		)	4,303		6,815		—		815		4,303		7,630		11,933		(2,227		)	2011
Orlando	Clermont	FL	—			2,975		7,017		40		6,429		3,015		13,446		16,461		(4,657		)	2004
Crystal Isles	Crystal River	FL	—			926		2,787		10		3,213		936		6,000		6,936		(2,140		)	2004
Cheron Village	Davie	FL	(5,075		)	10,393		6,217		—		248		10,393		6,465		16,858		(2,239		)	2011
Carriage Cove	Daytona Beach	FL	(17,511		)	2,914		8,682		—		1,882		2,914		10,564		13,478		(6,970		)	1998
Lake Haven	Dunedin	FL	(14,502		)	1,135		4,047		—		4,024		1,135		8,071		9,206		(5,974		)	1983
Coquina Crossing	Elkton	FL	(30,012		)	5,274		5,545		—		19,139		5,274		24,684		29,958		(12,163		)	1999
Colony Cove	Ellenton	FL	(102,797		)	28,660		92,457		35,859		11,306		64,519		103,763		168,282		(28,582		)	2011
Ridgewood Estates	Ellenton	FL	—			8,769		8,791		—		519		8,769		9,310		18,079		(2,786		)	2011
Haselton Village	Eustis	FL	—			3,800		8,955		—		624		3,800		9,579		13,379		(2,661		)	2011
Southern Palms	Eustis	FL	—			2,169		5,884		—		3,861		2,169		9,745		11,914		(6,122		)	1998
Bulow Plantation	Flagler Beach	FL	—			3,637		949		—		7,082		3,637		8,031		11,668		(4,764		)	1994
Bulow Village RV	Flagler Beach	FL	—			—		228		—		2,085		—		2,313		2,313		(854		)	1994
Carefree Cove	Fort Lauderdale	FL	—			1,741		5,170		—		803		1,741		5,973		7,714		(2,819		)	2004
Everglades Lakes	Fort Lauderdale	FL	—			53,850		18,797		—		7		53,850		18,804		72,654		(832		)	2018
Park City West	Fort Lauderdale	FL	—			4,184		12,561		—		1,193		4,184		13,754		17,938		(6,673		)	2004
Sunshine Holiday RV	Fort Lauderdale	FL	(9,550		)	3,099		9,286		—		1,666		3,099		10,952		14,051		(4,898		)	2004
Vacant Land	Fort Myers	FL	—			1,047		—		—		—		1,047		—		1,047		—			2018
Fort Myers Beach Resort	Fort Myers	FL	—			1,188		3,548		—		623		1,188		4,171		5,359		(2,090		)	2004
Gulf Air Resort	Fort Myers Beach	FL	(6,283		)	1,609		4,746		—		700		1,609		5,446		7,055		(2,608		)	2004
Lakeside Terrace	Fruitland Park	FL	—			3,275		7,165		—		616		3,275		7,781		11,056		(2,197		)	2011
Grand Island	Grand Island	FL	—			1,723		5,208		125		5,266		1,848		10,474		12,322		(5,295		)	2001
Holiday Travel Park	Holiday	FL	—			9,240		13,284		—		284		9,240		13,568		22,808		(1,593		)	2018
Barrington Hills	Hudson	FL	(4,497		)	1,145		3,437		—		998		1,145		4,435		5,580		(2,087		)	2004
Sherwood Forest	Kissimmee	FL	—			4,852		14,596		—		7,268		4,852		21,864		26,716		(13,609		)	1998
Sherwood Forest RV	Kissimmee	FL	—			2,870		3,621		567		3,570		3,437		7,191		10,628		(4,335		)	1998
Tropical Palms	Kissimmee	FL	—			5,677		17,116		—		11,839		5,677		28,955		34,632		(13,184		)	2004
Lake Worth Village	Lake Worth	FL	(6,053		)	14,959		24,501		—		3,037		14,959		27,538		42,497		(7,963		)	2011
Beacon Hill Colony	Lakeland	FL	—			3,775		6,405		—		318		3,775		6,723		10,498		(1,896		)	2011
Beacon Terrace	Lakeland	FL	(10,343		)	5,372		9,153		—		540		5,372		9,693		15,065		(2,828		)	2011
Kings & Queens	Lakeland	FL	—			1,696		3,064		—		216		1,696		3,280		4,976		(976		)	2011



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Lakeland Harbor	Lakeland	FL	$	(15,073	)	$	10,446	$	17,376	$	—	$	534	$	10,446	$	17,910	$	28,356	$	(5,193	)	2011
Lakeland Junction	Lakeland	FL	(3,670		)	3,018		4,752		—		163		3,018		4,915		7,933		(1,480		)	2011
Maralago Cay	Lantana	FL	(40,591		)	5,325		15,420		—		6,221		5,325		21,641		26,966		(14,035		)	1997
Down Yonder	Largo	FL	—			2,652		7,981		—		1,332		2,652		9,313		11,965		(4,765		)	1998
East Bay Oaks	Largo	FL	(9,658		)	1,240		3,322		—		1,689		1,240		5,011		6,251		(4,105		)	1983
Eldorado Village	Largo	FL	(6,452		)	778		2,341		—		1,450		778		3,791		4,569		(2,988		)	1983
Paradise Park- Largo	Largo	FL	(5,636		)	3,523		4,026		—		531		3,523		4,557		8,080		(759		)	2017
Shangri La	Largo	FL	—			1,722		5,200		—		378		1,722		5,578		7,300		(2,697		)	2004
Vacation Village	Largo	FL	(4,620		)	1,315		3,946		—		803		1,315		4,749		6,064		(2,174		)	2004
Whispering Pines - Largo	Largo	FL	—			8,218		14,054		—		650		8,218		14,704		22,922		(4,328		)	2011
Coachwood	Leesburg	FL	—			1,602		4,822		—		871		1,602		5,693		7,295		(2,637		)	2004
Mid-Florida Lakes	Leesburg	FL	(62,267		)	5,997		20,635		—		12,728		5,997		33,363		39,360		(22,586		)	1994
Fiesta Key	Long Key	FL	—			16,611		7,338		—		6,874		16,611		14,212		30,823		(1,974		)	2013
Pasco	Lutz	FL	(3,942		)	1,494		4,484		—		975		1,494		5,459		6,953		(2,575		)	2004
Coral Cay Plantation	Margate	FL	(20,260		)	5,890		20,211		—		8,903		5,890		29,114		35,004		(21,197		)	1994
Lakewood Village	Melbourne	FL	—			1,862		5,627		—		2,176		1,862		7,803		9,665		(5,752		)	1994
Miami Everglades	Miami	FL	—			5,362		6,238		—		666		5,362		6,904		12,266		(1,439		)	2015
Southernaire	Mt. Dora	FL	—			796		2,395		—		328		796		2,723		3,519		(1,265		)	2004
Country Place (2)	New Port Richey	FL	(19,992		)	663		—		18		8,018		681		8,018		8,699		(6,206		)	1986
Hacienda Village	New Port Richey	FL	(17,318		)	4,297		13,088		—		3,597		4,297		16,685		20,982		(8,159		)	2002
Harbor View	New Port Richey	FL	(18,615		)	4,030		12,146		—		955		4,030		13,101		17,131		(6,835		)	2002
Bay Lake Estates	Nokomis	FL	(11,720		)	990		3,390		—		2,353		990		5,743		6,733		(3,819		)	1994
Lake Village	Nokomis	FL	(16,321		)	15,850		18,099		—		529		15,850		18,628		34,478		(5,410		)	2011
Royal Coachman	Nokomis	FL	(10,912		)	5,321		15,978		—		1,728		5,321		17,706		23,027		(8,704		)	2004
Sunseekers	North Fort Myers	FL	—			4,224		2,299		—		49		4,224		2,348		6,572		(64		)	2018
Buccaneer	North Fort Myers	FL	(32,548		)	4,207		14,410		—		4,412		4,207		18,822		23,029		(13,560		)	1994
Lake Fairways	North Fort Myers	FL	(40,081		)	6,075		18,134		35		3,776		6,110		21,910		28,020		(16,353		)	1994
Pine Lakes	North Fort Myers	FL	—			6,306		14,579		21		8,545		6,327		23,124		29,451		(16,973		)	1994
Pioneer Village	North Fort Myers	FL	(13,680		)	4,116		12,353		—		2,613		4,116		14,966		19,082		(7,162		)	2004
The Heritage	North Fort Myers	FL	—			1,438		4,371		346		4,657		1,784		9,028		10,812		(6,453		)	1993
Windmill Village	North Fort Myers	FL	—			1,417		5,440		—		3,555		1,417		8,995		10,412		(7,005		)	1983
Island Vista	North Fort Myers	FL	—			5,004		15,066		—		2,432		5,004		17,498		22,502		(6,560		)	2006



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Foxwood	Ocala	FL	$	—		$	3,853	$	7,967	$	—		$	1,376	$	3,853	$	9,343	$	13,196	$	(2,674	)	2011
Oak Bend	Ocala	FL	—			850		2,572		—			1,897		850		4,469		5,319		(3,067		)	1993
Villas at Spanish Oaks	Ocala	FL	—			2,250		6,922		—			2,608		2,250		9,530		11,780		(6,901		)	1993
Silver Dollar	Odessa	FL	—			4,107		12,431		240			3,138		4,347		15,569		19,916		(7,389		)	2004
Audubon	Orlando	FL	—			4,622		7,200		—			623		4,622		7,823		12,445		(2,276		)	2011
Hidden Valley	Orlando	FL	(8,307		)	11,398		12,861		—			758		11,398		13,619		25,017		(4,012		)	2011
Starlight Ranch	Orlando	FL	(33,911		)	13,543		20,388		—			1,898		13,543		22,286		35,829		(6,677		)	2011
Holiday Village	Ormond Beach	FL	—			2,610		7,837		—			913		2,610		8,750		11,360		(4,517		)	2002
Sunshine Holiday MH	Ormond Beach	FL	—			2,001		6,004		—			974		2,001		6,978		8,979		(3,439		)	2004
The Meadows	Palm Beach Gardens	FL	(9,646		)	3,229		9,870		—			6,865		3,229		16,735		19,964		(8,730		)	1999
Terra Ceia	Palmetto	FL	—			965		2,905		—			449		965		3,354		4,319		(1,582		)	2004
Lakes at Countrywood	Plant City	FL	(9,093		)	2,377		7,085		—			2,783		2,377		9,868		12,245		(5,213		)	2001
Meadows at Countrywood	Plant City	FL	(20,002		)	4,514		13,175		75			10,584		4,589		23,759		28,348		(14,014		)	1998
Oaks at Countrywood	Plant City	FL	(3,715		)	846		2,513		(75		)	1,880		771		4,393		5,164		(2,282		)	1998
Breezy Hill RV	Pompano Beach	FL	(18,357		)	5,424		16,555		—			2,496		5,424		19,051		24,475		(9,959		)	2002
Highland Wood RV	Pompano Beach	FL	—			1,043		3,130		42			406		1,085		3,536		4,621		(1,871		)	2002
Harbor Lakes	Port Charlotte	FL	(18,268		)	3,384		10,154		—			1,241		3,384		11,395		14,779		(5,452		)	2004
Lighthouse Pointe	Port Orange	FL	—			2,446		7,483		23			1,911		2,469		9,394		11,863		(6,188		)	1998
Pickwick	Port Orange	FL	(18,306		)	2,803		8,870		—			1,678		2,803		10,548		13,351		(7,002		)	1998
Rose Bay	Port Orange	FL	—			3,866		3,528		—			487		3,866		4,015		7,881		(1,286		)	2016
Emerald Lake	Punta Gorda	FL	(4,464		)	3,598		5,197		—			481		3,598		5,678		9,276		(1,656		)	2011
Gulf View	Punta Gorda	FL	—			717		2,158		—			1,418		717		3,576		4,293		(1,745		)	2004
Tropical Palms	Punta Gorda	FL	—			2,365		7,286		—			2,883		2,365		10,169		12,534		(3,538		)	2006
Kingswood	Riverview	FL	—			9,094		8,365		—			720		9,094		9,085		18,179		(1,127		)	2018
Palm Lake	Riviera Beach	FL	—			56,323		27,418		—			6		56,323		27,424		83,747		—			2018
Indian Oaks	Rockledge	FL	—			1,089		3,376		—			1,175		1,089		4,551		5,640		(3,025		)	1998
Space Coast	Rockledge	FL	—			2,413		3,716		—			1,364		2,413		5,080		7,493		(781		)	2014
Covington Estates	Saint Cloud	FL	(9,418		)	3,319		7,253		—			241		3,319		7,494		10,813		(2,224		)	2011
Winds of St. Armands North	Sarasota	FL	(24,934		)	1,523		5,063		—			3,644		1,523		8,707		10,230		(7,141		)	1983
Winds of St. Armands South	Sarasota	FL	(16,253		)	1,106		3,162		1,744			1,489		2,850		4,651		7,501		(3,973		)	1983
Topics	Spring Hill	FL	(2,312		)	844		2,568		—			710		844		3,278		4,122		(1,535		)	2004
Pine Island Resort	St. James City	FL	—			1,678		5,044		—			1,382		1,678		6,426		8,104		(2,224		)	2007



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Carefree Village	Tampa	FL	$	—		$	6,799	$	10,421	$	—	$	892	$	6,799	$	11,313	$	18,112	$	(3,383	)	2011
Tarpon Glen	Tarpon Springs	FL	—			2,678		4,016		—		528		2,678		4,544		7,222		(1,341		)	2011
Featherock	Valrico	FL	—			11,369		22,770		—		962		11,369		23,732		35,101		(6,564		)	2011
Bay Indies	Venice	FL	(64,467		)	10,483		31,559		10		7,786		10,493		39,345		49,838		(29,722		)	1994
Ramblers Rest	Venice	FL	—			4,646		14,201		—		7,949		4,646		22,150		26,796		(7,816		)	2006
Countryside	Vero Beach	FL	—			3,711		11,133		—		8,110		3,711		19,243		22,954		(11,901		)	1998
Heritage Plantation	Vero Beach	FL	—			2,403		7,259		—		2,856		2,403		10,115		12,518		(7,427		)	1994
Heron Cay	Vero Beach	FL	(29,112		)	14,368		23,792		—		1,603		14,368		25,395		39,763		(7,173		)	2011
Holiday Village	Vero Beach	FL	—			350		1,374		—		224		350		1,598		1,948		(1,103		)	1998
Sunshine Travel	Vero Beach	FL	—			1,603		4,813		—		1,005		1,603		5,818		7,421		(2,610		)	2004
Vero Palm	Vero Beach	FL	(11,685		)	6,697		9,025		—		930		6,697		9,955		16,652		(2,794		)	2011
Village Green	Vero Beach	FL	(49,001		)	15,901		25,175		—		1,795		15,901		26,970		42,871		(8,033		)	2011
Peace River	Wauchula	FL	—			900		2,100		—		1,259		900		3,359		4,259		(1,211		)	2006
Palm Beach Colony	West Palm Beach	FL	(11,337		)	5,930		10,113		8		928		5,938		11,041		16,979		(3,192		)	2011
Parkwood Communities	Wildwood	FL	(8,913		)	6,990		15,115		—		898		6,990		16,013		23,003		(4,672		)	2011
Three Flags RV Resort	Wildwood	FL	—			228		684		—		559		228		1,243		1,471		(490		)	2006
Winter Garden	Winter Garden	FL	—			2,321		6,962		—		700		2,321		7,662		9,983		(2,903		)	2007
Crystal Lake-Zephyrhills	Zephyrhills	FL	—			3,767		6,834		110		3,697		3,877		10,531		14,408		(2,236		)	2011
Forest Lake Estates	Zephyrhills	FL	(20,549		)	40,716		33,918		—		594		40,716		34,512		75,228		(7,649		)	2016
Forest Lake Village	Zephyrhills	FL	—			—		537		—		140		—		677		677		(79		)	2016
Sixth Avenue	Zephyrhills	FL	—			837		2,518		—		126		837		2,644		3,481		(1,301		)	2004
Coach Royale	Boise	ID	—			465		1,685		—		112		465		1,797		2,262		(550		)	2011
Maple Grove	Boise	ID	—			1,358		5,151		—		255		1,358		5,406		6,764		(1,665		)	2011
Shenandoah Estates	Boise	ID	—			1,287		7,603		—		441		1,287		8,044		9,331		(2,171		)	2011
West Meadow Estates	Boise	ID	(7,640		)	1,371		6,770		—		231		1,371		7,001		8,372		(2,004		)	2011
O'Connell's	Amboy	IL	(3,707		)	1,648		4,974		—		2,540		1,648		7,514		9,162		(3,169		)	2004
Pheasant Lake Estates	Beecher	IL	(40,783		)	12,764		42,183		—		685		12,764		42,868		55,632		(9,141		)	2013
Pine Country	Belvidere	IL	—			53		166		—		2,226		53		2,392		2,445		(265		)	2006
Willow Lake Estates	Elgin	IL	—			6,138		21,033		—		9,099		6,138		30,132		36,270		(20,734		)	1994
Golf Vistas Estates	Monee	IL	(10,695		)	2,842		4,719		—		7,205		2,842		11,924		14,766		(7,428		)	1997
Indian Lakes	Batesville	IN	—			450		1,061		6		4,647		456		5,708		6,164		(1,308		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Horseshoe Lake	Clinton	IN	$	—		$	155	$	365	$	2	$	633	$	157	$	998	$	1,155	$	(365	)	2004
Twin Mills RV	Howe	IN	—			1,399		4,186		—		471		1,399		4,657		6,056		(1,861		)	2006
Lakeside	New Carlisle	IN	—			426		1,281		—		229		426		1,510		1,936		(709		)	2004
Diamond Caverns Resort & Golf Club	Park City	KY	—			530		1,512		—		400		530		1,912		2,442		(790		)	2006
Gateway to Cape Cod	Rochester	MA	—			91		288		—		371		91		659		750		(269		)	2006
Hillcrest	Rockland	MA	(1,726		)	2,034		3,182		—		137		2,034		3,319		5,353		(997		)	2011
The Glen	Rockland	MA	—			940		1,680		—		6		940		1,686		2,626		(517		)	2011
Old Chatham RV	South Dennis	MA	(6,970		)	1,760		5,293		—		442		1,760		5,735		7,495		(2,448		)	2005
Sturbridge	Sturbridge	MA	—			110		347		—		727		110		1,074		1,184		(338		)	2006
Fernwood	Capitol Heights	MD	(13,429		)	6,556		11,674		—		1,017		6,556		12,691		19,247		(3,594		)	2011
Williams Estates and Peppermint Woods	Middle River	MD	—			22,774		42,575		—		1,435		22,774		44,010		66,784		(12,679		)	2011
Mt. Desert Narrows	Bar Harbor	ME	—			1,037		3,127		—		394		1,037		3,521		4,558		(1,267		)	2007
Patton Pond	Ellsworth	ME	—			267		802		—		181		267		983		1,250		(368		)	2007
Pinehirst RV Park	Old Orchard Beach	ME	(10,570		)	1,942		5,827		—		2,017		1,942		7,844		9,786		(3,110		)	2005
Narrows Too	Trenton	ME	—			1,451		4,408		—		243		1,451		4,651		6,102		(1,691		)	2007
Moody Beach	Wells	ME	—			93		292		—		721		93		1,013		1,106		(284		)	2006
Bear Cave Resort	Buchanan	MI	—			176		516		—		357		176		873		1,049		(319		)	2006
St. Clair	St. Clair	MI	—			453		1,068		6		704		459		1,772		2,231		(721		)	2004
Cedar Knolls	Apple Valley	MN	(14,767		)	10,021		14,357		—		1,129		10,021		15,486		25,507		(4,676		)	2011
Cimarron Park	Lake Elmo	MN	(19,703		)	11,097		23,132		—		2,145		11,097		25,277		36,374		(7,098		)	2011
Rockford Riverview Estates	Rockford	MN	—			2,959		8,882		—		729		2,959		9,611		12,570		(2,802		)	2011
Rosemount Woods	Rosemount	MN	—			4,314		8,932		—		375		4,314		9,307		13,621		(2,699		)	2011
Forest Lake	Advance	NC	—			986		2,325		13		998		999		3,323		4,322		(1,413		)	2004
Scenic	Asheville	NC	—			1,183		3,511		—		681		1,183		4,192		5,375		(1,601		)	2006
Waterway RV	Cedar Point	NC	(5,306		)	2,392		7,185		—		908		2,392		8,093		10,485		(3,779		)	2004
Twin Lakes	Chocowinity	NC	—			1,709		3,361		—		973		1,709		4,334		6,043		(1,940		)	2004
Green Mountain Park	Lenoir	NC	—			1,037		3,075		—		2,019		1,037		5,094		6,131		(1,551		)	2006
Lake Gaston	Littleton	NC	—			130		409		—		1,443		130		1,852		1,982		(366		)	2006
Lake Myers RV	Mocksville	NC	—			1,504		4,587		—		699		1,504		5,286		6,790		(2,083		)	2006
Bogue Pines	Newport	NC	—			1,476		2,592		—		56		1,476		2,648		4,124		(542		)	2015



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Goose Creek	Newport	NC	$	(14,782	)	$	4,612	$	13,848	$	750	$	2,277	$	5,362	$	16,125	$	21,487	$	(7,713	)	2004
Whispering Pines - NC	Newport	NC	—			3,096		5,081		1		137		3,097		5,218		8,315		(1,006		)	2015
Buena Vista	Fargo	ND	—			4,563		14,949		—		950		4,563		15,899		20,462		(4,502		)	2011
Meadow Park	Fargo	ND	—			943		2,907		—		263		943		3,170		4,113		(949		)	2011
Sandy Beach RV	Contoocook	NH	—			1,755		5,265		—		248		1,755		5,513		7,268		(2,459		)	2005
Pine Acres	Raymond	NH	—			3,096		2,102		—		402		3,096		2,504		5,600		(677		)	2014
Tuxbury Resort	South Hampton	NH	—			3,557		3,910		—		1,146		3,557		5,056		8,613		(1,725		)	2007
King Nummy	Cape May Court House	NJ	—			4,027		3,584		—		—		4,027		3,584		7,611		—			2018
Mays Landing	Mays Landing	NJ	—			536		289		—		996		536		1,285		1,821		(131		)	2014
Echo Farms	Ocean View	NJ	—			2,840		3,045		—		2,117		2,840		5,162		8,002		(832		)	2014
Lake & Shore	Ocean View	NJ	—			378		1,192		—		2,125		378		3,317		3,695		(1,285		)	2006
Chestnut Lake	Port Republic	NJ	—			337		796		5		1,233		342		2,029		2,371		(629		)	2004
Sea Pines	Swainton	NJ	—			198		625		—		2,016		198		2,641		2,839		(687		)	2006
Pine Ridge at Crestwood	Whiting	NJ	—			17,367		33,127		—		2,828		17,367		35,955		53,322		(10,132		)	2011
Mountain View - NV	Henderson	NV	(28,553		)	16,665		25,915		—		614		16,665		26,529		43,194		(7,626		)	2011
Bonanza	Las Vegas	NV	—			908		2,643		—		2,013		908		4,656		5,564		(3,796		)	1983
Boulder Cascade	Las Vegas	NV	(7,511		)	2,995		9,020		—		2,908		2,995		11,928		14,923		(7,775		)	1998
Cabana	Las Vegas	NV	(8,333		)	2,648		7,989		—		1,232		2,648		9,221		11,869		(7,081		)	1994
Flamingo West	Las Vegas	NV	—			1,730		5,266		—		2,022		1,730		7,288		9,018		(5,432		)	1994
Las Vegas	Las Vegas	NV	—			1,049		2,473		14		1,478		1,063		3,951		5,014		(1,441		)	2004
Villa Borega	Las Vegas	NV	—			2,896		8,774		—		1,346		2,896		10,120		13,016		(6,980		)	1997
Rondout Valley Resort	Accord	NY	—			1,115		3,240		—		1,092		1,115		4,332		5,447		(1,606		)	2006
Alpine Lake	Corinth	NY	—			4,783		14,125		153		3,053		4,936		17,178		22,114		(6,940		)	2005
Lake George Escape	Lake George	NY	—			3,562		10,708		—		4,791		3,562		15,499		19,061		(5,879		)	2005
The Woodlands	Lockport	NY	(44,504		)	12,183		39,687		—		2,569		12,183		42,256		54,439		(11,866		)	2011
Greenwood Village	Manorville	NY	—			3,667		9,414		484		6,618		4,151		16,032		20,183		(9,494		)	1998
Brennan Beach	Pulaski	NY	—			7,325		21,141		—		5,885		7,325		27,026		34,351		(11,245		)	2005
Lake George Schroon Valley	Warrensburg	NY	—			540		1,626		—		274		540		1,900		2,440		(646		)	2008
Kenisee Lake	Jefferson	OH	—			295		696		4		386		299		1,082		1,381		(426		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Wilmington	Wilmington	OH	$	—		$	235	$	555	$	3	$	497	$	238	$	1,052	$	1,290	$	(380	)	2004
Bend	Bend	OR	—			733		1,729		10		1,536		743		3,265		4,008		(1,193		)	2004
Shadowbrook	Clackamas	OR	—			1,197		3,693		—		684		1,197		4,377		5,574		(2,966		)	1997
Pacific City	Cloverdale	OR	—			1,076		2,539		15		1,654		1,091		4,193		5,284		(1,885		)	2004
Falcon Wood Village	Eugene	OR	—			1,112		3,426		—		761		1,112		4,187		5,299		(2,794		)	1997
Portland Fairview	Fairview	OR	—			7,330		10,278		—		243		7,330		10,521		17,851		(1,879		)	2016
Quail Hollow	Fairview	OR	—			—		3,249		—		757		—		4,006		4,006		(2,652		)	1997
South Jetty	Florence	OR	—			678		1,598		9		1,078		687		2,676		3,363		(974		)	2004
Seaside	Seaside	OR	—			891		2,101		12		928		903		3,029		3,932		(1,338		)	2004
Whalers Rest	South Beach	OR	—			754		1,777		10		849		764		2,626		3,390		(1,146		)	2004
Mt. Hood	Welches	OR	—			1,817		5,733		—		4,364		1,817		10,097		11,914		(3,640		)	2002
Greenbriar Village	Bath	PA	—			8,359		16,941		—		453		8,359		17,394		25,753		(4,927		)	2011
Sun Valley	Bowmansville	PA	—			866		2,601		—		995		866		3,596		4,462		(1,021		)	2009
Green Acres	Breinigsville	PA	(37,483		)	2,680		7,479		—		5,407		2,680		12,886		15,566		(10,211		)	1988
Gettysburg Farm	Dover	PA	—			111		350		—		565		111		915		1,026		(245		)	2006
Timothy Lake North	East Stroudsburg	PA	—			296		933		—		792		296		1,725		2,021		(566		)	2006
Timothy Lake South	East Stroudsburg	PA	—			206		649		—		232		206		881		1,087		(314		)	2006
Circle M	Lancaster	PA	—			330		1,041		—		1,517		330		2,558		2,888		(814		)	2006
Hershey	Lebanon	PA	—			1,284		3,028		17		2,057		1,301		5,085		6,386		(2,063		)	2004
Robin Hill	Lenhartsville	PA	—			1,263		3,786		—		523		1,263		4,309		5,572		(1,392		)	2009
Dutch County	Manheim	PA	—			88		278		—		317		88		595		683		(189		)	2006
Spring Gulch	New Holland	PA	—			1,593		4,795		—		929		1,593		5,724		7,317		(2,697		)	2004
Lil Wolf	Orefield	PA	—			5,627		13,593		—		2,778		5,627		16,371		21,998		(4,164		)	2011
Scotrun	Scotrun	PA	—			153		483		—		503		153		986		1,139		(288		)	2006
Appalachian	Shartlesville	PA	—			1,666		5,044		—		764		1,666		5,808		7,474		(2,276		)	2006
Mountain View - PA	Walnutport	PA	—			3,207		7,182		—		426		3,207		7,608		10,815		(2,173		)	2011
Timber Creek	Westerly	RI	—			12,618		8,489		—		3		12,618		8,492		21,110		(166		)	2018
Carolina Landing	Fair Play	SC	—			457		1,078		6		593		463		1,671		2,134		(677		)	2004
Inlet Oaks	Murrells Inlet	SC	—			1,546		4,642		—		308		1,546		4,950		6,496		(2,047		)	2006
The Oaks at Point South	Yemassee	SC	—			267		810		—		237		267		1,047		1,314		(394		)	2006
Natchez Trace	Hohenwald	TN	—			533		1,257		7		1,112		540		2,369		2,909		(937		)	2004
Cherokee Landing	Saulsbury	TN	—			118		279		2		161		120		440		560		(191		)	2004
Alamo Palms Resort	Alamo	TX	(6,120		)	1,562		7,924		—		379		1,562		8,303		9,865		(2,324		)	2012
Bay Landing	Bridgeport	TX	—			438		1,033		6		1,671		444		2,704		3,148		(742		)	2004



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
Colorado River	Columbus	TX	$	—		$	466	$	1,099	$	6	$	1,099	$	472	$	2,198	$	2,670	$	(689	)	2004
Victoria Palms Resort	Donna	TX	(10,354		)	2,849		12,305		—		2,037		2,849		14,342		17,191		(4,124		)	2012
Lake Texoma	Gordonville	TX	—			488		1,151		6		1,726		494		2,877		3,371		(1,062		)	2004
Lakewood RV	Harlingen	TX	—			325		979		—		424		325		1,403		1,728		(660		)	2004
Paradise Park RV	Harlingen	TX	—			1,568		4,705		—		1,131		1,568		5,836		7,404		(2,776		)	2004
Sunshine RV	Harlingen	TX	—			1,494		4,484		—		1,642		1,494		6,126		7,620		(2,823		)	2004
Tropic Winds	Harlingen	TX	—			1,221		3,809		—		850		1,221		4,659		5,880		(2,433		)	2002
Medina Lake	Lakehills	TX	—			936		2,208		13		1,392		949		3,600		4,549		(1,549		)	2004
Paradise South	Mercedes	TX	—			448		1,345		—		617		448		1,962		2,410		(859		)	2004
Lake Tawakoni	Point	TX	—			35		2,320		—		587		35		2,907		2,942		(1,261		)	2004
Fun N Sun RV	San Benito	TX	(5,853		)	2,533		5,560		412		6,850		2,945		12,410		15,355		(7,874		)	1998
Country Sunshine	Weslaco	TX	—			627		1,881		—		1,122		627		3,003		3,630		(1,440		)	2004
Southern Comfort	Weslaco	TX	(4,430		)	1,108		3,323		—		637		1,108		3,960		5,068		(1,905		)	2004
Lake Whitney	Whitney	TX	—			679		1,602		10		1,366		689		2,968		3,657		(1,127		)	2004
Lake Conroe	Willis	TX	—			1,363		3,214		18		12,488		1,381		15,702		17,083		(3,058		)	2004
Westwood Village	Farr West	UT	—			1,346		4,179		—		2,490		1,346		6,669		8,015		(4,236		)	1997
St. George	Hurricane	UT	—			64		264		2		603		66		867		933		(217		)	2010
All Seasons	Salt Lake City	UT	—			510		1,623		—		697		510		2,320		2,830		(1,494		)	1997
Meadows of Chantilly	Chantilly	VA	(41,303		)	5,430		16,440		—		8,032		5,430		24,472		29,902		(17,388		)	1994
Harbor View	Colonial Beach	VA	—			64		202		—		729		64		931		995		(277		)	2006
Lynchburg	Gladys	VA	—			266		627		3		633		269		1,260		1,529		(432		)	2004
Chesapeake Bay	Gloucester	VA	—			1,230		2,900		16		2,507		1,246		5,407		6,653		(2,159		)	2004
Virginia Landing	Quinby	VA	—			602		1,419		8		399		610		1,818		2,428		(831		)	2004
Grey's Point	Topping	VA	(23,165		)	33,491		17,104		—		459		33,491		17,563		51,054		(2,599		)	2017
Bethpage	Urbanna	VA	(38,666		)	45,415		38,149		—		292		45,415		38,441		83,856		(3,922		)	2017
Williamsburg	Williamsburg	VA	—			111		350		—		391		111		741		852		(247		)	2006
Regency Lakes	Winchester	VA	(9,069		)	9,757		19,055		—		1,924		9,757		20,979		30,736		(5,868		)	2011
Birch Bay	Blaine	WA	—			502		1,185		7		228		509		1,413		1,922		(648		)	2004
Mount Vernon	Bow	WA	—			621		1,464		8		1,758		629		3,222		3,851		(1,099		)	2004
Chehalis	Chehalis	WA	—			590		1,392		8		2,217		598		3,609		4,207		(1,120		)	2004
Grandy Creek	Concrete	WA	—			475		1,425		—		471		475		1,896		2,371		(669		)	2008
Tall Chief	Fall City	WA	—			314		946		—		542		314		1,488		1,802		(490		)	2010
Kloshe Illahee	Federal Way	WA	(20,306		)	2,408		7,286		—		932		2,408		8,218		10,626		(5,655		)	1997



						Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at 12/31/18
Real Estate ⁽¹⁾	Location		Encumbrances			Land		Depreciable Property		Land			Depreciable Property		Land		Depreciable Property		Total ⁽³⁾		Accumulated Depreciation			Date of Acquisition
La Conner	La Conner	WA	$	—		$	—	$	2,016	$	—		$	1,274	$	—	$	3,290	$	3,290	$	(1,538	)	2004
Leavenworth	Leavenworth	WA	—			786		1,853		10			1,020		796		2,873		3,669		(1,208		)	2004
Thunderbird	Monroe	WA	—			500		1,178		6			493		506		1,671		2,177		(707		)	2004
Little Diamond	Newport	WA	—			353		834		5			968		358		1,802		2,160		(661		)	2004
Oceana	Oceana City	WA	—			283		668		4			485		287		1,153		1,440		(385		)	2004
Crescent Bar	Quincy	WA	—			314		741		4			557		318		1,298		1,616		(558		)	2004
Long Beach	Seaview	WA	—			321		758		5			503		326		1,261		1,587		(496		)	2004
Paradise	Silver Creek	WA	—			466		1,099		6			674		472		1,773		2,245		(715		)	2004
Rainbow Lake Manor	Bristol	WI	—			4,474		16,594		—			784		4,474		17,378		21,852		(3,734		)	2013
Fremont	Fremont	WI	—			1,437		4,296		—			1,005		1,437		5,301		6,738		(2,476		)	2004
Yukon Trails	Lyndon Station	WI	—			556		1,629		—			253		556		1,882		2,438		(885		)	2004
Blackhawk	Milton	WI	—			1,789		7,613		—			438		1,789		8,051		9,840		(1,551		)	2014
Lakeland	Milton	WI	—			3,159		13,830		—			446		3,159		14,276		17,435		(2,719		)	2014
Westwood Estates	Pleasant Prairie	WI	—			5,382		19,732		—			1,468		5,382		21,200		26,582		(4,519		)	2013
Plymouth Rock	Plymouth	WI	—			2,293		6,879		—			1,425		2,293		8,304		10,597		(2,522		)	2009
Tranquil Timbers	Sturgeon Bay	WI	—			714		2,152		—			511		714		2,663		3,377		(1,098		)	2006
Neshonoc Lakeside	West Salem	WI	(5,088		)	1,106		4,861		(1		)	175		1,105		5,036		6,141		(953		)	2013
Arrowhead	Wisconsin Dells	WI	—			522		1,616		—			596		522		2,212		2,734		(867		)	2006
Subtotal of Properties Held for Long Term			(2,149,726		)	1,365,588		2,796,978		43,244			787,543		1,408,832		3,584,521		4,993,353		(1,554,748		)
Realty Systems, Inc.			—			—		—		—			252,448		—		252,448		252,448		(55,727		)	2002
Management business and other			—			—		436		—			27,676		—		27,676		27,676		(21,413		)	1990
			$	(2,149,726	)	$	1,365,588	$	2,797,414	$	43,244		$	1,067,667	$	1,408,832	$	3,864,645	$	5,273,477	$	(1,631,888	)

_________________________________


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


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


(3)	Aggregate cost for federal income tax purposes is approximately $3.4 billion.

The changes in total investment in real estate are as follows:



(amounts in thousands)	2018			2017			2016
Balance, beginning of year	$	4,915,813		$	4,685,336		$	4,477,599
Acquisitions	265,129			142,255			122,448
Improvements	181,622			126,279			119,437
Properties held for sale	(49,973		)	—			—
Dispositions and other	(39,114		)	(38,057		)	(34,148		)
Balance, end of year	$	5,273,477		$	4,915,813		$	4,685,336

The changes in accumulated depreciation are as follows:



(amounts in thousands)	2018			2017			2016
Balance, beginning of year	$	1,516,694		$	1,399,531		$	1,282,423
Depreciation expense ^(a)	130,022			121,455			117,400
Amortization of in-place leases	7,187			2,231			3,373
Properties held for sale	(14,547		)	—			—
Dispositions and other	(7,468		)	(6,523		)	(3,665		)
Balance, end of year	$	1,631,888		$	1,516,694		$	1,399,531

________________________


(a)	Includes depreciation from rental operations of $9.8 million, $10.4 million and $10.7 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Principals of Consolidation

Basis of Presentation

Certain prior period amounts have been reclassified on our consolidated financial statements to conform with current year presentation.

Use of Estimates

Real Estate

Investment in Real Estate

Depreciation is computed on a straight-line basis based on the estimated useful lives of the associated real estate assets.



		Useful Lives (in years)
Land and Building Improvements		10-30
Manufactured Homes		10-25
Furniture, Fixture and Equipment		5
In-place leases		Expected term
Above and below-market leases		Applicable lease term


(d)	Acquisitions

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

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

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

Manufactured homes – Sales comparison approach based on market prices for similar homes adjusted for differences in age or size.

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


(e)	Intangibles and Goodwill

Assets Held for Sale

Fair Value of Financial Instruments

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

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

Revenue Recognition

(l) Stock Based Compensation

Non-Controlling Interests

Income Taxes

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

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 Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 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	$	(7,380	)	$	(4,400	)	$	2,980
Total revenues	$	986,653		$	989,633		$	(2,980	)

Expenses
Right-to-use contract commissions, deferred, net	$	(813	)	$	55		$	868
Total expenses	$	765,206		$	766,074		$	(868	)

Consolidated net income	$	226,386		$	228,488		$	(2,102	)
Net income available for Common Stockholders	$	212,596		$	214,585		$	(1,989	)
Earnings per Common Share - Basic	$	2.39		$	2.41		$	(0.02	)
Earnings per Common Share - Fully Diluted	$	2.38		$	2.40		$	(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.


(p)	New Accounting Pronouncements

Receivables

Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method.

We provide financing for nonrefundable upgrades to existing right-to-use contracts ("Contracts Receivable"). These Contracts Receivable represent loans to customers who have entered right-to-use contracts. As of December 31, 2018 and 2017, Contract Receivable was $21.9 million and $19.7 million, respectively. Contracts Receivable, as of December 31, 2018, had an average stated interest rate of 16.6%, a weighted average term remaining of approximately 3.5 years and require monthly payments of principal and interest.

In certain cases, we purchase loans made by others to finance the sales of homes to our customers (referred to as "Chattel Loans"). These loans are secured by the underlying homes sold.

Derivatives

Cash Flow Hedges of Interest Rate Risk

Summary of significant accounting (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Property, Plant and Equipment

Depreciation is computed on a straight-line basis based on the estimated useful lives of the associated real estate assets.



		Useful Lives (in years)
Land and Building Improvements		10-30
Manufactured Homes		10-25
Furniture, Fixture and Equipment		5
In-place leases		Expected term
Above and below-market leases		Applicable lease term

Schedule of Accounts, Notes, Loans and Financing Receivable

The allowance reflects our best estimate of collectibility risks on outstanding receivables. Our allowance for doubtful accounts was as follows:



	December 31,
(amounts in thousands):	2018			2017			2016
Balance, beginning of year	$	5,545		$	5,378		$	6,470
Provision for losses	4,154			4,181			3,926
Write-offs	(4,469		)	(4,014		)	(5,018		)
Balance, end of year	$	5,230		$	5,545		$	5,378

Tax Treatment Of Dividends And Distributions Table

During the years ended December 31, 2018, 2017 and 2016, our tax treatment of common stock distributions were as follows (unaudited):



	2018		2017		2016
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	2.137	$	1.657	$	1.471
Long-term capital gains	—		0.718		—
Non-dividend distributions	—		—		0.179
Distributions declared per common stock outstanding	$	2.137	$	2.375	$	1.650

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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 Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 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	$	(7,380	)	$	(4,400	)	$	2,980
Total revenues	$	986,653		$	989,633		$	(2,980	)

Expenses
Right-to-use contract commissions, deferred, net	$	(813	)	$	55		$	868
Total expenses	$	765,206		$	766,074		$	(868	)

Consolidated net income	$	226,386		$	228,488		$	(2,102	)
Net income available for Common Stockholders	$	212,596		$	214,585		$	(1,989	)
Earnings per Common Share - Basic	$	2.39		$	2.41		$	(0.02	)
Earnings per Common Share - Fully Diluted	$	2.38		$	2.40		$	(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)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share:



	Years Ended December 31,
(amounts in thousands, except per share data)	2018			2017			2016
Numerators:
Net Income Available for Common Stockholders:
Consolidated net income	$	226,386		$	210,377		$	187,132
Amounts allocated to dilutive securities	(13,774		)	(12,788		)	(13,869		)
Preferred stock distributions	(16		)	(7,685		)	(9,226		)
Net income available to Common Stockholders—Basic	212,596			189,904			164,037
Amounts allocated to dilutive securities	13,774			12,788			13,869
Net income available to Common Stockholders—Fully Diluted	$	226,370		$	202,692		$	177,906
Denominator:
Weighted average Common Shares outstanding—Basic	88,964			86,997			84,778
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	5,793			6,033			7,204
Stock options and restricted stock	298			395			587
Weighted average Common Shares outstanding—Fully Diluted	95,055			93,425			92,569


Earnings per Common Share—Basic:	$	2.39		$	2.18		$	1.93

Earnings per Common Share—Fully Diluted:	$	2.38		$	2.17		$	1.92

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Stock by Class

The following table presents the shares that were issued under our prior ATM equity offering program:



	Years Ended December 31,
(amounts in thousands, except share data)	2018		2017		2016
Shares of Common Stock sold	861,141		1,380,017		683,548
Weighted average price	$	91.45	$	87.46	$	73.15
Total gross proceeds	$	78,755	$	120,698	$	50,000
Commissions paid to sales agents	$	1,028	$	1,512	$	657

The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2016 and prior to the stock's redemption, which occurred in September 2017:



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

Schedule of Common Stock Outstanding Roll Forward

The following table presents the changes in our outstanding common stock (excluding OP Units of 5,745,966, 5,834,100, and 7,170,000 outstanding at December 31, 2018, 2017 and 2016, respectively):



	Years Ended December 31,
	2018		2017		2016
Shares outstanding at January 1,	88,585,160		85,529,386		84,253,065
Common stock issued through the ATM Equity Offering Program	861,141		1,380,017		683,548
Common stock issued through conversion of OP Units	88,134		1,335,900		37,678
Common stock issued through exercise of options	202,800		220,000		440,000
Common stock issued through restricted stock grants	192,505		130,426		133,717
Common stock forfeitures	—		(990	)	—
Common stock issued through ESPP and Dividend Reinvestment Plan	22,572		25,101		17,373
Common stock repurchased and retired	(31,294	)	(34,680	)	(35,995	)
Shares outstanding at December 31,	89,921,018		88,585,160		85,529,386

Dividends Declared

The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2016:



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.4250	March 31, 2016	March 25, 2016	April 8, 2016
$0.4250	June 30, 2016	June 24, 2016	July 8, 2016
$0.4250	September 30, 2016	September 30, 2016	October 14, 2016
$0.4250	December 31, 2016	December 30, 2016	January 13, 2017
$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
$0.5500	December 31, 2018	December 28, 2018	January 11, 2019

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.

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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2018, 2017 and 2016, which we determined using Level-2 inputs for mortgage notes payable, other liabilities and other assets and Level-3 inputs for the others:



	Years Ended December 31,
(amounts in thousands)	2018		2017^(a)		2016
Assets acquired
Land	$	171,111	$	82,539	$	62,489
Buildings and other depreciable property	84,019		55,903		55,445
Manufactured homes ^(b)	140		840		67
In-place leases ^(b)	9,859		2,973		4,447
Net investment in real estate	$	265,129	$	142,255	$	122,448
Other assets	—		229		20
Total assets acquired	$	265,129	$	142,484	$	122,468
Liabilities assumed
Mortgage notes payable	$	9,200	$	5,900	$	22,010
Below-market lease liability ^(c)	10,645		—		—
Other liabilities	—		32		2,214
Total liabilities assumed	$	19,845	$	5,932	$	24,224
Net assets acquired	$	245,284	$	136,552	$	98,244

_________________________

(a)During the year ended December 31, 2018 we finalized the purchase price allocation on the 2017 acquisitions accounted for as business combinations.

(b)Manufactured homes and in-place leases are included in Buildings and other depreciable property on the Consolidated Balance Sheets.

(c)Below-market lease liability is included in Accrued expenses and accounts payable on the Consolidated Balance Sheets.

Schedule of Assets and Liabilities Associted with Properties Classified as Held for Sale

The following table presents the assets and liabilities associated with the five Properties classified as held for sale as of December 31, 2018:



	As of December 31,
(amounts in thousands)	2018
Assets
Land, building and other improvements	$	49,973
Less accumulated depreciation	(14,547		)
Net investment in real estate	35,426
Other assets	488
Assets held for sale, net	$	35,914
Liabilities
Mortgage notes payable	$	11,175
Other liabilities	1,175
Liabilities related to assets held for sale	$	12,350

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Equity Method Investments



						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites^(a)	Economic Interest^(b)			2018		2017		2018		2017		2016
Meadows	Various (2,2)	1,077	50	%		$	346	$	307	$	1,839	$	2,197	$	1,348
Lakeshore	Florida (3,3)	720	^(c)			2,263		2,530		22		115		318
Voyager	Arizona (1,1)	1,801	50	%	^(d)	3,135		3,205		995		891		1,014
Loggerhead	Various	2,343	49	%		35,789		31,414		1,486		230		—
Echo JV	Various	—	50	%		16,222		15,624		597		332		(75		)
		5,941				$	57,755	$	53,080	$	4,939	$	3,765	$	2,605

_________________________


(a)	Loggerhead sites represents marina slip counts.


(b)	The percentages shown approximate our economic interest as of December 31, 2018. Our legal ownership interest may differ.


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


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

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Aggregate Payments of Principal on Long-Term Borrowings

Aggregate annual principal payments on long-term borrowings for the next five years and thereafter are as follows:



(amounts in thousands)	Held for Sale			Held for Use			Total
2019	$	157		$	54,848		$	55,005
2020	163			168,697			168,860
2021	10,881			218,337			229,218
2022	—			179,910			179,910
2023	—			341,561			341,561
Thereafter	—			1,410,368			1,410,368
Net unamortized premiums	—			994			994
Unamortized deferred financing costs	(26		)	(26,363		)	(26,389		)
Total	$	11,175		$	2,348,352		$	2,359,527

As of December 31, 2018, we were in compliance in all material respects with the covenants in our borrowing arrangements.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The table below presents the fair value of our derivative financial instrument:



		As of December 31,
(amounts in thousands)	Balance Sheet Location	2018		2017
Interest Rate Swap - 2017	Other assets, net	$	2,299	$	942

Effect of Derivative Instruments on Consolidated Statements of Operations

The table below presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income:



Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,								Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,
(amounts in thousands)	2018			2017			2016		(amounts in thousands)	2018			2017		2016
Interest Rate Swap	$	(1,613	)	$	(869	)	$	813	Interest Expense	$	(256	)	$	300	$	1,139

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

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Deferred Revenue, by Arrangement, Disclosure

The components of the change in deferred revenue entry of right-to-use contracts and deferred commission expense were as follows:



	As of
(amounts in thousands)	2018			2017
Deferred revenue as of December 31,	$	85,596		$	81,484
Cumulative effect of change in accounting principle ^(a)	23,387			—
Deferred revenue as of January 1,	108,983			81,484
Right-to-use contracts current period, gross	15,191			14,132
Revenue recognized from right-to-use contract upfront payments	(7,811		)	(10,020		)
Right-to-use contract upfront payments, deferred, net	7,380			4,112
Deferred revenue—upfront payments from right-to-use contracts as of December 31,	$	116,363		$	85,596

Deferred commission expense as of December 31	$	31,443		$	31,375
Cumulative effect of change in accounting principle ^(a)	8,200			—
Deferred commission expense as of January 1,	39,643			31,375
Deferred commission expense	4,274			4,577
Commission expense recognized	(3,609		)	(4,509		)
Net increase in deferred commission expense	665			68
Deferred commission expense as of December 31,	$	40,308		$	31,443

_________________________


(a)	The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018. See Note 2 for further details.

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

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

As of December 31, 2018, future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases are as follows:



(amounts in thousands)	Amount
2019	$	92,885
2020	92,759
2021	37,252
2022	19,561
2023	19,225
Thereafter	83,072
Total	$	344,754

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2018:



(amounts in thousands)	Total		2019		2020		2021		2022		2023		Thereafter
Office space lease	$	8,669	$	2,348	$	2,402	$	2,068	$	569	$	530	$	752
Ground lease	11,551		1,832		1,832		1,832		1,362		417		4,276
Total operating leases	$	20,220	$	4,180	$	4,234	$	3,900	$	1,931	$	947	$	5,028

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases, Operating [Abstract]

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



(amounts in thousands)	Amount
2019	$	92,885
2020	92,759
2021	37,252
2022	19,561
2023	19,225
Thereafter	83,072
Total	$	344,754

The following table summarizes our minimum future rental payments under our operating leases as of December 31, 2018:



(amounts in thousands)	Total		2019		2020		2021		2022		2023		Thereafter
Office space lease	$	8,669	$	2,348	$	2,402	$	2,068	$	569	$	530	$	752
Ground lease	11,551		1,832		1,832		1,832		1,362		417		4,276
Total operating leases	$	20,220	$	4,180	$	4,234	$	3,900	$	1,931	$	947	$	5,028

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2018

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

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

A summary of our restricted stock activities and related information is as follows:



	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2015	85,500		$49.72
Shares granted	133,717		$68.21
Shares vested	(153,610	)	$59.85
Balance at December 31, 2016	65,607		$63.68
Shares granted	130,426		$76.25
Shares forfeited	(990	)	$80.54
Shares vested	(125,271	)	$68.79
Balance at December 31, 2017	69,772		$77.77
Shares granted	192,505		$86.01
Shares vested	(112,426	)	$81.48
Balance at December 31, 2018	149,851		$85.56

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

The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation:



	2018	2017	2016
Dividend Yield	2.5%	2.4%	2.3%
Risk-free interest rate	2.8%	1.9%	1.3%
Expected Life	5.6 years	5.5 years	6 years
Expected Volatility	16.7%	17.8%	19.8%
Weighted Average Grant Date Fair Value Per Share	$12.95	$11.00	$10.70

Summary of Stock Option Activity

No options were forfeited or expired during the years ended December 31, 2018, 2017 and 2016. A summary of our stock option activity and related information is as follows:



	Shares Subject To Options		Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2015	865,600		$23.12	1.5	$37.7
Options issued	7,550		$74.53
Options exercised	(440,000	)	$25.66		$18.7
Balance at December 31, 2016	433,150		$21.44	1.7	$22.0
Options issued	6,930		$81.15
Options exercised	(220,000	)	$22.05		$14.5
Balance at December 31, 2017	220,080		$22.72	1.6	$14.6
Options issued	6,270		$89.65
Options exercised	(202,800	)	$18.85		$16.9
Balance at December 31, 2018	23,550		$73.89	7.3	$0.5
Exercisable at December 31, 2018	17,084		$68.94	6.7	$0.5

Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Dividends Distributed

The following table presents the shares that were issued under our prior ATM equity offering program:



	Years Ended December 31,
(amounts in thousands, except share data)	2018		2017		2016
Shares of Common Stock sold	861,141		1,380,017		683,548
Weighted average price	$	91.45	$	87.46	$	73.15
Total gross proceeds	$	78,755	$	120,698	$	50,000
Commissions paid to sales agents	$	1,028	$	1,512	$	657

The following quarterly distributions have been declared and paid to our preferred stockholders since January 1, 2016 and prior to the stock's redemption, which occurred in September 2017:



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

Schedule of Segment Reporting Information, by Segment

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]



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

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



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

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

The following tables summarize our segment financial information:



	Year Ended December 31, 2018
(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	916,565		$	51,721		$	968,286
Operations expenses	(434,360		)	(48,406		)	(482,766		)
Income from segment operations	482,205			3,315			485,520
Interest income	3,374			3,898			7,272
Depreciation on real estate assets and rental homes	(120,212		)	(9,810		)	(130,022		)
Amortization of in-place leases	(7,187		)	—			(7,187		)
Income (loss) from operations	$	358,180		$	(2,597	)	355,583
Reconciliation to consolidated net income
Corporate interest income							253
Income from other investments, net							10,842
General and administrative							(37,684		)
Early debt retirement							(1,071		)
Other expenses							(1,483		)
Interest and related amortization							(104,993		)
Equity in income of unconsolidated joint ventures							4,939
Consolidated net income							$	226,386

Total assets	$	3,692,510		$	233,298		$	3,925,808
Capital improvements	$	94,015		$	87,607		$	181,622

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table summarizes our financial information for the Property Operations segment:



	Years Ended December 31,
(amounts in thousands)	2018			2017			2016
Revenues:
Community base rental income	$	518,252		$	489,613		$	464,745
Resort base rental income	239,906			218,806			201,533
Right-to-use annual payments	47,778			45,798			45,035
Right-to-use contracts current period, gross	15,191			14,132			12,327
Right-to-use contract upfront payments, deferred, net	(7,380		)	(4,108		)	(3,079		)
Utility income and other	100,562			93,252			81,427
Ancillary services revenues, net	2,256			2,089			1,796
Total property operations revenues	916,565			859,582			803,784
Expenses:
Property operating and maintenance	313,003			294,119			268,249
Real estate taxes	55,892			55,010			53,036
Sales and marketing, gross	12,542			11,438			11,056
Right-to-use contract commissions, deferred, net	(813		)	(354		)	(223		)
Property management	53,736			51,252			47,083
Total property operations expenses	434,360			411,465			379,201
Income from property operations segment	$	482,205		$	448,117		$	424,583

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:



	Years Ended December 31,
(amounts in thousands)	2018		2017		2016
Revenues:
Gross revenue from home sales	$	36,064	$	36,302	$	37,191
Brokered resale revenues, net	1,290		1,235		1,198
Rental home income ⁽¹⁾	14,329		14,344		14,107
Ancillary services revenues, net	38		474		—
Total revenues	51,721		52,355		52,496
Expenses:
Cost of home sales	37,475		36,513		37,456
Home selling expenses	4,095		4,186		3,575
Rental home operating and maintenance	6,836		6,610		6,883
Total expenses	48,406		47,309		47,914
Income from home sales and rentals operations segment	$	3,315	$	5,046	$	4,582

_________________________


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

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data



	2018
(amounts in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	246,025	$	240,502	$	256,675	$	243,451
Consolidated net income	$	64,177	$	49,169	$	59,660	$	53,380
Net income available for Common Stockholders ^(a)	$	60,222	$	46,137	$	56,070	$	50,166
Basic weighted average Common Shares	88,524		88,549		89,200		89,570
Diluted weighted average Common Shares	94,577		94,623		95,263		95,577
Earnings per Common Share — Basic	$	0.68	$	0.52	$	0.63	$	0.56
Earnings per Common Share — Fully Diluted	$	0.68	$	0.52	$	0.63	$	0.56



	2017
(amounts in thousands, except per share data)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenues	$	232,389	$	221,312	$	241,625	$	229,986
Consolidated net income	$	63,075	$	44,463	$	54,865	$	47,974
Net income available for Common Stockholders	$	56,888	$	39,498	$	48,525	$	44,993
Basic weighted average Common Shares	86,048		86,763		87,037		88,115
Diluted weighted average Common Shares	93,011		93,063		93,324		94,295
Earnings per Common Share — Basic	$	0.66	$	0.46	$	0.56	$	0.51
Earnings per Common Share — Fully Diluted	$	0.65	$	0.45	$	0.56	$	0.51

_________________________


(a)	The sum of the four quarterly results may not total to the full year results due to rounding.

Organization (Detail) - shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Units of partnership interest (in shares)	5,745,966	5,834,100	7,170,000

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Jan. 11, 2019	Oct. 12, 2018	Jul. 13, 2018	Apr. 13, 2018	Jan. 12, 2018	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017	Jan. 13, 2017	Oct. 14, 2016	Jul. 08, 2016	Apr. 08, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Ownership percent of VIE													93.80%
Capitalized transaction costs													$ 5,800
Intangibles including 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
Amortization of in-place leases													7,187	2,231	$ 3,373
Cash and cash equivalents, restricted cash													21,100	17,200
Liabilities related to assets held for sale													11,200
Deferred financing costs													26,400	23,700
Long-term debt													2,374,700	2,193,700
Accumulated amortization for deferred financing costs													36,600	33,900
Operating loss carryforwards													74,100	74,100
Operating loss carryforward, offset against tax and distribution requirements														$ 14,000
Net investment in real estate U.S federal tax basis													3,400,000
Net investment in notes receivable U.S federal tax basis													$ 37,100
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income (usd per share)													$ 2.137	$ 1.657	$ 1.471
Long-term capital gains (usd per share)													0.000	0.718	0.000
Nondividend distributions (usd per share)													0.000	0.000	0.179
Distributions declared per Common Share outstanding (usd per share)													2.137	$ 2.375	$ 1.650
Quarterly distribution paid per common share (usd per share)		$ 0.55	$ 0.55	$ 0.55	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4250	$ 0.4250	$ 0.4250	$ 0.4250	$ 0.487
Proceeds from insurance claims													$ 7,943	$ 3,626	$ 1,145
Distributions of capital from unconsolidated joint ventures													396	789	3,068
Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Mortgage notes payable, fair value													2,364,600	2,184,000
Identified Intangible Assets
Significant Accounting Policies [Line Items]
Amortization of in-place leases													$ 100	$ 100	200
Subsequent Event
Tax status of Common Shares distributions deemed paid during the year:
Quarterly distribution paid per common share (usd per share)	$ 0.55
Quarterly distribution for tax purposes	$ 0.063000
Accounting Standards Update 2016-15
Tax status of Common Shares distributions deemed paid during the year:
Proceeds from distributions															$ (1,000)

Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2018
Furniture, Fixture and Equipment
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	5 years
Minimum \| Land and Building Improvements
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	10 years
Minimum \| Manufactured Homes
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	10 years
Maximum \| Land and Building Improvements
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	30 years
Maximum \| Manufactured Homes
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	25 years

Summary of Significant Accounting Policies - Account Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of year	$ 5,545	$ 5,378	$ 6,470
Provision for losses	4,154	4,181	3,926
Write-offs	(4,469)	(4,014)	(5,018)
Balance, end of year	$ 5,230	$ 5,545	$ 5,378

Summary of Significant Accounting Policies - Adoption of New Accounting Standard (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jan. 01, 2018	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from the adoption of ASU 2014-09 (as described in Note 2)													$ (15,186)
Assets
Deferred commission expense					$ 31,443					$ 31,443
Liabilities:
Deferred revenue-upfront payment from right-to-use contracts	$ 116,363				85,596				$ 116,363	85,596	$ 81,484		108,983	$ 81,484
Equity
Distribution in excess of accumulated earnings	(211,034)				(211,980)				(211,034)	(211,980)
Revenues:
Right-to-use contract upfront payments, deferred, net										14,132
Total revenues	$ 243,451	$ 256,675	$ 240,502	$ 246,025	$ 229,986	$ 241,625	$ 221,312	$ 232,389	986,653	925,312	870,435
Expenses
Right-to-use contract commissions, deferred, net									(813)	(354)	(223)
Total expenses									765,206	718,700	685,908
Consolidated net income									226,386	210,377	187,132
Net income available for Common Stockholders									$ 212,596	$ 189,904	$ 164,037
Earnings per Common Share – Basic (usd per share)	$ 0.56	$ 0.63	$ 0.52	$ 0.68	$ 0.51	$ 0.56	$ 0.46	$ 0.66	$ 2.39	$ 2.18	$ 1.93
Earnings per Common Share – Fully Diluted (usd per share)	$ 0.56	$ 0.63	$ 0.52	$ 0.68	$ 0.51	$ 0.56	$ 0.45	$ 0.65	$ 2.38	$ 2.17	$ 1.92
Effect of Change Higher/(Lower)
Assets
Deferred commission expense													39,643
Liabilities:
Deferred revenue-upfront payment from right-to-use contracts													108,982
Equity
Distribution in excess of accumulated earnings													(227,166)
Revenues:
Total revenues									$ (2,980)
Expenses
Right-to-use contract commissions, deferred, net									868
Total expenses									(868)
Consolidated net income									(2,102)
Net income available for Common Stockholders									$ (1,989)
Earnings per Common Share – Basic (usd per share)									$ (0.02)
Earnings per Common Share – Fully Diluted (usd per share)									$ (0.02)
Adjustment due to ASU 2014-09 Adoption \| Balances Without Adoption of ASU 2014-09
Assets
Deferred commission expense													8,200
Liabilities:
Deferred revenue-upfront payment from right-to-use contracts													23,386
Equity
Distribution in excess of accumulated earnings													(15,186)
Revenues:
Total revenues									$ 989,633
Expenses
Right-to-use contract commissions, deferred, net									55
Total expenses									766,074
Consolidated net income									228,488
Net income available for Common Stockholders									$ 214,585
Earnings per Common Share – Basic (usd per share)									$ 2.41
Earnings per Common Share – Fully Diluted (usd per share)									$ 2.40
Right-to-use contract upfront payments, deferred, net
Liabilities:
Deferred revenue-upfront payment from right-to-use contracts	$ 116,363				$ 85,596				$ 116,363	$ 85,596
Right-to-use contract upfront payments, deferred, net \| Effect of Change Higher/(Lower)
Revenues:
Right-to-use contract upfront payments, deferred, net									2,980
Right-to-use contract upfront payments, deferred, net \| Adjustment due to ASU 2014-09 Adoption \| Balances Without Adoption of ASU 2014-09
Revenues:
Right-to-use contract upfront payments, deferred, net									$ (4,400)
Scenario, Forecast \| Subsequent Event \| Accounting Standards Update 2016-02
Expenses
Lease liability												$ 18,000
Straight-line rent liability												1,000
Operating lease asset												$ 19,000
Distributions in Excess of Accumulated Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from the adoption of ASU 2014-09 (as described in Note 2)													(15,186)
Distributions in Excess of Accumulated Earnings \| Adjustment due to ASU 2014-09 Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from the adoption of ASU 2014-09 (as described in Note 2)													$ 15,200

Earnings Per Common Share Calculation of Numerator and Denominator in EPS table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerators:
Consolidated net income	$ 53,380	$ 59,660	$ 49,169	$ 64,177	$ 47,974	$ 54,865	$ 44,463	$ 63,075	$ 226,386	$ 210,377	$ 187,132
Amounts allocated to dilutive securities									13,774	12,788	13,869
Preferred stock distributions									(16)	(7,685)	(9,226)
Net income available to Common Stockholders—Basic									212,596	189,904	164,037
Amounts allocated to dilutive securities									13,774	12,788	13,869
Net income available to Common Stockholders—Fully Diluted									$ 226,370	$ 202,692	$ 177,906
Denominator:
Weighted average Common Shares outstanding – Basic (shares)	89,570	89,200	88,549	88,524	88,115	87,037	86,763	86,048	88,964	86,997	84,778
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (shares)									5,793	6,033	7,204
Stock options and restricted stock (shares)									298	395	587
Weighted average Common Shares outstanding – Fully Diluted (shares)	95,577	95,263	94,623	94,577	94,295	93,324	93,063	93,011	95,055	93,425	92,569
Earnings per Common Share – Basic:
Earnings per Common Share – Basic (usd per share)	$ 0.56	$ 0.63	$ 0.52	$ 0.68	$ 0.51	$ 0.56	$ 0.46	$ 0.66	$ 2.39	$ 2.18	$ 1.93
Earnings per Common Share – Fully Diluted:
Earnings per Common Share – Fully Diluted (usd per share)	$ 0.56	$ 0.63	$ 0.52	$ 0.68	$ 0.51	$ 0.56	$ 0.45	$ 0.65	$ 2.38	$ 2.17	$ 1.92

Common Stock and Other Equity Related Transactions - At-market offering (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Par or stated value per share (usd per share)	$ 0.01	$ 0.01
Shares of Common Stock sold (in shares)	861,141	1,380,017	683,548
Commissions paid to sales agents	$ 1,651	$ 1,947	$ 1,122
Private Placement
Class of Stock [Line Items]
Total gross proceeds	78,755	$ 120,698	$ 50,000
Private Placement \| Common Stock
Class of Stock [Line Items]
Aggregate offering price	$ 200,000
Shares of Common Stock sold (in shares)	861,141	1,380,017	683,548
Weighted average price (in usd per share)	$ 91.45	$ 87.46	$ 73.15
Commissions paid to sales agents	$ 1,028	$ 1,512	$ 657

Common Stock and Other Equity Related Transactions - Employee Stock Purchase Program (Details) - USD ($)		12 Months Ended
	May 10, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Stock Purchase Program [Line Items]
ESPP, purchase price discount (in percentage)	85.00%
ESPP, issued during the period (in shares)		22,071	24,715	17,037
Employee Stock Purchase Plan
Employee Stock Purchase Program [Line Items]
Amendment Date		May 10, 2016
Maximum
Employee Stock Purchase Program [Line Items]
ESPP authorized amount	$ 250,000
Number of shares authorized ESPP (in shares)	2,000,000

Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - $ / shares													12 Months Ended
	Jan. 11, 2019	Oct. 12, 2018	Jul. 13, 2018	Apr. 13, 2018	Jan. 12, 2018	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017	Jan. 13, 2017	Oct. 14, 2016	Jul. 08, 2016	Apr. 08, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Units of partnership interest (in shares)													5,745,966	5,834,100	7,170,000
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1, (shares)													88,585,160	85,529,386	84,253,065
Common stock issued through the At-The-Market Offering Program (in shares)													861,141	1,380,017	683,548
Common stock issued through conversion of OP Units (in shares)													88,134	1,335,900	37,678
Common stock issued through exercise of options (in shares)													202,800	220,000	440,000
Common stock issued through restricted stock grants (in shares)														130,426	133,717
Common stock forfeitures (in shares)													0	(990)	0
Common stock issued through ESPP and Dividend Reinvestment Plan (in shares)													22,572	25,101	17,373
Common stock repurchased and retired (in shares)													(31,294)	(34,680)	(35,995)
Shares outstanding at December 31, (shares)													89,921,018	88,585,160	85,529,386
Share based payment award repurchased shares for taxes (usd per share)													$ 96.23	$ 89.02	$ 72.22
Percentage of ownership interests (in percentage)													94.00%	93.80%	92.30%
Ownership percentage by noncontrolling owners (in percentage)													6.00%	6.20%	7.70%
Disclosure Regular Quarterly Distributions Declared And Paid To Common Stockholders And Common O P Unit Non Controlling Interests [Abstract]
Distribution Amount Per Share (usd per share)		$ 0.55	$ 0.55	$ 0.55	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4250	$ 0.4250	$ 0.4250	$ 0.4250	$ 0.487
Subsequent Event
Disclosure Regular Quarterly Distributions Declared And Paid To Common Stockholders And Common O P Unit Non Controlling Interests [Abstract]
Distribution Amount Per Share (usd per share)	$ 0.55

Investment in Real Estate - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) property land site	Dec. 31, 2017 USD ($) site	Dec. 31, 2016 USD ($) property site
Real Estate Properties [Line Items]
Number of properties acquired \| property			4
Asset acquisition, consideration transfered	$ 251.7
Capitalized transaction costs	$ 5.8
Number of sites acquired \| site	3,712	1,870	2,377
Long-term debt assumed	$ 9.2
Asset acquisition, liabilities incurred	$ 8.8
Purchase price of the property		$ 142.4	$ 120.5
Mortgage debt assumed		$ 5.9	$ 22.6
R V Resort
Real Estate Properties [Line Items]
Number of properties acquired \| property	4
Manufactured homes
Real Estate Properties [Line Items]
Number of properties acquired \| property	4
Vacant Land
Real Estate Properties [Line Items]
Asset acquisition, consideration transfered	$ 2.8
Number of assets acquired \| land	2

Investment in Real Estate - Real Estate Acquired (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets acquired
Assets acquired	$ 265,129
Assets acquired		$ 142,255	$ 122,448
Other assets	0
Other assets		229	20
Total assets acquired	265,129
Total assets acquired		142,484	122,468
Liabilities assumed
Mortgage notes payable	9,200
Mortgage notes payable		5,900	22,010
Below-market lease liability	10,645
Below-market lease liability		0	0
Other liabilities	0
Other liabilities		32	2,214
Total liabilities assumed	19,845
Total liabilities assumed		5,932	24,224
Net assets acquired	245,284
Net assets acquired		136,552	98,244
Land
Assets acquired
Assets acquired	171,111
Assets acquired		82,539	62,489
Buildings and other depreciable property
Assets acquired
Assets acquired	84,019
Assets acquired		55,903	55,445
Manufactured homes
Assets acquired
Assets acquired	140
Assets acquired		840	67
In-place leases
Assets acquired
Assets acquired	$ 9,859
Assets acquired		$ 2,973	$ 4,447

Investment in Real Estate (Assets Held for Sale) (Details) $ in Thousands	Dec. 31, 2018 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of sites held for sale \| property	5
Liabilities
Liabilities related to assets held for sale	$ 11,200
Held for Sale
Assets
Land, building and other improvements	49,973
Less accumulated depreciation	(14,547)
Net investment in real estate	35,426
Other assets	488
Assets held for sale, net	35,914
Liabilities
Mortgage notes payable	11,175
Other liabilities	1,175
Liabilities related to assets held for sale	$ 12,350

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jun. 15, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 08, 2017
Schedule of Equity Method Investments [Line Items]
Ownership interest (in percentage)					49.00%
Investments in unconsolidated joint ventures		$ 57,755	$ 53,080
Term loan issued	$ 13,800
Equity in income from unconsolidated joint ventures		4,939	3,765	$ 2,605
Adjustment depreciation		1,800	1,500	1,300
Distributions in excess of basis		4,500	3,800	5,900
Distributions, including those in excess of basis		$ 200	800
Arizona \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Ownership interest (in percentage)		50.00%
Investments in unconsolidated joint ventures		$ 3,135	3,205
Equity in income from unconsolidated joint ventures		995	891	$ 1,014
Loggerhead
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		4,400	30,000
Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 100
Crosswinds
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 18,800

Investment in Unconsolidated Joint Ventures - Summary of Unconsolidated Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 jointventure	Dec. 31, 2018 site	Aug. 08, 2017
Schedule of Equity Method Investments [Line Items]
Number of Sites					2	5,941
Economic Interest (in percentage)							49.00%
Investment in unconsolidated joint ventures		$ 53,080		$ 57,755
Equity in income of unconsolidated joint ventures	$ 4,939	3,765	$ 2,605
Meadows Investments \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site						1,077
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures		307		346
Equity in income of unconsolidated joint ventures	$ 1,839	2,197	1,348
Lakeshore Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)	65.00%
Lakeshore Investments \| Florida
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site						720
Investment in unconsolidated joint ventures		2,530		2,263
Equity in income of unconsolidated joint ventures	$ 22	115	318
Crosswinds
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)	49.00%
Voyager Investments \| Arizona
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site						1,801
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures		3,205		3,135
Equity in income of unconsolidated joint ventures	$ 995	891	1,014
Loggerhead \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site						2,343
Economic Interest (in percentage)	49.00%
Investment in unconsolidated joint ventures		31,414		35,789
Equity in income of unconsolidated joint ventures	$ 1,486	230	0
ECHO Financing \| Other Regions
Schedule of Equity Method Investments [Line Items]
Number of Sites \| site						0
Economic Interest (in percentage)	50.00%
Investment in unconsolidated joint ventures		15,624		$ 16,222
Equity in income of unconsolidated joint ventures	$ 597	$ 332	$ (75)
Servicing Assets \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)	33.00%
Recreational Vehicle Resort \| Voyager Investments
Schedule of Equity Method Investments [Line Items]
Economic Interest (in percentage)	50.00%

Notes Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivables	$ 21.9	$ 19.7
Chattel Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amortization term (in years)	10 years
Chattel notes receivable, net	$ 13.4	15.9
Loans receivable, stated interest yield per annum (in percentage)	7.70%
Notes receivable, yield rate (in percentage)	26.50%
Allowance for loan and lease losses, real estate		$ 0.3
Contract Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivable, weighted average rate (in percentage)	16.60%
Loans receivable, amortization term (in years)	3 years 6 months

Borrowing Arrangements - Mortgage Note Payable and Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) credit_facility loan property Rate	Dec. 31, 2017 USD ($) loan property	Dec. 31, 2016 USD ($) loan property	Dec. 31, 2017 USD ($)	Dec. 31, 2017 loan	Dec. 31, 2017 integer	Dec. 31, 2017 property
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 2,149,726			$ 1,971,715
Weighted average interest rate (in percentage)	4.70%
Stated interest rate (in percentage)		4.07%
Number of pledged properties	118					120	5
Pledged assets, not separately reported	$ 2,489,800			$ 2,323,100
Proceeds from loans		$ 146,000	$ 88,100
Debt instrument, term (in years)		20 years	23 years
Number of loans \| loan	1		6		3
Repayments of debt	$ 196,800	$ 227,500
Number of loans repaid \| loan		15
Number of maturing mortgage loans repaid \| loan		13
Number of loans repaid, at maturity \| loan	1	2
Prepayment penalty, weighted average interest rate (in percentage)	6.29%	5.93%
Payments of debt extinguishment costs	$ 1,900	$ 2,700
Interest rate at period end (in percentage)			4.01%
Minimum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	3.50%
Maximum
Debt Instrument [Line Items]
Stated interest rate (in percentage)	8.90%
Manufactured homes
Debt Instrument [Line Items]
Number of pledged properties \| property			4
Number of loans repaid \| loan	16
Number of maturing mortgage loans repaid \| loan	15
Number of pledged properties towards loans repaid \| property	15	13
R V Resort
Debt Instrument [Line Items]
Number of pledged properties \| property	2		2
Number of pledged properties towards loans repaid \| property		2
Serendipity
Debt Instrument [Line Items]
Pledged assets, not separately reported	$ 18,000
Proceeds from loans	8,800
Debt assumed for the purchase of property	$ 9,200
Weighted average interest rate (in percentage)	4.75%
Paradise Park- Largo
Debt Instrument [Line Items]
Stated interest rate (in percentage)		4.60%
Debt assumed for the purchase of property		$ 5,900
Forest Lake Estates
Debt Instrument [Line Items]
Stated interest rate (in percentage)			4.51%
Debt assumed for the purchase of property			$ 22,600
Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)	4.23%
Stated interest rate (in percentage)		3.97%
Number of credit facilities \| credit_facility	2
Proceeds from loans	$ 357,800	$ 204,400
Debt instrument, term (in years)	14 years 9 months 10 days	20 years
Secured Debt
Debt Instrument [Line Items]
Stated interest rate (in percentage)	4.83%
Proceeds from loans	$ 64,000
Debt instrument, term (in years)	20 years
Old Credit Facilities
Debt Instrument [Line Items]
Repayments of debt			$ 41,800
Number of maturing mortgage loans repaid \| loan			5
Interest rate at period end (in percentage)			5.85%
Old Credit Facilities \| Manufactured homes
Debt Instrument [Line Items]
Number of pledged properties towards loans repaid \| property			3
Old Credit Facilities \| R V Resort
Debt Instrument [Line Items]
Number of pledged properties towards loans repaid \| property			2
LIBOR \| Term Loans \| Minimum
Debt Instrument [Line Items]
Interest rate (in percentage)	1.20%	4.80%
LIBOR \| Term Loans \| Maximum
Debt Instrument [Line Items]
Interest rate (in percentage) \| Rate	1.90%
LIBOR \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Interest rate (in percentage) \| Rate	1.10%
LIBOR \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Interest rate (in percentage) \| Rate	1.55%

Borrowing Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Proceeds from loans		$ 146,000,000	$ 88,100,000
Repayments of debt	$ 196,800,000	227,500,000
Line of credit facility, maximum borrowing capacity	400,000,000
Term loan, net	198,626,000	198,302,000
Commitment fee		3,700,000
Unsecured line of credit	0	30,000,000
Term Loans
Debt Instrument [Line Items]
Term loan, net	$ 200,000,000
Debt instrument, maturity date	Apr. 27, 2023
Derivative, maturity years (in years)	3 years
Line of Credit
Debt Instrument [Line Items]
Proceeds from loans	$ 357,800,000	$ 204,400,000
Minimum
Debt Instrument [Line Items]
Interest rate during period (in percentage)	0.15%
Maximum
Debt Instrument [Line Items]
Interest rate during period (in percentage)	0.35%
LIBOR \| Minimum \| Term Loans
Debt Instrument [Line Items]
Interest rate (in percentage)	1.20%	4.80%
LIBOR \| Minimum \| Line of Credit
Debt Instrument [Line Items]
Interest rate (in percentage)	1.10%
LIBOR \| Maximum \| Term Loans
Debt Instrument [Line Items]
Interest rate (in percentage)	1.90%
LIBOR \| Maximum \| Line of Credit
Debt Instrument [Line Items]
Interest rate (in percentage)	1.55%

Borrowing Arrangements - Maturities (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
2019	$ 55,005
2020	168,860
2021	229,218
2022	179,910
2023	341,561
Thereafter	1,410,368
Net unamortized premiums	994
Unamortized deferred financing costs	(26,389)
Total	2,359,527
Held for Sale
Debt Instrument [Line Items]
2019	157
2020	163
2021	10,881
2022	0
2023	0
Thereafter	0
Net unamortized premiums	0
Unamortized deferred financing costs	(26)
Total	11,175
Held for Use
Debt Instrument [Line Items]
2019	54,848
2020	168,697
2021	218,337
2022	179,910
2023	341,561
Thereafter	1,410,368
Net unamortized premiums	994
Unamortized deferred financing costs	(26,363)
Total	$ 2,348,352

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Derivative [Line Items]
Interest rate at period end (in percentage)			4.01%
2017 Swap \| Term Loans
Derivative [Line Items]
Notional amount of derivative		$ 200.0
Fixed interest rate (in percentage)	1.85%
Derivative, fixed interest rate, term ( in years)	3 years
Maturity date	Nov. 01, 2020
Basis spread on variable rate (in percentage)		1.20%
Interest rate at period end (in percentage)		3.05%

Derivative Instruments and Hedging Activities - Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,	$ (1,613)	$ (869)	$ 813
Other assets, net
Derivative [Line Items]
Interest Rate Swap - 2017	2,299	942
Cash Flow Hedging \| Interest Rate Swap \| Interest Expense
Derivative [Line Items]
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,	$ (256)	$ 300	$ 1,139

Deferred Revenue-Entry of Right-to-Use Contracts and Deferred Commission Expense - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018
Movement in Deferred Revenue [Roll Forward]
Deferred revenue as of December 31,	$ 85,596	$ 81,484
Cumulative effect of change in accounting principle				$ (15,186)
Right-to-use contract upfront payments, deferred, net		14,132
Revenue recognized from right-to-use contract upfront payments	(7,811)	(10,020)	$ (9,248)
Right-to-use contract upfront payments, deferred, net	7,380	4,112
Deferred revenue—upfront payments from right-to-use contracts as of December 31,	116,363	85,596	81,484
Movement in Deferred Costs [Roll Forward]
Deferred commission expense, as of January 1,	31,443	31,375
Deferred commission expense	4,274	4,577
Commission expense recognized	3,609	4,509
Net increase in deferred commission expense	665	68
Deferred commission expense, as of December 31,	$ 40,308	$ 31,443	$ 31,375
Right-to-use contract upfront payments, deferred, net \| Cumulative effect of change in accounting principle \| Accounting Standards Update 2014-09
Movement in Deferred Revenue [Roll Forward]
Cumulative effect of change in accounting principle				23,387
Deferred Commission Expense \| Cumulative effect of change in accounting principle \| Accounting Standards Update 2014-09
Movement in Deferred Revenue [Roll Forward]
Cumulative effect of change in accounting principle				$ 8,200

Lease Agreements - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) integer
Schedule of Operating Leases [Line Items]
Number of properties where non-cancelable long-term leases are in effect \| integer	17
2019	$ 92,885
2020	92,759
2021	37,252
2022	19,561
2023	19,225
Thereafter	83,072
Total	$ 344,754
Minimum
Schedule of Operating Leases [Line Items]
Operating leases, term of contract (in years)	1 year
Maximum
Schedule of Operating Leases [Line Items]
Operating leases, term of contract (in years)	10 years

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Rent expense	$ 7,900	$ 7,600	$ 7,400
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Total	20,220
2019	4,180
2020	4,234
2021	3,900
2022	1,931
2023	947
Thereafter	$ 5,028
Office space lease
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Lease expiration year	2026
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Total	$ 8,669
2019	2,348
2020	2,402
2021	2,068
2022	569
2023	530
Thereafter	752
Ground lease
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Total	11,551
2019	1,832
2020	1,832
2021	1,832
2022	1,362
2023	417
Thereafter	$ 4,276
Maximum \| Ground lease
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
Lease expiration year	2054

Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Rent expense	$ 7.9	$ 7.6	$ 7.4
Two North Riverside Plaza Joint Venture Limited Partnership
Related Party Transaction [Line Items]
Rent expense	$ 1.4	$ 1.4	$ 1.4

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 01, 2019	Feb. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during the period (in shares)			2,927,923
Contractual term (in years)			10 years
Options issued (in shares)			6,270	6,930	7,550
Options issued (in usd per share)			$ 89.65	$ 81.15	$ 74.53
Proceeds from stock options exercised			$ 3.8	$ 4.9	$ 11.3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		70,250	192,505	130,426	133,717
Share based compensation, fair market value		$ 5.9
Share based compensation expense, restricted stock grant			$ 10.0	$ 9.4	$ 9.2
Share based compensation expense to be recognized			$ 11.0
Period for recognition of cost not recognized (in years)			1 year 2 months 12 days
Management \| Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		70,250
Share based compensation, fair market value		$ 5.9
Vesting period (in years)		3 years
Management \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock available for grant (in shares)			3,750,000
Vesting period (in years)			3 years 6 months
Vests on May 8, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)			33.33%
Vests on May 8, 2017 \| Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)			67.00%
Vests on November 8, 2017 \| Transition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)			33.00%
Vests on May 8, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (in percentage)			33.33%
Subsequent Event \| Management \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	61,200

Equity Incentive Awards - Restricted Stock Activity (Details) - $ / shares		12 Months Ended
	Feb. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Shares forfeited (in shares)		0	(990)	0
Restricted Stock
Number of Shares
Beginning balance (in shares)		69,772	65,607	85,500
Shares granted (in shares)	70,250	192,505	130,426	133,717
Shares vested (in shares)		(112,426)	(125,271)	(153,610)
Closing balance (in shares)		149,851	69,772	65,607
Weighted Average Grant Date Fair Value Per Share
Beginning balance (usd per share)		$ 77.77	$ 63.68	$ 49.72
Shares granted (usd per share)		86.01	76.25	68.21
Shares forfeited (usd per share)			80.54
Shares vested (usd per share)		81.48	68.79	59.85
Beginning balance (usd per share)		$ 85.56	$ 77.77	$ 63.68

Equity Incentive Awards - Assumptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend Yield (in percentage)	2.50%	2.40%	2.30%
Risk-free interest rate (in percentage)	2.80%	1.90%	1.30%
Expected Life (in years)	5 years 7 months 6 days	5 years 6 months	6 years
Expected Volatility (in percentage)	16.70%	17.80%	19.80%
Weighted Average Grant Date Fair Value Per Share	$ 12.95	$ 11.00	$ 10.70

Equity Incentive Awards - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options forfeited (in shares)	0	0	0
Options expired (in shares)	0	0	0
Shares Subject To Options
Beginning balance (in shares)	220,080	433,150	865,600
Options issued (in shares)	6,270	6,930	7,550
Options exercised (in shares)	(202,800)	(220,000)	(440,000)
Ending balance (in shares)	23,550	220,080	433,150	865,600
Exercisable at December 31, 2018	17,084
Weighted Average Exercise Price Per Share
Beginning balance (in usd per share)	$ 22.72	$ 21.44	$ 23.12
Options issued (in usd per share)	89.65	81.15	74.53
Options exercised (in usd per share)	18.85	22.05	25.66
Ending balance (in usd per share)	73.89	$ 22.72	$ 21.44	$ 23.12
Exercisable at December 31, 2018	$ 68.94
Weighted Average Outstanding Contractual Life (in years)
Balance outstanding, Weighted Average Outstanding Contractual Life (in years)	7 years 3 months 18 days	1 year 7 months 6 days	1 year 8 months 12 days	1 year 6 months
Exercisable at end of the period, Weighted Average Outstanding Contractual Life (in years)	6 years 8 months 12 days
Average Intrinsic Value (in millions)
Opening Balance, Average Intrinsic Value	$ 14.6	$ 22.0	$ 37.7
Options exercised, Average Intrinsic Value	16.9	14.5	18.7
Closing Balance, Average Intrinsic Value	0.5	$ 14.6	$ 22.0	$ 37.7
Exercisable at December 31, 2018	$ 0.5

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions								12 Months Ended
	Oct. 02, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2018
Auction Market Preferred Securities, Stock Series [Line Items]
Preferred Stock, shares authorized (shares)									10,000,000
Preferred Stock, par value per share (usd per share)								$ 0.01	$ 0.01
Shares redeemed								$ 138.4
Stock issuance costs								$ 0.8
Distribution Amount Per Share (usd per share)	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875	$ 0.421875
Redeemable Perpetual Preferred Stock
Auction Market Preferred Securities, Stock Series [Line Items]
Dividend rate (percentage)								6.75%

Long-Term Cash Incentive Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2017
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Performance condition period		3 years
Long Term Incentive Plan 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Estimated payment of plan including employer cost	$ 4.4
Accrued compensation expense	$ 1.2	$ 1.9	$ 1.3

Savings Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Employees eligible compensation deferral for 401(k) Plan	60.00%
401(k) Plan, employer matching percentage for the first 3% of participants' contribution	100.00%
401(k) Plan, employer matching percentage for the second 20% of participants' contribution	3.00%
401(k) Plan, employer matching percentage for the second 2% of participants' contribution	50.00%
401(k) Plan, employer matching percentage for the next 50% of participants' contribution	2.00%
Employer 401 K matching contribution to employee maximum	4.00%
Contribution to the 401k Plan	$ 1.7	$ 1.5	$ 1.4

Reportable Segments - Additional Detail (Details)	12 Months Ended
Reportable Segments - Additional Detail (Details)	Dec. 31, 2018 segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Reported Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Operations revenues	$ 968,286	$ 911,937	$ 856,280
Operations expenses	(482,766)	(458,774)	(427,115)
Income from segment operations	485,520	453,163	429,165
Interest income	7,272	7,240	6,782
Depreciation on real estate assets and rental homes	(130,022)	(121,455)	(117,400)
Amortization of in-place leases	(7,187)	(2,231)	(3,373)
Income (loss) from operations	355,583	336,717	315,174
Reconciliation to consolidated net income
Corporate interest income	253	340	63
Income from other investments, net	10,842	5,795	7,310
General and administrative	(37,684)	(31,737)	(31,004)
Early debt retirement	(1,071)	(2,785)	0
Other expenses	(1,483)	(1,148)	(4,986)
Interest and related amortization	(104,993)	(100,570)	(102,030)
Equity in income of unconsolidated joint ventures	4,939	3,765	2,605
Consolidated net income	226,386	210,377	187,132
Total assets	3,925,808	3,610,032	3,478,987
Capital improvements	181,622	126,050	119,437
Property Operations
Segment Reporting Information [Line Items]
Operations revenues	916,565	859,582	803,784
Operations expenses	(434,360)	(411,465)	(379,201)
Income from segment operations	482,205	448,117	424,583
Interest income	3,374	3,048	2,894
Depreciation on real estate assets and rental homes	(120,212)	(110,841)	(106,560)
Amortization of in-place leases	(7,187)	(2,231)	(3,373)
Income (loss) from operations	358,180	338,093	317,544
Reconciliation to consolidated net income
Total assets	3,692,510	3,386,084	3,250,205
Capital improvements	94,015	76,112	57,825
Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	51,721	52,355	52,496
Operations expenses	(48,406)	(47,309)	(47,914)
Income from segment operations	3,315	5,046	4,582
Interest income	3,898	4,192	3,888
Depreciation on real estate assets and rental homes	(9,810)	(10,614)	(10,840)
Amortization of in-place leases	0	0	0
Income (loss) from operations	(2,597)	(1,376)	(2,370)
Reconciliation to consolidated net income
Total assets	233,298	223,948	228,782
Capital improvements	$ 87,607	$ 49,938	$ 61,612

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Community base rental income									$ 518,252	$ 489,613	$ 464,745
Resort base rental income									239,906	218,806	201,533
Right-to-use contract upfront payments, deferred, net										14,132
Utility and other income									100,562	93,252	81,427
Total revenues	$ 243,451	$ 256,675	$ 240,502	$ 246,025	$ 229,986	$ 241,625	$ 221,312	$ 232,389	986,653	925,312	870,435
Expenses:
Property operating and maintenance									313,003	294,119	268,249
Real estate taxes									55,892	55,010	53,036
Sales and marketing, gross									12,542	11,438	11,056
Right-to-use contract commissions, deferred, net									(813)	(354)	(223)
Home selling expenses									4,095	4,186	3,575
Rental home operating and maintenance									6,836	6,610	6,883
Total expenses									765,206	718,700	685,908
Income before equity in income of unconsolidated joint ventures									221,447	206,612	184,527
Property Operations
Revenues:
Community base rental income									518,252	489,613	464,745
Resort base rental income									239,906	218,806	201,533
Utility and other income									100,562	93,252	81,427
Total revenues									916,565	859,582	803,784
Expenses:
Property operating and maintenance									313,003	294,119	268,249
Real estate taxes									55,892	55,010	53,036
Sales and marketing, gross									12,542	11,438	11,056
Right-to-use contract commissions, deferred, net									(813)	(354)	(223)
Total expenses									434,360	411,465	379,201
Income before equity in income of unconsolidated joint ventures									482,205	448,117	424,583
Home Sales and Rentals Operations
Revenues:
Resort base rental income									14,329	14,344	14,107
Total revenues									51,721	52,355	52,496
Expenses:
Home selling expenses									4,095	4,186	3,575
Rental home operating and maintenance									6,836	6,610	6,883
Total expenses									48,406	47,309	47,914
Income before equity in income of unconsolidated joint ventures									3,315	5,046	4,582
Home Sales
Revenues:
Right-to-use contract upfront payments, deferred, net									36,064	36,302	37,191
Expenses:
Cost of home sales									37,475	36,513	37,456
Home Sales \| Home Sales and Rentals Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									36,064	36,302	37,191
Expenses:
Cost of home sales									37,475	36,513	37,456
Brokered resale revenues, net \| Home Sales and Rentals Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									1,290	1,235	1,198
Right-to-use annual payments
Revenues:
Right-to-use contract upfront payments, deferred, net									47,778	45,798	45,035
Right-to-use annual payments \| Property Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									47,778	45,798	45,035
Right-to-use contracts current period, gross
Revenues:
Right-to-use contract upfront payments, deferred, net									15,191	14,132	12,327
Right-to-use contracts current period, gross \| Property Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									15,191	14,132	12,327
Right-to-use contract upfront payments, deferred, net \| Property Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									(7,380)	(4,108)	(3,079)
Ancillary services revenues, net \| Property Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									2,256	2,089	1,796
Ancillary services revenues, net \| Home Sales and Rentals Operations
Revenues:
Right-to-use contract upfront payments, deferred, net									38	474	0
Property management
Expenses:
Cost of home sales									53,736	51,252	47,083
Property management \| Property Operations
Expenses:
Cost of home sales									$ 53,736	$ 51,252	$ 47,083

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 243,451	$ 256,675	$ 240,502	$ 246,025	$ 229,986	$ 241,625	$ 221,312	$ 232,389	$ 986,653	$ 925,312	$ 870,435
Consolidated net income	53,380	59,660	49,169	64,177	47,974	54,865	44,463	63,075	226,386	210,377	187,132
Net income available for Common Stockholders	$ 50,166	$ 56,070	$ 46,137	$ 60,222	$ 44,993	$ 48,525	$ 39,498	$ 56,888	$ 226,386	$ 210,377	$ 187,132
Weighted average Common Shares outstanding – Basic (shares)	89,570	89,200	88,549	88,524	88,115	87,037	86,763	86,048	88,964	86,997	84,778
Weighted average Common Shares outstanding—Diluted (shares)	95,577	95,263	94,623	94,577	94,295	93,324	93,063	93,011	95,055	93,425	92,569
Net income per Common Share outstanding—Basic (usd per share)	$ 0.56	$ 0.63	$ 0.52	$ 0.68	$ 0.51	$ 0.56	$ 0.46	$ 0.66	$ 2.39	$ 2.18	$ 1.93
Net income per Common Share outstanding—Diluted (usd per share)	$ 0.56	$ 0.63	$ 0.52	$ 0.68	$ 0.51	$ 0.56	$ 0.45	$ 0.65	$ 2.38	$ 2.17	$ 1.92

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

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