0000895417-19-000069 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2019	Oct. 23, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Commission File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Name	Two North Riverside Plaza, Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of each class	Common Stock, $0.01 Par Value
Trading Symbol(s)	ELS
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		182,080,887
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895417
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment in real estate:
Land	$ 1,516,956	$ 1,408,832
Land improvements	3,291,463	3,143,745
Buildings and other depreciable property	869,360	720,900
Investment in real estate	5,677,779	5,273,477
Accumulated depreciation	(1,739,285)	(1,631,888)
Net investment in real estate	3,938,494	3,641,589
Cash and restricted cash	42,386	68,974
Notes receivable, net	37,228	35,041
Investment in unconsolidated joint ventures	20,339	57,755
Deferred commission expense	40,953	40,308
Other assets, net	58,071	46,227
Assets held for sale, net	0	35,914
Total Assets	4,137,471	3,925,808
Liabilities:
Mortgage notes payable, net	2,062,736	2,149,726
Term loan, net	198,868	198,626
Accounts payable and other liabilities	144,622	102,854
Accrued interest payable	8,410	8,759
Rents and other customer payments received in advance and security deposits	88,094	81,114
Distributions payable	58,976	52,617
Liabilities related to assets held for sale	0	12,350
Total Liabilities	2,817,678	2,732,464
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2019 and December 31, 2018; none issued and outstanding.	0	0
Common stock, $0.01 par value, 400,000,000 and 200,000,000 shares authorized as of September 30, 2019 and December 31, 2018, respectively; 182,080,186 and 179,842,036 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.	1,812	1,792
Paid-in capital	1,399,951	1,328,495
Distributions in excess of accumulated earnings	(153,505)	(211,034)
Accumulated other comprehensive income (loss)	(499)	2,299
Total Stockholders’ Equity	1,247,759	1,121,552
Non-controlling interests – Common OP Units	72,034	71,792
Total Equity	1,319,793	1,193,344
Total Liabilities and Equity	4,137,471	3,925,808
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales)
Liabilities:
Deferred revenue	124,577	116,363
Deferred revenue – right-to-use annual payments (membership subscriptions)
Liabilities:
Deferred revenue	$ 11,395	$ 10,055

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	400,000,000	200,000,000
Common stock, shares issued (shares)	182,080,186	179,842,036
Common stock, shares outstanding (shares)	182,080,186	179,842,036

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rental income	$ 225,116	$ 211,102	$ 660,689	$ 617,250
Other income	11,263	13,419	31,898	38,991
Interest income	1,831	1,846	5,385	5,658
Income from other investments, net	7,029	5,421	8,894	9,774
Total revenues	271,160	256,675	778,616	743,202
Expenses:
Property operating and maintenance	90,765	86,349	253,581	244,401
Real estate taxes	15,166	13,240	45,596	40,815
Sales and marketing, gross	4,063	3,568	11,686	9,685
Right-to-use contract commissions, deferred, net	(313)	(458)	(893)	(744)
Depreciation and amortization	37,032	34,980	112,785	101,699
Home selling expenses	1,033	1,101	3,218	3,149
General and administrative	8,710	8,816	27,844	26,523
Other expenses	1,460	386	2,427	1,096
Early debt retirement	0	0	1,491	0
Interest and related amortization	25,547	26,490	77,964	78,478
Total expenses	206,502	197,803	601,604	573,792
Gain on sale of real estate, net	0	0	52,507	0
Income before equity in income of unconsolidated joint ventures	64,658	58,872	229,519	169,410
Equity in income of unconsolidated joint ventures	3,518	788	8,277	3,596
Consolidated net income	68,176	59,660	237,796	173,006
Income allocated to non-controlling interests – Common OP Units	(3,715)	(3,590)	(13,617)	(10,569)
Net income available for Common Stockholders	64,461	56,070	224,171	162,429
Other comprehensive income (loss):
Adjustment for fair market value of swap	(257)	380	(2,798)	3,017
Consolidated comprehensive income	67,919	60,040	234,998	176,023
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,701)	(3,613)	(13,460)	(10,754)
Comprehensive income attributable to Common Stockholders	$ 64,218	$ 56,427	$ 221,530	$ 165,261
Earnings per Common Share – Basic (usd per share)	$ 0.35	$ 0.31	$ 1.24	$ 0.91
Earnings per Common Share – Fully Diluted (usd per share)	$ 0.35	$ 0.31	$ 1.24	$ 0.91
Weighted average Common Shares outstanding – basic (shares)	181,649	178,400	180,515	177,520
Weighted Average Number of Shares Outstanding, Diluted (shares)	192,400	190,526	191,840	189,654
Right-to-use annual payments (membership subscriptions)
Revenues:
Contract revenue	$ 13,150	$ 12,206	$ 38,052	$ 35,616
Right-to-use contracts current period, gross (membership upgrade sales)
Revenues:
Contract revenue	5,730	4,863	14,609	11,969
Right-to-use contract upfront payments, deferred, net
Revenues:
Contract revenue	(3,530)	(2,883)	(8,213)	(6,189)
Gross revenues from home sales
Revenues:
Contract revenue	8,438	9,339	22,738	26,753
Expenses:
Cost of services	8,434	9,742	23,230	27,948
Brokered resale and ancillary services revenues, net
Revenues:
Contract revenue	2,133	1,362	4,564	3,380
Property management
Expenses:
Cost of services	14,605	13,589	42,675	40,742
Redeemable Perpetual Preferred Stock
Expenses:
Redeemable perpetual preferred stock dividends	$ 0	$ 0	$ (8)	$ (8)

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non- controlling interests – Common OP Units
Balance at Dec. 31, 2017	$ 1,100,042	$ 1,766	$ 1,241,226		$ (211,980)	$ 942	$ 68,088
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for common stock			80				(80)
Issuance of common stock through employee stock purchase plan	503		503
Compensation expenses related to restricted stock and stock options	1,800		1,800
Adjustment for Common OP Unitholders in the Operating Partnership			782				(782)
Adjustment for fair market value of swap	1,873					1,873
Consolidated net income	64,177				60,222		3,955
Distributions	(52,010)				(48,805)		(3,205)
Other	(60)		(60)
Balance at Mar. 31, 2018	1,101,139	1,766	1,244,331		(215,749)	2,815	67,976
Balance at Dec. 31, 2017	1,100,042	1,766	1,241,226		(211,980)	942	68,088
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	3,017
Balance at Sep. 30, 2018	1,190,517	1,790	1,324,753	$ 0	(211,743)	3,959	71,758
Balance at Mar. 31, 2018	1,101,139	1,766	1,244,331		(215,749)	2,815	67,976
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for common stock		2	80				(82)
Issuance of common stock through employee stock purchase plan	343		343
Compensation expenses related to restricted stock and stock options	2,741		2,741
Adjustment for Common OP Unitholders in the Operating Partnership			(57)				57
Adjustment for fair market value of swap	764					764
Consolidated net income	49,169			8	46,137		3,024
Distributions	(52,050)			(8)	(48,841)		(3,201)
Other	(275)		(275)
Balance at Jun. 30, 2018	1,101,831	1,768	1,247,163	0	(218,453)	3,579	67,774
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for common stock		2	857				(859)
Issuance of common stock through employee stock purchase plan	765		765
Issuance of Common Stock	78,755	20	78,735
Compensation expenses related to restricted stock and stock options	2,746		2,746
Adjustment for Common OP Unitholders in the Operating Partnership			(4,414)				4,414
Adjustment for fair market value of swap	380					380
Consolidated net income	59,660				56,070		3,590
Distributions	(52,521)				(49,360)		(3,161)
Other	(1,099)		(1,099)
Balance at Sep. 30, 2018	1,190,517	1,790	1,324,753	0	(211,743)	3,959	71,758
Balance at Dec. 31, 2018	1,193,344	1,792	1,328,495	0	(211,034)	2,299	71,792
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for common stock			66				(66)
Issuance of common stock through exercise of options	53		53
Issuance of common stock through employee stock purchase plan	652		652
Compensation expenses related to restricted stock and stock options	2,420		2,420
Repurchase of common stock or Common OP Units	(53)		(53)
Adjustment for Common OP Unitholders in the Operating Partnership			(56)				56
Adjustment for fair market value of swap	(931)					(931)
Consolidated net income	120,535				113,309		7,226
Distributions	(58,639)				(55,123)		(3,516)
Other	(63)		(63)
Balance at Mar. 31, 2019	1,257,318	1,792	1,331,514	0	(152,848)	1,368	75,492
Balance at Dec. 31, 2018	1,193,344	1,792	1,328,495	0	(211,034)	2,299	71,792
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	(2,798)
Balance at Sep. 30, 2019	1,319,793	1,812	1,399,951	0	(153,505)	(499)	72,034
Balance at Mar. 31, 2019	1,257,318	1,792	1,331,514	0	(152,848)	1,368	75,492
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for common stock		10	6,425				(6,435)
Issuance of common stock through employee stock purchase plan	587		587
Issuance of Common Stock	59,319	10	59,309
Compensation expenses related to restricted stock and stock options	2,625		2,625
Adjustment for Common OP Unitholders in the Operating Partnership			(2,883)				2,883
Adjustment for fair market value of swap	(1,610)					(1,610)	0
Consolidated net income	49,085				46,401		2,676
Distributions	(58,980)			(8)	(55,757)		(3,215)
Other	(870)		(870)
Balance at Jun. 30, 2019	1,307,474	1,812	1,396,707	0	(162,204)	(242)	71,401
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for common stock			33				(33)
Issuance of common stock through employee stock purchase plan	698		698
Compensation expenses related to restricted stock and stock options	2,734		2,734
Adjustment for Common OP Unitholders in the Operating Partnership			(165)				165
Adjustment for fair market value of swap	(257)					(257)
Consolidated net income	68,176				64,461		3,715
Distributions	(58,976)				(55,762)		(3,214)
Other	(56)		(56)
Balance at Sep. 30, 2019	$ 1,319,793	$ 1,812	$ 1,399,951	$ 0	$ (153,505)	$ (499)	$ 72,034

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities:
Consolidated net income	$ 237,796	$ 173,006
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net	(52,507)	0
Early debt retirement	1,491	0
Depreciation and amortization	114,160	102,798
Amortization of loan costs	2,623	2,675
Debt premium amortization	(359)	(1,061)
Equity in income of unconsolidated joint ventures	(8,277)	(3,596)
Distributions of income from unconsolidated joint ventures	5,010	2,869
Proceeds from insurance claims, net	(1,742)	(3,353)
Compensation expense related to restricted stock and stock options	7,779	7,287
Revenue recognized from right-to-use contract upfront payments (membership upgrade sales)	(6,394)	(5,780)
Commission expense recognized related to right-to-use contracts	2,773	2,715
Long-term incentive plan compensation	(3,226)	819
Changes in assets and liabilities:
Notes receivable, net	(2,441)	(641)
Deferred commission expense	(3,418)	(3,424)
Other assets, net	1,070	16,666
Accounts payable and other liabilities	35,771	20,055
Rents and other customer payments received in advance and security deposits	3,290	665
Net cash provided by operating activities	349,348	324,762
Cash Flows From Investing Activities:
Real estate acquisitions, net	(176,296)	(131,804)
Proceeds from disposition of properties, net	77,746	0
Investment in unconsolidated joint ventures	(983)	(3,914)
Distributions of capital from unconsolidated joint ventures	5,734	168
Proceeds from insurance claims	6,689	6,615
Repayments of notes receivable	0	13,822
Capital improvements	(189,788)	(128,436)
Net cash used in investing activities	(276,898)	(243,549)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,934	1,610
Gross proceeds from the issuance of common stock	59,319	78,755
Distributions:
Common Stockholders	(160,336)	(140,850)
Common OP Unitholders	(9,891)	(9,250)
Preferred Stockholders	(8)	(8)
Principal payments and mortgage debt repayment	(107,367)	(36,308)
New mortgage notes payable financing proceeds	0	64,014
Line of Credit payoff	(120,000)	(174,000)
Line of Credit proceeds	240,000	224,000
Debt issuance and defeasance costs	(1,700)	(1,878)
Other	(989)	(1,433)
Net cash (used in) provided by financing activities	(99,038)	4,652
Net (decrease) increase in cash and restricted cash	(26,588)	85,865
Cash and restricted cash, beginning of period	68,974	35,631
Cash and restricted cash, end of period	42,386	121,496
Supplemental Information:
Cash paid for interest	76,508	76,881
Net investment in real estate – reclassification of rental homes	19,241	22,973
Other assets, net – reclassification of rental homes	(19,241)	(22,973)
Real estate acquisitions:
Investment in real estate	(240,324)	(150,926)
Investment in unconsolidated joint ventures	35,789	0
Other assets, net	(1,415)	(9)
Debt assumed	19,212	9,200
Debt financed	0	8,786
Other liabilities	10,442	1,145
Real estate acquisitions, net	(176,296)	(131,804)
Real estate dispositions:
Investment in real estate	35,572	0
Notes receivable, net	295	0
Other assets, net	97	0
Mortgage notes payable, net	(11,175)	0
Other liabilities	450	0
Gain on sale of real estate, net	52,507	0
Proceeds from disposition of properties, net	77,746	0
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales)
Changes in assets and liabilities:
Deferred revenue	14,609	11,969
Deferred revenue – right-to-use annual payments (membership subscriptions)
Changes in assets and liabilities:
Deferred revenue	$ 1,340	$ 1,093

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”) are referred to herein as “we,” “us,” "the Company," and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place factory-built homes, cottages, cabins or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter right-to-use contracts, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by wholly-owned affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of September 30, 2019. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the 2018 Form 10-K. Intercompany balances and transactions have been eliminated. All adjustments to the interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Certain prior period amounts have been reclassified on our interim consolidated financial statements to conform with current year presentation. On October 15, 2019, we effected a two-for-one stock split of our common stock. Pursuant to the anti-dilution provision in the Operating Partnership's Agreement of Limited Partnership, the stock split also affected the common Operating Partnership units ("OP units"). All shares of common stock and common OP units and per share data in the accompanying consolidated financial statements and notes, for all periods presented, have been adjusted to reflect the stock split.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ("ASU 2016-02") Leases. This new guidance, including the related subsequently issued ASUs, provides the principles for the recognition, measurement, presentation and disclosure of leases, including the requirement that lessees recognize right-of-use ("ROU") assets and lease liabilities for leases on the Consolidated Balance Sheets. We adopted the new lease standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Results for reporting periods beginning January 1, 2019 are presented under the new lease standard. We made an accounting policy election to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less. We elected the package of practical expedients permitted under the transition guidance within the new standard and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease, (ii) the lease classification at January 1, 2019 for existing leases and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. As a lessor, we adopted the practical expedient that allowed us not to separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income for 2019 and 2018. In addition, the new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental income prospectively starting from January 1, 2019. For 2018, the credit loss related to the collectability of lease receivables was recognized in the line item Property operating and maintenance and was not significant. The guidance regarding capitalization of leasing costs did not have any effect on our consolidated financial statements. On January 1, 2019, we recognized ROU assets of $17.5 million and lease liabilities of $18.7 million on the Consolidated Balance Sheets, principally for our ground and office space leases, in which we are the lessee. For more disclosure on the adoption of the new lease accounting standard, see Note 3. Leases. (b) New Accounting Pronouncements In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and to be presented in the same line item in the consolidated financial statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. This guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the consolidated financial statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The majority of our revenue follows the lease accounting guidance and is not within the scope of this standard. We do not expect the adoption of this standard to have a material impact on the consolidated financial statements and related disclosures. (c) Revenue Recognition We account for certain revenue streams in accordance with Accounting Standard Codification (ASC) 606, Revenue from Contracts with Customers. Right-to-use contracts (also referred to as membership subscriptions), provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period in which access to Sites at certain Properties is provided. Right-to-use upgrade contracts grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. (d) Restricted Cash As of September 30, 2019 and December 31, 2018, restricted cash consists of $30.2 million and $24.1 million, respectively, primarily related to cash reserved for customer deposits and amounts escrowed for insurance and real estate taxes.

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

Lessor

Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases, and is recognized over the term of the respective operating lease or the length of a customer's stay. Our MH community Sites and annual RV community Sites are leased on an annual basis. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our Properties.

The leases entered into between the customer and us for the rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain 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. The following table presents 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:



(amounts in thousands)	As of September 30, 2019
2019	$	30,435
2020	120,923
2021	65,667
2022	35,372
2023	20,101
Thereafter	86,665
Total	$	359,163

Lessee

We lease land under non-cancelable operating leases at 13 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 other operating leases, primarily office space expiring at various dates through 2026. For the quarters ended September 30, 2019 and 2018, total operating lease payments were $2.3 million and $2.1 million, respectively. For the nine months ended September 30, 2019 and 2018, total operating lease payments were $6.9 million and $6.2 million, respectively.

The following table summarizes our future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liabilities for our operating leases:



(amounts in thousands)	As of September 30, 2019			As of December 31, 2018
2019	$	1,575		$	4,921
2020	4,918			4,801
2021	4,296			4,179
2022	2,220			2,103
2023	1070			953
Thereafter	6,294			5,054
Total undiscounted rental payments	20,373			22,011
Less imputed interest	(3,157		)	(3,289		)
Total lease liabilities	$	17,216		$	18,722

ROU assets and lease liabilities from our operating leases included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets were $16.0 million and $17.2 million, respectively, as of September 30, 2019. The weighted average remaining lease term for our operating leases was 7 years and the weighted average incremental borrowing rate was 4.4% at September 30, 2019.

Leases

Lessor



(amounts in thousands)	As of September 30, 2019
2019	$	30,435
2020	120,923
2021	65,667
2022	35,372
2023	20,101
Thereafter	86,665
Total	$	359,163

Lessee



(amounts in thousands)	As of September 30, 2019			As of December 31, 2018
2019	$	1,575		$	4,921
2020	4,918			4,801
2021	4,296			4,179
2022	2,220			2,103
2023	1070			953
Thereafter	6,294			5,054
Total undiscounted rental payments	20,373			22,011
Less imputed interest	(3,157		)	(3,289		)
Total lease liabilities	$	17,216		$	18,722

Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share, as adjusted for the stock split, for the quarters and nine months ended September 30, 2019 and 2018:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net income available for Common Stockholders – Basic	$	64,461	$	56,070	$	224,171	$	162,429
Amounts allocated to dilutive securities	3,715		3,590		13,617		10,569
Net income available for Common Stockholders – Fully Diluted	$	68,176	$	59,660	$	237,788	$	172,998
Denominator:
Weighted average Common Shares outstanding – Basic	181,649		178,400		180,515		177,520
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,496		11,542		11,084		11,618
Restricted stock and stock options	255		584		241		516
Weighted average Common Shares outstanding – Fully Diluted	192,400		190,526		191,840		189,654

Earnings per Common Share – Basic	$	0.35	$	0.31	$	1.24	$	0.91

Earnings per Common Share – Fully Diluted	$	0.35	$	0.31	$	1.24	$	0.91

Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Increase in Authorized Shares

On April 30, 2019, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 200,000,000 to 400,000,000 shares.

Two-for-One Common Stock Split

On October 15, 2019, a two-for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019.

Common Stockholder Distribution Activity

The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the Common OP Unit holders since January 1, 2018.



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.2750	March 31, 2018	March 30, 2018	April 13, 2018
$0.2750	June 30, 2018	June 29, 2018	July 13, 2018
$0.2750	September 30, 2018	September 28, 2018	October 12, 2018
$0.2750	December 31, 2018	December 28, 2018	January 11, 2019
$0.3063	March 31, 2019	March 29, 2019	April 12, 2019
$0.3063	June 30, 2019	June 28, 2019	July 12, 2019
$0.3063	September 30, 2019	September 27, 2019	October 11, 2019

Equity Offering Program

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, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. As of September 30, 2019, we have $140.7 million of common stock available for issuance.

The following table presents the shares that were issued under the current ATM equity offering program during the nine months ended September 30, 2019 and 2018.



	Nine Months Ended September 30,
(amounts in thousands, except stock data (as adjusted for the stock split))	2019		2018
Shares of Common Stock sold	1,010,472		1,722.282
Weighted average price	$	58.71	$	45.73
Total gross proceeds	$	59,319	$	78,755
Commissions paid to sales agents	$	771	$	1,028

Exchanges

Subject to certain limitations, Common OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the nine months ended September 30, 2019, 995,550 OP Units were exchanged for an equal number of shares of Common Stock. During the nine months ended September 30, 2018, 175,436 OP Units were exchanged for an equal number of shares of Common Stock.

Investment in Real Estate	9 Months Ended
Investment in Real Estate	Sep. 30, 2019
Business Combinations [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture that owned 11 marinas for a purchase price of approximately $49.0 million. As part of the acquisition, we also funded the joint venture's repayment of its non-transferable debt of approximately $72.0 million. The transaction was funded with proceeds from our unsecured line of credit. Following the consummation of the transaction, we own 100% of the marinas. On May 29, 2019, we completed the acquisition of White Oak Shores Camping and RV Resort, a 455-site RV community located in Stella, North Carolina, for a purchase price of $20.5 million. The acquisition was funded with available cash. On April 10, 2019, we completed the acquisition of Round Top RV Campground, a 391-site RV community located in Gettysburg, Pennsylvania, for a purchase price of $12.4 million. This acquisition was funded with available cash and a loan assumption of approximately $7.8 million, excluding mortgage premium of $0.2 million. On March 25, 2019, we completed the acquisitions of Drummer Boy Camping Resort, a 465-site RV community located in Gettysburg, Pennsylvania, and Lake of the Woods Campground, a 303-site RV community located in Wautoma, Wisconsin, for a total purchase price of $25.4 million. These acquisitions were funded with available cash and a loan assumption of approximately $10.8 million, excluding mortgage premium of $0.4 million. Dispositions On January 23, 2019, we closed on the sale of five all-age MH communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million. The assets and liabilities associated with the transaction were classifieds as held for sale on the Consolidated Balance Sheets as of December 31, 2018. We recognized a gain on sale of these Properties of $52.5 million during the first quarter of 2019.

Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of September 30, 2019 and December 31, 2018, respectively):



						Investment as of				Income/(Loss) for Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2019		December 31, 2018		September 30, 2019		September 30, 2018
Meadows	Various (2,2)	1,077	50	%		$	246	$	346	$	1,200	$	1,252
Lakeshore	Florida (3,3)	720	(b)			2,553		2,263		183		(62		)
Voyager	Arizona (1,1)	1,801	50	%	^(c)	863		3,135		2,938		866
Loggerhead	Florida	2,343	49	%	^(d)	—		35,789		3,501		1,089
ECHO JV	Various	—	50	%		16,677		16,222		455		451
		5,941				$	20,339	$	57,755	$	8,277	$	3,596

_____________________


(a)	The percentages shown approximate our economic interest as of September 30, 2019 (see note (d) below on Loggerhead). Our legal ownership interest may differ.


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


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


(d)	On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture (see Note 6. Investment in Real Estate). Loggerhead sites represent marina slip count.

We recognized approximately $10.7 million and $3.0 million of income from distributions from our unconsolidated joint ventures for the nine months ended September 30, 2019 and 2018, respectively. Approximately $3.2 million and $0.1 million of the distributions exceeded our basis in unconsolidated joint ventures for the nine months ended September 30, 2019 and September 30, 2018, respectively, and as such were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

2019 Activity

During the three months ended March 31, 2019, we defeased mortgage debt of $11.2 million in conjunction with the disposition of the five MH Properties as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.0% per annum.

During the three months ended June 30, 2019, we prepaid four loans secured by four properties (three MH and one RV), which were scheduled to mature in 2020. The loans had an outstanding principal balance of $66.8 million and a weighted average interest rate of 6.9% per annum. As part of the transaction, we incurred $1.4 million of prepayment penalties. We used the proceeds from the ATM and our available cash to fund the loan payments.

In connection with the acquisitions that closed during the nine months ended September 30, 2019, we assumed mortgage debt of $18.6 million, excluding mortgage note premium of $0.6 million. These loans carry a weighted average interest rate of 5.4% per annum and mature between 2022 and 2024.

2018 Activity

During the nine months ended September 30, 2018, we closed on one loan, secured by two RV communities, for gross proceeds of approximately $64.0 million. The loan carries an interest rate of 4.8% per annum and matures in 2038.

In connection with the Serendipity acquisition that closed during the nine months ended September 30, 2018, we assumed a loan of approximately $9.2 million and obtained additional financing of $8.8 million for total mortgage debt, secured by the MH community, of $18.0 million. These loans carry a weighted average interest rate of 4.8% and mature in 2039.

Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable:



	As of September 30, 2019				As of December 31, 2018
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,285,061	$	2,086,202	$	2,164,563	$	2,174,715

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of September 30, 2019, was approximately 4.5% per annum. The debt bears interest at stated rates ranging from 3.5% to 8.9% per annum and matures on various dates ranging from 2020 to 2041. The debt encumbered a total of 116 and 118 of our Properties as of September 30, 2019 and December 31, 2018, respectively, and the carrying value of such Properties was approximately $2,488.9 million and $2,489.8 million, as of September 30, 2019 and December 31, 2018, respectively.

Unsecured Line of Credit

During the nine months ended September 30, 2019, we paid off and borrowed amounts on our unsecured Line of Credit ("LOC"), leaving a balance of $120.0 million outstanding as of September 30, 2019. As of September 30, 2019, our LOC has a remaining borrowing capacity of $280.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions.

As of September 30, 2019, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes. In connection with our $200.0 million senior unsecured term loan (the “Term Loan”), which has an interest rate of LIBOR plus 1.20% to 1.90% per annum, we entered into a three-year LIBOR Swap Agreement (the "Swap") allowing us to trade the variable interest rate on the Term Loan for a fixed interest rate. The Swap has a notional amount of $200.0 million of outstanding principal with an underlying LIBOR of 1.85% per annum and matures on November 1, 2020. Based on the leverage as of September 30, 2019, our spread over LIBOR was 1.20% resulting in an estimated all-in interest rate of 3.05% per annum.

Our derivative financial instrument is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument:



		As of September 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2019		2018
Interest Rate Swap	Other assets, net	$	—	$	2,299
Interest Rate Swap	Accounts payable and other liabilities	$	499	$	—

The following table 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 nine months ended September 30,					Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2019		2018			(amounts in thousands)	2019			2018
Interest Rate Swap	$	1,957	$	(3,044	)	Interest Expense	$	(841	)	$	(28	)

During the next twelve months through September 30, 2020, we estimate that an additional $0.4 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR changes. We determined that

no adjustment was necessary for non-performance risk on our derivative obligation. As of September 30, 2019, we did not post any collateral related to this agreement.

Equity Incentive Awards	9 Months Ended
Equity Incentive Awards	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Awards	Equity Incentive Awards Shares data below has been adjusted to reflect the stock split. Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by our Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. During the quarter ended March 31, 2019, 122,400 shares of restricted stock (adjusted for the stock split) were awarded to certain members of our management team. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 31, 2020, January 29, 2021, and January 31, 2022, respectively, and have a grant date fair value of $3.2 million. The remaining 50% are performance-based awards, and are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 20,402 shares of restricted stock (adjusted for the stock split) awarded in 2019 subject to 2019 performance goals have a grant date fair value of $1.1 million. Additionally, 23,422 shares of restricted stock (adjusted for the stock split) awarded in 2018 subject to 2019 performance goals have a grant date fair value of $1.3 million. During the quarter ended June 30, 2019, we awarded to certain members of our Board of Directors 70,862 shares of restricted stock at a fair value of approximately $4.1 million. These shares are time-based awards subject to various vesting dates between October 30, 2019 and April 30, 2022. Compensation expense related to restricted stock and stock options, reported in General and administrative on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended September 30, 2019 and 2018, was $2.7 million and $2.7 million, respectively, and for the nine months ended September 30, 2019 and 2018, was approximately $7.8 million and $7.3 million, respectively.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe 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, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor.

Reportable Segments

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Reportable Segments

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

All revenues were from external customers and there was no customer who contributed 10% or more of our total revenues during the quarters and nine months ended September 30, 2019 or 2018.

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2019 and 2018:

Quarter Ended September 30, 2019



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	249,632		$	12,668		$	262,300
Operations expenses	(122,683		)	(11,070		)	(133,753		)
Income from segment operations	126,949			1,598			128,547
Interest income	985			840			1,825
Depreciation and amortization	(34,273		)	(2,759		)	(37,032		)
Income (loss) from operations	$	93,661		$	(321	)	$	93,340
Reconciliation to consolidated net income:
Corporate interest income							$	6
Income from other investments, net							7,029
General and administrative							(8,710		)
Other expenses							(1,460		)
Interest and related amortization							(25,547		)
Equity in income of unconsolidated joint ventures							3,518
Consolidated net income							$	68,176

Total assets	$	3,871,379		$	266,092		$	4,137,471
Capital improvements	$	26,000		$	42,344		$	68,344

Quarter Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	236,204		$	13,204		$	249,408
Operations expenses	(114,384		)	(12,747		)	(127,131		)
Income from segment operations	121,820			457			122,277
Interest income	863			978			1,841
Depreciation and amortization	(32,549		)	(2,431		)	(34,980		)
Income (loss) from operations	$	90,134		$	(996	)	$	89,138
Reconciliation to consolidated net income:
Corporate interest income							$	5
Income from other investments, net							5,421
General and administrative							(8,816		)
Other expenses							(386		)
Interest and related amortization							(26,490		)
Equity in income of unconsolidated joint ventures							788
Consolidated net income							$	59,660

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

Nine Months Ended September 30, 2019



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	729,496		$	34,841		$	764,337
Operations expenses	(348,546		)	(30,547		)	(379,093		)
Income from segment operations	380,950			4,294			385,244
Interest income	2,829			2,535			5,364
Depreciation and amortization	(105,013		)	(7,772		)	(112,785		)
Gain on sale of real estate, net	52,507			—			52,507
Income (loss) from operations	$	331,273		$	(943	)	$	330,330
Reconciliation to consolidated net income:
Corporate interest income							$	21
Income from other investments, net							8,894
General and administrative							(27,844		)
Other expenses							(2,427		)
Interest and related amortization							(77,964		)
Equity in income of unconsolidated joint ventures							8,277
Early debt retirement							(1,491		)
Consolidated net income							$	237,796

Total assets	$	3,871,379		$	266,092		$	4,137,471
Capital improvements	$	78,907		$	110,881		$	189,788

Nine Months Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	689,387		$	38,383		$	727,770
Operations expenses	(329,942		)	(36,054		)	(365,996		)
Income from segment operations	359,445			2,329			361,774
Interest income	2,494			2,918			5,412
Depreciation and amortization	(94,377		)	(7,322		)	(101,699		)
Income (loss) from operations	$	267,562		$	(2,075	)	$	265,487
Reconciliation to consolidated net income:
Corporate interest income							$	246
Income from other investments, net							9,774
General and administrative							(26,523		)
Other expenses							(1,096		)
Interest and related amortization							(78,478		)
Equity in income of unconsolidated joint venture							3,596
Consolidated net income							$	173,006

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

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2019 and 2018:



	Quarters Ended September 30,						Nine Months Ended September 30,
(amounts in thousands)	2019			2018			2019			2018
Revenues:
Rental income	$	221,306		$	207,595		$	649,663		$	606,667
Right-to-use annual payments (membership subscriptions)	13,150			12,206			38,052			35,616
Right-to-use contracts current period, gross (membership upgrade sales)	5,730			4,863			14,609			11,969
Right-to-use contract upfront payments, deferred, net	(3,530		)	(2,883		)	(8,213		)	(6,189		)
Other income	11,263			13,419			31,898			38,991
Ancillary services revenues, net	1,713			1,004			3,487			2,333
Total property operations revenues	249,632			236,204			729,496			689,387
Expenses:
Property operating and maintenance	89,162			84,445			249,482			239,444
Real estate taxes	15,166			13,240			45,596			40,815
Sales and marketing, gross	4,063			3,568			11,686			9,685
Right-to-use contract commissions, deferred, net	(313		)	(458		)	(893		)	(744		)
Property management	14,605			13,589			42,675			40,742
Total property operations expenses	122,683			114,384			348,546			329,942
Income from property operations segment	$	126,949		$	121,820		$	380,950		$	359,445

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2019 and 2018:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2019		2018		2019		2018
Revenues:
Rental income ^(a)	$	3,810	$	3,507	$	11,026	$	10,583
Gross revenue from home sales	8,438		9,339		22,738		26,753
Brokered resale revenues, net	420		358		1,077		1,009
Ancillary services revenues, net	—		—		—		38
Total revenues	12,668		13,204		34,841		38,383
Expenses:
Property operating and maintenance	1,603		1,904		4,099		4,957
Cost of home sales	8,434		9,742		23,230		27,948
Home selling expenses	1,033		1,101		3,218		3,149
Total expenses	11,070		12,747		30,547		36,054
Income from home sales and rentals operations segment	$	1,598	$	457	$	4,294	$	2,329

______________________

(a)

Segment information includes income related to rental homes. Income related to Site rent on rental homes is included within property operations.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”) are referred to herein as “we,” “us,” "the Company," and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place factory-built homes, cottages, cabins or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter right-to-use contracts, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by wholly-owned affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of September 30, 2019. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Consolidation	Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ("ASU 2016-02") Leases. This new guidance, including the related subsequently issued ASUs, provides the principles for the recognition, measurement, presentation and disclosure of leases, including the requirement that lessees recognize right-of-use ("ROU") assets and lease liabilities for leases on the Consolidated Balance Sheets. We adopted the new lease standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Results for reporting periods beginning January 1, 2019 are presented under the new lease standard. We made an accounting policy election to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less. We elected the package of practical expedients permitted under the transition guidance within the new standard and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease, (ii) the lease classification at January 1, 2019 for existing leases and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. As a lessor, we adopted the practical expedient that allowed us not to separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income for 2019 and 2018. In addition, the new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental income prospectively starting from January 1, 2019. For 2018, the credit loss related to the collectability of lease receivables was recognized in the line item Property operating and maintenance and was not significant. The guidance regarding capitalization of leasing costs did not have any effect on our consolidated financial statements. On January 1, 2019, we recognized ROU assets of $17.5 million and lease liabilities of $18.7 million on the Consolidated Balance Sheets, principally for our ground and office space leases, in which we are the lessee. For more disclosure on the adoption of the new lease accounting standard, see Note 3. Leases. (b) New Accounting Pronouncements In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and to be presented in the same line item in the consolidated financial statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. This guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the consolidated financial statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The majority of our revenue follows the lease accounting guidance and is not within the scope of this standard. We do not expect the adoption of this standard to have a material impact on the consolidated financial statements and related disclosures.
Revenue Recognition	Revenue Recognition We account for certain revenue streams in accordance with Accounting Standard Codification (ASC) 606, Revenue from Contracts with Customers. Right-to-use contracts (also referred to as membership subscriptions), provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period in which access to Sites at certain Properties is provided. Right-to-use upgrade contracts grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred.

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lessor Operating Lease, Payments to be Received

The following table presents 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:



(amounts in thousands)	As of September 30, 2019
2019	$	30,435
2020	120,923
2021	65,667
2022	35,372
2023	20,101
Thereafter	86,665
Total	$	359,163

Minimum Future Operating Lease Payments



(amounts in thousands)	As of September 30, 2019			As of December 31, 2018
2019	$	1,575		$	4,921
2020	4,918			4,801
2021	4,296			4,179
2022	2,220			2,103
2023	1070			953
Thereafter	6,294			5,054
Total undiscounted rental payments	20,373			22,011
Less imputed interest	(3,157		)	(3,289		)
Total lease liabilities	$	17,216		$	18,722

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share, as adjusted for the stock split, for the quarters and nine months ended September 30, 2019 and 2018:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net income available for Common Stockholders – Basic	$	64,461	$	56,070	$	224,171	$	162,429
Amounts allocated to dilutive securities	3,715		3,590		13,617		10,569
Net income available for Common Stockholders – Fully Diluted	$	68,176	$	59,660	$	237,788	$	172,998
Denominator:
Weighted average Common Shares outstanding – Basic	181,649		178,400		180,515		177,520
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,496		11,542		11,084		11,618
Restricted stock and stock options	255		584		241		516
Weighted average Common Shares outstanding – Fully Diluted	192,400		190,526		191,840		189,654

Earnings per Common Share – Basic	$	0.35	$	0.31	$	1.24	$	0.91

Earnings per Common Share – Fully Diluted	$	0.35	$	0.31	$	1.24	$	0.91

Common Stock and Other Equity Related Transactions (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Dividends declared

The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the Common OP Unit holders since January 1, 2018.



Distribution Amount Per Share	For the Quarter Ended	Stockholder Record Date	Payment Date
$0.2750	March 31, 2018	March 30, 2018	April 13, 2018
$0.2750	June 30, 2018	June 29, 2018	July 13, 2018
$0.2750	September 30, 2018	September 28, 2018	October 12, 2018
$0.2750	December 31, 2018	December 28, 2018	January 11, 2019
$0.3063	March 31, 2019	March 29, 2019	April 12, 2019
$0.3063	June 30, 2019	June 28, 2019	July 12, 2019
$0.3063	September 30, 2019	September 27, 2019	October 11, 2019

Schedule of stock by class

The following table presents the shares that were issued under the current ATM equity offering program during the nine months ended September 30, 2019 and 2018.



	Nine Months Ended September 30,
(amounts in thousands, except stock data (as adjusted for the stock split))	2019		2018
Shares of Common Stock sold	1,010,472		1,722.282
Weighted average price	$	58.71	$	45.73
Total gross proceeds	$	59,319	$	78,755
Commissions paid to sales agents	$	771	$	1,028

- Definition

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

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+ Details

Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of our investment in unconsolidated joint ventures



						Investment as of				Income/(Loss) for Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2019		December 31, 2018		September 30, 2019		September 30, 2018
Meadows	Various (2,2)	1,077	50	%		$	246	$	346	$	1,200	$	1,252
Lakeshore	Florida (3,3)	720	(b)			2,553		2,263		183		(62		)
Voyager	Arizona (1,1)	1,801	50	%	^(c)	863		3,135		2,938		866
Loggerhead	Florida	2,343	49	%	^(d)	—		35,789		3,501		1,089
ECHO JV	Various	—	50	%		16,677		16,222		455		451
		5,941				$	20,339	$	57,755	$	8,277	$	3,596

_____________________


(a)	The percentages shown approximate our economic interest as of September 30, 2019 (see note (d) below on Loggerhead). Our legal ownership interest may differ.


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


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

(d)

On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture (see Note 6. Investment in Real Estate). Loggerhead sites represent marina slip count.

Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Fair Value of Mortgage Debt

Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable:



	As of September 30, 2019				As of December 31, 2018
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,285,061	$	2,086,202	$	2,164,563	$	2,174,715

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

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



		As of September 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2019		2018
Interest Rate Swap	Other assets, net	$	—	$	2,299
Interest Rate Swap	Accounts payable and other liabilities	$	499	$	—

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table 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 nine months ended September 30,					Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2019		2018			(amounts in thousands)	2019			2018
Interest Rate Swap	$	1,957	$	(3,044	)	Interest Expense	$	(841	)	$	(28	)

Derivative Instruments, Gain (Loss)

The following table 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 nine months ended September 30,					Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2019		2018			(amounts in thousands)	2019			2018
Interest Rate Swap	$	1,957	$	(3,044	)	Interest Expense	$	(841	)	$	(28	)

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of segment financial information

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2019 and 2018:

Quarter Ended September 30, 2019



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	249,632		$	12,668		$	262,300
Operations expenses	(122,683		)	(11,070		)	(133,753		)
Income from segment operations	126,949			1,598			128,547
Interest income	985			840			1,825
Depreciation and amortization	(34,273		)	(2,759		)	(37,032		)
Income (loss) from operations	$	93,661		$	(321	)	$	93,340
Reconciliation to consolidated net income:
Corporate interest income							$	6
Income from other investments, net							7,029
General and administrative							(8,710		)
Other expenses							(1,460		)
Interest and related amortization							(25,547		)
Equity in income of unconsolidated joint ventures							3,518
Consolidated net income							$	68,176

Total assets	$	3,871,379		$	266,092		$	4,137,471
Capital improvements	$	26,000		$	42,344		$	68,344

Quarter Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	236,204		$	13,204		$	249,408
Operations expenses	(114,384		)	(12,747		)	(127,131		)
Income from segment operations	121,820			457			122,277
Interest income	863			978			1,841
Depreciation and amortization	(32,549		)	(2,431		)	(34,980		)
Income (loss) from operations	$	90,134		$	(996	)	$	89,138
Reconciliation to consolidated net income:
Corporate interest income							$	5
Income from other investments, net							5,421
General and administrative							(8,816		)
Other expenses							(386		)
Interest and related amortization							(26,490		)
Equity in income of unconsolidated joint ventures							788
Consolidated net income							$	59,660

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

Nine Months Ended September 30, 2019



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	729,496		$	34,841		$	764,337
Operations expenses	(348,546		)	(30,547		)	(379,093		)
Income from segment operations	380,950			4,294			385,244
Interest income	2,829			2,535			5,364
Depreciation and amortization	(105,013		)	(7,772		)	(112,785		)
Gain on sale of real estate, net	52,507			—			52,507
Income (loss) from operations	$	331,273		$	(943	)	$	330,330
Reconciliation to consolidated net income:
Corporate interest income							$	21
Income from other investments, net							8,894
General and administrative							(27,844		)
Other expenses							(2,427		)
Interest and related amortization							(77,964		)
Equity in income of unconsolidated joint ventures							8,277
Early debt retirement							(1,491		)
Consolidated net income							$	237,796

Total assets	$	3,871,379		$	266,092		$	4,137,471
Capital improvements	$	78,907		$	110,881		$	189,788

Nine Months Ended September 30, 2018



(amounts in thousands)	Property Operations			Home Sales and Rentals Operations			Consolidated
Operations revenues	$	689,387		$	38,383		$	727,770
Operations expenses	(329,942		)	(36,054		)	(365,996		)
Income from segment operations	359,445			2,329			361,774
Interest income	2,494			2,918			5,412
Depreciation and amortization	(94,377		)	(7,322		)	(101,699		)
Income (loss) from operations	$	267,562		$	(2,075	)	$	265,487
Reconciliation to consolidated net income:
Corporate interest income							$	246
Income from other investments, net							9,774
General and administrative							(26,523		)
Other expenses							(1,096		)
Interest and related amortization							(78,478		)
Equity in income of unconsolidated joint venture							3,596
Consolidated net income							$	173,006

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

Financial information for the property operations segment

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2019 and 2018:



	Quarters Ended September 30,						Nine Months Ended September 30,
(amounts in thousands)	2019			2018			2019			2018
Revenues:
Rental income	$	221,306		$	207,595		$	649,663		$	606,667
Right-to-use annual payments (membership subscriptions)	13,150			12,206			38,052			35,616
Right-to-use contracts current period, gross (membership upgrade sales)	5,730			4,863			14,609			11,969
Right-to-use contract upfront payments, deferred, net	(3,530		)	(2,883		)	(8,213		)	(6,189		)
Other income	11,263			13,419			31,898			38,991
Ancillary services revenues, net	1,713			1,004			3,487			2,333
Total property operations revenues	249,632			236,204			729,496			689,387
Expenses:
Property operating and maintenance	89,162			84,445			249,482			239,444
Real estate taxes	15,166			13,240			45,596			40,815
Sales and marketing, gross	4,063			3,568			11,686			9,685
Right-to-use contract commissions, deferred, net	(313		)	(458		)	(893		)	(744		)
Property management	14,605			13,589			42,675			40,742
Total property operations expenses	122,683			114,384			348,546			329,942
Income from property operations segment	$	126,949		$	121,820		$	380,950		$	359,445

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2019 and 2018:



	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2019		2018		2019		2018
Revenues:
Rental income ^(a)	$	3,810	$	3,507	$	11,026	$	10,583
Gross revenue from home sales	8,438		9,339		22,738		26,753
Brokered resale revenues, net	420		358		1,077		1,009
Ancillary services revenues, net	—		—		—		38
Total revenues	12,668		13,204		34,841		38,383
Expenses:
Property operating and maintenance	1,603		1,904		4,099		4,957
Cost of home sales	8,434		9,742		23,230		27,948
Home selling expenses	1,033		1,101		3,218		3,149
Total expenses	11,070		12,747		30,547		36,054
Income from home sales and rentals operations segment	$	1,598	$	457	$	4,294	$	2,329

______________________

(a)

Segment information includes income related to rental homes. Income related to Site rent on rental homes is included within property operations.

Organization and Basis of Presentation (Details)	Oct. 15, 2019	Sep. 30, 2019
Subsequent Event
Other Ownership Interests
Stock split ratio	2
Operating Partnership
Other Ownership Interests
Ownership interest (percent)		94.60%

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle
Right of use asset	$ 16,000
Operating lease liability	17,216
Cash and cash equivalents, restricted cash	$ 30,200		$ 24,100
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle
Right of use asset		$ 17,500
Operating lease liability		$ 18,700

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2019 USD ($) lease	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) lease	Sep. 30, 2018 USD ($)
Lease Description
Number of non-cancelable operating leases, lessee (leases) \| lease	13		13
Operating lease payments	$ 2,300	$ 2,100	$ 6,900	$ 6,200
Right of use asset	16,000		16,000
Operating lease liability	$ 17,216		$ 17,216
Weighted average operating lease term	7 years		7 years
Operating lease weighted average interest rate (percent)	4.40%		4.40%
Minimum
Lease Description
Lessor operating lease term	1 month		1 month
Maximum
Lease Description
Lessor operating lease term	6 months		6 months

Leases - Operating Lease Future Proceeds (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2019	$ 30,435
2020	120,923
2021	65,667
2022	35,372
2023	20,101
Thereafter	86,665
Total	$ 359,163

Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due
2019	$ 1,575
2020	4,918
2021	4,296
2022	2,220
2023	1,070
Thereafter	6,294
Total undiscounted rental payments	20,373
Less imputed interest	(3,157)
Total lease liabilities	$ 17,216
Operating Leases Liabilities, Before Adoption
2019		$ 4,921
2020		4,801
2021		4,179
2022		2,103
2023		953
Thereafter		5,054
Total undiscounted rental payments		22,011
Less imputed interest		(3,289)
Total lease liabilities		$ 18,722

Earnings Per Common Share - Calculation of numerator and denominator in eps table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income available for Common Stockholders	$ 64,461	$ 56,070	$ 224,171	$ 162,429
Amounts allocated to dilutive securities	3,715	3,590	13,617	10,569
Net income available for Common Stockholders – Fully Diluted	$ 68,176	$ 59,660	$ 237,788	$ 172,998
Denominator:
Weighted average Common Shares outstanding – basic (shares)	181,649	178,400	180,515	177,520
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (shares)	10,496	11,542	11,084	11,618
Restricted stock and options (shares)	255	584	241	516
Weighted average Common Shares outstanding – Fully Diluted (shares)	192,400	190,526	191,840	189,654
Earnings per Common Share – Basic (usd per share)	$ 0.35	$ 0.31	$ 1.24	$ 0.91
Earnings per Common Share – Fully Diluted (usd per share)	$ 0.35	$ 0.31	$ 1.24	$ 0.91

Common Stock and Other Equity Related Transactions - Additional Information (Detail) $ / shares in Units, $ in Millions		9 Months Ended
	Oct. 15, 2019	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 shares	Apr. 30, 2019 shares	Apr. 29, 2019 shares	Dec. 31, 2018 $ / shares shares	Oct. 26, 2018 USD ($) $ / shares
Class of Stock
Common stock, shares authorized (shares) \| shares		400,000,000		400,000,000	200,000,000	200,000,000
Common stock, par value (usd per share) \| $ / shares		$ 0.01				$ 0.01
OP units were exchanged for an equal number of shares of common stock (OP Units) \| shares		995,550	175,436
ATM
Class of Stock
Common stock, par value (usd per share) \| $ / shares							$ 0.01
Aggregate offering price \| $							$ 200.0
Remaining authorized shares (shares) \| $		$ 140.7
Subsequent Event
Class of Stock
Stock split ratio	2

Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares	Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019	Jan. 11, 2019	Oct. 12, 2018	Jul. 13, 2018	Apr. 13, 2018
Class of Stock
Common stock, dividends paid (usd per share)		$ 0.3063	$ 0.3063	$ 0.2750	$ 0.2750	$ 0.2750	$ 0.2750
Subsequent Event
Class of Stock
Common stock, dividends paid (usd per share)	$ 0.3063

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Class of Stock
Commissions paid to sales agents	$ 989	$ 1,433
ATM
Class of Stock
Total gross proceeds	$ 59,319	$ 78,755,000
ATM \| Common Stock
Class of Stock
Shares of Common Stock sold (shares)	1,010,472	1,722,282
Weighted average price (usd per share)	$ 58.71	$ 45.73
Commissions paid to sales agents	$ 771	$ 1,028

Investment in Real Estate (Details) $ in Millions						3 Months Ended
Investment in Real Estate (Details) $ in Millions	Sep. 10, 2019 USD ($) marina	May 29, 2019 USD ($) site	Apr. 10, 2019 USD ($) site	Mar. 25, 2019 USD ($) site	Jan. 23, 2019 USD ($) property site	Mar. 31, 2019 USD ($)
Disposed of by Sale \| Manufactured Homes in Indiana and Michigan
Business Acquisition
Number of properties sold \| property					5
Number of sites sold (sites) \| site					1,463
Proceeds from sales of properties					$ 89.7
Gin on sales of properties						$ 52.5
Loggerhead Marina Portfolio
Business Acquisition
Number of marinas (marinas) \| marina	11
Purchase price	$ 49.0
Ownership interest (percent)	100.00%
Repayments of outstanding debt	$ 72.0
White Oak Shores Camping and RV Resort
Business Acquisition
Purchase price		$ 20.5
Number of acquired sites (sites) \| site		455
Round Top RV Campground
Business Acquisition
Purchase price			$ 12.4
Number of acquired sites (sites) \| site			391
Liabilities incurred			$ 7.8
Mortgage premium transferred			$ 0.2
Drummer Boy
Business Acquisition
Purchase price				$ 25.4
Liabilities incurred				10.8
Mortgage premium transferred				$ 0.4
Drummer Boy \| Gettysburg, Pennsylvania and Lake of the Woods Campground
Business Acquisition
Number of acquired sites (sites) \| site				465
Drummer Boy \| Wautoma, Wisconsin
Business Acquisition
Number of acquired sites (sites) \| site				303

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 joint_venture_site	Sep. 30, 2019	Sep. 30, 2019 site	Dec. 31, 2018 USD ($)
Schedule of Equity Method Investments
Number of sites					2		5,941
Economic interest (in percentage)						65.00%
Investment in unconsolidated joint ventures	$ 20,339		$ 20,339					$ 57,755
Equity in income of unconsolidated joint ventures	3,518	$ 788	8,277	$ 3,596
Meadows \| Various
Schedule of Equity Method Investments
Number of sites \| site							1,077
Economic interest (in percentage)						50.00%
Investment in unconsolidated joint ventures	246		246					346
Equity in income of unconsolidated joint ventures			1,200	1,252
Lakeshore \| Florida
Schedule of Equity Method Investments
Number of sites \| site							720
Investment in unconsolidated joint ventures	2,553		2,553					2,263
Equity in income of unconsolidated joint ventures			183	(62)
Voyager \| Arizona
Schedule of Equity Method Investments
Number of sites \| site							1,801
Economic interest (in percentage)						50.00%
Investment in unconsolidated joint ventures	863		863					3,135
Equity in income of unconsolidated joint ventures			2,938	866
Loggerhead \| Florida
Schedule of Equity Method Investments
Number of sites \| site							2,343
Economic interest (in percentage)						49.00%
Investment in unconsolidated joint ventures	0		0					35,789
Equity in income of unconsolidated joint ventures			3,501	1,089
ECHO JV \| Various
Schedule of Equity Method Investments
Number of sites \| site							0
Economic interest (in percentage)						50.00%
Investment in unconsolidated joint ventures	$ 16,677		16,677					$ 16,222
Equity in income of unconsolidated joint ventures			$ 455	$ 451

Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) joint_venture_site	Sep. 30, 2018 USD ($)	Sep. 30, 2019	Sep. 30, 2019 site
Schedule of Equity Method Investments
Number of sites	2			5,941
Economic interest (in percentage)			65.00%
Income from distribution made to us	$ 10.7	$ 3.0
Distributions, including those in excess of basis	$ 3.2	$ 0.1
Crosswinds
Schedule of Equity Method Investments
Economic interest (in percentage)			49.00%
Recreational Vehicle Resort \| Voyager
Schedule of Equity Method Investments
Economic interest (in percentage)			50.00%
Servicing Assets \| Voyager
Schedule of Equity Method Investments
Economic interest (in percentage)			33.00%

Borrowing Arrangements - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Jun. 30, 2019 USD ($) loan property	Mar. 31, 2019 USD ($) property	Sep. 30, 2019 USD ($) Property	Sep. 30, 2018 USD ($) loan property	Jan. 23, 2019 property	Dec. 31, 2018 USD ($) Property
Debt Instrument
Number of pledged properties \| Property			116			118
Pledged assets, not separately reported			$ 2,488,900,000			$ 2,489,800,000
Line of credit outstanding			120,000,000			$ 0
Line of credit remaining borrowing amount			280,000,000.0
Line of credit potential increase in borrowing capacity			$ 200,000,000.0
Disposed of by Sale \| Manufactured Homes in Indiana and Michigan
Debt Instrument
Number of properties sold \| property					5
Mortgage
Debt Instrument
Number of loans \| loan				1
Proceeds from loans				$ 64,000,000.0
Stated interest rate (percentage)				4.80%
Mortgage \| Serendipity
Debt Instrument
Weighted average interest rate (percentage)				4.80%
Proceeds from loans				$ 8,800,000
Debt assumed for the purchase of property				9,200,000
Pledged assets, not separately reported				$ 18,000,000.0
Mortgage \| 2019 Asset Acquisition
Debt Instrument
Weighted average interest rate (percentage)			5.40%
Liabilities incurred			$ 18,600,000
Mortgage premium transferred			$ 600,000
Mortgage \| R V Resort
Debt Instrument
Number of pledged properties \| property				2
Mortgage \| Prepaid Loans
Debt Instrument
Weighted average interest rate (percentage)	6.90%
Number of loans repaid (loans) \| loan	4
Number of pledged properties \| property	4
Repayments of debt	$ 66,800,000
Payments of prepayment penalties	$ 1,400,000
Mortgage \| Prepaid Loans \| MH Resort
Debt Instrument
Number of pledged properties \| property	3
Mortgage \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| property	1
Mortgage \| Disposed of by Sale
Debt Instrument
Defeasance of debt		$ 11,200,000
Weighted average interest rate (percentage)		5.00%
Mortgage \| Disposed of by Sale \| Manufactured Homes in Indiana and Michigan
Debt Instrument
Number of properties sold \| property		5
Secured Debt
Debt Instrument
Weighted average interest rate (percentage)			4.50%
Secured Debt \| Minimum
Debt Instrument
Stated interest rate (percentage)			3.50%
Secured Debt \| Maximum
Debt Instrument
Stated interest rate (percentage)			8.90%

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 $ in Thousands	Sep. 30, 2019 USD ($)
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,285,061
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,086,202

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures
Amount of interest rate risk expected to be reclassified in the next 12 months	$ 400,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Notional amount	$ 200,000,000.0
Derivative instrument, underlying rate (percentage)	1.85%
Derivative instrument, effective rate (percentage)	3.05%
LIBOR \| Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Derivative instrument, variable rate (percentage)	1.20%
Term Loan
Derivative Instruments and Hedging Activities Disclosures
Debt instrument face amount	$ 200,000,000.0
Loans Payable
Derivative Instruments and Hedging Activities Disclosures
Derivative, contract term (years)		3 years
Loans Payable \| LIBOR \| Minimum
Derivative Instruments and Hedging Activities Disclosures
Debt instrument, variable rate on spread	1.20%
Loans Payable \| LIBOR \| Maximum
Derivative Instruments and Hedging Activities Disclosures
Debt instrument, variable rate on spread	1.90%

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instrument (Details) - Designated as Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other assets, net
Derivatives, Fair Value
Derivative asset	$ 0	$ 2,299
Accounts payable and other liabilities
Derivatives, Fair Value
Derivative liability	$ 499	$ 0

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss recognized in OCI on derivative	$ 1,957	$ (3,044)
Interest Expense
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (841)	$ (28)

Equity Incentive Awards - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.7			$ 2.7	$ 7.8	$ 7.3
Restricted Stock \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (shares)		70,862	122,400				23,422
Shares categorized as vesting (percent)			50.00%
Vesting period					3 years
Fair value of shares issued		$ 4.1	$ 3.2				$ 1.3
Shares categorized as performance based (percent)			50.00%
Restricted Stock \| 2014 Plan \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
Restricted Stock \| 2014 Plan \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
Restricted Stock \| 2014 Plan \| Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.33%
Performance Shares \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (shares)					20,402
Fair value of shares issued					$ 1.1

Reportable Segments - Additional Information (Detail)	9 Months Ended
Reportable Segments - Additional Information (Detail)	Sep. 30, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (37,032)	$ (34,980)	$ (112,785)	$ (101,699)
Gain on sale of real estate, net	0	0	52,507	0
Reconciliation to Consolidated net income:
Income from other investments, net	11,263	13,419	31,898	38,991
General and administrative	(8,710)	(8,816)	(27,844)	(26,523)
Other expenses	(1,460)	(386)	(2,427)	(1,096)
Interest and related amortization	(25,547)	(26,490)	(77,964)	(78,478)
Equity in income of unconsolidated joint ventures	3,518	788	8,277	3,596
Early debt retirement	0	0	(1,491)	0
Consolidated net income	68,176	59,660	237,796	173,006
Total assets	4,137,471	3,855,037	4,137,471	3,855,037	$ 3,925,808
Capital improvements	68,344	47,061	189,788	128,436
Property Operations
Reconciliation to Consolidated net income:
Total assets	3,871,379	3,630,136	3,871,379	3,630,136
Capital improvements	26,000	21,722	78,907	69,591
Home Sales and Rentals Operations
Reconciliation to Consolidated net income:
Total assets	266,092	224,901	266,092	224,901
Capital improvements	42,344	25,339	110,881	58,845
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	262,300	249,408	764,337	727,770
Operations expenses	(133,753)	(127,131)	(379,093)	(365,996)
Income from segment operations	128,547	122,277	385,244	361,774
Interest income	1,825	1,841	5,364	5,412
Depreciation and amortization	(37,032)	(34,980)	(112,785)	(101,699)
Gain on sale of real estate, net			52,507
Income (loss) from operations	93,340	89,138	330,330	265,487
Operating Segments \| Property Operations
Segment Reporting Information [Line Items]
Operations revenues	249,632	236,204	729,496	689,387
Operations expenses	(122,683)	(114,384)	(348,546)	(329,942)
Income from segment operations	126,949	121,820	380,950	359,445
Interest income	985	863	2,829	2,494
Depreciation and amortization	(34,273)	(32,549)	(105,013)	(94,377)
Gain on sale of real estate, net			52,507
Income (loss) from operations	93,661	90,134	331,273	267,562
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	12,668	13,204	34,841	38,383
Operations expenses	(11,070)	(12,747)	(30,547)	(36,054)
Income from segment operations	1,598	457	4,294	2,329
Interest income	840	978	2,535	2,918
Depreciation and amortization	(2,759)	(2,431)	(7,772)	(7,322)
Gain on sale of real estate, net			0
Income (loss) from operations	(321)	(996)	(943)	(2,075)
Segment Reconciling Items
Reconciliation to Consolidated net income:
Corporate interest income	6	5	21	246
Income from other investments, net	7,029	5,421	8,894	9,774
General and administrative	(8,710)	(8,816)	(27,844)	(26,523)
Other expenses	(1,460)	(386)	(2,427)	(1,096)
Interest and related amortization	(25,547)	(26,490)	(77,964)	(78,478)
Equity in income of unconsolidated joint ventures	$ 3,518	$ 788	8,277	$ 3,596
Early debt retirement			$ (1,491)

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rental income	$ 225,116	$ 211,102	$ 660,689	$ 617,250
Other income	11,263	13,419	31,898	38,991
Total revenues	271,160	256,675	778,616	743,202
Expenses:
Real estate taxes	15,166	13,240	45,596	40,815
Sales and marketing, gross	4,063	3,568	11,686	9,685
Right-to-use contract commissions, deferred, net	(313)	(458)	(893)	(744)
Home selling expenses	1,033	1,101	3,218	3,149
Total expenses	206,502	197,803	601,604	573,792
Income before equity in income of unconsolidated joint ventures	64,658	58,872	229,519	169,410
Property Operations
Revenues:
Rental income	221,306	207,595	649,663	606,667
Total revenues	249,632	236,204	729,496	689,387
Expenses:
Property operating and maintenance	89,162	84,445	249,482	239,444
Real estate taxes	15,166	13,240	45,596	40,815
Sales and marketing, gross	4,063	3,568	11,686	9,685
Right-to-use contract commissions, deferred, net	(313)	(458)	(893)	(744)
Total expenses	122,683	114,384	348,546	329,942
Income before equity in income of unconsolidated joint ventures	126,949	121,820	380,950	359,445
Home Sales and Rentals Operations
Revenues:
Rental home income	3,810	3,507	11,026	10,583
Total revenues	12,668	13,204	34,841	38,383
Expenses:
Property operating and maintenance	1,603	1,904	4,099	4,957
Home selling expenses	1,033	1,101	3,218	3,149
Total expenses	11,070	12,747	30,547	36,054
Income before equity in income of unconsolidated joint ventures	1,598	457	4,294	2,329
Right-to-use annual payments (membership subscriptions)
Revenues:
Contract revenue	13,150	12,206	38,052	35,616
Right-to-use annual payments (membership subscriptions) \| Property Operations
Revenues:
Contract revenue	13,150	12,206	38,052	35,616
Right-to-use contracts current period, gross (membership upgrade sales)
Revenues:
Contract revenue	5,730	4,863	14,609	11,969
Right-to-use contracts current period, gross (membership upgrade sales) \| Property Operations
Revenues:
Contract revenue	5,730	4,863	14,609	11,969
Right-to-use contract upfront payments, deferred, net
Revenues:
Contract revenue	(3,530)	(2,883)	(8,213)	(6,189)
Right-to-use contract upfront payments, deferred, net \| Property Operations
Revenues:
Contract revenue	(3,530)	(2,883)	(8,213)	(6,189)
Gross revenues from home sales
Revenues:
Contract revenue	8,438	9,339	22,738	26,753
Expenses:
Cost of home sales	8,434	9,742	23,230	27,948
Gross revenues from home sales \| Home Sales and Rentals Operations
Revenues:
Contract revenue	8,438	9,339	22,738	26,753
Expenses:
Cost of home sales	8,434	9,742	23,230	27,948
Brokered resale revenues, net \| Home Sales and Rentals Operations
Revenues:
Contract revenue	420	358	1,077	1,009
Ancillary services \| Property Operations
Revenues:
Contract revenue	1,713	1,004	3,487	2,333
Ancillary services \| Home Sales and Rentals Operations
Revenues:
Contract revenue	0	0	0	38
Property management
Expenses:
Cost of home sales	14,605	13,589	42,675	40,742
Property management \| Property Operations
Expenses:
Cost of home sales	$ 14,605	$ 13,589	$ 42,675	$ 40,742

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (15,186,000)
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	1,241,226,000
Accumulated Distributions in Excess of Net Income [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	(227,166,000)
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	942,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	1,766,000
Noncontrolling Interest Of Common Units [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 68,088,000