0000895417-20-000067 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2020	Jul. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		182,155,196
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895417
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment in real estate:
Land	$ 1,528,929	$ 1,525,407
Land improvements	3,396,132	3,336,070
Buildings and other depreciable property	903,249	881,572
Investment in real estate	5,828,310	5,743,049
Accumulated depreciation	(1,849,799)	(1,776,224)
Net investment in real estate	3,978,511	3,966,825
Cash and restricted cash	119,993	28,860
Notes receivable, net	35,304	37,558
Investment in unconsolidated joint ventures	19,864	20,074
Deferred commission expense	41,622	41,149
Other assets, net	72,880	56,809
Total Assets	4,268,174	4,151,275
Liabilities:
Mortgage notes payable, net	2,247,790	2,049,509
Term loan, net	199,111	198,949
Unsecured line of credit	50,000	160,000
Accounts payable and other liabilities	142,269	124,665
Accrued interest payable	8,485	8,639
Rents and other customer payments received in advance and security deposits	102,480	91,234
Distributions payable	65,978	58,978
Total Liabilities	2,960,791	2,829,387
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2020 and December 31, 2019; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 and 400,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 182,153,754 and 182,089,595 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.	1,812	1,812
Paid-in capital	1,405,764	1,402,696
Distributions in excess of accumulated earnings	(169,903)	(154,318)
Accumulated other comprehensive income (loss)	(1,161)	(380)
Total Stockholders’ Equity	1,236,512	1,249,810
Non-controlling interests – Common OP Units	70,871	72,078
Total Equity	1,307,383	1,318,013
Total Liabilities and Equity	4,268,174	4,151,275
Previously Reported
Stockholders' Equity:
Total Equity		1,321,888
Deferred revenue – upfront payments from membership upgrade sales
Liabilities:
Deferred revenue	132,023	126,814
Deferred revenue – annual membership subscriptions
Liabilities:
Deferred revenue	$ 12,655	$ 10,599

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	400,000,000
Common stock, shares issued (in shares)	182,153,754	182,089,595
Common stock, shares outstanding (in shares)	182,153,754	182,089,595

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income	$ 217,963	$ 212,007	$ 457,309	$ 435,573
Other income	9,680	10,265	20,739	20,635
Interest income	1,791	1,803	3,598	3,554
Income from other investments, net	1,022	879	1,665	1,865
Total revenues	254,090	248,366	534,566	507,456
Expenses:
Property operating and maintenance	85,265	84,868	168,899	162,816
Real estate taxes	16,668	15,107	33,509	30,430
Sales and marketing, gross	4,276	4,214	8,254	7,623
Membership sales commissions, deferred, net	(481)	(389)	(697)	(580)
Depreciation and amortization	38,332	37,776	77,356	75,753
Home selling expenses	1,081	1,102	2,294	2,185
General and administrative	10,609	9,225	21,464	19,134
Other expenses	639	540	1,227	967
Early debt retirement	0	1,491	1,054	1,491
Interest and related amortization	26,249	26,024	52,322	52,417
Total expenses	206,301	202,507	416,260	395,102
Gain on sale of real estate, net	0	0	0	52,507
Income before equity in income of unconsolidated joint ventures	47,789	45,859	118,306	164,861
Equity in income of unconsolidated joint ventures	1,064	3,226	1,271	4,759
Consolidated net income	48,853	49,085	119,577	169,620
Income allocated to non-controlling interests – Common OP Units	(2,658)	(2,676)	(6,507)	(9,902)
Redeemable perpetual preferred stock dividends	(8)	(8)	(8)	(8)
Net income available for Common Stockholders	46,187	46,401	113,062	159,710
Other comprehensive income (loss):
Adjustment for fair market value of swap	552	(1,610)	(781)	(2,541)
Consolidated comprehensive income	49,405	47,475	118,796	167,079
Comprehensive income allocated to non-controlling interests – Common OP Units	(2,689)	(2,589)	(6,465)	(9,759)
Comprehensive income attributable to Common Stockholders	$ 46,708	$ 44,878	$ 112,323	$ 157,312
Earnings per common share – basic (usd per share)	$ 0.25	$ 0.26	$ 0.62	$ 0.89
Earnings per common share – fully diluted (usd per share)	$ 0.25	$ 0.26	$ 0.62	$ 0.89
Weighted average common shares outstanding – basic (in shares)	181,833	180,312	181,781	179,938
Weighted average number of shares outstanding, diluted (in shares)	192,542	191,860	192,538	191,546
Annual membership subscriptions
Revenues:
Contract revenue	$ 12,961	$ 12,586	$ 26,034	$ 24,902
Membership upgrade sales current period, gross
Revenues:
Contract revenue	5,048	5,041	9,891	8,879
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(2,666)	(2,912)	(5,208)	(4,683)
Gross revenues from home sales
Revenues:
Contract revenue	8,866	7,825	20,175	14,300
Expenses:
Cost of services	8,850	8,164	20,761	14,796
Brokered resale and ancillary services revenues, net
Revenues:
Contract revenue	(575)	872	363	2,431
Property management
Expenses:
Cost of services	$ 14,813	$ 14,385	$ 29,817	$ 28,070

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Previously Reported	Cumulative Effect, Period Of Adoption, Adjustment	Cumulative Effect, Period Of Adoption, Adjustment Revision of Prior Period, Change in Accounting Principle, Adjustment	Common Stock	Common Stock Previously Reported	Paid-in Capital	Paid-in Capital Previously Reported	Redeemable Perpetual Preferred Stock	Redeemable Perpetual Preferred Stock Previously Reported	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Previously Reported	Distributions in Excess of Accumulated Earnings Cumulative Effect, Period Of Adoption, Adjustment Revision of Prior Period, Change in Accounting Principle, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Previously Reported	Non-controlling interests – Common OP Units	Non-controlling interests – Common OP Units Previously Reported
Beginning 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	0						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	0						(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)
Ending balance at Mar. 31, 2019	1,257,318				1,792		1,331,514		0		(152,848)			1,368		75,492
Beginning 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 (in shares)	990,650
Adjustment for fair market value of swap	$ (2,541)
Ending balance at Jun. 30, 2019	1,307,474				1,812		1,396,707		0		(162,204)			(242)		71,401
Beginning 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 (in shares)					10,000
Exchange of Common OP Units for Common Stock	0						6,425									(6,435)
Issuance of Common Stock through employee stock purchase plan	587						587
Issuance of common stock through our ATM equity offering program (in shares)					10,000
Issuance of Common Stock through our ATM equity offering program	59,319						59,309
Compensation expenses related to restricted stock and stock options	2,625						2,625
Adjustment for Common OP Unitholders in the Operating Partnership	0						(2,883)									2,883
Adjustment for fair market value of swap	(1,610)													(1,610)
Consolidated net income	49,085								8		46,401					2,676
Distributions	(58,980)								(8)		(55,757)			0		(3,215)
Other	(870)						(870)
Ending balance at Jun. 30, 2019	1,307,474				$ 1,812		1,396,707		0		(162,204)			(242)		71,401
Beginning balance at Dec. 31, 2019	$ 1,318,013	$ 1,321,888	$ 3,900		1,812	$ 1,812	1,402,696	$ 1,402,696			(158,193)	$ (154,318)		(380)	$ (380)	72,078	$ 72,078
Beginning balance (ASU 2016-13) at Dec. 31, 2019				$ (3,875)									$ (3,875)
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP units for common stock (in shares)	9,228
Adjustment for fair market value of swap	$ (781)
Consolidated net income	48,853															2,658
Ending balance at Jun. 30, 2020	1,307,383				1,812		1,405,764		0	$ 0	(169,903)			(1,161)		70,871
Beginning balance at Mar. 31, 2020	1,320,907				1,812		1,402,514		0		(153,703)			(1,713)		71,997
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	531						531
Compensation expenses related to restricted stock and stock options	2,669						2,669
Adjustment for Common OP Unitholders in the Operating Partnership	0						193									(193)
Adjustment for fair market value of swap	552													552
Consolidated net income	0								8		0					46,187
Distributions	(65,986)								(8)		(62,387)					(3,591)
Other	(143)						(143)
Ending balance at Jun. 30, 2020	$ 1,307,383				$ 1,812		$ 1,405,764		$ 0	$ 0	$ (169,903)			$ (1,161)		$ 70,871

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities:
Consolidated net income	$ 119,577	$ 169,620
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net	0	(52,507)
Early debt retirement	1,054	1,491
Depreciation and amortization	78,616	76,648
Amortization of loan costs	1,777	1,768
Debt premium amortization	(211)	(232)
Equity in income of unconsolidated joint ventures	(1,271)	(4,759)
Distributions of income from unconsolidated joint ventures	81	2,008
Proceeds from insurance claims, net	1,288	4,422
Compensation expense related to restricted stock and stock options	5,633	5,045
Revenue recognized from membership upgrade sales upfront payments	(4,683)	(4,195)
Commission expense recognized related to membership sales	1,866	1,867
Long-term incentive plan compensation	765	(3,608)
Changes in assets and liabilities:
Notes receivable, net	(484)	(1,079)
Deferred commission expense	(2,338)	(2,269)
Other assets, net	(1,857)	(8,275)
Accounts payable and other liabilities	15,918	25,962
Rents and other customer payments received in advance and security deposits	11,067	20,932
Net cash provided by operating activities	238,745	244,685
Cash Flows From Investing Activities:
Real estate acquisitions, net	(4,056)	(38,463)
Proceeds from disposition of properties, net	0	77,746
Distributions of capital from unconsolidated joint ventures	1,399	5,169
Proceeds from insurance claims	0	1,111
Capital improvements	(103,147)	(121,444)
Net cash provided by (used in) investing activities	(105,804)	(75,881)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,150	1,237
Proceeds from Issuance or Sale of Equity	0	59,319
Distributions:
Common Stockholders	(118,153)	(104,579)
Common OP Unitholders	(6,803)	(6,676)
Redeemable perpetual preferred stock dividends	(8)	(8)
Share based award tax withholding payments	(3,962)	0
Principal payments and mortgage debt repayment	(75,312)	(93,982)
Mortgage notes payable financing proceeds	275,385	0
Line of Credit repayment	(272,500)	0
Line of Credit proceeds	162,500	0
Debt issuance and defeasance costs	(3,819)	(1,700)
Other	(286)	(932)
Net cash used in financing activities	(41,808)	(147,321)
Net increase (decrease) in cash and restricted cash	91,133	21,483
Cash and restricted cash, beginning of period	28,860	68,974
Cash and restricted cash, end of period	119,993	90,457
Supplemental Information:
Cash paid for interest	51,354	51,744
Net investment in real estate – reclassification of rental homes	17,336	12,451
Other assets, net – reclassification of rental homes	(17,336)	(12,451)
Real estate acquisitions:
Investment in real estate	(4,235)	(58,871)
Other assets, net	0	(412)
Debt assumed	0	19,212
Other liabilities	179	1,608
Real estate acquisitions, net	(4,056)	(38,463)
Real estate dispositions:
Investment in real estate	0	35,572
Notes receivable, net	0	295
Other assets, net	0	97
Mortgage notes payable, net	0	(11,175)
Other liabilities	0	450
Gain on sale of real estate, net	0	52,507
Proceeds from disposition of properties, net	0	77,746
Deferred revenue – upfront payments from membership upgrade sales
Changes in assets and liabilities:
Deferred revenue	9,891	8,879
Deferred revenue – annual membership subscriptions
Changes in assets and liabilities:
Deferred revenue	$ 2,056	$ 2,967

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2020
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," 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 manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by 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 June 30, 2020. 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 our Annual Report on Form 10-K for the year ended December 31, 2019. 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. 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 effected a two-for one split of the outstanding Operating Partnership units ("OP units"). All shares of common stock and OP units and per share data in the consolidated financial statements and accompanying notes, for all periods presented, have been adjusted to reflect the stock split.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) Recently Adopted Accounting Pronouncements

On January 1, 2020, we prospectively adopted FASB ("ASU 2018-15") Intangibles - Goodwill and Other - Internal-Use Software (ASC 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 provides guidance on accounting for fees paid when the arrangement includes a software license and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The adoption of this guidance did not have a material impact on our consolidated financial statements.

On January 1, 2020, we adopted FASB (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) using the modified retrospective approach. 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 should use forward-looking information to better form their credit loss estimates.

We are exposed to credit losses primarily through sales of annual membership subscriptions and membership upgrades and home sales. We have developed an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of our receivables. The estimate is a result of our ongoing assessments and evaluations of

collectability including historical loss experience, current market conditions and future expectations in forecasting credit losses in each of our receivable portfolios. We recognized a cumulative-effect adjustment of $3.9 million, which decreased opening retained earnings as of January 1, 2020.

The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows:


Balance net of allowance	Balance Sheet Location	Balance at December 31, 2019		Adjustment due to ASU 2016-13 Adoption		Balance at January 1, 2020		Balance at June 30, 2020
(amounts in thousands)
Annual membership subscriptions	Other assets, net	$	2,394	$	(1,361)	$	1,033	$	1,412
Membership upgrades	Notes receivable, net	$	25,236	$	(2,514)	$	22,722	$	23,728

(b) Revenue Recognition

Rental income is accounted for in accordance with the ASC 842, Leases, and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectibility including historical loss experience, current market conditions and future expectations in forecasting credit losses. See Note 3. Leases for additional information.

Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. 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 during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades 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. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

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. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

As of June 30, 2020 and December 31, 2019, restricted cash consists of $25.8 million and $25.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Leases

6 Months Ended

Jun. 30, 2020

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. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities.

The leases entered into between the customer and us for a 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 June 30, 2020
2020	$	42,403
2021	85,477
2022	53,561
2023	20,227
2024	20,249
Thereafter	79,635
Total	$	301,552

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 2030. For the quarters ended June 30, 2020 and 2019, total operating lease payments were $2.4 million and $2.3 million, respectively. For the six months ended June 30, 2020 and 2019, total operating lease payments were $4.8 million and $4.6 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of June 30, 2020:


	As of June 30, 2020
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2020	$	974	$	1,881	$	2,855
2021	1,949		3,074		5,023
2022	1,479		1,399		2,878
2023	534		1,182		1,716
2024	534		911		1,445
Thereafter	4,984		2,899		7,883
Total undiscounted rental payments	10,454		11,346		21,800
Less imputed interest	(2,206)		(1,090)		(3,296)
Total lease liabilities	$	8,248	$	10,256	$	18,504

Right-of-use ("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 $17.6 million and $18.5 million, respectively,

as of June 30, 2020. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at June 30, 2020.

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 $15.1 million and $16.2 million, respectively, as of December 31, 2019. The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019.

Leases

Lessor


(amounts in thousands)	As of June 30, 2020
2020	$	42,403
2021	85,477
2022	53,561
2023	20,227
2024	20,249
Thereafter	79,635
Total	$	301,552

Lessee


	As of June 30, 2020
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2020	$	974	$	1,881	$	2,855
2021	1,949		3,074		5,023
2022	1,479		1,399		2,878
2023	534		1,182		1,716
2024	534		911		1,445
Thereafter	4,984		2,899		7,883
Total undiscounted rental payments	10,454		11,346		21,800
Less imputed interest	(2,206)		(1,090)		(3,296)
Total lease liabilities	$	8,248	$	10,256	$	18,504

as of June 30, 2020. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at June 30, 2020.

Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock, as adjusted for the stock split, for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands, except per share data)	2020		2019		2020		2019
Numerators:
Net income available for Common Stockholders – Basic	$	46,187	$	46,401	$	113,062	$	159,710
Amounts allocated to dilutive securities	2,658		2,676		6,507		9,902
Net income available for Common Stockholders – Fully Diluted	$	48,845	$	49,077	$	119,569	$	169,612
Denominators:
Weighted average Common Shares outstanding – Basic	181,833		180,312		181,781		179,938
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,482		11,286		10,486		11,382
Stock options and restricted stock	227		262		271		226
Weighted average Common Shares outstanding – Fully Diluted	192,542		191,860		192,538		191,546

Earnings per Common Share – Basic	$	0.25	$	0.26	$	0.62	$	0.89

Earnings per Common Share – Fully Diluted	$	0.25	$	0.26	$	0.62	$	0.89

Common Stock and Other Equity Related Transactions

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Two-for-One Common Stock and OP Units 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. In connection with our stock split, the OP Units of our Operating Partnership were also split on a two-for-one basis.

Increase in Authorized Shares

On April 28, 2020, our stockholders approved an amendment to our charter to increase the number of shares of common stock that we are authorized to issue from 400,000,000 to 600,000,000 shares.

Common Stockholder Distribution Activity

The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019.

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$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

$0.3063

December 31, 2019

December 27, 2019

January 10, 2020

$0.3425

March 31, 2020

March 27, 2020

April 10, 2020

$0.3425

June 30, 2020

June 26, 2020

July 10, 2020

Equity Offering Program

Our at-the-market (“ATM”) equity offering program allows us to 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 June 30, 2020, we have $140.7 million of common stock available under the ATM offering program for issuance.

There was no activity under the ATM equity offering program during the six months ended June 30, 2020. The following table presents the shares that were issued under the ATM equity offering program during the six months ended June 30, 2019.


	Six Months Ended June 30,
(amounts in thousands, except share data)	2019
Shares of Common Stock sold	1,010,472
Weighted average price	$	58.71
Total gross proceeds	$	59,319
Commissions paid to sales agents	$	771

Exchanges

Subject to certain limitations, 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 six months ended June 30, 2020 and 2019, 9,228 and 990,650 OP Units, respectively, were exchanged for an equal number of shares of Common Stock

Investment in Real Estate	6 Months Ended
Investment in Real Estate	Jun. 30, 2020
Business Combinations [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions On April 21, 2020, we completed the acquisition of a 4.6-acre vacant land parcel in North Ellenton, Florida, adjacent to our MH community, Colony Cove, for additional expansion. The purchase price was $2.2 million. 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 and recognized a gain of $52.5 million, net of transaction costs, during the first quarter of 2019.

Investment in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019, respectively):


						Investment as of						Income/(Loss) for Six Months Ended
Investment	Location	Number of Sites	Economic  Interest ^(a)			June 30, 2020		December 31, 2019		June 30, 2020		June 30, 2019
Meadows	Various (2,2)	1,077	50	%		$	—	$	146	$	854	$	800
Lakeshore	Florida (3,3)	721	(b)			2,344		2,467		180		122
Voyager	Arizona (1,1)	1,801	50	%	^(c)	416		599		(5)		2,925
Loggerhead	Florida	2,343	—	%	^(d)	—		—		—		642
ECHO JV	Various	—	50	%		17,104		16,862		242		270
		5,942				$	19,864	$	20,074	$	1,271	$	4,759

_____________________

(a)The percentages shown approximate our economic interest as of June 30, 2020. Our legal ownership interest may differ.

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

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

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

We received approximately $1.5 million and $7.2 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2020 and 2019, respectively. Approximately $1.0 million and $2.7 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2020 and 2019, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Borrowing Arrangements

Notes Payable

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 June 30, 2020						As of December 31, 2019
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,485,462	$	2,272,228	$	2,227,185	$	2,072,416

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 June 30, 2020, was approximately 4.3% per annum. The debt bears interest at stated rates ranging from 2.7% to 8.9% per annum and matures on various dates ranging from 2021 to 2041. The debt encumbered a total of 125 and 116 of our Properties as of June 30, 2020 and December 31, 2019, respectively, and the gross carrying value of such Properties was approximately $2,650.8 million and $2,524.7 million, as of June 30, 2020 and December 31, 2019, respectively.

2020 Activity

During the quarter ended March 31, 2020, we entered into a $275.4 million secured credit facility with Fannie Mae, maturing in 10 years and bearing a 2.7% interest rate. The facility is secured by eight MH and four RV communities. We also repaid $48.1 million of principal on three mortgage loans that were due to mature in 2020, incurring $1.0 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.2% per annum and were secured by three MH communities.

2019 Activity

During the quarter ended March 31, 2019, we defeased mortgage debt of $11.2 million in conjunction with the disposition of five all-age MH communities as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.0% per annum. We also assumed mortgage debt of $10.8 million, excluding mortgage note premium of $0.4 million, as a result of the acquisitions that were closed during the quarter. This loan carries an interest rate of 5.5% per annum and matures in 2024.

During the quarter ended June 30, 2019, we repaid $66.8 million of principal on four mortgage loans that were due to mature in 2020, incurring $1.4 million of prepayment penalties. These loans had a weighted average interest rate of 6.9% per annum and were secured by three MH communities and one RV community. We also assumed mortgage debt of $7.8 million, excluding mortgage note premium of $0.2 million, as a result of the acquisitions that were closed during the quarter as disclosed in Note 6. Investment in Real Estate. This loan carries an interest rate of 5.3% per annum and matures in 2022.

Unsecured Line of Credit

During the six months ended June 30, 2020, we borrowed and paid off amounts on our unsecured Line of Credit ("LOC"), leaving a balance of $50.0 million outstanding as of June 30, 2020. As of June 30, 2020, our LOC has a remaining borrowing capacity of $350.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC had $160.0 million outstanding at December 31, 2019.

As of June 30, 2020, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. 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 for the first three years and matures on November 1, 2020. Based on the leverage as of June 30, 2020, 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 June 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2020		2019
Interest Rate Swap	Accounts payable and other liabilities	$	1,161	$	380

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 six months ended June 30,					Location of (gain)/ loss reclassified from accumulated OCI into income		Amount of (gain)/loss reclassified from accumulated OCI into income for the six months ended June 30,
(amounts in thousands)	2020		2019		(amounts in thousands)	2020		2019
Interest Rate Swap	$	1,553	$	1,901	Interest Expense	$	772	$	(640)

During the next four months through the maturity date of November 1, 2020, we estimate that $1.2 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 June 30, 2020, we had not posted any collateral related to this Swap.

Equity Incentive Awards	6 Months Ended
Equity Incentive Awards	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity Incentive Awards	Equity Incentive Awards Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. During the quarter ended March 31, 2020, 90,933 shares of restricted stock 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 29, 2021, January 31, 2022, and January 27, 2023, respectively, and have a grant date fair value of $3.3 million. The remaining 50% are performance-based awards vesting in equal installments on January 29, 2021, January 31, 2022, and January 27, 2023, respectively, upon meeting performance conditions as established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 15,154 shares of restricted stock subject to 2020 performance goals have a grant date fair value of $1.1 million. Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended June 30, 2020 and 2019, was $2.7 million and $2.6 million, respectively, and for the six months ended June 30, 2020 and 2019, was $5.6 million and $5.0 million, respectively.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal and regulatory proceedings ("Proceedings") arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. The Operating Partnership operates and manages Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. The master lessor of these ground leases, The Nicholson Family Partnership (the “Nicholsons”), has expressed a desire to redevelop Westwinds, and in a written communication, they claimed that we were obligated to deliver the property free and clear of any and all subtenancies upon the expiration of the ground leases on August 31, 2022. In connection with any redevelopment, the City of San Jose’s conversion ordinance requires, among other things, that the landowner provide relocation, rental and purchase assistance to the impacted residents. We believe the Nicholsons’ demand is unlawful, and on December 30, 2019, the Operating Partnership, together with certain interested parties, filed a complaint in California Superior Court for Santa Clara County, seeking declaratory relief pursuant to which it requested that the Court determine, among other things, that the Operating Partnership has no obligation to deliver the property free and clear of the mobilehome residents upon the expiration of the ground leases. The Operating Partnership and the interested parties filed an amended complaint on January 29, 2020. The Nicholsons filed a demand for arbitration on January 28, 2020, which they subsequently amended, pursuant to which they request a declaration that the Operating Partnership, as the “owner and manager” of Westwinds, is “required by the Ground Leases, and State and local law to deliver the Property free of any encumbrances or third-party claims at the expiration of the lease terms.” On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the litigation, which motion was heard on June 25, 2020. On July 8, 2020, the California Superior Court issued a proposed statement of decision denying the Nicholson’s motion to compel. All parties have submitted to the statement of decision, and we expect the Court to issue a decision in due course. We intend to continue to vigorously defend our interests in this matter. As of June 30, 2020 we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Reportable Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reportable Segments

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

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters and six months ended June 30, 2020 or 2019.

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2020 and 2019:

Quarter Ended June 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	238,155	$	13,122	$	251,277
Operations expenses	(119,296)		(11,176)		(130,472)
Income from segment operations	118,859		1,946		120,805
Interest income	1,061		726		1,787
Depreciation and amortization	(35,611)		(2,721)		(38,332)

Income (loss) from operations	$	84,309	$	(49)	$	84,260
Reconciliation to consolidated net income:
Corporate interest income					4
Income from other investments, net					1,022
General and administrative					(10,609)
Other expenses					(639)
Interest and related amortization					(26,249)
Equity in income of unconsolidated joint ventures					1,064
Early debt retirement					—
Consolidated net income					$	48,853

Total assets	$	3,998,462	$	269,712	$	4,268,174
Capital improvements	$	37,552	$	16,636	$	54,188

Quarter Ended June 30, 2019


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	233,848	$	11,836	$	245,684
Operations expenses	(116,893)		(10,558)		(127,451)
Income from segment operations	116,955		1,278		118,233
Interest income	950		846		1,796
Depreciation and amortization	(35,197)		(2,579)		(37,776)

Income (loss) from operations	$	82,708	$	(455)	$	82,253
Reconciliation to consolidated net income:
Corporate interest income					7
Income from other investments, net					879
General and administrative					(9,225)
Other expenses					(540)
Interest and related amortization					(26,024)
Equity in income of unconsolidated joint ventures					3,226
Early debt retirement					(1,491)
Consolidated net income					$	49,085

Total assets	$	3,766,573	$	247,905	$	4,014,478
Capital improvements	$	28,501	$	40,502	$	69,003

Six Months Ended June 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	500,629	$	28,674	$	529,303
Operations expenses	(237,194)		(25,643)		(262,837)
Income from segment operations	263,435		3,031		266,466
Interest income	2,136		1,454		3,590
Depreciation and amortization	(71,831)		(5,525)		(77,356)

Income (loss) from operations	$	193,740	$	(1,040)	$	192,700
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					1,665
General and administrative					(21,464)
Other expenses					(1,227)
Interest and related amortization					(52,322)
Equity in income of unconsolidated joint ventures					1,271
Early debt retirement					(1,054)
Consolidated net income					$	119,577

Total assets	$	3,998,462	$	269,712	$	4,268,174
Capital improvements	$	70,157	$	32,990	$	103,147

Six Months Ended June 30, 2019


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	479,864	$	22,173	$	502,037
Operations expenses	(225,863)		(19,477)		(245,340)
Income from segment operations	254,001		2,696		256,697
Interest income	1,844		1,696		3,540
Depreciation and amortization	(70,740)		(5,013)		(75,753)
Gain on sale of real estate, net	52,507		—		52,507
Income (loss) from operations	$	237,612	$	(621)	$	236,991
Reconciliation to consolidated net income:
Corporate interest income					14
Income from other investments, net					1,865
General and administrative					(19,134)
Other expenses					(967)
Interest and related amortization					(52,417)
Equity in income of unconsolidated joint venture					4,759
Early debt retirement					(1,491)
Consolidated net income					$	169,620

Total assets	$	3,766,573	$	247,905	$	4,014,478
Capital Improvements	$	52,906	$	68,538	$	121,444

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2020		2019		2020		2019
Revenues:
Rental income	$	213,885	$	208,375	$	449,249	$	428,357
Annual membership subscriptions	12,961		12,586		26,034		24,902
Membership upgrade sales current period, gross	5,048		5,041		9,891		8,879
Membership upgrade sales upfront payments, deferred, net	(2,666)		(2,912)		(5,208)		(4,683)
Other income	9,680		10,265		20,739		20,635
Ancillary services revenues, net	(753)		493		(76)		1,774
Total property operations revenues	238,155		233,848		500,629		479,864
Expenses:
Property operating and maintenance	84,020		83,576		166,311		160,320
Real estate taxes	16,668		15,107		33,509		30,430
Sales and marketing, gross	4,276		4,214		8,254		7,623
Membership sales commissions, deferred, net	(481)		(389)		(697)		(580)
Property management	14,813		14,385		29,817		28,070
Total property operations expenses	119,296		116,893		237,194		225,863
Income from property operations segment	$	118,859	$	116,955	$	263,435	$	254,001

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2020		2019		2020		2019
Revenues:
Rental income ^(a)	$	4,078	$	3,632	$	8,060	$	7,216
Gross revenue from home sales	8,866		7,825		20,175		14,300
Brokered resale revenues, net	178		379		439		657
Ancillary services revenues, net	—		—		—		—
Total revenues	13,122		11,836		28,674		22,173
Expenses:
Rental home operating and maintenance	1,245		1,292		2,588		2,496
Cost of home sales	8,850		8,164		20,761		14,796
Home selling expenses	1,081		1,102		2,294		2,185
Total expenses	11,176		10,558		25,643		19,477
Income from home sales and rentals operations segment	$	1,946	$	1,278	$	3,031	$	2,696

______________________

(a)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
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+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

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," 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 manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays.

Our Properties are owned primarily by the Operating Partnership and managed internally by 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 June 30, 2020. 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

Recently Adopted Accounting Pronouncements and New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows:


Balance net of allowance	Balance Sheet Location	Balance at December 31, 2019		Adjustment due to ASU 2016-13 Adoption		Balance at January 1, 2020		Balance at June 30, 2020
(amounts in thousands)
Annual membership subscriptions	Other assets, net	$	2,394	$	(1,361)	$	1,033	$	1,412
Membership upgrades	Notes receivable, net	$	25,236	$	(2,514)	$	22,722	$	23,728

(b) Revenue Recognition

Revenue Recognition

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows:


Balance net of allowance	Balance Sheet Location	Balance at December 31, 2019		Adjustment due to ASU 2016-13 Adoption		Balance at January 1, 2020		Balance at June 30, 2020
(amounts in thousands)
Annual membership subscriptions	Other assets, net	$	2,394	$	(1,361)	$	1,033	$	1,412
Membership upgrades	Notes receivable, net	$	25,236	$	(2,514)	$	22,722	$	23,728

Leases (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020
2020	$	42,403
2021	85,477
2022	53,561
2023	20,227
2024	20,249
Thereafter	79,635
Total	$	301,552

Minimum Future Operating Lease Payments


	As of June 30, 2020
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2020	$	974	$	1,881	$	2,855
2021	1,949		3,074		5,023
2022	1,479		1,399		2,878
2023	534		1,182		1,716
2024	534		911		1,445
Thereafter	4,984		2,899		7,883
Total undiscounted rental payments	10,454		11,346		21,800
Less imputed interest	(2,206)		(1,090)		(3,296)
Total lease liabilities	$	8,248	$	10,256	$	18,504

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

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 share of common stock, as adjusted for the stock split, for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands, except per share data)	2020		2019		2020		2019
Numerators:
Net income available for Common Stockholders – Basic	$	46,187	$	46,401	$	113,062	$	159,710
Amounts allocated to dilutive securities	2,658		2,676		6,507		9,902
Net income available for Common Stockholders – Fully Diluted	$	48,845	$	49,077	$	119,569	$	169,612
Denominators:
Weighted average Common Shares outstanding – Basic	181,833		180,312		181,781		179,938
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,482		11,286		10,486		11,382
Stock options and restricted stock	227		262		271		226
Weighted average Common Shares outstanding – Fully Diluted	192,542		191,860		192,538		191,546

Earnings per Common Share – Basic	$	0.25	$	0.26	$	0.62	$	0.89

Earnings per Common Share – Fully Diluted	$	0.25	$	0.26	$	0.62	$	0.89

Common Stock and Other Equity Related Transactions (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Dividends declared

The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019.

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$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

$0.3063

December 31, 2019

December 27, 2019

January 10, 2020

$0.3425

March 31, 2020

March 27, 2020

April 10, 2020

$0.3425

June 30, 2020

June 26, 2020

July 10, 2020

Investment in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of our investment in unconsolidated joint ventures


						Investment as of						Income/(Loss) for Six Months Ended
Investment	Location	Number of Sites	Economic  Interest ^(a)			June 30, 2020		December 31, 2019		June 30, 2020		June 30, 2019
Meadows	Various (2,2)	1,077	50	%		$	—	$	146	$	854	$	800
Lakeshore	Florida (3,3)	721	(b)			2,344		2,467		180		122
Voyager	Arizona (1,1)	1,801	50	%	^(c)	416		599		(5)		2,925
Loggerhead	Florida	2,343	—	%	^(d)	—		—		—		642
ECHO JV	Various	—	50	%		17,104		16,862		242		270
		5,942				$	19,864	$	20,074	$	1,271	$	4,759

_____________________

(a)The percentages shown approximate our economic interest as of June 30, 2020. Our legal ownership interest may differ.

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

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

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

Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020						As of December 31, 2019
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,485,462	$	2,272,228	$	2,227,185	$	2,072,416

- 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)

6 Months Ended

Jun. 30, 2020

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 June 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2020		2019
Interest Rate Swap	Accounts payable and other liabilities	$	1,161	$	380

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 six months ended June 30,					Location of (gain)/ loss reclassified from accumulated OCI into income		Amount of (gain)/loss reclassified from accumulated OCI into income for the six months ended June 30,
(amounts in thousands)	2020		2019		(amounts in thousands)	2020		2019
Interest Rate Swap	$	1,553	$	1,901	Interest Expense	$	772	$	(640)

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 six months ended June 30,					Location of (gain)/ loss reclassified from accumulated OCI into income		Amount of (gain)/loss reclassified from accumulated OCI into income for the six months ended June 30,
(amounts in thousands)	2020		2019		(amounts in thousands)	2020		2019
Interest Rate Swap	$	1,553	$	1,901	Interest Expense	$	772	$	(640)

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of segment financial information

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2020 and 2019:

Quarter Ended June 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	238,155	$	13,122	$	251,277
Operations expenses	(119,296)		(11,176)		(130,472)
Income from segment operations	118,859		1,946		120,805
Interest income	1,061		726		1,787
Depreciation and amortization	(35,611)		(2,721)		(38,332)

Income (loss) from operations	$	84,309	$	(49)	$	84,260
Reconciliation to consolidated net income:
Corporate interest income					4
Income from other investments, net					1,022
General and administrative					(10,609)
Other expenses					(639)
Interest and related amortization					(26,249)
Equity in income of unconsolidated joint ventures					1,064
Early debt retirement					—
Consolidated net income					$	48,853

Total assets	$	3,998,462	$	269,712	$	4,268,174
Capital improvements	$	37,552	$	16,636	$	54,188

Quarter Ended June 30, 2019


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	233,848	$	11,836	$	245,684
Operations expenses	(116,893)		(10,558)		(127,451)
Income from segment operations	116,955		1,278		118,233
Interest income	950		846		1,796
Depreciation and amortization	(35,197)		(2,579)		(37,776)

Income (loss) from operations	$	82,708	$	(455)	$	82,253
Reconciliation to consolidated net income:
Corporate interest income					7
Income from other investments, net					879
General and administrative					(9,225)
Other expenses					(540)
Interest and related amortization					(26,024)
Equity in income of unconsolidated joint ventures					3,226
Early debt retirement					(1,491)
Consolidated net income					$	49,085

Total assets	$	3,766,573	$	247,905	$	4,014,478
Capital improvements	$	28,501	$	40,502	$	69,003

Financial information for the property operations segment

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2020		2019		2020		2019
Revenues:
Rental income	$	213,885	$	208,375	$	449,249	$	428,357
Annual membership subscriptions	12,961		12,586		26,034		24,902
Membership upgrade sales current period, gross	5,048		5,041		9,891		8,879
Membership upgrade sales upfront payments, deferred, net	(2,666)		(2,912)		(5,208)		(4,683)
Other income	9,680		10,265		20,739		20,635
Ancillary services revenues, net	(753)		493		(76)		1,774
Total property operations revenues	238,155		233,848		500,629		479,864
Expenses:
Property operating and maintenance	84,020		83,576		166,311		160,320
Real estate taxes	16,668		15,107		33,509		30,430
Sales and marketing, gross	4,276		4,214		8,254		7,623
Membership sales commissions, deferred, net	(481)		(389)		(697)		(580)
Property management	14,813		14,385		29,817		28,070
Total property operations expenses	119,296		116,893		237,194		225,863
Income from property operations segment	$	118,859	$	116,955	$	263,435	$	254,001

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2020		2019		2020		2019
Revenues:
Rental income ^(a)	$	4,078	$	3,632	$	8,060	$	7,216
Gross revenue from home sales	8,866		7,825		20,175		14,300
Brokered resale revenues, net	178		379		439		657
Ancillary services revenues, net	—		—		—		—
Total revenues	13,122		11,836		28,674		22,173
Expenses:
Rental home operating and maintenance	1,245		1,292		2,588		2,496
Cost of home sales	8,850		8,164		20,761		14,796
Home selling expenses	1,081		1,102		2,294		2,185
Total expenses	11,176		10,558		25,643		19,477
Income from home sales and rentals operations segment	$	1,946	$	1,278	$	3,031	$	2,696

______________________

(a)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

Organization and Basis of Presentation (Details)	Oct. 15, 2019	Dec. 31, 2019
Other Ownership Interests
Stock split ratio	2
Operating Partnership
Other Ownership Interests
Ownership interest (percent)		94.60%

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326))	$ 1,307,383	$ 1,320,907	$ 1,318,013	$ 1,307,474	$ 1,257,318	$ 1,193,344
Cash and cash equivalents, restricted cash	$ 25,800		$ 25,100
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net	$ 72,880		$ 56,809
Financing receivable, after allowance for credit loss	35,304		37,558
Annual membership subscriptions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net			2,394
Membership upgrades
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, after allowance for credit loss			$ 25,236
Cumulative Effect, Period Of Adoption, Adjusted Balance \| Annual membership subscriptions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net	1,412	$ 1,033
Cumulative Effect, Period Of Adoption, Adjusted Balance \| Membership upgrades
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, after allowance for credit loss	$ 23,728	22,722
Cumulative Effect, Period Of Adoption, Adjustment \| Annual membership subscriptions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net		(1,361)
Cumulative Effect, Period Of Adoption, Adjustment \| Membership upgrades
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, after allowance for credit loss		$ (2,514)

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jun. 30, 2020 USD ($) lease	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) lease	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Number of non-cancelable operating leases, lessee (leases) \| lease	13		13
Operating lease payments	$ 2,400	$ 2,300	$ 4,800	$ 4,600
Right of use asset	17,600		17,600		$ 15,100
Operating lease liability	$ 18,504		$ 18,504		$ 16,200
Weighted average operating lease term	8 years		8 years		7 years
Operating lease weighted average interest rate (percent)	4.00%		4.00%		4.40%
Operating lease, right-of-use asset, statement of financial position [Extensible List]	us-gaap:OtherAssets		us-gaap:OtherAssets
Operating lease, liability, statement of financial position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent		us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Minimum
Lessee, Lease, Description [Line Items]
Lessor operating lease term	1 month		1 month
Maximum
Lessee, Lease, Description [Line Items]
Lessor operating lease term	6 months		6 months

Leases - Operating Lease Future Proceeds (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2020	$ 42,403
2021	85,477
2022	53,561
2023	20,227
2024	20,249
Thereafter	79,635
Total	$ 301,552

Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
2020	$ 2,855
2021	5,023
2022	2,878
2023	1,716
2024	1,445
Thereafter	7,883
Total undiscounted rental payments	21,800
Less imputed interest	(3,296)
Total lease liabilities	18,504	$ 16,200
Ground Lease
Lessee, Lease, Description [Line Items]
2020	974
2021	1,949
2022	1,479
2023	534
2024	534
Thereafter	4,984
Total undiscounted rental payments	10,454
Less imputed interest	(2,206)
Total lease liabilities	8,248
Office And Other Leases
Lessee, Lease, Description [Line Items]
2020	1,881
2021	3,074
2022	1,399
2023	1,182
2024	911
Thereafter	2,899
Total undiscounted rental payments	11,346
Less imputed interest	(1,090)
Total lease liabilities	$ 10,256

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerators:
Net income available for common stockholders	$ 46,187	$ 46,401	$ 113,062	$ 159,710
Amounts allocated to dilutive securities	2,658	2,676	6,507	9,902
Net income available for common stockholders – fully diluted	$ 48,845	$ 49,077	$ 119,569	$ 169,612
Denominators:
Weighted average common shares outstanding – basic (in shares)	181,833	180,312	181,781	179,938
Effect of dilutive securities:
Exchange of common OP units for common shares (in shares)	10,482	11,286	10,486	11,382
Restricted stock and options (in shares)	227	262	271	226
Weighted average common shares outstanding – fully diluted (in shares)	192,542	191,860	192,538	191,546
Earnings per common share – basic (usd per share)	$ 0.25	$ 0.26	$ 0.62	$ 0.89
Earnings per common share – fully diluted (usd per share)	$ 0.25	$ 0.26	$ 0.62	$ 0.89

Common Stock and Other Equity Related Transactions - Additional Information (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Oct. 15, 2019	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2019 shares	Apr. 28, 2020 shares	Dec. 31, 2019 $ / shares shares
Class of Stock
Stock split ratio	2
Common stock, shares authorized (in shares)		600,000,000			400,000,000
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)		9,228	990,650
Minimum
Class of Stock
Common stock, shares authorized (in shares)				400,000,000
Maximum
Class of Stock
Common stock, shares authorized (in shares)				600,000,000
ATM
Class of Stock
Common stock, par value (usd per share) \| $ / shares		$ 0.01
Aggregate offering price \| $		$ 200.0
Remaining authorized shares (in shares) \| $		$ 140.7

Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares	Jul. 10, 2020	Apr. 10, 2020	Jan. 10, 2020	Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019
Equity [Abstract]
Common stock, dividends paid (usd per share)		$ 0.3425	$ 0.3063	$ 0.3063	$ 0.3063	$ 0.3063
Class of Stock
Common stock, dividends paid (usd per share)		$ 0.3425	$ 0.3063	$ 0.3063	$ 0.3063	$ 0.3063
Subsequent Event
Equity [Abstract]
Common stock, dividends paid (usd per share)	$ 0.3425
Class of Stock
Common stock, dividends paid (usd per share)	$ 0.3425

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Class of Stock
Commissions paid to sales agents	$ 286	$ 932
ATM \| Common Stock
Class of Stock
Issuance of common stock (in shares)		1,010,472
Weighted average price (usd per share)		$ 58.71
Total gross proceeds		$ 59,319
Commissions paid to sales agents		$ 771

Investment in Real Estate (Details) $ in Thousands						6 Months Ended
Investment in Real Estate (Details) $ in Thousands	Apr. 21, 2020 USD ($) a	May 29, 2019 USD ($) site	Apr. 10, 2019 USD ($) site	Mar. 25, 2019 USD ($) site	Jan. 23, 2019 USD ($) site integer	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Business Acquisition
Area of land \| a	4.6
Payments to acquire land	$ 2,200
Purchase price of acquisitions		$ 20,500
Gain on sale of real estate, net						$ 0	$ 52,507
White Oak Shores Campingand R V Resort
Business Acquisition
Number of acquired sites (sites) \| site		455
Round Top R V Campground
Business Acquisition
Number of acquired sites (sites) \| site			391
Purchase price of acquisitions			$ 12,400
Liabilities incurred			7,800
Mortgage premium transferred			$ 200
Disposed of by Sale \| Manufactured Homes in Indiana and Michigan
Business Acquisition
Number of properties sold \| integer					5
Number of sites, sold \| site					1,463
Proceeds from sale of property held-for-sale					$ 89,700
Gain on sale of real estate, net					$ 52,500
Drummer Boy
Business Acquisition
Purchase price of acquisitions				$ 25,400
Liabilities incurred				10,800
Mortgage premium transferred				$ 400
Gettysburg, Pennsylvania and Lake of the Woods Campground \| Drummer Boy
Business Acquisition
Number of acquired sites (sites) \| site				465
Wautoma, Wisconsin \| Drummer Boy
Business Acquisition
Number of acquired sites (sites) \| site				303

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020	Jun. 30, 2020 site	Jun. 30, 2020 joint_venture_site	Dec. 31, 2019 USD ($)
Schedule of Equity Method Investments
Number of sites						5,942	2
Economic interest					65.00%
Investment in unconsolidated joint ventures	$ 19,864		$ 19,864					$ 20,074
Equity in income of unconsolidated joint ventures	1,064	$ 3,226	1,271	$ 4,759
Meadows \| Various
Schedule of Equity Method Investments
Number of sites \| site						1,077
Economic interest					50.00%
Investment in unconsolidated joint ventures	0		0					146
Equity in income of unconsolidated joint ventures			854	800
Lakeshore \| Florida
Schedule of Equity Method Investments
Number of sites \| site						721
Investment in unconsolidated joint ventures	2,344		2,344					2,467
Equity in income of unconsolidated joint ventures			180	122
Voyager \| Arizona
Schedule of Equity Method Investments
Number of sites \| site						1,801
Economic interest					50.00%
Investment in unconsolidated joint ventures	416		416					599
Equity in income of unconsolidated joint ventures			(5)	2,925
Loggerhead \| Florida
Schedule of Equity Method Investments
Number of sites \| site						2,343
Economic interest					0.00%
Investment in unconsolidated joint ventures	0		0					0
Equity in income of unconsolidated joint ventures			0	642
ECHO JV \| Various
Schedule of Equity Method Investments
Number of sites \| site						0
Economic interest					50.00%
Investment in unconsolidated joint ventures	$ 17,104		17,104					$ 16,862
Equity in income of unconsolidated joint ventures			$ 242	$ 270

Investment in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 site	Jun. 30, 2020 joint_venture_site
Schedule of Equity Method Investments
Number of sites					5,942	2
Economic interest	65.00%		65.00%
Equity in income of unconsolidated joint ventures	$ 1,064	$ 3,226	$ 1,271	$ 4,759
Income from distribution made to us			1,500	7,200
Distributions, including those in excess of basis			$ 1,000	$ 2,700
Crosswinds
Schedule of Equity Method Investments
Economic interest	49.00%		49.00%
Voyager \| Recreational Vehicle Resort
Schedule of Equity Method Investments
Economic interest	50.00%		50.00%
Voyager \| Servicing Assets
Schedule of Equity Method Investments
Economic interest	33.00%		33.00%

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,485,462	$ 2,227,185
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,272,228	$ 2,072,416

Borrowing Arrangements - Additional Information (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020 USD ($) property	Mar. 31, 2020 USD ($) site loan	Jun. 30, 2019 USD ($) site	Mar. 31, 2019 USD ($) property	Jun. 30, 2019 USD ($) site	Dec. 31, 2019 USD ($) property
Debt Instrument
Number of pledged properties \| property	125					116
Pledged assets, not separately reported	$ 2,650,800					$ 2,524,700
Unsecured line of credit	50,000					160,000
Mortgage
Debt Instrument
Weighted average interest rate			6.90%		6.90%
Repayments of debt			$ 66,800
Payments of prepayment penalties	$ 1,400
Number of Loans Repaid \| site			4
Mortgage \| 2019 Asset Acquisition
Debt Instrument
Weighted average interest rate			5.30%	5.50%	5.30%
Liabilities incurred				$ 10,800	$ 7,800
Mortgage premium transferred				$ 400	$ 200
Mortgage \| Prepaid Loans
Debt Instrument
Weighted average interest rate		5.20%
Repayments of debt		$ 48,100
Number of loans \| loan		3
Payments of prepayment penalties		$ 1,000
Mortgage \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| site		3	3		3
Mortgage \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| site			1		1
Mortgage \| Disposed of by Sale
Debt Instrument
Weighted average interest rate				5.00%
Defeasance of debt				$ 11,200
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	4.30%
Line of Credit \| Letter of Credit
Debt Instrument
Line of credit, remaining borrowing amount	$ 350,000
Unsecured line of credit	50,000					$ 160,000
Line of credit facility, potential increase in borrowing capacity	$ 200,000
Line of Credit \| Prepaid Loans
Debt Instrument
Stated interest rate		2.70%
Proceeds from loans		$ 275,400
Debt instrument, term		10 years
Line of Credit \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| site		8
Line of Credit \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| site		4
Minimum \| Secured Debt
Debt Instrument
Stated interest rate						2.70%
Maximum \| Secured Debt
Debt Instrument
Stated interest rate						8.90%

Derivative Instruments and Hedging Activities - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020 USD ($) Rate
Derivative Instruments and Hedging Activities Disclosures
Amount of interest rate risk expected to be reclassified in the next 12 months \| $	$ 1,200,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Notional amount \| $	$ 200,000,000.0
Derivative instrument, underlying rate (percentage) \| Rate	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 \| Rate	1.20%
Loans Payable \| LIBOR \| Maximum
Derivative Instruments and Hedging Activities Disclosures
Debt instrument, variable rate on spread \| Rate	1.90%

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instrument (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Designated as Hedging Instrument \| Interest Rate Swap \| Accounts payable and other liabilities
Derivatives, Fair Value
Derivative liability	$ 1,161	$ 380

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss recognized in OCI on derivative	$ 1,553	$ 1,901
Cash Flow Hedging \| Interest Expense
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss reclassified from accumulated OCI into income	$ 772	$ (640)

Equity Incentive Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.7		$ 2.6	$ 5.6	$ 5.0
Restricted Stock \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		90,933
Shares categorized as vesting (percent)		50.00%
Vesting period		3 years		3 years
Fair value of shares issued		$ 3.3
Shares categorized as performance based (percent)		50.00%
Restricted Stock \| 2014 Plan \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Restricted Stock \| 2014 Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Restricted Stock \| 2014 Plan \| Share-based Payment Arrangement, 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]
Fair value of shares issued		$ 1.1
Grants in period (in shares)		15,154

Reportable Segments - Additional Information (Detail)	6 Months Ended
Reportable Segments - Additional Information (Detail)	Jun. 30, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (38,332)	$ (37,776)	$ (77,356)	$ (75,753)
Gain on sale of real estate, net	0	0	0	52,507
Reconciliation to Consolidated net income:
Income from other investments, net	9,680	10,265	20,739	20,635
General and administrative	(10,609)	(9,225)	(21,464)	(19,134)
Other expenses	(639)	(540)	(1,227)	(967)
Interest and related amortization	(26,249)	(26,024)	(52,322)	(52,417)
Equity in income of unconsolidated joint ventures	1,064	3,226	1,271	4,759
Early debt retirement	0	(1,491)	(1,054)	(1,491)
Consolidated net income	48,853	49,085	119,577	169,620
Total assets	4,268,174	4,014,478	4,268,174	4,014,478	$ 4,151,275
Capital improvements	54,188	69,003	103,147	121,444
Property Operations
Reconciliation to Consolidated net income:
Income from other investments, net	9,680	10,265	20,739	20,635
Total assets	3,998,462	3,766,573	3,998,462	3,766,573
Capital improvements	37,552	28,501	70,157	52,906
Home Sales and Rentals Operations
Reconciliation to Consolidated net income:
Total assets	269,712	247,905	269,712	247,905
Capital improvements	16,636	40,502	32,990	68,538
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	251,277	245,684	529,303	502,037
Operations expenses	(130,472)	(127,451)	(262,837)	(245,340)
Income from segment operations	120,805	118,233	266,466	256,697
Interest income	1,787	1,796	3,590	3,540
Depreciation and amortization	(38,332)	(37,776)	(77,356)	(75,753)
Gain on sale of real estate, net				52,507
Income (loss) from operations	84,260	82,253	192,700	236,991
Operating Segments \| Property Operations
Segment Reporting Information [Line Items]
Operations revenues	238,155	233,848	500,629	479,864
Operations expenses	(119,296)	(116,893)	(237,194)	(225,863)
Income from segment operations	118,859	116,955	263,435	254,001
Interest income	1,061	950	2,136	1,844
Depreciation and amortization	(35,611)	(35,197)	(71,831)	(70,740)
Gain on sale of real estate, net				52,507
Income (loss) from operations	84,309	82,708	193,740	237,612
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	13,122	11,836	28,674	22,173
Operations expenses	(11,176)	(10,558)	(25,643)	(19,477)
Income from segment operations	1,946	1,278	3,031	2,696
Interest income	726	846	1,454	1,696
Depreciation and amortization	(2,721)	(2,579)	(5,525)	(5,013)
Gain on sale of real estate, net				0
Income (loss) from operations	(49)	(455)	(1,040)	(621)
Segment Reconciling Items
Reconciliation to Consolidated net income:
Corporate interest income	4	7	8	14
Income from other investments, net	1,022	879	1,665	1,865
General and administrative	(10,609)	(9,225)	(21,464)	(19,134)
Other expenses	(639)	(540)	(1,227)	(967)
Interest and related amortization	(26,249)	(26,024)	(52,322)	(52,417)
Equity in income of unconsolidated joint ventures	1,064	3,226	1,271	4,759
Early debt retirement	$ 0	$ (1,491)	$ (1,054)	$ (1,491)

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Other income	$ 9,680	$ 10,265	$ 20,739	$ 20,635
Total revenues	254,090	248,366	534,566	507,456
Expenses:
Real estate taxes	16,668	15,107	33,509	30,430
Sales and marketing, gross	4,276	4,214	8,254	7,623
Membership sales commissions, deferred, net	(481)	(389)	(697)	(580)
Total expenses	206,301	202,507	416,260	395,102
Income before equity in income of unconsolidated joint ventures	47,789	45,859	118,306	164,861
Property Operations
Revenues:
Rental income	213,885	208,375	449,249	428,357
Other income	9,680	10,265	20,739	20,635
Total revenues	238,155	233,848	500,629	479,864
Expenses:
Property operating and maintenance	84,020	83,576	166,311	160,320
Real estate taxes	16,668	15,107	33,509	30,430
Sales and marketing, gross	4,276	4,214	8,254	7,623
Membership sales commissions, deferred, net	(481)	(389)	(697)	(580)
Total expenses	119,296	116,893	237,194	225,863
Income before equity in income of unconsolidated joint ventures	118,859	116,955	263,435	254,001
Home Sales and Rentals Operations
Revenues:
Rental home income	4,078	3,632	8,060	7,216
Total revenues	13,122	11,836	28,674	22,173
Expenses:
Property operating and maintenance	1,245	1,292	2,588	2,496
Home selling expenses	1,081	1,102	2,294	2,185
Total expenses	11,176	10,558	25,643	19,477
Income before equity in income of unconsolidated joint ventures	1,946	1,278	3,031	2,696
Annual membership subscriptions
Revenues:
Contract revenue	12,961	12,586	26,034	24,902
Annual membership subscriptions \| Property Operations
Revenues:
Contract revenue	12,961	12,586	26,034	24,902
Membership upgrade sales current period, gross
Revenues:
Contract revenue	5,048	5,041	9,891	8,879
Membership upgrade sales current period, gross \| Property Operations
Revenues:
Contract revenue	5,048	5,041	9,891	8,879
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(2,666)	(2,912)	(5,208)	(4,683)
Membership upgrade sales upfront payments, deferred, net \| Property Operations
Revenues:
Contract revenue	(2,666)	(2,912)	(5,208)	(4,683)
Gross revenues from home sales
Revenues:
Contract revenue	8,866	7,825	20,175	14,300
Expenses:
Cost of home sales	8,850	8,164	20,761	14,796
Gross revenues from home sales \| Home Sales and Rentals Operations
Revenues:
Contract revenue	8,866	7,825	20,175	14,300
Expenses:
Cost of home sales	8,850	8,164	20,761	14,796
Brokered resale revenues, net \| Home Sales and Rentals Operations
Revenues:
Contract revenue	178	379	439	657
Ancillary services \| Property Operations
Revenues:
Contract revenue	(753)	493	(76)	1,774
Ancillary services \| Home Sales and Rentals Operations
Revenues:
Contract revenue	0	0	0	0
Property management
Expenses:
Cost of home sales	14,813	14,385	29,817	28,070
Property management \| Property Operations
Expenses:
Cost of home sales	$ 14,813	$ 14,385	$ 29,817	$ 28,070

Label	Element	Value
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	$ 70,724,000
Dividends	us-gaap_Dividends	65,975,000
Adjustments to Additional Paid in Capital, Other	us-gaap_AdjustmentsToAdditionalPaidInCapitalOther	(143,000)
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	0
Stock Issued During Period, Value, Employee Stock Purchase Plan	us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	619,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,964,000
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	3,962,000
Adjustment For Common Unitholders In Operating Partnership	els_AdjustmentForCommonUnitholdersInOperatingPartnership	0
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital, Other	us-gaap_AdjustmentsToAdditionalPaidInCapitalOther	(143,000)
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	63,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	619,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,964,000
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	3,962,000
Adjustment For Common Unitholders In Operating Partnership	els_AdjustmentForCommonUnitholdersInOperatingPartnership	(277,000)
Accumulated Distributions in Excess of Net Income [Member]
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	66,875,000
Dividends	us-gaap_Dividends	62,385,000
Noncontrolling Interest Of Common Units [Member]
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	3,849,000
Dividends	us-gaap_Dividends	3,590,000
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	(63,000)
Adjustment For Common Unitholders In Operating Partnership	els_AdjustmentForCommonUnitholdersInOperatingPartnership	277,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax	us-gaap_OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTax	$ (1,333,000)