0000895417-21-000014 | 10-K | XBRL Viewer | Equity Lifestyle Properties INC

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2020	Feb. 18, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Address	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 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10,599.0
Entity Common Stock, Shares Outstanding		182,299,709
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Part III incorporates by reference portions of the Registrant's Proxy Statement relating to the Annual Meeting of Stockholders to be held on April 27, 2021.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000895417

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment in real estate:
Land	$ 1,676,636	$ 1,525,407
Land improvements	3,543,479	3,336,070
Buildings and other depreciable property	940,311	881,572
Investment in real estate	6,160,426	5,743,049
Accumulated depreciation	(1,924,585)	(1,776,224)
Net investment in real estate	4,235,841	3,966,825
Cash and restricted cash	24,060	28,860
Notes receivable, net	35,844	37,558
Investment in unconsolidated joint ventures	19,726	20,074
Deferred commission expense	42,472	41,149
Other assets, net	61,026	56,809
Total Assets	4,418,969	4,151,275
Liabilities:
Mortgage notes payable, net	2,444,930	2,049,509
Term loan, net	0	198,949
Unsecured line of credit		160,000
Accounts payable and other liabilities	129,666	124,665
Deferred revenue	138,878	126,814
Accrued interest payable	8,336	8,639
Rents and other customer payments received in advance and security deposits	92,587	91,234
Distributions payable	66,003	58,978
Total Liabilities	3,114,214	2,829,387
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 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 December 31, 2020 and December 31, 2019, respectively; 182,230,631 and 182,089,595 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.	1,813	1,812
Paid-in capital	1,411,397	1,402,696
Distributions in excess of accumulated earnings	(179,523)	(154,318)
Accumulated other comprehensive income (loss)	0	(380)
Total Stockholders’ Equity	1,233,687	1,249,810
Non-controlling interests – Common OP Units	71,068	72,078
Total Equity	1,304,755	1,321,888
Total Liabilities and Equity	4,418,969	4,151,275
Membership upgrade sales upfront payments, deferred, net
Liabilities:
Deferred revenue	138,878	126,814
Deferred revenue – annual membership subscriptions
Liabilities:
Deferred revenue	$ 11,814	$ 10,599

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in 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 (in 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)	182,230,631	182,089,595
Common stock, shares outstanding (in shares)	182,230,631	182,089,595

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 923,743	$ 879,635	$ 821,114
Revenue from contract with customer	21,739	19,111
Other income	46,008	43,063	51,935
Interest income	7,154	7,207	7,525
Income from other investments, net	4,026	9,528	10,842
Total revenues	1,091,448	1,037,256	986,653
Expenses:
Property operating and maintenance	354,340	333,520	319,839
Real estate taxes	66,120	62,338	55,892
Sales and marketing, gross	17,332	15,583	12,542
Membership sales commissions, deferred, net	(1,660)	(1,219)	(813)
Depreciation and amortization	155,131	152,110	137,209
Home selling expenses	4,572	4,401	4,095
General and administrative	39,276	35,679	37,684
Other expenses	2,567	2,865	1,483
Early debt retirement	10,786	1,491	1,071
Interest and related amortization	102,771	104,223	104,993
Total expenses	855,431	802,596	765,206
Gain on sale of real estate, net	0	52,507	0
Income before equity in income of unconsolidated joint ventures	236,017	287,167	221,447
Equity in income of unconsolidated joint ventures	5,399	8,755	4,939
Consolidated net income	241,416	295,922	226,386
Income allocated to non-controlling interests – Common OP Units	(13,132)	(16,783)	(13,774)
Net income available for Common Stockholders	228,268	279,123	212,596
Other comprehensive income (loss):
Adjustment for fair market value of swap	380	(2,679)	1,357
Consolidated comprehensive income	241,796	293,243	227,743
Comprehensive income allocated to non-controlling interests – Common OP Units	(13,154)	(16,633)	(13,861)
Comprehensive income attributable to Common Stockholders	$ 228,626	$ 276,594	$ 213,866
Earnings per Common Share – Basic (usd per share)	$ 1.26	$ 1.54	$ 1.19
Earnings per Common Share – Fully Diluted (usd per share)	$ 1.25	$ 1.54	$ 1.19
Weighted average Common Shares outstanding – Basic (shares)	181,828	180,805	177,928
Weighted average Common Shares outstanding – Fully Diluted (shares)	192,555	191,995	190,110
Redeemable Perpetual Preferred Stock
Expenses:
Redeemable perpetual preferred stock dividends	$ (16)	$ (16)	$ (16)
Other comprehensive income (loss):
Redeemable perpetual preferred stock dividends	(16)	(16)	(16)
Deferred revenue – annual membership subscriptions
Revenues:
Revenue from contract with customer	53,085	51,015	47,778
Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	21,739	19,111	15,191
Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(12,062)	(10,451)	(7,380)
Gross revenues from home sales
Revenues:
Revenue from contract with customer	45,695	34,655	36,064
Expenses:
Cost of goods and services sold	46,229	35,096	37,475
Brokered resale and ancillary services revenues, net
Revenues:
Revenue from contract with customer	2,060	3,493	3,584
Property management
Expenses:
Cost of goods and services sold	$ 57,967	$ 56,509	$ 53,736

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Paid-in Capital	Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Redeemable Perpetual Preferred Stock	Redeemable Perpetual Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Cumulative Effect, Period of Adoption, Adjustment	Distributions in Excess of Accumulated Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Non- Controlling Interests – Common OP Units	Non- Controlling Interests – Common OP Units Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2017	$ 1,100,042	$ (15,186)	$ 1,084,856	$ 1,766	$ 1,766	$ 1,241,226	$ 1,241,226	$ 0	$ 0	$ (211,980)	$ (15,186)	$ (227,166)	$ 942	$ 942	$ 68,088	$ 68,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Common OP Units for Common Stock	0			2		1,023									(1,025)
Issuance of Common Stock through exercise of options	3,823			4		3,819
Issuance of Common Stock through employee stock purchase plan	2,043					2,043
Issuance of Common Stock	78,755			20		78,735
Compensation expenses related to restricted stock and stock options	9,995					9,995
Repurchase of Common Stock or Common OP Units	(3,011)					(3,011)
Adjustment for Common OP Unitholders in the Operating Partnership	0					(3,684)									3,684
Adjustment for fair market value of swap	1,357												1,357
Consolidated net income	226,386							16		212,596					13,774
Distributions	(209,209)							(16)		(196,464)					(12,729)
Other	(1,651)					(1,651)
Ending 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 [Roll Forward]
Exchange of Common OP Units for Common Stock	0			10		6,539									(6,549)
Issuance of Common Stock through exercise of options	53					53
Issuance of Common Stock through employee stock purchase plan	2,429					2,429
Issuance of Common Stock	59,319			10		59,309
Compensation expenses related to restricted stock and stock options	10,481					10,481
Repurchase of Common Stock or Common OP Units	(53)					(53)
Adjustment for Common OP Unitholders in the Operating Partnership	0					(3,210)									3,210
Adjustment for fair market value of swap	(2,679)												(2,679)
Consolidated net income	295,922							16		279,123					16,783
Distributions	(235,581)							(16)		(222,407)					(13,158)
Other	(1,347)					(1,347)
Ending balance at Dec. 31, 2019	$ 1,321,888	$ (3,875)		1,812		1,402,696		0		(154,318)	$ (3,875)		(380)		72,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Exchange of Common OP Units for Common Stock	$ 0			1		81									(82)
Issuance of Common Stock through employee stock purchase plan	2,026					2,026
Compensation expenses related to restricted stock and stock options	11,527					11,527
Repurchase of Common Stock or Common OP Units	(3,962)					(3,962)
Adjustment for Common OP Unitholders in the Operating Partnership	0					(300)									300
Adjustment for fair market value of swap	380												380
Consolidated net income	241,416							16		228,268					13,132
Distributions	(263,974)							(16)		(249,598)					(14,360)
Other	(671)					(671)
Ending balance at Dec. 31, 2020	$ 1,304,755			$ 1,813		$ 1,411,397		$ 0		$ (179,523)			$ 0		$ 71,068

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows From Operating Activities:
Consolidated net income	$ 241,416	$ 295,922	$ 226,386
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net	0	(52,507)	0
Early debt retirement	10,786	1,491	1,071
Depreciation and amortization	157,760	153,980	138,688
Amortization of loan costs	3,473	3,479	3,564
Debt premium amortization	(394)	(483)	(2,259)
Equity in income of unconsolidated joint ventures	(5,399)	(8,755)	(4,939)
Distributions of income from unconsolidated joint ventures	95	5,133	4,122
Proceeds from insurance claims, net	(1,697)	(3,530)	(8,525)
Compensation expense related to restricted stock and stock options	11,527	10,481	9,995
Revenue recognized from membership upgrade sales upfront payments	(9,675)	(8,660)	(7,811)
Commission expense recognized related to membership sales	3,673	3,667	3,609
Long-term incentive plan compensation	1,531	(2,843)	1,176
Changes in assets and liabilities:
Notes receivable, net	(1,166)	(2,836)	(247)
Deferred commission expense	(4,995)	(4,508)	(4,274)
Other assets, net	34,048	11,621	26,898
Accounts payable and other liabilities	3,386	15,578	9,615
Deferred revenue	12,064	10,451
Rents and other customer payments received in advance and security deposits	(786)	6,635	1,701
Net cash provided by operating activities	466,537	443,520	414,084
Cash Flows From Investing Activities:
Real estate acquisitions, net	239,067	185,411	234,108
Proceeds from disposition of properties, net	0	77,746	0
Investment in unconsolidated joint ventures	0	(983)	(4,497)
Distributions of capital from unconsolidated joint ventures	5,648	6,352	396
Proceeds from insurance claims	122	8,200	7,943
Repayments of notes receivable	0	0	13,823
Issuance of notes receivable	0	0	0
Capital improvements	(217,082)	(257,993)	(181,622)
Net cash used in investing activities	(450,379)	(352,089)	(398,065)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	2,027	2,482	5,813
Gross proceeds from the issuance of common stock	0	59,319	78,755
Distributions:
Common Stockholders	(242,948)	(216,098)	(190,211)
Common OP Unitholders	(13,983)	(13,104)	(12,411)
Preferred Stockholders	(16)	(16)	(16)
Share based award tax withholding payments	(3,962)	(53)	(2,958)
Principal payments and mortgage debt repayment	(468,278)	(121,028)	(245,335)
Mortgage notes payable financing proceeds	662,309	0	421,774
Line of Credit repayment	(390,500)	(155,500)	(284,000)
Line of Credit proceeds	452,500	315,500	254,000
Debt issuance and defeasance costs	(17,434)	(1,700)	(6,436)
Redemption of preferred stock	0	0	0
Other	(673)	(1,347)	(1,651)
Net cash (used in) provided by financing activities	(20,958)	(131,545)	17,324
Net increase (decrease) in cash and restricted cash	(4,800)	(40,114)	33,343
Cash and restricted cash, beginning of period	28,860	68,974	35,631
Cash and restricted cash, end of period	24,060	28,860	68,974
Supplemental information:
Cash paid for interest	100,686	102,027	102,377
Net investment in real estate – reclassification of rental homes	38,845	28,260	30,799
Other assets, net – reclassification of rental homes	(38,845)	(28,260)	(30,799)
Real estate acquisitions:
Investment in real estate	(248,100)	(249,197)	(265,129)
Investment in unconsolidated joint ventures	0	35,789	0
Other assets, net	(153)	(1,646)	(59)
Debt assumed	6,873	19,212	9,200
Debt financed	0	0	8,786
Other liabilities	2,313	10,431	13,094
Real estate acquisitions, net	(239,067)	(185,411)	(234,108)
Real estate dispositions:
Investment in real estate	0	35,572	0
Notes receivable, net	0	295	0
Other assets, net	0	97	0
Mortgage notes payable, net	0	(11,175)	0
Other liabilities	0	450	0
Gain on sale of real estate, net	0	52,507	0
Real estate dispositions, net	0	77,746	0
Deferred revenue – upfront payments from membership upgrade sales
Changes in assets and liabilities:
Deferred revenue	21,739	19,111	15,191
Deferred revenue – annual membership subscriptions
Changes in assets and liabilities:
Deferred revenue	$ 1,215	$ 544	$ 123

Organization	12 Months Ended
Organization	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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. Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes. We believe we have qualified for taxation as a REIT. To maintain our qualification as a REIT, we must meet certain requirements, which are highly technical and complex. If we fail to qualify as a REIT, we could be subject to U.S. federal income tax at regular corporate rates. Additionally, we could remain disqualified as a REIT for four years following the year we first failed to qualify. Even as a REIT, we are subject to certain foreign, state and local taxes on our income and property and U.S. federal income and excise taxes on our undistributed income. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. We are the general partner of the Operating Partnership and own 94.6% as of December 31, 2020. We contributed the proceeds from our various equity offerings, including our initial public offering, to the Operating Partnership. In exchange for these contributions, we received units of common interests in the partnership ("OP Units") equal to the number of shares of common stock issued in such equity offerings. The limited partners of the Operating Partnership (the "Common OP Unitholders") receive an allocation of net income that is based on their respective ownership percentage in the Operating Partnership that is presented on the consolidated financial statements as Non-controlling interests—Common OP Units. As of December 31, 2020, the Non-controlling interests—Common OP Units were 10,479,194, which are exchangeable for an equivalent number of shares of our common stock or, at our option, cash. The issuance of additional shares of common stock or OP Units would change the respective ownership of the Operating Partnership for the Common OP Unitholders. Since certain activities, if performed by us, may not be qualifying REIT activities under the Internal Revenue Code of 1986, as amended (the "Code"), we have formed Taxable REIT subsidiaries (each, a "TRS") to engage in such activities. Realty Systems, Inc. ("RSI") is our wholly-owned TRS, which owns several Properties. Additionally, RSI is engaged in the business of purchasing, selling and leasing factory-built homes located in Properties owned and managed by us. RSI also offers home sales brokerage services to our residents who choose to sell their homes as opposed to relocating them when moving from a Property. Subsidiaries of RSI also operates ancillary activities at certain Properties consisting of operations such as golf courses, pro shops, stores and restaurants.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements present the results of operations, financial position and cash flows of ELS, its majority-owned and controlled subsidiaries and variable interest entities ("VIEs") in which ELS is the primary beneficiary. Intercompany balances and transactions have been eliminated.

The Operating Partnership meets the criteria as a VIE, where we are the general partner and controlling owner of approximately 94.6%. The limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. Additionally, we have the power to direct the Operating Partnership's activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary and we have continued to consolidate the Operating Partnership.

Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for VIEs in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over the 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.

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 unit split of the outstanding OP Units. All shares of common stock and OP Units and per share data in the consolidated financial statements and accompanying footnotes, for all periods presented, have been adjusted to reflect the stock split.

(b)Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property and site counts and acreage amounts are unaudited.

Investment in real estate is recorded at cost less accumulated depreciation. Direct and indirect costs related to real estate improvement projects are capitalized, including salaries and related benefits of employees who are directly responsible for and spend their time on the execution and supervision of such projects. Land improvements consist primarily of improvements such as grading, landscaping and infrastructure items, such as streets, sidewalks or water mains. Improvements to buildings and other depreciable property include clubhouses, laundry facilities, maintenance storage facilities, rental units and furniture, fixtures and equipment.

For development and expansion projects, we capitalize direct project costs, such as construction, architectural and legal, as well as, indirect project costs such as interest, real estate taxes and salaries and related benefits of employees who are directly involved in the project. Capitalization of these costs begins when the activities and related expenditures commence and cease when the project, or a portion of the project, is substantially complete and ready for its intended use.

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


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

Long-lived assets to be held and used, including our investment in real estate, are evaluated for impairment indicators quarterly or whenever events or changes in circumstances indicate a possible impairment. Our judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, environmental and legal factors. Future events could occur which would cause us to conclude that impairment indicators exist and an impairment loss is warranted.

If an impairment indicator exists related to a long-lived asset that is held and used, the expected future undiscounted cash flows are compared against the carrying amount of that asset. Forecasting cash flows requires us to make estimates and assumptions on various inputs including, but not limited to, rental revenue and expense growth rates, occupancy, levels of capital expenditure and capitalization rates. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the carrying amount in excess of the estimated fair value, if any, of the asset. For the periods presented, no impairment losses were recorded.

(d) Acquisitions

On January 1, 2018, we adopted ("ASU 2017-01") Business Combinations: Clarifying the Definition of a Business (Topic 805) on a prospective basis. We apply a screen test to evaluate if substantially all the fair value of the acquired property is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. As most of our real estate acquisitions are concentrated in either a single or a group of similar identifiable assets, our real estate transactions are generally accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property.

In estimating the fair values for purposes of allocating the purchase price, we utilize a number of sources, including independent appraisals or internal valuations that may be available in connection with the acquisition or financing of the respective Property and other market data. We also consider information obtained about each Property as a result of our due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed.

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

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

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

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

In-place leases – In-place leases are determined via a combination of estimates of market rental rates and expense reimbursement levels as well as an estimate of the length of time required to replace each lease.

Above-market assets/below-market liabilities – Income approach based on discounted cash flows comparing contractual cash flows to be paid pursuant to the leases and our estimate of fair market lease rates over the remaining non-cancelable lease terms. For below-market leases, we also consider remaining initial lease terms plus any renewal periods.

Notes receivable – Income approach based on discounted cash flows comparing contractual cash flows at a market rate adjusted based on particular notes' or note holders' down payment, credit score and delinquency status.

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

(e) Intangibles and Goodwill

We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the Property or business acquired. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying

amounts may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.

The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed in a business combination is recorded as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired.

As of December 31, 2020 and 2019, the gross carrying amount of identified intangible assets and goodwill was $12.5 million and $12.1 million, respectively, which is reported as a component of other assets, net on the Consolidated Balance Sheets. As of December 31, 2020 and 2019, this amount was comprised of $4.7 million and $4.3 million, respectively of identified intangible assets and $7.8 million of goodwill. Accumulated amortization of identified intangibles assets was $3.2 million and $3.1 million as of December 31, 2020 and 2019, respectively.

(f) Assets Held for Sale

In determining whether to classify a real estate asset held for sale, we consider whether: (i) management has committed to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) we have initiated a program to locate a buyer; (iv) we believe that the sale of the real estate asset is probable within one year; (v) we are actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for us to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, we classify the real estate asset as held for sale. When all of the above criteria are met, we discontinue depreciation or amortization of the asset, measure it at the lower of its carrying amount or its fair value less estimated cost to sell, and present it separately as assets held for sale, net on the Consolidated Balance Sheets. We also present the liabilities related to assets held for sale, if any, separately on the Consolidated Balance Sheets. In connection with the held for sale evaluation, if the disposal represents a strategic shift that has, or will have, a major effect on the consolidation financial statement, then the transaction is presented as discontinued operations.

(g) Restricted Cash

As of December 31, 2020 and 2019, restricted cash consists of $24.1 million and $25.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

(h) Fair Value of Financial Instruments

We disclose the estimated fair value of our financial instruments according to a fair value hierarchy. The valuation hierarchy is based on the transparency of the lowest level of input that is significant to the valuation of an asset or a liability as of the measurement date. The three levels are defined as follows:

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

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

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

The carrying values of cash and restricted cash, accounts receivable and accounts payable approximate their fair market values due to the short-term nature of these instruments. The carrying value of the notes receivable approximates the fair market value as the interest rates are generally comparable to current market rates. Concentrations of credit risk with respect to notes receivable are limited due to the size of the receivable and geographic diversity of the underlying Properties.

The fair market value of mortgage notes payable is measured with Level 2 inputs using quoted prices and observable inputs from similar liabilities as disclosed in Note 9. Borrowing Arrangements.

We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions as disclosed in Note 6. Investment in Real Estate.

(i) Deferred Financing Costs, Net

Deferred financing costs are being amortized over the terms of the respective loans on a straight-line basis. Unamortized deferred financing costs are written-off when debt is retired before the maturity date. Deferred financing costs, net were $27.9 million and $24.0 million as of December 31, 2020 and 2019, respectively.

(j) Allowance for Doubtful Accounts

Our allowance for doubtful accounts is comprised of our reserves for receivable from tenants, receivable for annual membership subscriptions, Contracts Receivable and Chattel Loans (See Note 8. Notes Receivable, Net for definition of these terms). The allowance reflects our best estimate of collectibility risks on outstanding receivables. Our allowance for doubtful accounts was as follows:


	December 31,
(amounts in thousands):	2020		2019		2018
Balance, beginning of year	$	6,586	$	5,230	$	5,545
Change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326)) (1)	3,875		—		—
Provision for losses	7,287		3,929		4,154
Write-offs	(3,288)		(2,573)		(4,469)
Balance, end of year	$	14,460	$	6,586	$	5,230

(1) See Note 2. (o) Summary of Significant Accounting Policies for more detail.

(k) Revenue Recognition

Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. 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. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with the Accounting Standard Codification (ASC) 842, Leases, and is recognized over the term of the respective lease or the length of a customer's stay. We do not separate expenses reimbursed by our customers ("utility recoveries") from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same and as our leases qualify as operating leases, we account for and present rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income.

A membership subscription gives the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period in which access to Sites at certain Properties are provided. 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, which is our estimated membership upgrade contract term. 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. Sales from membership subscriptions, upgrades and home sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers.

(l) Stock Based Compensation

Stock-based compensation expense for restricted stock awards with service conditions is measured based on the grant date fair value and recognized on a straight-line basis over the requisite service period of the individual grants.

Stock-based compensation expense for restricted stock awards with performance conditions is measured based on the grant date fair value and recognized on a straight-line basis over the performance period of the individual grants, when achieving the performance targets is considered probable. We estimate and revisit the probability of achieving the performance targets periodically by updating our forecasts throughout the performance period as necessary.

We also issue stock options by estimating the grant date fair value using the Black-Scholes option-pricing model and recognizing over the vesting period for options that are expected to vest. We estimate forfeitures at the time of grant based on

historical experience, updated for changes in facts and circumstances, as appropriate, and in subsequent periods if actual forfeitures differ from those estimates. The expected volatility assumption is calculated based on our historical volatility, which is calculated over a period of time commensurate with the expected term of the options being valued. The risk-free interest rate assumption is based upon the U.S. Treasury yield curve in effect at the time of grant. The dividend yield assumption is based on our expectation of dividend payouts.

(m) Non-Controlling Interests

The OP Units are exchangeable for shares of common stock on a one-for-one basis at the option of the Common OP Unitholders, which we may, in our discretion, cause the Operating Partnership to settle in cash. The exchange is treated as a capital transaction, which results in an allocation between stockholders' equity and non-controlling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

Net income is allocated to Common OP Unitholders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of OP Units held by the Common OP Unitholders by the total OP Units held by the Common OP Unitholders and the shares of common stock held by the common stockholders. Issuance of additional shares of common stock or OP Units would change the percentage ownership of both the Non-controlling interests – Common OP Units and the common stockholders.

(n) Income Taxes

Due to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT. As of both December 31, 2020 and 2019, the REIT had a federal net operating loss carryforward of approximately $74.1 million. The REIT is entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, no net tax asset has been recorded as of December 31, 2020 and 2019.

In addition, we own certain TRSs, which are subject to federal and state income taxes at regular corporate tax rates. Overall, the TRSs have federal net operating loss carryforwards. Due to the uncertainty regarding the realization of these deferred tax assets, we have maintained a full valuation allowance as of December 31, 2020 and 2019.

The REIT remains subject to certain foreign, state and local income, excise or franchise taxes; however, they are not material to our operating results or financial position. We do not have unrecognized tax benefit items.

We, or one of our Subsidiaries, file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and Canada. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016.

As of December 31, 2020, net investment in real estate and notes receivable had a U.S. federal tax basis of approximately $4.0 billion (unaudited) and $40.7 million (unaudited), respectively.

During the years ended December 31, 2020, 2019 and 2018, our tax treatment of common stock distributions, as adjusted for the stock split, was as follows (unaudited):


	2020		2019		2018
Tax status of common stock distributions deemed paid during the year:
Ordinary income	$	1.234	$	1.241	$	1.069
Long-term capital gains	0.006		—		—
Non-dividend distributions	0.057		—		—
Distributions declared per common stock outstanding	$	1.297	$	1.241	$	1.069

The quarterly dividend paid on January 10, 2020 is a split-year distribution with $0.015462 (unaudited) per share of common stock considered a distribution made in 2020 for federal income tax purposes. The quarterly distribution paid on January 8, 2021 is a split year distribution with $0.254699 (unaudited) per share of common stock considered a distribution made in 2020 and $0.087801 (unaudited) allocable to 2021 for federal income tax purposes.

(o) 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 December 31, 2020
(amounts in thousands)
Annual membership subscriptions	Other assets, net	$	2,394	$	(1,361)	$	1,033	$	1,857
Membership upgrades	Notes receivable, net	$	25,236	$	(2,514)	$	22,722	$	25,427

Leases

12 Months Ended

Dec. 31, 2020

Leases, Operating [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 December 31, 2020
2021	$	133,385
2022	136,225
2023	92,816
2024	43,512
2025	21,915
Thereafter	74,196
Total	$	502,049

Lessee

We lease land under non-cancelable operating leases at 13 Properties expiring at various dates between 2022 and 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 years ended December 31, 2020, 2019 and 2018, total operating lease payments were $9.9 million, $9.3 million and $8.3 million, respectively.

The following table presents the operating lease payments for the year ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Fixed lease cost:
Ground leases	$	5,912	$	5,727	$	5,537
Office and other leases	3,243		2,869		2,114
Variable lease cost:
Ground leases	652		639		599
Office and other leases	111		72		39
Total lease cost	$	9,918	$	9,307	$	8,289

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 December 31, 2020:


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,960	$	3,209	$	5,169
2022 (a)	1,490		1,531		3,021
2023	545		1,240		1,785
2024	545		897		1,442
2025	545		766		1,311
Thereafter	4,493		2,125		6,618
Total undiscounted rental payments	9,578		9,768		19,346
Less imputed interest	(2,044)		(908)		(2,952)
Total lease liabilities	$	7,534	$	8,860	$	16,394

_____________________

(a)The leases of our four Westwinds Properties expire on August 31, 2022 and do not contain extension options. See Note 16. Commitments and Contingencies for more details on the Westwinds leases.

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 $15.7 million and $16.4 million, respectively, as of December 31, 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 December 31, 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 December 31, 2020
2021	$	133,385
2022	136,225
2023	92,816
2024	43,512
2025	21,915
Thereafter	74,196
Total	$	502,049

Lessee

The following table presents the operating lease payments for the year ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Fixed lease cost:
Ground leases	$	5,912	$	5,727	$	5,537
Office and other leases	3,243		2,869		2,114
Variable lease cost:
Ground leases	652		639		599
Office and other leases	111		72		39
Total lease cost	$	9,918	$	9,307	$	8,289


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,960	$	3,209	$	5,169
2022 (a)	1,490		1,531		3,021
2023	545		1,240		1,785
2024	545		897		1,442
2025	545		766		1,311
Thereafter	4,493		2,125		6,618
Total undiscounted rental payments	9,578		9,768		19,346
Less imputed interest	(2,044)		(908)		(2,952)
Total lease liabilities	$	7,534	$	8,860	$	16,394

_____________________

(a)The leases of our four Westwinds Properties expire on August 31, 2022 and do not contain extension options. See Note 16. Commitments and Contingencies for more details on the Westwinds leases.

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.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each year. The following table sets forth the computation of basic and diluted earnings per share of common stock (Common Share), as adjusted for the stock split, for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands, except per share data)	2020		2019		2018
Numerators:
Net income available to Common Stockholders—Basic	$	228,268	$	279,123	$	212,596
Amounts allocated to dilutive securities	13,132		16,783		13,774
Net income available to Common Stockholders—Fully Diluted	$	241,400	$	295,906	$	226,370
Denominator:
Weighted average Common Shares outstanding—Basic	181,828		180,805		177,928
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,484		10,934		11,586
Stock options and restricted stock	243		256		596
Weighted average Common Shares outstanding—Fully Diluted	192,555		191,995		190,110


Earnings per Common Share—Basic:	$	1.26	$	1.54	$	1.19

Earnings per Common Share—Fully Diluted:	$	1.25	$	1.54	$	1.19

Common Stock and Other Equity Related Transactions

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Common Stock and Other Equity Related Transactions

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.

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.

Equity Offering Program

On July 30, 2020, we entered into our current at-the-market ("ATM") equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our Common Stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million. As of December 31, 2020, we have $200.0 million of common stock available for issuance.

The following table presents the shares that were issued under our ATM equity offering programs, as adjusted for the stock split, during the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands, except share data)	2020		2019		2018
Shares of common stock sold	—		1,010,472		1,722,282
Weighted average price	$	—	$	58.71	$	45.73
Total gross proceeds	$	—	$	59,319	$	78,755
Commissions paid to sales agents	$	—	$	771	$	1,028

Employee Stock Purchase Plan

On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2020, 2019 and 2018 were 31,385, 40,934 and 44,142, respectively. As of December 31, 2020, 743,194 shares remained available to be sold under the ESPP, subject to adjustment by our Board of Directors.

Exchanges

Subject to certain limitations, Common OP Unitholders 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.

Common Stock Activity and Distributions

The following table presents the changes in our outstanding common stock (excluding OP Units of 10,479,194, 10,491,222, and 11,491,932 outstanding at December 31, 2020, 2019 and 2018, respectively), as adjusted for the stock split:


	Years Ended December 31,
	2020	2019	2018
Shares outstanding at January 1,	182,089,595	179,842,036	177,170,320
Common stock issued through the ATM Equity Offering Program and its predecessor	—	1,010,472	1,722,282
Common stock issued through exchange of OP Units	12,028	997,750	176,268
Common stock issued through exercise of options	—	5,600	405,600
Common stock issued through restricted stock grants	151,104	193,262	385,010
Common stock forfeitures	—	—	—
Common stock issued through ESPP and Dividend Reinvestment Plan	32,099	41,589	45,144
Common stock repurchased and retired	(54,195)	(1,114)	(62,588)
Shares outstanding at December 31,	182,230,631	182,089,595	179,842,036

During the years ended December 31, 2020, 2019 and 2018, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $73.12, $47.48 and $48.12 per share, respectively.

As of December 31, 2020, 2019 and 2018, ELS' percentage ownership of the Operating Partnership was approximately 94.6%, 94.6% and 94.0%, respectively. The remaining approximately 5.4%, 5.4% and 6.0% as of December 31, 2020, 2019 and 2018, respectively, was owned by the Common OP Unitholders.

The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2018:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.2750

March 31, 2018

March 30, 2018

April 13, 2018

$0.2750

June 30, 2018

June 29, 2018

July 13, 2018

$0.2750

September 30, 2018

September 28, 2018

October 12, 2018

$0.2750

December 31, 2018

December 28, 2018

January 11, 2019

$0.3063

March 31, 2019

March 29, 2019

April 12, 2019

$0.3063

June 30, 2019

June 28, 2019

July 12, 2019

$0.3063

September 30, 2019

September 27, 2019

October 11, 2019

$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

$0.3425

September 30, 2020

September 25, 2020

October 9, 2020

$0.3425

December 31, 2020

December 24, 2020

January 8, 2021

Investment in Real Estate

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Investment in Real Estate

Acquisitions

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

During the year ended December 31, 2020, we acquired one MH community, seven RV communities and one marina for a combined purchase price of $209.2 million, including:

•Dolce Vita at Superstition Mountain, an MH community located in Apache Junction, Arizona,

•Meridian RV Resort, an RV community located in Apache Junction, Arizona,

•Marina Dunes RV Park, an RV community located in Marina, California,

•Marker 1 Marina, a marina located in Dunedin, Florida,

•Acorn Campground, an RV community located in Green Creek, New Jersey,

•Topsail Sound, an RV community located in Holly Ridge, North Carolina,

•Harbor Point, an RV community located in Sneads Ferry, North Carolina, and

•Leisure World and Trails End, two RV communities located in Weslaco, Texas.

These properties contain 2,772 Sites. We also completed the acquisition of three development assets, including The Resort at Tranquility Lake, located in Cape Coral, Florida, Bayport, located in Jamaica, Virginia, and a development property adjacent to our Voyager joint venture, located in Tuscon, Arizona, for a combined purchase price of $23.7 million. We also acquired additional assets, including nine land parcels, for a combined purchase price of $15.2 million. All acquisitions were accounted for as asset acquisitions. As a result of these acquisitions, we assumed approximately $6.9 million of mortgage debt. The remaining purchase price was funded through new debt financing, our unsecured Line of Credit ("LOC") and available cash.

During the year ended December 31, 2019, we acquired four RV communities, including White Oak Shores, located in Stella, North Carolina, Round Top and Drummer Boy, located in Gettysburg, Pennsylvania, and Lake of the Woods, located in Wautoma, Wisconsin for a combined purchase price of $58.3 million. These properties contain 1,614 Sites. As a result of these acquisitions, we assumed approximately $18.6 million of mortgage debt, excluding mortgage premiums of $0.6 million. The remaining purchase price was funded with available cash. We also completed the acquisition of the remaining interest in our joint venture investment of 11 marinas in Florida for a purchase price of approximately $49.0 million. As part of the acquisition, we also funded the repayment of the joint venture's non-transferable debt of approximately $72.0 million. The transaction was funded with proceeds from the LOC. In addition, the gross carrying value of the joint venture investment of $35.8 million was included in the total fair value of $162.2 million that was allocated to the real estate assets. We also acquired additional assets, including three land parcels, for a combined purchase price of $28.1 million. All acquisitions were accounted for as asset acquisitions.

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

We engaged third-party valuation firms to assist with our purchase price allocation when necessary. The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2020, 2019 and 2018, which we determined using Level-3 inputs for land and buildings and other depreciable property and Level-2 inputs for the others:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Assets acquired
Land	$	150,909	$	116,575	$	171,111
Buildings and other depreciable property	87,749		125,721		84,019
Manufactured homes (a)	2,621		1,382		140
In-place leases (a)	6,821		5,519		9,859
Net investment in real estate	$	248,100	$	249,197	$	265,129
Other assets	153		1,646		59
Total assets acquired	$	248,253	$	250,843	$	265,188
Liabilities assumed
Mortgage notes payable	$	6,873	$	19,212	$	9,200
Below-market lease liability (b)	—		—		10,645
Other liabilities	2,313		10,431		2,449
Total liabilities assumed	$	9,186	$	29,643	$	22,294
Net assets acquired	$	239,067	$	221,200	$	242,894

_____________________

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

(b)Below-market lease liability is included in accounts payable and other liabilities on the Consolidated Balance Sheets.

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. The assets sold included $35.4 million of net investment in real estate and $0.5 million of other assets that were held for sale as of December 31, 2018. In connection with the sale of these communities, we defeased $11.2 million of mortgage debt that was secured by these communities. The associated assets and liabilities were classified as held for sale as of December 31, 2018.

Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 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 for the years ended December 31, 2020 and 2019, respectively):


						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites	Economic Interest (a)			2020		2019		2020		2019		2018
Meadows	Various (2,2)	1,077	50	%		$	—	$	146	$	1,879	$	1,400	$	1,839
Lakeshore	Florida (3,3)	721	(b)			2,281		2,467		1,405		263		22
Voyager	Arizona (1,1)	1,801	50	%	(c)	83		599		1,616		2,951		995
Loggerhead	Florida	2,343	—	%	(d)	—		—		—		3,501		1,486
ECHO JV	Various	—	50	%		17,362		16,862		499		640		597
		5,942				$	19,726	$	20,074	$	5,399	$	8,755	$	4,939

_____________________

(a)The percentages shown approximate our economic interest as of December 31, 2020. Our legal ownership interest may differ.

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

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

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

We recognized $5.4 million, $8.8 million, and $4.9 million (net of $0.7 million, $1.2 million and $1.8 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2020, 2019 and 2018, respectively. We received approximately $5.7 million, $11.5 million and $4.5 million in distributions from joint ventures for the years ended December 31, 2020, 2019 and 2018, respectively. Approximately $4.8 million, $3.5 million and $0.2 million of the distributions made to us exceeded our basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2020, 2019, and 2018 respectively.

Notes Receivable, Net	12 Months Ended
Notes Receivable, Net	Dec. 31, 2020
Receivables [Abstract]
Notes Receivable, Net	Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. We provide financing for non-refundable upfront payments required for membership upgrades ("Contracts Receivable"). As of December 31, 2020 and 2019, Contracts Receivable, net of allowance, was $25.4 million and $25.2 million, respectively. Contracts Receivable, as of December 31, 2020, had an average stated interest rate of 16.7% per annum, a weighted average term remaining of 4.2 years and require monthly payments of principal and interest. In certain cases, we purchase loans made by an unaffiliated lender to finance the sales of homes to our customers at our Properties (referred to as "Chattel Loans"). These loans are secured by the underlying homes sold and require monthly principal and interest payments. As of December 31, 2020 and 2019, we had $10.4 million and $12.3 million of Chattel Loans, respectively. As of December 31, 2020, the Chattel Loans receivable had an average stated interest rate of approximately 7.6% per annum and had a weighted average term remaining of approximately 11 years.

Borrowing Arrangements

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Mortgage Notes Payable

Our mortgage notes payable is classified as Level 2 in the fair value hierarchy as of December 31, 2020 and 2019. The following table presents the fair value of our mortgage notes payable:


	As of December 31, 2020				As of December 31, 2019
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,537,137	$	2,472,876	$	2,227,185	$	2,072,416

As of December 31, 2020 and 2019, we had outstanding mortgage indebtedness on Properties of approximately $2,444.9 million and $2,049.5 million, respectively, excluding liabilities classified as held for sale and net of deferred financing costs. The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of December 31, 2020 and December 31, 2019, was approximately 4.1% and 4.5% per annum, respectively. The debt bears interest at stated rates ranging from 2.5% to 8.9% per annum and matures on various dates ranging from 2022 to 2041. The debt encumbered a total of 116 of our Properties as of December 31, 2020 and December 31, 2019 and the gross carrying value of such Properties was approximately $2,580.9 million and $2,524.7 million, as of December 31, 2020 and December 31, 2019, respectively.

2020 Activity

We entered into two secured credit facilities with Fannie Mae, for total gross proceeds of $662.3 million. The average maturity for these credit facilities is 12 years and has a weighted average interest rate of 2.6%. The facilities were secured by 18 MH and four RV communities.

We also repaid $48.1 million of principal on three mortgage loans that were due to mature in 2020 and $166.8 million of principal on secured loans that were due to mature in 2021. The secured loans had a weighted average interest rate of approximately 5.1% per annum and were secured by 21 MH and three RV communities. As part of the repayment of the loans, we incurred early debt retirement costs of $9.0 million.

2019 Activity

We defeased mortgage debt of $11.2 million in conjunction with the disposition of the 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 $18.6 million, excluding mortgage note premium of $0.6 million, in connection with the acquisitions that were closed during the year ended December 31, 2019. These loans carry a weighted average interest rate of 5.4% per annum and mature between 2022 and 2024.

We also 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 mortgage loans had a weighted average interest rate of 6.9% per annum and were secured by three MH and one RV communities.

2018 Activity

We entered into two secured credit facilities with gross proceeds of $357.8 million, with a weighted average maturity of 14.8 years and a weighted average interest rate of 4.2%. We also closed on one loan secured by two RV communities for gross proceeds of $64.0 million. The loan has a term of 20 years and carries an interest rate of 4.8% per annum. Additionally, in connection with the Serendipity acquisition, we assumed $9.2 million of debt and obtained $8.8 million of additional financing for a total of $18.0 million, secured by the MH community. The debt carries a weighted average interest rate of 4.8% and matures in 2039.

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

Second Amended and Restated Unsecured Credit Facility

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

We repaid our $200.0 million senior unsecured term loan (the “Term Loan”) scheduled to mature in 2023. The term loan had an interest rate of LIBOR plus 1.20% to 1.90% per annum and, subject to certain conditions, could be prepaid at any time without premium or penalty. In connection with the term loan, we entered into a LIBOR swap agreement allowing us to trade the variable rate of LIBOR on the term loan for a fixed rate of 1.85%. Our spread over LIBOR was 1.20% resulting in an all-in interest rate of 3.05% per annum. In connection with the repayment of the unsecured term loan, we terminated the associated swap agreement as disclosed in Note 10. Derivative Instruments and Hedging Activities. As part of the repayment of the term loan, we incurred early debt retirement costs of $0.8 million.

Unsecured Line of Credit

During the year ended December 31, 2020, we paid off and borrowed amounts on our LOC, leaving a balance of $222.0 million outstanding as of December 31, 2020. As of December 31, 2020, our LOC has a remaining borrowing capacity of $178.0 million with the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. The LOC had a $160.0 million outstanding balance as of December 31, 2019.

Future Maturities of Debt

The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2020:


(amounts in thousands)	Amount
2021	$	53,611
2022	194,414
2023	141,795
2024	60,856
2025	138,043
Thereafter	1,883,491
Net unamortized premiums	666
Unamortized deferred financing costs	(27,946)
Total	$	2,444,930

As of December 31, 2020, we were in compliance in all material respects with the covenants in our borrowing arrangements.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 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. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in our exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

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

During the year ended December 31, 2020, in connection with the repayment of our $200.0 million unsecured term loan (See Note 9. Borrowing Arrangements for additional information), we terminated the interest rate swap that was scheduled to mature on November 1, 2020. As a result of the interest rate swap termination, we incurred an early termination fee of $0.9 million, which was recognized in the Consolidated Statements of Income and Comprehensive Income.

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 December 31,
(amounts in thousands)	Balance Sheet Location	2020		2019
Interest Rate Swap	Accounts payable and other liabilities	$	—	$	380

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,						Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,
(amounts in thousands)	2020		2019		2018		(amounts in thousands)	2020		2019		2018
Interest Rate Swap	$	1,561	$	1,847	$	(1,613)	Interest Expense	$	1,941	$	(832)	$	(256)

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense

The components of the change in deferred revenue entry of membership subscriptions and deferred commission expense were as follows:


	As of
(amounts in thousands)	2020		2019
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$	126,814	$	116,363
Membership upgrade sales current period, gross	21,739		19,111
Revenue recognized from membership upgrade sales upfront payments	(9,675)		(8,660)
Net increase in deferred revenue - upfront payments from membership grade sales	12,064		10,451
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$	138,878	$	126,814

Deferred commission expense as of December 31	$	41,149	$	40,308
Deferred commission expense	4,995		4,508
Commission expense recognized	(3,673)		(3,667)
Net increase in deferred commission expense	1,322		841
Deferred commission expense as of December 31,	$	42,471	$	41,149

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	We lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Samuel Zell, Chairman of our Board of Directors. Payments made in accordance with the lease agreement to this entity amounted to approximately $1.6 million for the year ended December 31, 2020, $1.7 million for the year ended December 31, 2019, and $1.4 million for the year ended December 31, 2018.

Equity Incentive Awards

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity Incentive Awards

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

Equity awards under the 2014 Plan are made by the Compensation Committee, who determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award. Grants to directors are determined by the Board of Directors. As of December 31, 2020, 5,513,458 shares remained available for future grants.

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

Grants Issued

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.

During the quarter ended September 30, 2020, we awarded to certain members of our Board of Directors 60,171 shares of restricted stock at a fair value of approximately $4.0 million and options to purchase 16,090 shares of common stock with an exercise price of $66.81. These are time-based awards subject to various vesting dates between January 28, 2021 and July 28, 2023.

Stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the years ended December 31, 2020, 2019 and 2018 was $11.5 million, $10.5 million and $10.0 million, respectively.

Restricted Stock

A summary of our restricted stock activities and related information, as adjusted for stock split, is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2017	139,544	$38.89
Shares granted	385,010	$43.01
Shares vested	(224,852)	$40.74
Balance at December 31, 2018	299,702	$42.78
Shares granted	193,262	$55.51
Shares vested	(74,222)	$43.72
Balance at December 31, 2019	418,742	$48.32
Shares granted	151,104	$56.07
Shares vested	(221,055)	$47.74
Balance at December 31, 2020	348,791	$53.06

Compensation expense to be recognized subsequent to December 31, 2020 for restricted stock granted during or prior to 2020 that have not yet vested was $12.3 million, which is expected to be recognized over a weighted average term of 1.8 years.

Stock Options

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


	2020	2019	2018
Dividend Yield	2.1%	—%	2.5%
Risk-free interest rate	0.3%	—%	2.8%
Expected Life	5.6 years	0	5.6 years
Expected Volatility	49.2%	—%	16.7%
Weighted Average Grant Date Fair Value Per Share	$29.58	$—	$6.48

There were 16,090 stock options granted during 2020. No options were forfeited or expired for the years ended December 31, 2020, 2019 and 2018. A summary of our stock option activity and related information, as adjusted for stock split, is as follows:


	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2017	440,160	$11.36	1.6	$14.6
Options issued	12,540	$44.83
Options exercised	(405,600)	$9.43		$16.9
Balance at December 31, 2018	47,100	$36.95	7.3	$0.5
Options exercised	(5,600)	$9.43		$0.2
Balance at December 31, 2019	41,500	$40.65	7.3	$1.2
Options issued	16,090	$66.81

Balance at December 31, 2020	57,590	$47.96	7.2	$0.9
Exercisable at December 31, 2020	41,500	$40.65	6.3	$0.9

There were no cash proceeds received from stock options exercised for the year ended December 31, 2020, and $0.1 million and $3.8 million for the years ended December 31, 2019 and 2018, respectively.

Long-Term Cash Incentive Plan	12 Months Ended
Long-Term Cash Incentive Plan	Dec. 31, 2020
Retirement Benefits [Abstract]
Long-Term Cash Incentive Plan	2019 LTIP On February 11, 2019, the Compensation Committee approved a Long-Term Cash Incentive Plan Award (the "2019 LTIP") to provide a long-term cash bonus opportunity to certain members of our management. The 2019 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long-Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the "Eligible Payment") is based upon certain performance conditions being met over a three-year period ending December 31, 2021. The Compensation Committee has responsibility for administering the 2019 LTIP and may use its reasonable discretion to adjust the performance criteria or the Eligible Payment to take into account the impact of any major or unforeseen transaction or event. Our named executive officers are not participants in the 2019 LTIP. The Eligible Payment will be paid, at the discretion of the Compensation Committee, in cash upon completion of our annual audit for the 2021 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2019 LTIP. For each of the years ended December 31, 2020 and 2019, we accrued compensation expense of approximately $1.5 million.

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2020
Retirement Benefits [Abstract]
Savings Plan	We maintain a qualified retirement plan under which eligible employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the "401K Plan"). The 401K Plan permits eligible employees and those of any Subsidiary to defer up to 60.0% of their compensation on a pre-tax basis subject to certain limits. In addition, we match 100.0% of their contribution up to the first 3.0% and then 50.0% of the next 2.0% for a maximum potential match of 4.0%. Both employee's and our matching contributions vest immediately. Our contribution to the 401K Plan was approximately $2.9 million, $1.9 million and $1.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. The increase for the year ended December 31, 2020 primarily relates to the correction of an operational error in prior years approved by the IRS pursuant to its Voluntary Correction Program.

- Definition

The entire disclosure for retirement benefits.

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-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
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 (i) 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,” (ii) that the Operating Partnership anticipatorily breached the ground leases by publicly repudiating any such obligation and (iii) that the Operating Partnership is required to indemnify the Nicholsons with respect to the claims brought by the interested parties in the Superior Court proceeding. On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the Superior Court litigation, which motion was heard on June 25, 2020. On July 29, 2020, the Superior Court issued a final order denying the Nicholson’s motion to compel arbitration. The Nicholsons filed a notice of appeal on August 7, 2020. The Nicholson’s claim that the Operating Partnership is required to indemnify the Nicholsons for legal fees with respect to the claims brought by the third parties in the Superior Court litigation is proceeding in the arbitration. We intend to continue to vigorously defend our interests in this matter. As of December 31, 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

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Reportable Segments

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

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

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2020, 2019 and 2018.

The following tables summarize our segment financial information for the years ended December 31, 2020, 2019, and 2018:


	Year Ended December 31, 2020
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,017,249	$	63,019	$	1,080,268
Operations expenses	(488,153)		(56,747)		(544,900)
Income from segment operations	529,096		6,272		535,368
Interest income	4,385		2,754		7,139
Depreciation and amortization	(144,235)		(10,896)		(155,131)
Gain on sale of real estate, net	—		—		—
Income (loss) from operations	$	389,246	$	(1,870)	$	387,376
Reconciliation to consolidated net income:
Corporate interest income					15
Income from other investments, net					4,026
General and administrative					(39,276)
Other expenses					(2,567)
Interest and related amortization					(102,771)
Equity in income of unconsolidated joint ventures					5,399
Early debt retirement					(10,786)
Consolidated net income					$	241,416

Total assets	$	4,160,216	$	258,753	$	4,418,969
Capital improvements	$	157,467	$	59,615	$	217,082


	Year Ended December 31, 2019
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	969,560	$	50,961	$	1,020,521
Operations expenses	(461,128)		(45,100)		(506,228)
Income from segment operations	508,432		5,861		514,293
Interest income	3,856		3,324		7,180
Depreciation and amortization	(141,472)		(10,638)		(152,110)
Gain on sale of real estate, net	52,507		—		52,507
Income (loss) from operations	$	423,323	$	(1,453)	$	421,870
Reconciliation to consolidated net income:
Corporate interest income					27
Income from other investments, net					9,528
General and administrative					(35,679)
Other expenses					(2,865)
Interest and related amortization					(104,223)
Equity in income of unconsolidated joint venture					8,755
Early debt retirement					(1,491)
Consolidated net income					$	295,922

Total assets	$	3,878,770	$	272,505	$	4,151,275
Capital Improvements	$	116,349	$	141,644	$	257,993


	Year Ended December 31, 2018
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	916,565	$	51,721	$	968,286
Operations expenses	(434,360)		(48,406)		(482,766)
Income from segment operations	482,205		3,315		485,520
Interest income	3,374		3,898		7,272
Depreciation and amortization	(127,399)		(9,810)		(137,209)
Gain on sale of real estate, net	—		—		—
Income (loss) from operations	$	358,180	$	(2,597)	$	355,583
Reconciliation to consolidated net income:
Corporate interest income					253
Income from other investments, net					10,842
General and administrative					(37,684)
Other expenses					(1,483)
Interest and related amortization					(104,993)
Equity in income of unconsolidated joint ventures					4,939
Early debt retirement					(1,071)
Consolidated net income					$	226,386

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

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Revenues:
Rental income	$	907,305	$	864,701	$	806,785
Annual membership subscriptions	53,085		51,015		47,778
Membership upgrade sales current period, gross	21,739		19,111		15,191
Membership upgrade sales upfront payments, deferred, net	(12,062)		(10,451)		(7,380)
Other income	46,008		43,063		51,935
Ancillary services revenues, net	1,174		2,121		2,256
Total property operations revenues	1,017,249		969,560		916,565
Expenses:
Property operating and maintenance	348,394		327,917		313,003
Real estate taxes	66,120		62,338		55,892
Sales and marketing, gross	17,332		15,583		12,542
Membership sales commissions, deferred, net	(1,660)		(1,219)		(813)
Property management	57,967		56,509		53,736
Total property operations expenses	488,153		461,128		434,360
Income from property operations segment	$	529,096	$	508,432	$	482,205

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Revenues:
Rental income (1)	$	16,438	$	14,934	$	14,329
Gross revenue from home sales	45,695		34,655		36,064
Brokered resale revenues, net	886		1,372		1,290
Ancillary services revenues, net	—		—		38
Total revenues	63,019		50,961		51,721
Expenses:
Cost of home sales	46,229		35,096		37,475
Home selling expenses	4,572		4,401		4,095
Rental home operating and maintenance	5,946		5,603		6,836
Total expenses	56,747		45,100		48,406
Income from home sales and rentals operations segment	$	6,272	$	5,861	$	3,315

_____________________

(1) 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
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-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
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Equity Incentive Awards On February 9, 2021, the Compensation Committee approved the 2021 Restricted Stock Award Program for certain members of our management team pursuant to the authority set forth in the 2014 Plan. As a result, we awarded 104,734 shares of restricted stock. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 31, 2022, January 27, 2023 and January 26, 2024, respectively, and have a grant date fair value of $3.3 million. The remaining 50% are performance-based awards vesting in equal installments on on January 31, 2022, January 27, 2023 and January 26, 2024, respectively, upon meeting performance conditions to be 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 17,454 shares of restricted stock subject to 2021 performance goals have a grant date fair value of $1.1 million. Acquisitions In January and February 2021, we completed the acquisitions of: •Okeechobee KOA Resort, a 740 site RV community located in Okeechobee, Florida for a purchase price of $42.2 million, which was funded with the LOC. •11 marinas, containing 3,986 slips and 181 RV sites located in Florida, North Carolina, South Carolina, Kentucky and Ohio. The purchase price of these properties was $266.4 million, which was funded with proceeds from the term loan discussed below. Unsecured Financing On February 5, 2021, we entered into a term loan agreement with Wells Fargo Bank, National Association, as the administrative agent, pursuant to which we have entered into a $300.0 million senior unsecured term loan. The maturity date is October 27, 2021, and this term can be extended an additional three months, subject to certain conditions. The term loan bears interest at a rate of LIBOR plus 1.45%. We incurred commitment and arrangement fees of approximately $1.1 million.

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure


					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Properties Held for Long Term
Hidden Cove	Arley	AL	$	—	$	212	$	610	$	—	$	1,842	$	212	$	2,452	$	2,664	$	(434)	2006
Apache East	Apache Junction	AZ	(4,930)		2,236		4,181		—		215		2,236		4,396		6,632		(1,577)		2011
Countryside RV	Apache Junction	AZ	(8,035)		2,056		6,241		—		1,759		2,056		8,000		10,056		(4,667)		2002
Denali Park	Apache Junction	AZ	—		2,394		4,016		—		324		2,394		4,340		6,734		(1,516)		2011
Dolce Vita	Apache Junction	AZ	—		52,803		37,245		—		3		52,803		37,248		90,051		—		2020
Golden Sun RV	Apache Junction	AZ	(5,701)		1,678		5,049		—		867		1,678		5,916		7,594		(3,391)		2002
Meridian RV Resort	Apache Junction	AZ	—		6,445		5,292		—		—		6,445		5,292		11,737		—		2020
Valley Vista	Benson	AZ	—		115		429		—		278		115		707		822		(229)		2010
Casita Verde	Casa Grande	AZ	—		719		2,179		—		273		719		2,452		3,171		(1,140)		2006
Fiesta Grande	Casa Grande	AZ	—		2,869		8,653		—		1,430		2,869		10,083		12,952		(4,587)		2006
Foothills West	Casa Grande	AZ	—		747		2,261		—		554		747		2,815		3,562		(1,344)		2006
Sunshine Valley	Chandler	AZ	(25,359)		9,139		12,912		—		671		9,139		13,583		22,722		(4,775)		2011
Verde Valley	Cottonwood	AZ	—		1,437		3,390		19		7,084		1,456		10,474		11,930		(2,896)		2004
Casa del Sol East II	Glendale	AZ	—		2,103		6,283		—		3,452		2,103		9,735		11,838		(5,509)		1996
Casa del Sol East III	Glendale	AZ	—		2,450		7,452		—		1,254		2,450		8,706		11,156		(6,146)		1998
Palm Shadows	Glendale	AZ	—		1,400		4,218		—		1,853		1,400		6,071		7,471		(4,761)		1993
Hacienda De Valencia	Mesa	AZ	(19,408)		833		2,701		—		5,445		833		8,146		8,979		(5,857)		1984
Mesa Spirit	Mesa	AZ	(15,805)		17,382		25,238		192		292		17,574		25,530		43,104		(5,710)		2014
Monte Vista Resort	Mesa	AZ	(20,179)		11,402		34,355		—		32,339		11,402		66,694		78,096		(23,372)		2004
Seyenna Vistas	Mesa	AZ	—		1,360		4,660		(87)		3,506		1,273		8,166		9,439		(5,996)		1994
The Highlands at Brentwood	Mesa	AZ	(12,182)		1,997		6,024		—		2,396		1,997		8,420		10,417		(6,882)		1993
ViewPoint RV & Golf Resort	Mesa	AZ	(47,422)		24,890		56,340		15		25,404		24,905		81,744		106,649		(37,844)		2004
Apollo Village	Peoria	AZ	—		932		3,219		—		1,846		932		5,065		5,997		(3,845)		1994
Casa del Sol West	Peoria	AZ	—		2,215		6,467		—		2,670		2,215		9,137		11,352		(5,618)		1996
Carefree Manor	Phoenix	AZ	—		706		3,040		—		1,099		706		4,139		4,845		(2,875)		1998
Central Park	Phoenix	AZ	(11,243)		1,612		3,784		—		2,019		1,612		5,803		7,415		(4,880)		1983
Desert Skies	Phoenix	AZ	(4,473)		792		3,126		—		942		792		4,068		4,860		(2,894)		1998
Sunrise Heights	Phoenix	AZ	(5,480)		1,000		3,016		—		1,983		1,000		4,999		5,999		(3,639)		1994
Whispering Palms	Phoenix	AZ	—		670		2,141		—		500		670		2,641		3,311		(1,914)		1998
Desert Vista	Salome	AZ	—		66		268		—		314		66		582		648		(205)		2010
Sedona Shadows	Sedona	AZ	—		1,096		3,431		—		2,276		1,096		5,707		6,803		(3,604)		1997
Venture In	Show Low	AZ	(8,661)		2,050		6,188		—		777		2,050		6,965		9,015		(3,337)		2006
Paradise	Sun City	AZ	(36,055)		6,414		19,263		11		3,074		6,425		22,337		28,762		(12,666)		2004
The Meadows AZ	Tempe	AZ	(15,933)		2,613		7,887		—		4,709		2,613		12,596		15,209		(9,549)		1994


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Fairview Manor	Tucson	AZ	—	1,674	4,708	—	2,547	1,674	7,255	8,929	(5,031)	1998
Voyager Expansion	Tucson	AZ	—	6,148	—	—	—	6,148	—	6,148	—	2020
Westpark	Wickenburg	AZ	(8,425)	4,495	10,517	—	4,588	4,495	15,105	19,600	(4,028)	2011
Araby Acres	Yuma	AZ	—	1,440	4,345	—	1,260	1,440	5,605	7,045	(2,948)	2003
Cactus Gardens	Yuma	AZ	(6,089)	1,992	5,984	—	610	1,992	6,594	8,586	(3,534)	2004
Capri	Yuma	AZ	—	1,595	4,774	—	503	1,595	5,277	6,872	(2,469)	2006
Desert Paradise	Yuma	AZ	—	666	2,011	—	413	666	2,424	3,090	(1,319)	2004
Foothill Village	Yuma	AZ	—	459	1,402	—	394	459	1,796	2,255	(963)	2003
Mesa Verde RV	Yuma	AZ	(4,432)	1,387	4,148	—	789	1,387	4,937	6,324	(2,236)	2007
Suni Sands	Yuma	AZ	—	1,249	3,759	—	689	1,249	4,448	5,697	(2,388)	2004
Cultus Lake	Lindell Beach	BC	—	410	968	6	570	416	1,538	1,954	(811)	2004
Soledad Canyon	Acton	CA	—	2,933	6,917	39	8,466	2,972	15,383	18,355	(5,748)	2004
Los Ranchos	Apple Valley	CA	—	8,336	15,774	—	1,072	8,336	16,846	25,182	(5,850)	2011
Monte del Lago	Castroville	CA	(35,627)	3,150	9,469	—	4,930	3,150	14,399	17,549	(9,457)	1997
Date Palm Country Club	Cathedral City	CA	—	—	18,179	—	8,371	—	26,550	26,550	(21,113)	1994
Palm Springs Oasis RV Resort	Cathedral City	CA	—	—	216	—	684	—	900	900	(510)	1994
Colony Park	Ceres	CA	(7,568)	890	2,837	—	1,608	890	4,445	5,335	(2,867)	1998
Russian River	Cloverdale	CA	—	368	868	5	605	373	1,473	1,846	(653)	2004
Oakzanita Springs	Descanso	CA	—	396	934	5	2,374	401	3,308	3,709	(1,211)	2004
Rancho Mesa	El Cajon	CA	—	2,130	6,389	—	1,555	2,130	7,944	10,074	(5,420)	1998
Rancho Valley	El Cajon	CA	(18,320)	685	1,902	—	2,050	685	3,952	4,637	(2,940)	1983
Snowflower	Emigrant Gap	CA	—	308	727	4	2,076	312	2,803	3,115	(900)	2004
Four Seasons	Fresno	CA	—	756	2,348	—	1,929	756	4,277	5,033	(2,406)	1997
Yosemite Lakes	Groveland	CA	—	2,045	4,823	27	6,206	2,072	11,029	13,101	(3,884)	2004
Royal Holiday	Hemet	CA	—	778	2,643	—	5,017	778	7,660	8,438	(3,360)	1999
Idyllwild	Idyllwild-Pine Cove	CA	—	313	737	4	2,201	317	2,938	3,255	(1,047)	2004
Pio Pico	Jamul	CA	—	2,626	6,194	35	4,687	2,661	10,881	13,542	(4,700)	2004
Tahoe Valley	Lake Tahoe	CA	—	—	5,428	—	1,638	—	7,066	7,066	(3,563)	2004
Sea Oaks	Los Osos	CA	—	871	2,703	—	1,175	871	3,878	4,749	(2,546)	1997
Ponderosa Resort	Lotus	CA	—	900	2,100	—	2,778	900	4,878	5,778	(1,590)	2006
Turtle Beach	Manteca	CA	—	268	633	4	1,447	272	2,080	2,352	(605)	2004
Marina Dunes RV Resort	Marina	CA	—	20,379	8,204	—	13	20,379	8,217	28,596	(52)	2020
Wilderness Lakes	Menifee	CA	—	2,157	5,088	29	3,063	2,186	8,151	10,337	(3,617)	2004
Coralwood	Modesto	CA	—	—	5,047	—	1,652	—	6,699	6,699	(4,516)	1997
Morgan Hill	Morgan Hill	CA	—	1,856	4,378	980	5,569	2,836	9,947	12,783	(3,229)	2004


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Lake Minden	Nicolaus	CA	—	961	2,267	13	1,558	974	3,825	4,799	(1,910)	2004
Pacific Dunes Ranch	Oceana	CA	—	1,940	5,632	—	1,662	1,940	7,294	9,234	(3,531)	2004
Lake of the Springs	Oregon House	CA	—	1,062	2,504	14	2,328	1,076	4,832	5,908	(2,041)	2004
Concord Cascade	Pacheco	CA	—	985	3,016	—	3,461	985	6,477	7,462	(4,634)	1983
San Francisco RV	Pacifica	CA	—	1,660	4,973	—	3,055	1,660	8,028	9,688	(4,559)	2005
San Benito	Paicines	CA	—	1,411	3,328	19	3,240	1,430	6,568	7,998	(2,737)	2004
Palm Springs	Palm Desert	CA	—	1,811	4,271	24	2,164	1,835	6,435	8,270	(3,016)	2004
Las Palmas Estates	Rialto	CA	—	1,295	3,866	—	1,050	1,295	4,916	6,211	(2,521)	2004
Parque La Quinta	Rialto	CA	—	1,799	5,450	—	1,083	1,799	6,533	8,332	(3,342)	2004
Quail Meadows	Riverbank	CA	—	1,155	3,469	—	1,113	1,155	4,582	5,737	(3,058)	1998
California Hawaiian	San Jose	CA	(34,528)	5,825	17,755	—	5,124	5,825	22,879	28,704	(16,399)	1997
Nicholson Plaza	San Jose	CA	—	—	4,512	—	687	—	5,199	5,199	(4,291)	1997
Sunshadow	San Jose	CA	—	12,334	5,707	8	1,149	12,342	6,856	19,198	(4,837)	1997
Village of the Four Seasons	San Jose	CA	(19,666)	5,229	15,714	—	2,016	5,229	17,730	22,959	(9,293)	2004
Westwinds (4 properties)	San Jose	CA	—	—	17,616	—	10,972	—	28,588	28,588	(23,728)	1997
Laguna Lake	San Luis Obispo	CA	(18,708)	2,845	6,520	—	1,657	2,845	8,177	11,022	(5,631)	1998
Contempo Marin	San Rafael	CA	(36,927)	4,787	16,379	—	4,354	4,787	20,733	25,520	(17,053)	1994
Rancho Oso	Santa Barbara	CA	—	860	2,029	12	2,738	872	4,767	5,639	(1,740)	2004
De Anza Santa Cruz	Santa Cruz	CA	(46,010)	2,103	7,201	—	5,838	2,103	13,039	15,142	(8,340)	1994
Meadowbrook	Santee	CA	(22,627)	4,345	12,528	—	3,307	4,345	15,835	20,180	(11,025)	1998
Santa Cruz Ranch	Scotts Valley	CA	—	1,595	3,937	—	828	1,595	4,765	6,360	(1,955)	2007
Lamplighter Village	Spring Valley	CA	(32,920)	633	2,201	—	2,303	633	4,504	5,137	(3,323)	1983
Santiago Estates	Sylmar	CA	(22,705)	3,562	10,767	—	3,393	3,562	14,160	17,722	(9,361)	1998
Royal Oaks	Visalia	CA	—	602	1,921	—	1,766	602	3,687	4,289	(2,077)	1997
Hillcrest Village CO	Aurora	CO	(39,298)	1,912	5,202	289	6,884	2,201	12,086	14,287	(8,040)	1983
Cimarron Village	Broomfield	CO	(29,785)	863	2,790	—	1,929	863	4,719	5,582	(3,600)	1983
Holiday Village CO	Colorado Springs	CO	(19,672)	567	1,759	—	2,765	567	4,524	5,091	(2,916)	1983
Bear Creek Village	Denver	CO	(5,883)	1,100	3,359	—	1,126	1,100	4,485	5,585	(2,912)	1998
Holiday Hills Village	Denver	CO	(58,559)	2,159	7,780	—	9,068	2,159	16,848	19,007	(12,228)	1983
Golden Terrace	Golden	CO	—	826	2,415	—	3,414	826	5,829	6,655	(3,693)	1983
Golden Terrace South	Golden	CO	—	750	2,265	—	1,063	750	3,328	4,078	(2,302)	1997
Golden Terrace West	Golden	CO	—	1,694	5,065	—	7,580	1,694	12,645	14,339	(6,795)	1986
Pueblo Grande	Pueblo	CO	—	241	1,069	—	3,323	241	4,392	4,633	(1,791)	1983
Woodland Hills	Thornton	CO	(33,521)	1,928	4,408	—	4,357	1,928	8,765	10,693	(6,421)	1994
Stonegate Manor	North Windham	CT	—	6,011	12,336	—	467	6,011	12,803	18,814	(4,616)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Waterford Estates	Bear	DE	(38,991)	5,250	16,202	—	3,035	5,250	19,237	24,487	(9,262)	1996
McNicol Place	Lewes	DE	—	562	1,710	—	270	562	1,980	2,542	(1,420)	1998
Whispering Pines	Lewes	DE	—	1,536	4,609	—	2,594	1,536	7,203	8,739	(5,759)	1988
Mariner's Cove	Millsboro	DE	(19,157)	990	2,971	—	7,230	990	10,201	11,191	(7,403)	1987
Sweetbriar	Millsboro	DE	—	498	1,527	—	926	498	2,453	2,951	(1,603)	1998
Aspen Meadows	Rehoboth	DE	(10,835)	1,148	3,460	—	746	1,148	4,206	5,354	(3,055)	1998
Camelot Meadows	Rehoboth	DE	—	527	2,058	1,251	4,756	1,778	6,814	8,592	(4,803)	1998
Riverside RV Resort	Arcadia	FL	—	8,400	11,905	—	742	8,400	12,647	21,047	(3,413)	2016
Toby’s RV Resort	Arcadia	FL	—	1,093	3,280	—	709	1,093	3,989	5,082	(2,123)	2003
Sunshine Key	Big Pine Key	FL	—	5,273	15,822	—	16,317	5,273	32,139	37,412	(11,535)	2004
Windmill Manor	Bradenton	FL	(11,885)	2,153	6,125	—	2,348	2,153	8,473	10,626	(5,836)	1998
Winter Quarters Manatee	Bradenton	FL	—	2,300	6,903	—	1,496	2,300	8,399	10,699	(4,421)	2004
Clover Leaf Farms	Brooksville	FL	(32,336)	13,684	24,106	—	5,777	13,684	29,883	43,567	(9,099)	2011
Clover Leaf Forest	Brooksville	FL	—	1,092	2,178	—	421	1,092	2,599	3,691	(766)	2011
Resort at Tranquility Lake	Cape Coral	FL	—	12,572	—	24	205	12,596	205	12,801	—	2020
Glen Ellen	Clearwater	FL	—	619	1,882	—	478	619	2,360	2,979	(1,309)	2002
Hillcrest FL	Clearwater	FL	—	1,278	3,928	—	1,606	1,278	5,534	6,812	(3,937)	1998
Holiday Ranch	Clearwater	FL	—	925	2,866	—	737	925	3,603	4,528	(2,516)	1998
Serendipity	Clearwater	FL	(16,953)	18,944	11,782	—	2,225	18,944	14,007	32,951	(3,362)	2018
Shady Lane Oaks	Clearwater	FL	—	4,984	8,482	—	621	4,984	9,103	14,087	(3,264)	2011
Shady Lane Village	Clearwater	FL	—	3,102	5,480	—	353	3,102	5,833	8,935	(2,106)	2011
Silk Oak Lodge	Clearwater	FL	—	1,649	5,028	—	623	1,649	5,651	7,300	(3,200)	2002
Clerbrook Golf & RV Resort	Clermont	FL	—	3,883	11,700	—	2,998	3,883	14,698	18,581	(6,706)	2006
Lake Magic	Clermont	FL	—	1,595	4,793	—	1,457	1,595	6,250	7,845	(3,228)	2004
Orange Lake	Clermont	FL	—	4,303	6,815	—	1,078	4,303	7,893	12,196	(2,714)	2011
Orlando	Clermont	FL	—	2,975	7,017	40	16,273	3,015	23,290	26,305	(5,871)	2004
Crystal Isles	Crystal River	FL	—	926	2,787	10	3,580	936	6,367	7,303	(2,586)	2004
Cheron Village	Davie	FL	—	10,393	6,217	—	329	10,393	6,546	16,939	(2,637)	2011
Carriage Cove	Daytona Beach	FL	(16,342)	2,914	8,682	—	2,318	2,914	11,000	13,914	(7,688)	1998
Lake Haven	Dunedin	FL	(13,613)	1,135	4,047	—	4,320	1,135	8,367	9,502	(6,237)	1983
Marker 1 Marina	Dunedin	FL	—	21,685	15,758	—	(19)	21,685	15,739	37,424	—	2020
Coquina Crossing	Elkton	FL	(28,170)	5,274	5,545	—	19,821	5,274	25,366	30,640	(13,856)	1999
Colony Cove	Ellenton	FL	(96,677)	28,660	92,457	38,094	27,916	66,754	120,373	187,127	(35,580)	2011
Ridgewood Estates	Ellenton	FL	—	8,769	8,791	—	844	8,769	9,635	18,404	(3,373)	2011
Haselton Village	Eustis	FL	—	3,800	8,955	—	721	3,800	9,676	13,476	(3,285)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Southern Palms RV	Eustis	FL	—	2,169	5,884	—	4,352	2,169	10,236	12,405	(6,785)	1998
Bulow Plantation	Flagler Beach	FL	—	3,637	949	—	7,418	3,637	8,367	12,004	(5,297)	1994
Bulow RV	Flagler Beach	FL	—	—	228	—	2,472	—	2,700	2,700	(1,030)	1994
Carefree Cove	Fort Lauderdale	FL	—	1,741	5,170	—	950	1,741	6,120	7,861	(3,228)	2004
Everglades Lakes	Fort Lauderdale	FL	—	53,850	18,797	—	1,675	53,850	20,472	74,322	(2,443)	2018
Park City West	Fort Lauderdale	FL	—	4,184	12,561	—	1,486	4,184	14,047	18,231	(7,614)	2004
Sunshine Holiday MH	Fort Lauderdale	FL	(9,409)	3,099	9,286	—	1,971	3,099	11,257	14,356	(5,669)	2004
Crystal Lakes-Fort Myers	Fort Myers	FL	—	1,047	—	1,340	825	2,387	825	3,212	(24)	2018
Fort Myers Beach	Fort Myers	FL	—	1,188	3,548	849	1,037	2,037	4,585	6,622	(2,397)	2004
Gulf Air	Fort Myers Beach	FL	(6,040)	1,609	4,746	—	955	1,609	5,701	7,310	(2,998)	2004
Lakeside Terrace	Fruitland Park	FL	—	3,275	7,165	—	696	3,275	7,861	11,136	(2,699)	2011
Grand Island Resort	Grand Island	FL	—	1,723	5,208	125	6,207	1,848	11,415	13,263	(6,023)	2001
Holiday Travel Park	Holiday	FL	—	9,240	13,284	—	1,014	9,240	14,298	23,538	(3,598)	2018
Barrington Hills	Hudson	FL	(4,323)	1,145	3,437	—	1,272	1,145	4,709	5,854	(2,388)	2004
Sherwood Forest - MHP	Kissimmee	FL	—	4,852	14,596	—	7,777	4,852	22,373	27,225	(15,034)	1998
Sherwood Forest RV	Kissimmee	FL	—	2,870	3,621	567	4,156	3,437	7,777	11,214	(4,799)	1998
Tropical Palms	Kissimmee	FL	—	5,677	17,116	—	13,051	5,677	30,167	35,844	(15,088)	2004
Lake Worth Village	Lake Worth	FL	(3,620)	14,959	24,501	—	4,217	14,959	28,718	43,677	(9,729)	2011
Beacon Hill Colony	Lakeland	FL	—	3,775	6,405	—	429	3,775	6,834	10,609	(2,330)	2011
Beacon Terrace	Lakeland	FL	(9,654)	5,372	9,153	216	719	5,588	9,872	15,460	(3,444)	2011
Kings & Queens	Lakeland	FL	—	1,696	3,064	—	307	1,696	3,371	5,067	(1,183)	2011
Lakeland Harbor	Lakeland	FL	(31,199)	10,446	17,376	—	919	10,446	18,295	28,741	(6,341)	2011
Lakeland Junction	Lakeland	FL	(3,427)	3,018	4,752	—	305	3,018	5,057	8,075	(1,795)	2011
Maralago Cay	Lantana	FL	(39,136)	5,325	15,420	—	6,640	5,325	22,060	27,385	(15,447)	1997
Down Yonder	Largo	FL	—	2,652	7,981	—	1,593	2,652	9,574	12,226	(5,398)	1998
East Bay Oaks	Largo	FL	(9,067)	1,240	3,322	—	1,865	1,240	5,187	6,427	(4,212)	1983
Eldorado Village	Largo	FL	(6,058)	778	2,341	—	2,167	778	4,508	5,286	(3,109)	1983
Paradise Park - Largo	Largo	FL	(5,442)	3,523	4,026	—	610	3,523	4,636	8,159	(1,208)	2017
Shangri-La Mobile Home Park	Largo	FL	—	1,722	5,200	—	394	1,722	5,594	7,316	(3,079)	2004
Vacation Village	Largo	FL	(4,441)	1,315	3,946	—	985	1,315	4,931	6,246	(2,521)	2004
Whispering Pines - Largo	Largo	FL	—	8,218	14,054	—	1,393	8,218	15,447	23,665	(5,271)	2011
Coachwood Colony	Leesburg	FL	—	1,602	4,822	—	1,380	1,602	6,202	7,804	(3,038)	2004
Mid-Florida Lakes	Leesburg	FL	(60,052)	5,997	20,635	—	14,676	5,997	35,311	41,308	(24,744)	1994
Fiesta Key	Long Key	FL	—	16,611	7,338	—	14,250	16,611	21,588	38,199	(3,200)	2013
Winter Quarters Pasco	Lutz	FL	(3,790)	1,494	4,484	—	1,490	1,494	5,974	7,468	(2,973)	2004


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Coral Cay Plantation	Margate	FL	(77,795)	5,890	20,211	—	9,408	5,890	29,619	35,509	(23,066)	1994
Lakewood Village	Melbourne	FL	—	1,862	5,627	—	2,813	1,862	8,440	10,302	(6,268)	1994
Miami Everglades	Miami	FL	—	5,362	6,238	—	1,031	5,362	7,269	12,631	(2,284)	2015
Southernaire	Mt. Dora	FL	—	796	2,395	—	497	796	2,892	3,688	(1,460)	2004
Loggerhead Marinas (11 properties)	Multiple	FL	—	80,819	81,387	—	3,560	80,819	84,947	165,766	(7,582)	2019
Country Place (2)	New Port Richey	FL	(18,661)	663	—	18	8,291	681	8,291	8,972	(6,588)	1986
Hacienda Village	New Port Richey	FL	(16,171)	4,297	13,088	—	4,035	4,297	17,123	21,420	(9,279)	2002
Harbor View Mobile Manor	New Port Richey	FL	(17,456)	4,030	12,146	—	1,821	4,030	13,967	17,997	(7,738)	2002
Bay Lake Estates	Nokomis	FL	(10,991)	990	3,390	—	2,608	990	5,998	6,988	(4,183)	1994
Lake Village	Nokomis	FL	(15,247)	15,850	18,099	—	691	15,850	18,790	34,640	(6,587)	2011
Royal Coachman	Nokomis	FL	—	5,321	15,978	—	1,984	5,321	17,962	23,283	(9,895)	2004
Buccaneer Estates	North Fort Myers	FL	—	4,207	14,410	—	6,846	4,207	21,256	25,463	(14,854)	1994
Island Vista Estates	North Fort Myers	FL	—	5,004	15,066	—	4,888	5,004	19,954	24,958	(7,840)	2006
Lake Fairways	North Fort Myers	FL	(37,409)	6,075	18,134	35	4,241	6,110	22,375	28,485	(17,851)	1994
Pine Lakes	North Fort Myers	FL	—	6,306	14,579	2,317	9,535	8,623	24,114	32,737	(18,544)	1994
Pioneer Village	North Fort Myers	FL	(13,149)	4,116	12,353	—	3,173	4,116	15,526	19,642	(8,198)	2004
Sunseekers RV Resort	North Fort Myers	FL	—	4,224	2,299	—	1,831	4,224	4,130	8,354	(639)	2018
The Heritage	North Fort Myers	FL	—	1,438	4,371	346	5,336	1,784	9,707	11,491	(7,062)	1993
Windmill Village - N. Ft. Myers	North Fort Myers	FL	—	1,417	5,440	—	4,477	1,417	9,917	11,334	(7,260)	1983
Foxwood Farms	Ocala	FL	—	3,853	7,967	—	2,262	3,853	10,229	14,082	(3,301)	2011
Oak Bend	Ocala	FL	—	850	2,572	—	3,460	850	6,032	6,882	(3,406)	1993
Villas at Spanish Oaks	Ocala	FL	—	2,250	6,922	—	3,009	2,250	9,931	12,181	(7,548)	1993
Silver Dollar Golf & Trap Club Resort	Odessa	FL	—	4,107	12,431	7,158	3,918	11,265	16,349	27,614	(8,483)	2004
Audubon Village - Florida	Orlando	FL	—	4,622	7,200	—	736	4,622	7,936	12,558	(2,773)	2011
Hidden Valley	Orlando	FL	—	11,398	12,861	—	1,099	11,398	13,960	25,358	(4,874)	2011
Starlight Ranch	Orlando	FL	(31,796)	13,543	20,388	—	3,284	13,543	23,672	37,215	(8,116)	2011
Holiday Village, Ormond Beach	Ormond Beach	FL	—	2,610	7,837	—	1,517	2,610	9,354	11,964	(5,133)	2002
Sunshine Holiday-Daytona North	Ormond Beach	FL	—	2,001	6,004	—	1,069	2,001	7,073	9,074	(3,918)	2004
The Meadows, FL	Palm Beach Gardens	FL	(36,323)	3,229	9,870	—	7,286	3,229	17,156	20,385	(9,881)	1999
Terra Ceia	Palmetto	FL	—	965	2,905	1,833	605	2,798	3,510	6,308	(1,819)	2004
Lakes at Countrywood	Plant City	FL	—	2,377	7,085	—	3,627	2,377	10,712	13,089	(5,904)	2001
Meadows at Countrywood	Plant City	FL	—	4,514	13,175	75	11,758	4,589	24,933	29,522	(15,569)	1998
Oaks at Countrywood	Plant City	FL	—	846	2,513	(75)	2,274	771	4,787	5,558	(2,597)	1998
Breezy Hill	Pompano Beach	FL	(17,647)	5,424	16,555	—	2,894	5,424	19,449	24,873	(11,296)	2002


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Highland Wood Travel Park	Pompano Beach	FL	—	1,043	3,130	42	697	1,085	3,827	4,912	(2,118)	2002
Harbor Lakes	Port Charlotte	FL	(17,462)	3,384	10,154	—	1,500	3,384	11,654	15,038	(6,234)	2004
Lighthouse Pointe at Daytona Beach	Port Orange	FL	—	2,446	7,483	23	2,980	2,469	10,463	12,932	(6,830)	1998
Pickwick Village	Port Orange	FL	(17,110)	2,803	8,870	—	3,933	2,803	12,803	15,606	(7,756)	1998
Rose Bay	Port Orange	FL	—	3,866	3,528	—	609	3,866	4,137	8,003	(1,874)	2016
Emerald Lake	Punta Gorda	FL	(4,193)	3,598	5,197	—	589	3,598	5,786	9,384	(2,019)	2011
Gulf View	Punta Gorda	FL	—	717	2,158	—	1,592	717	3,750	4,467	(1,990)	2004
Tropical Palms MH	Punta Gorda	FL	—	2,365	7,286	—	3,450	2,365	10,736	13,101	(4,255)	2006
Kingswood	Riverview	FL	—	9,094	8,365	—	1,054	9,094	9,419	18,513	(2,068)	2018
Palm Lake	Riviera Beach	FL	—	56,323	27,418	—	2,236	56,323	29,654	85,977	(5,042)	2018
Indian Oaks	Rockledge	FL	—	1,089	3,376	—	1,446	1,089	4,822	5,911	(3,324)	1998
Space Coast	Rockledge	FL	—	2,413	3,716	—	1,590	2,413	5,306	7,719	(1,132)	2014
Covington Estates	Saint Cloud	FL	(9,008)	3,319	7,253	—	333	3,319	7,586	10,905	(2,701)	2011
Winds of St. Armands North	Sarasota	FL	(23,774)	1,523	5,063	—	3,954	1,523	9,017	10,540	(7,346)	1983
Winds of St. Armands South	Sarasota	FL	(15,499)	1,106	3,162	1,744	2,713	2,850	5,875	8,725	(4,069)	1983
Topics RV Resort	Spring Hill	FL	(2,274)	844	2,568	—	850	844	3,418	4,262	(1,777)	2004
Pine Island	St. James City	FL	—	1,678	5,044	—	1,629	1,678	6,673	8,351	(2,722)	2007
Carefree Village	Tampa	FL	(23,918)	6,799	10,421	—	1,309	6,799	11,730	18,529	(4,091)	2011
Tarpon Glen	Tarpon Springs	FL	—	2,678	4,016	—	697	2,678	4,713	7,391	(1,631)	2011
Featherock	Valrico	FL	—	11,369	22,770	—	2,321	11,369	25,091	36,460	(8,107)	2011
Bay Indies	Venice	FL	(61,198)	10,483	31,559	10	8,551	10,493	40,110	50,603	(32,393)	1994
Ramblers Rest RV Resort	Venice	FL	(29,945)	4,646	14,201	—	8,258	4,646	22,459	27,105	(9,312)	2006
Countryside at Vero Beach	Vero Beach	FL	(50,619)	3,711	11,133	—	8,908	3,711	20,041	23,752	(13,136)	1998
Heritage Plantation	Vero Beach	FL	—	2,403	7,259	—	3,398	2,403	10,657	13,060	(8,074)	1994
Heron Cay	Vero Beach	FL	(27,504)	14,368	23,792	—	2,081	14,368	25,873	40,241	(8,814)	2011
Holiday Village, Florida	Vero Beach	FL	—	350	1,374	—	258	350	1,632	1,982	(1,204)	1998
Sunshine Travel-Vero Beach	Vero Beach	FL	—	1,603	4,813	—	1,455	1,603	6,268	7,871	(3,030)	2004
Vero Palm Estates	Vero Beach	FL	(11,042)	6,697	9,025	—	1,473	6,697	10,498	17,195	(3,451)	2011
Village Green	Vero Beach	FL	(53,281)	15,901	25,175	518	2,874	16,419	28,049	44,468	(9,760)	2011
Peace River	Wauchula	FL	—	900	2,100	—	2,088	900	4,188	5,088	(1,527)	2006
Palm Beach Colony	West Palm Beach	FL	(10,632)	5,930	10,113	8	946	5,938	11,059	16,997	(3,891)	2011
Parkwood Communities	Wildwood	FL	—	6,990	15,115	—	1,611	6,990	16,726	23,716	(5,746)	2011
Three Flags	Wildwood	FL	—	228	684	—	625	228	1,309	1,537	(613)	2006
Winter Garden	Winter Garden	FL	—	2,321	6,962	—	1,247	2,321	8,209	10,530	(3,446)	2007
Crystal Lake Zephyrhills	Zephyrhills	FL	—	3,767	6,834	194	10,155	3,961	16,989	20,950	(3,201)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Forest Lake Estates MH	Zephyrhills	FL	(19,207)	40,716	33,918	1,048	2,005	41,764	35,923	77,687	(11,016)	2016
Forest Lake Village RV	Zephyrhills	FL	—	—	537	—	207	—	744	744	(159)	2016
Sixth Avenue	Zephyrhills	FL	—	837	2,518	—	172	837	2,690	3,527	(1,479)	2004
Coach Royale	Boise	ID	—	465	1,685	—	373	465	2,058	2,523	(671)	2011
Maple Grove	Boise	ID	—	1,358	5,151	—	855	1,358	6,006	7,364	(2,020)	2011
Shenandoah Estates	Boise	ID	(8,194)	1,287	7,603	—	562	1,287	8,165	9,452	(2,687)	2011
West Meadow Estates	Boise	ID	(7,304)	1,371	6,770	—	293	1,371	7,063	8,434	(2,443)	2011
O'Connell's Yogi Bear RV Resort	Amboy	IL	(3,247)	1,648	4,974	—	3,051	1,648	8,025	9,673	(3,728)	2004
Pheasant Lake Estates	Beecher	IL	(39,315)	12,764	42,183	—	1,939	12,764	44,122	56,886	(11,906)	2013
Pine Country	Belvidere	IL	—	53	166	—	2,579	53	2,745	2,798	(457)	2006
Willow Lake Estates	Elgin	IL	—	6,138	21,033	—	15,567	6,138	36,600	42,738	(22,794)	1994
Golf Vista Estates	Monee	IL	—	2,842	4,719	—	13,150	2,842	17,869	20,711	(8,293)	1997
Indian Lakes	Batesville	IN	—	450	1,061	6	7,456	456	8,517	8,973	(1,788)	2004
Horseshoe Lakes	Clinton	IN	—	155	365	2	1,767	157	2,132	2,289	(465)	2004
Twin Mills RV	Howe	IN	—	1,399	4,186	—	758	1,399	4,944	6,343	(2,205)	2006
Lakeside RV	New Carlisle	IN	—	426	1,281	—	259	426	1,540	1,966	(814)	2004
Diamond Caverns	Park City	KY	—	530	1,512	—	611	530	2,123	2,653	(950)	2006
Gateway to Cape Cod	Rochester	MA	—	91	288	—	420	91	708	799	(320)	2006
Hillcrest MA	Rockland	MA	—	2,034	3,182	—	197	2,034	3,379	5,413	(1,204)	2011
The Glen	Rockland	MA	—	940	1,680	—	15	940	1,695	2,635	(621)	2011
Old Chatham	South Dennis	MA	(6,552)	1,760	5,293	—	612	1,760	5,905	7,665	(2,846)	2005
Sturbridge	Sturbridge	MA	—	110	347	—	823	110	1,170	1,280	(429)	2006
Fernwood	Capitol Heights	MD	(12,331)	6,556	11,674	—	1,269	6,556	12,943	19,499	(4,406)	2011
Williams Estates/Peppermint Woods	Middle River	MD	—	22,774	42,575	—	1,805	22,774	44,380	67,154	(15,468)	2011
Mt. Desert Narrows	Bar Harbor	ME	—	1,037	3,127	—	564	1,037	3,691	4,728	(1,548)	2007
Patten Pond	Ellsworth	ME	—	267	802	—	253	267	1,055	1,322	(454)	2007
Pinehirst	Old Orchard Beach	ME	(10,146)	1,942	5,827	—	2,608	1,942	8,435	10,377	(3,718)	2005
Narrows Too	Trenton	ME	—	1,451	4,408	—	323	1,451	4,731	6,182	(2,031)	2007
Moody Beach	Wells	ME	—	93	292	—	5,184	93	5,476	5,569	(486)	2006
Bear Cave	Buchanan	MI	—	176	516	—	690	176	1,206	1,382	(403)	2006
St Clair	St. Clair	MI	—	453	1,068	6	862	459	1,930	2,389	(846)	2004
Cedar Knolls	Apple Valley	MN	(29,555)	10,021	14,357	—	1,977	10,021	16,334	26,355	(5,655)	2011
Cimarron Park	Lake Elmo	MN	—	11,097	23,132	—	3,470	11,097	26,602	37,699	(8,739)	2011
Rockford Riverview Estates	Rockford	MN	—	2,959	8,882	—	1,339	2,959	10,221	13,180	(3,410)	2011
Rosemount Woods	Rosemount	MN	—	4,314	8,932	—	3,090	4,314	12,022	16,336	(3,309)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Forest Lake	Advance	NC	—	986	2,325	13	1,742	999	4,067	5,066	(1,701)	2004
Scenic	Asheville	NC	—	1,183	3,511	—	831	1,183	4,342	5,525	(1,892)	2006
Waterway RV	Cedar Point	NC	(4,965)	2,392	7,185	—	1,234	2,392	8,419	10,811	(4,336)	2004
Twin Lakes	Chocowinity	NC	—	1,709	3,361	—	2,260	1,709	5,621	7,330	(2,320)	2004
Topsail Sound RV	Holly Ridge	NC	—	3,414	5,898	—	—	3,414	5,898	9,312	—	2020
Green Mountain	Lenoir	NC	—	1,037	3,075	—	2,483	1,037	5,558	6,595	(1,972)	2006
Lake Gaston	Littleton	NC	—	130	409	—	2,052	130	2,461	2,591	(533)	2006
Lake Myers RV	Mocksville	NC	—	1,504	4,587	—	1,137	1,504	5,724	7,228	(2,472)	2006
Bogue Pines	Newport	NC	—	1,476	2,592	—	204	1,476	2,796	4,272	(715)	2015
Goose Creek	Newport	NC	(13,830)	4,612	13,848	750	2,880	5,362	16,728	22,090	(8,841)	2004
Whispering Pines - NC	Newport	NC	—	3,096	5,081	1	340	3,097	5,421	8,518	(1,348)	2015
Harbor Point RV	Sneads Ferry	NC	—	4,633	7,777	—	—	4,633	7,777	12,410	—	2020
White Oak Shores	Stella	NC	—	5,089	15,416	2,144	2,790	7,233	18,206	25,439	(2,356)	2019
Buena Vista	Fargo	ND	—	4,563	14,949	—	1,338	4,563	16,287	20,850	(5,525)	2011
Meadow Park	Fargo	ND	—	943	2,907	—	406	943	3,313	4,256	(1,147)	2011
Sandy Beach	Contoocook	NH	—	1,755	5,265	—	271	1,755	5,536	7,291	(2,847)	2005
Pine Acres	Raymond	NH	—	3,096	2,102	—	753	3,096	2,855	5,951	(851)	2014
Tuxbury Resort	South Hampton	NH	—	3,557	3,910	—	1,369	3,557	5,279	8,836	(2,107)	2007
King Nummy	Cape May Court House	NJ	—	4,027	3,584	—	391	4,027	3,975	8,002	(1,280)	2018
Acorn Campground	Green Creek	NJ	—	3,707	4,642	—	—	3,707	4,642	8,349	(273)	2020
Mays Landing Resort	Mays Landing	NJ	—	536	289	—	1,086	536	1,375	1,911	(250)	2014
Echo Farms	Ocean View	NJ	—	2,840	3,045	—	2,174	2,840	5,219	8,059	(1,169)	2014
Lake and Shore	Ocean View	NJ	—	378	1,192	—	2,440	378	3,632	4,010	(1,578)	2006
Chestnut Lake	Port Republic	NJ	—	337	796	5	1,295	342	2,091	2,433	(793)	2004
Sea Pines	Swainton	NJ	—	198	625	—	4,149	198	4,774	4,972	(1,046)	2006
Pine Ridge at Crestwood	Whiting	NJ	(50,057)	17,367	33,127	—	5,391	17,367	38,518	55,885	(12,478)	2011
Mountain View - NV	Henderson	NV	(30,922)	16,665	25,915	—	878	16,665	26,793	43,458	(9,314)	2011
Bonanza Village	Las Vegas	NV	—	908	2,643	—	2,371	908	5,014	5,922	(3,905)	1983
Boulder Cascade	Las Vegas	NV	—	2,995	9,020	—	3,432	2,995	12,452	15,447	(8,565)	1998
Cabana	Las Vegas	NV	—	2,648	7,989	—	1,458	2,648	9,447	12,095	(7,703)	1994
Flamingo West	Las Vegas	NV	—	1,730	5,266	—	2,102	1,730	7,368	9,098	(5,901)	1994
Las Vegas	Las Vegas	NV	—	1,049	2,473	14	1,715	1,063	4,188	5,251	(1,723)	2004
Villa Borega	Las Vegas	NV	—	2,896	8,774	—	1,859	2,896	10,633	13,529	(7,662)	1997
Rondout Valley	Accord	NY	—	1,115	3,240	—	1,660	1,115	4,900	6,015	(1,945)	2006


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Alpine Lake RV Resort	Corinth	NY	—	4,783	14,125	153	3,641	4,936	17,766	22,702	(8,171)	2005
Lake George Escape	Lake George	NY	—	3,562	10,708	—	8,331	3,562	19,039	22,601	(7,199)	2005
The Woodlands	Lockport	NY	(42,935)	12,183	39,687	—	5,551	12,183	45,238	57,421	(14,600)	2011
Greenwood Village	Manorville	NY	—	3,667	9,414	484	6,976	4,151	16,390	20,541	(10,588)	1998
Brennan Beach	Pulaski	NY	—	7,325	21,141	—	6,674	7,325	27,815	35,140	(13,095)	2005
Lake George Schroon Valley	Warrensburg	NY	—	540	1,626	—	433	540	2,059	2,599	(830)	2008
Kenisee Lake	Jefferson	OH	—	295	696	4	657	299	1,353	1,652	(531)	2004
Wilmington	Wilmington	OH	—	235	555	3	722	238	1,277	1,515	(495)	2004
Bend	Bend	OR	—	733	1,729	10	2,845	743	4,574	5,317	(1,509)	2004
Shadowbrook	Clackamas	OR	—	1,197	3,693	—	1,605	1,197	5,298	6,495	(3,258)	1997
Pacific City	Cloverdale	OR	—	1,076	2,539	15	2,746	1,091	5,285	6,376	(2,216)	2004
Falcon Wood Village	Eugene	OR	(12,494)	1,112	3,426	—	961	1,112	4,387	5,499	(3,076)	1997
Portland Fairview	Fairview	OR	(19,011)	7,330	10,278	—	860	7,330	11,138	18,468	(3,051)	2016
Quail Hollow	Fairview	OR	—	—	3,249	—	801	—	4,050	4,050	(2,950)	1997
South Jetty	Florence	OR	—	678	1,598	9	1,839	687	3,437	4,124	(1,217)	2004
Seaside	Seaside	OR	—	891	2,101	12	1,513	903	3,614	4,517	(1,581)	2004
Whalers Rest	South Beach	OR	—	754	1,777	10	1,100	764	2,877	3,641	(1,367)	2004
Mt. Hood Village	Welches	OR	—	1,817	5,733	—	13,458	1,817	19,191	21,008	(4,571)	2002
Greenbriar Village	Bath	PA	—	8,359	16,941	—	798	8,359	17,739	26,098	(6,032)	2011
Sun Valley	Bowmansville	PA	—	866	2,601	—	1,153	866	3,754	4,620	(1,317)	2009
Green Acres	Breinigsville	PA	(36,024)	2,680	7,479	—	6,251	2,680	13,730	16,410	(10,555)	1988
Gettysburg Farm	Dover	PA	—	111	350	—	841	111	1,191	1,302	(365)	2006
Timothy Lake North	East Stroudsburg	PA	—	296	933	—	844	296	1,777	2,073	(686)	2006
Timothy Lake South	East Stroudsburg	PA	—	206	649	—	324	206	973	1,179	(401)	2006
Drummer Boy	Gettysburg	PA	(10,647)	1,884	20,342	—	643	1,884	20,985	22,869	(2,890)	2019
Round Top	Gettysburg	PA	(7,670)	1,214	11,355	—	667	1,214	12,022	13,236	(2,481)	2019
Circle M	Lancaster	PA	—	330	1,041	—	1,775	330	2,816	3,146	(1,072)	2006
Hershey	Lebanon	PA	—	1,284	3,028	17	2,529	1,301	5,557	6,858	(2,481)	2004
Robin Hill	Lenhartsville	PA	—	1,263	3,786	—	692	1,263	4,478	5,741	(1,718)	2009
PA Dutch County	Manheim	PA	—	88	278	—	499	88	777	865	(257)	2006
Spring Gulch	New Holland	PA	—	1,593	4,795	—	1,117	1,593	5,912	7,505	(3,140)	2004
Lil Wolf	Orefield	PA	—	5,627	13,593	—	3,295	5,627	16,888	22,515	(5,214)	2011
Scotrun	Scotrun	PA	—	153	483	—	909	153	1,392	1,545	(391)	2006
Appalachian RV	Shartlesville	PA	—	1,666	5,044	—	984	1,666	6,028	7,694	(2,719)	2006
Mountain View - PA	Walnutport	PA	—	3,207	7,182	—	747	3,207	7,929	11,136	(2,665)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Timber Creek	Westerly	RI	—	12,618	8,489	—	326	12,618	8,815	21,433	(3,012)	2018
Carolina Landing	Fair Play	SC	—	457	1,078	6	923	463	2,001	2,464	(812)	2004
Inlet Oaks Village	Murrells Inlet	SC	—	1,546	4,642	—	448	1,546	5,090	6,636	(2,384)	2006
The Oaks	Yemassee	SC	—	267	810	—	340	267	1,150	1,417	(477)	2006
Natchez Trace	Hohenwald	TN	—	533	1,257	7	1,803	540	3,060	3,600	(1,180)	2004
Cherokee Landing	Saulsbury	TN	—	118	279	2	229	120	508	628	(242)	2004
Alamo Palms	Alamo	TX	(5,874)	1,562	7,924	—	541	1,562	8,465	10,027	(2,875)	2012
Bay Landing	Bridgeport	TX	—	438	1,033	6	1,979	444	3,012	3,456	(969)	2004
Colorado River	Columbus	TX	—	466	1,099	6	1,246	472	2,345	2,817	(871)	2004
Victoria Palms	Donna	TX	(9,939)	2,849	12,305	—	4,407	2,849	16,712	19,561	(5,221)	2012
Lake Texoma	Gordonville	TX	—	488	1,151	6	1,986	494	3,137	3,631	(1,519)	2004
Lakewood	Harlingen	TX	—	325	979	—	622	325	1,601	1,926	(764)	2004
Paradise Park	Harlingen	TX	—	1,568	4,705	—	1,557	1,568	6,262	7,830	(3,173)	2004
Sunshine RV Resort	Harlingen	TX	—	1,494	4,484	—	2,105	1,494	6,589	8,083	(3,253)	2004
Tropic Winds	Harlingen	TX	—	1,221	3,809	—	1,047	1,221	4,856	6,077	(2,741)	2002
Medina Lake	Lakehills	TX	—	936	2,208	13	1,946	949	4,154	5,103	(1,863)	2004
Paradise South	Mercedes	TX	—	448	1,345	—	834	448	2,179	2,627	(1,011)	2004
Lake Tawakoni	Point	TX	—	35	2,320	—	891	35	3,211	3,246	(1,525)	2004
Fun N Sun RV	San Benito	TX	—	2,533	5,560	412	7,440	2,945	13,000	15,945	(8,682)	1998
Country Sunshine	Weslaco	TX	—	627	1,881	—	1,500	627	3,381	4,008	(1,656)	2004
Leisure World	Weslaco	TX	(2,642)	957	2,575	—	—	957	2,575	3,532	—	2020
Southern Comfort	Weslaco	TX	(4,165)	1,108	3,323	—	837	1,108	4,160	5,268	(2,184)	2004
Trails End RV	Weslaco	TX	(4,089)	1,115	4,086	—	—	1,115	4,086	5,201	—	2020
Lake Whitney	Whitney	TX	—	679	1,602	10	1,729	689	3,331	4,020	(1,386)	2004
Lake Conroe	Willis	TX	—	1,363	3,214	18	16,330	1,381	19,544	20,925	(4,334)	2004
Westwood Village	Farr West	UT	—	1,346	4,179	—	2,601	1,346	6,780	8,126	(4,653)	1997
St George	Hurricane	UT	—	64	264	2	1,233	66	1,497	1,563	(296)	2010
All Seasons	Salt Lake City	UT	—	510	1,623	—	915	510	2,538	3,048	(1,646)	1997
Meadows of Chantilly	Chantilly	VA	(39,366)	5,430	16,440	—	8,473	5,430	24,913	30,343	(18,955)	1994
Harbor View	Colonial Beach	VA	—	64	202	—	896	64	1,098	1,162	(366)	2006
Lynchburg	Gladys	VA	—	266	627	3	800	269	1,427	1,696	(537)	2004
Chesapeake Bay	Gloucester	VA	—	1,230	2,900	16	3,658	1,246	6,558	7,804	(2,615)	2004
Bayport Development	Jamaica	VA	—	4,942	—	1,892	—	6,834	—	6,834	—	2020
Virginia Landing	Quinby	VA	—	602	1,419	8	467	610	1,886	2,496	(966)	2004
Grey's Point Camp	Topping	VA	(21,642)	33,491	17,104	—	2,691	33,491	19,795	53,286	(4,956)	2017


					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/20
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Bethpage Camp Resort	Urbanna	VA	(36,123)		45,415		38,149		—		3,633		45,415		41,782		87,197		(8,315)		2017
Williamsburg	Williamsburg	VA	—		111		350		—		817		111		1,167		1,278		(338)		2006
Regency Lakes	Winchester	VA	(40,427)		9,757		19,055		—		2,099		9,757		21,154		30,911		(7,199)		2011
Birch Bay	Blaine	WA	—		502		1,185		7		700		509		1,885		2,394		(774)		2004
Mount Vernon	Bow	WA	—		621		1,464		8		2,292		629		3,756		4,385		(1,401)		2004
Chehalis	Chehalis	WA	—		590		1,392		8		2,913		598		4,305		4,903		(1,414)		2004
Grandy Creek	Concrete	WA	—		475		1,425		—		870		475		2,295		2,770		(826)		2008
Tall Chief	Fall City	WA	—		314		946		—		817		314		1,763		2,077		(645)		2010
Kloshe Illahee	Federal Way	WA	(18,946)		2,408		7,286		—		1,027		2,408		8,313		10,721		(6,207)		1997
La Conner	La Conner	WA	—		—		2,016		—		1,610		—		3,626		3,626		(1,945)		2004
Leavenworth	Leavenworth	WA	—		786		1,853		10		1,390		796		3,243		4,039		(1,456)		2004
Thunderbird Resort	Monroe	WA	—		500		1,178		6		709		506		1,887		2,393		(838)		2004
Little Diamond	Newport	WA	—		353		834		5		1,215		358		2,049		2,407		(846)		2004
Oceana	Oceana City	WA	—		283		668		4		583		287		1,251		1,538		(472)		2004
Crescent Bar	Quincy	WA	—		314		741		4		752		318		1,493		1,811		(680)		2004
Long Beach	Seaview	WA	—		321		758		5		556		326		1,314		1,640		(603)		2004
Paradise RV	Silver Creek	WA	—		466		1,099		6		1,033		472		2,132		2,604		(886)		2004
Rainbow Lake Manor	Bristol	WI	—		4,474		16,594		—		3,703		4,474		20,297		24,771		(4,883)		2013
Fremont Jellystone Park Campground	Fremont	WI	—		1,437		4,296		—		1,263		1,437		5,559		6,996		(2,895)		2004
Yukon Trails	Lyndon Station	WI	—		556		1,629		—		312		556		1,941		2,497		(1,025)		2004
Blackhawk Camping Resort	Milton	WI	—		1,789		7,613		—		1,454		1,789		9,067		10,856		(2,138)		2014
Lakeland	Milton	WI	—		3,159		13,830		—		1,235		3,159		15,065		18,224		(3,721)		2014
Westwood Estates	Pleasant Prairie	WI	(19,628)		5,382		19,732		—		2,401		5,382		22,133		27,515		(5,899)		2013
Plymouth Rock	Plymouth	WI	—		2,293		6,879		—		1,809		2,293		8,688		10,981		(3,134)		2009
Tranquil Timbers	Sturgeon Bay	WI	—		714		2,152		—		874		714		3,026		3,740		(1,309)		2006
Lake of the Woods RV	Wautoma	WI	—		1,333		2,238		—		233		1,333		2,471		3,804		(874)		2019
Neshonoc Lakeside	West Salem	WI	(4,826)		1,106		4,861		(1)		413		1,105		5,274		6,379		(1,322)		2013
Arrowhead	Wisconsin Dells	WI	—		522		1,616		—		871		522		2,487		3,009		(1,036)		2006
Subtotal of Properties Held for Long Term			(2,444,930)		1,607,061		3,019,193		65,604		1,095,340		1,672,665		4,114,533		5,787,198		(1,834,665)
Realty Systems, Inc.			—		—		—		414		331,633		414		331,633		332,047		(64,142)		2002
Management business and other			—		3,448		578		109		37,046		3,557		37,624		41,181		(25,778)
			$	(2,444,930)	$	1,610,509	$	3,019,771	$	66,127	$	1,464,019	$	1,676,636	$	4,483,790	$	6,160,426	$	(1,924,585)

_____________________

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

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

(3)Aggregate cost for federal income tax purposes is approximately $4.0 billion.

The following table presents the changes in gross investment in real estate:


(amounts in thousands)	2020		2019		2018
Balance, beginning of year	$	5,743,049	$	5,273,477	$	4,915,813
Acquisitions	248,253		250,843		265,129
Improvements	217,082		257,993		181,622
Properties held for sale	—		—		(49,973)
Dispositions and other	(47,958)		(39,264)		(39,114)
Balance, end of year	$	6,160,426	$	5,743,049	$	5,273,477

The following table presents the changes in accumulated depreciation related to investment in real estate:


(amounts in thousands)	2020		2019		2018
Balance, beginning of year	$	1,776,224	$	1,631,888	$	1,516,694
Depreciation and amortization	157,673		153,893		137,209
Properties held for sale	—		—		(14,547)
Dispositions and other	(9,312)		(9,557)		(7,468)
Balance, end of year	$	1,924,585	$	1,776,224	$	1,631,888

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Use of EstimatesThe preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property and site counts and acreage amounts are unaudited.

Investment in Real Estate

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


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

Acquisitions

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

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

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

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

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

Intangible and Goodwill

Intangibles and GoodwillWe record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the Property or business acquired. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying

amounts may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.

Assets Held for Sale

Assets Held for SaleIn determining whether to classify a real estate asset held for sale, we consider whether: (i) management has committed to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) we have initiated a program to locate a buyer; (iv) we believe that the sale of the real estate asset is probable within one year; (v) we are actively marketing the investment property for sale at a price that is reasonable in relation to its current value, and (vi) actions required for us to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, we classify the real estate asset as held for sale. When all of the above criteria are met, we discontinue depreciation or amortization of the asset, measure it at the lower of its carrying amount or its fair value less estimated cost to sell, and present it separately as assets held for sale, net on the Consolidated Balance Sheets. We also present the liabilities related to assets held for sale, if any, separately on the Consolidated Balance Sheets. In connection with the held for sale evaluation, if the disposal represents a strategic shift that has, or will have, a major effect on the consolidation financial statement, then the transaction is presented as discontinued operations.

Restricted Cash

Restricted CashAs of December 31, 2020 and 2019, restricted cash consists of $24.1 million and $25.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Fair Value of Financial Instruments

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

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

Deferred Financing Costs, Net

Deferred Financing Costs, NetDeferred financing costs are being amortized over the terms of the respective loans on a straight-line basis. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Revenue Recognition

Revenue RecognitionOur revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Our MH Sites and annual RV and marina Sites are leased on an annual basis. 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. Leases with our customers are accounted for as operating leases. Rental income is accounted for in accordance with the Accounting Standard Codification (ASC) 842, Leases, and is recognized over the term of the respective lease or the length of a customer's stay. We do not separate expenses reimbursed by our customers ("utility recoveries") from the associated rental revenue as we meet the practical expedient criteria to combine these lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same and as our leases qualify as operating leases, we account for and present rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income.A membership subscription gives the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period in which access to Sites at certain Properties are provided. 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, which is our estimated membership upgrade contract term. 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

Stock Based Compensation

Non-Controlling Interests

Income Taxes

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 December 31, 2020
(amounts in thousands)
Annual membership subscriptions	Other assets, net	$	2,394	$	(1,361)	$	1,033	$	1,857
Membership upgrades	Notes receivable, net	$	25,236	$	(2,514)	$	22,722	$	25,427

Receivables

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

We provide financing for non-refundable upfront payments required for membership upgrades ("Contracts Receivable"). As of December 31, 2020 and 2019, Contracts Receivable, net of allowance, was $25.4 million and $25.2 million, respectively. Contracts Receivable, as of December 31, 2020, had an average stated interest rate of 16.7% per annum, a weighted average term remaining of 4.2 years and require monthly payments of principal and interest.

In certain cases, we purchase loans made by an unaffiliated lender to finance the sales of homes to our customers at our Properties (referred to as "Chattel Loans"). These loans are secured by the underlying homes sold and require monthly principal and interest payments.

Derivatives

Cash Flow Hedges of Interest Rate Risk

Summary of significant accounting (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Property, Plant and Equipment

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


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

Schedule of Accounts, Notes, Loans and Financing Receivable

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


	December 31,
(amounts in thousands):	2020		2019		2018
Balance, beginning of year	$	6,586	$	5,230	$	5,545
Change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326)) (1)	3,875		—		—
Provision for losses	7,287		3,929		4,154
Write-offs	(3,288)		(2,573)		(4,469)
Balance, end of year	$	14,460	$	6,586	$	5,230

(1) See Note 2. (o) Summary of Significant Accounting Policies for more detail.

Tax Treatment Of Dividends And Distributions Table

During the years ended December 31, 2020, 2019 and 2018, our tax treatment of common stock distributions, as adjusted for the stock split, was as follows (unaudited):


	2020		2019		2018
Tax status of common stock distributions deemed paid during the year:
Ordinary income	$	1.234	$	1.241	$	1.069
Long-term capital gains	0.006		—		—
Non-dividend distributions	0.057		—		—
Distributions declared per common stock outstanding	$	1.297	$	1.241	$	1.069

Accounting Standards Update and Change in Accounting Principle

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 December 31, 2020
(amounts in thousands)
Annual membership subscriptions	Other assets, net	$	2,394	$	(1,361)	$	1,033	$	1,857
Membership upgrades	Notes receivable, net	$	25,236	$	(2,514)	$	22,722	$	25,427

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases, Operating [Abstract]

Schedule of Future Minimum Rents Expected 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 December 31, 2020
2021	$	133,385
2022	136,225
2023	92,816
2024	43,512
2025	21,915
Thereafter	74,196
Total	$	502,049

Schedule of Quantitative Disclosures for Lessees

The following table presents the operating lease payments for the year ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Fixed lease cost:
Ground leases	$	5,912	$	5,727	$	5,537
Office and other leases	3,243		2,869		2,114
Variable lease cost:
Ground leases	652		639		599
Office and other leases	111		72		39
Total lease cost	$	9,918	$	9,307	$	8,289

Summary of Minimum Future Operating Lease Payments


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,960	$	3,209	$	5,169
2022 (a)	1,490		1,531		3,021
2023	545		1,240		1,785
2024	545		897		1,442
2025	545		766		1,311
Thereafter	4,493		2,125		6,618
Total undiscounted rental payments	9,578		9,768		19,346
Less imputed interest	(2,044)		(908)		(2,952)
Total lease liabilities	$	7,534	$	8,860	$	16,394

_____________________

(a)The leases of our four Westwinds Properties expire on August 31, 2022 and do not contain extension options. See Note 16. Commitments and Contingencies for more details on the Westwinds leases.

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (Common Share), as adjusted for the stock split, for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands, except per share data)	2020		2019		2018
Numerators:
Net income available to Common Stockholders—Basic	$	228,268	$	279,123	$	212,596
Amounts allocated to dilutive securities	13,132		16,783		13,774
Net income available to Common Stockholders—Fully Diluted	$	241,400	$	295,906	$	226,370
Denominator:
Weighted average Common Shares outstanding—Basic	181,828		180,805		177,928
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,484		10,934		11,586
Stock options and restricted stock	243		256		596
Weighted average Common Shares outstanding—Fully Diluted	192,555		191,995		190,110


Earnings per Common Share—Basic:	$	1.26	$	1.54	$	1.19

Earnings per Common Share—Fully Diluted:	$	1.25	$	1.54	$	1.19

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Stock by Class

The following table presents the shares that were issued under our ATM equity offering programs, as adjusted for the stock split, during the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands, except share data)	2020		2019		2018
Shares of common stock sold	—		1,010,472		1,722,282
Weighted average price	$	—	$	58.71	$	45.73
Total gross proceeds	$	—	$	59,319	$	78,755
Commissions paid to sales agents	$	—	$	771	$	1,028

Schedule of Common Stock Outstanding Roll Forward


	Years Ended December 31,
	2020	2019	2018
Shares outstanding at January 1,	182,089,595	179,842,036	177,170,320
Common stock issued through the ATM Equity Offering Program and its predecessor	—	1,010,472	1,722,282
Common stock issued through exchange of OP Units	12,028	997,750	176,268
Common stock issued through exercise of options	—	5,600	405,600
Common stock issued through restricted stock grants	151,104	193,262	385,010
Common stock forfeitures	—	—	—
Common stock issued through ESPP and Dividend Reinvestment Plan	32,099	41,589	45,144
Common stock repurchased and retired	(54,195)	(1,114)	(62,588)
Shares outstanding at December 31,	182,230,631	182,089,595	179,842,036

Schedule of Dividends Declared

The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2018:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.2750

March 31, 2018

March 30, 2018

April 13, 2018

$0.2750

June 30, 2018

June 29, 2018

July 13, 2018

$0.2750

September 30, 2018

September 28, 2018

October 12, 2018

$0.2750

December 31, 2018

December 28, 2018

January 11, 2019

$0.3063

March 31, 2019

March 29, 2019

April 12, 2019

$0.3063

June 30, 2019

June 28, 2019

July 12, 2019

$0.3063

September 30, 2019

September 27, 2019

October 11, 2019

$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

$0.3425

September 30, 2020

September 25, 2020

October 9, 2020

$0.3425

December 31, 2020

December 24, 2020

January 8, 2021

- Definition

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

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+ Details

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2020, 2019 and 2018, which we determined using Level-3 inputs for land and buildings and other depreciable property and Level-2 inputs for the others:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Assets acquired
Land	$	150,909	$	116,575	$	171,111
Buildings and other depreciable property	87,749		125,721		84,019
Manufactured homes (a)	2,621		1,382		140
In-place leases (a)	6,821		5,519		9,859
Net investment in real estate	$	248,100	$	249,197	$	265,129
Other assets	153		1,646		59
Total assets acquired	$	248,253	$	250,843	$	265,188
Liabilities assumed
Mortgage notes payable	$	6,873	$	19,212	$	9,200
Below-market lease liability (b)	—		—		10,645
Other liabilities	2,313		10,431		2,449
Total liabilities assumed	$	9,186	$	29,643	$	22,294
Net assets acquired	$	239,067	$	221,200	$	242,894

_____________________

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

(b)Below-market lease liability is included in accounts payable and other liabilities on the Consolidated Balance Sheets.

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures


						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites	Economic Interest (a)			2020		2019		2020		2019		2018
Meadows	Various (2,2)	1,077	50	%		$	—	$	146	$	1,879	$	1,400	$	1,839
Lakeshore	Florida (3,3)	721	(b)			2,281		2,467		1,405		263		22
Voyager	Arizona (1,1)	1,801	50	%	(c)	83		599		1,616		2,951		995
Loggerhead	Florida	2,343	—	%	(d)	—		—		—		3,501		1,486
ECHO JV	Various	—	50	%		17,362		16,862		499		640		597
		5,942				$	19,726	$	20,074	$	5,399	$	8,755	$	4,939

_____________________

(a)The percentages shown approximate our economic interest as of December 31, 2020. Our legal ownership interest may differ.

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

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

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

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Fair Value of Mortgage Debt

The following table presents the fair value of our mortgage notes payable:


	As of December 31, 2020				As of December 31, 2019
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,537,137	$	2,472,876	$	2,227,185	$	2,072,416

Aggregate Payments of Principal on Long-Term Borrowings

The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2020:


(amounts in thousands)	Amount
2021	$	53,611
2022	194,414
2023	141,795
2024	60,856
2025	138,043
Thereafter	1,883,491
Net unamortized premiums	666
Unamortized deferred financing costs	(27,946)
Total	$	2,444,930

- 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.

+ References

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-Topic 505
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+ Details

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

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 December 31,
(amounts in thousands)	Balance Sheet Location	2020		2019
Interest Rate Swap	Accounts payable and other liabilities	$	—	$	380

Effect of Derivative Instruments on Consolidated Statements of Operations

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,						Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,
(amounts in thousands)	2020		2019		2018		(amounts in thousands)	2020		2019		2018
Interest Rate Swap	$	1,561	$	1,847	$	(1,613)	Interest Expense	$	1,941	$	(832)	$	(256)

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Change in Deferred Revenue and Deferred Commissions

The components of the change in deferred revenue entry of membership subscriptions and deferred commission expense were as follows:


	As of
(amounts in thousands)	2020		2019
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$	126,814	$	116,363
Membership upgrade sales current period, gross	21,739		19,111
Revenue recognized from membership upgrade sales upfront payments	(9,675)		(8,660)
Net increase in deferred revenue - upfront payments from membership grade sales	12,064		10,451
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$	138,878	$	126,814

Deferred commission expense as of December 31	$	41,149	$	40,308
Deferred commission expense	4,995		4,508
Commission expense recognized	(3,673)		(3,667)
Net increase in deferred commission expense	1,322		841
Deferred commission expense as of December 31,	$	42,471	$	41,149

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Activities and Related Information

A summary of our restricted stock activities and related information, as adjusted for stock split, is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2017	139,544	$38.89
Shares granted	385,010	$43.01
Shares vested	(224,852)	$40.74
Balance at December 31, 2018	299,702	$42.78
Shares granted	193,262	$55.51
Shares vested	(74,222)	$43.72
Balance at December 31, 2019	418,742	$48.32
Shares granted	151,104	$56.07
Shares vested	(221,055)	$47.74
Balance at December 31, 2020	348,791	$53.06

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


	2020	2019	2018
Dividend Yield	2.1%	—%	2.5%
Risk-free interest rate	0.3%	—%	2.8%
Expected Life	5.6 years	0	5.6 years
Expected Volatility	49.2%	—%	16.7%
Weighted Average Grant Date Fair Value Per Share	$29.58	$—	$6.48

Summary of Stock Option Activity

A summary of our stock option activity and related information, as adjusted for stock split, is as follows:


	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2017	440,160	$11.36	1.6	$14.6
Options issued	12,540	$44.83
Options exercised	(405,600)	$9.43		$16.9
Balance at December 31, 2018	47,100	$36.95	7.3	$0.5
Options exercised	(5,600)	$9.43		$0.2
Balance at December 31, 2019	41,500	$40.65	7.3	$1.2
Options issued	16,090	$66.81

Balance at December 31, 2020	57,590	$47.96	7.2	$0.9
Exercisable at December 31, 2020	41,500	$40.65	6.3	$0.9

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the years ended December 31, 2020, 2019, and 2018:


	Year Ended December 31, 2020
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,017,249	$	63,019	$	1,080,268
Operations expenses	(488,153)		(56,747)		(544,900)
Income from segment operations	529,096		6,272		535,368
Interest income	4,385		2,754		7,139
Depreciation and amortization	(144,235)		(10,896)		(155,131)
Gain on sale of real estate, net	—		—		—
Income (loss) from operations	$	389,246	$	(1,870)	$	387,376
Reconciliation to consolidated net income:
Corporate interest income					15
Income from other investments, net					4,026
General and administrative					(39,276)
Other expenses					(2,567)
Interest and related amortization					(102,771)
Equity in income of unconsolidated joint ventures					5,399
Early debt retirement					(10,786)
Consolidated net income					$	241,416

Total assets	$	4,160,216	$	258,753	$	4,418,969
Capital improvements	$	157,467	$	59,615	$	217,082


	Year Ended December 31, 2019
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	969,560	$	50,961	$	1,020,521
Operations expenses	(461,128)		(45,100)		(506,228)
Income from segment operations	508,432		5,861		514,293
Interest income	3,856		3,324		7,180
Depreciation and amortization	(141,472)		(10,638)		(152,110)
Gain on sale of real estate, net	52,507		—		52,507
Income (loss) from operations	$	423,323	$	(1,453)	$	421,870
Reconciliation to consolidated net income:
Corporate interest income					27
Income from other investments, net					9,528
General and administrative					(35,679)
Other expenses					(2,865)
Interest and related amortization					(104,223)
Equity in income of unconsolidated joint venture					8,755
Early debt retirement					(1,491)
Consolidated net income					$	295,922

Total assets	$	3,878,770	$	272,505	$	4,151,275
Capital Improvements	$	116,349	$	141,644	$	257,993


	Year Ended December 31, 2018
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	916,565	$	51,721	$	968,286
Operations expenses	(434,360)		(48,406)		(482,766)
Income from segment operations	482,205		3,315		485,520
Interest income	3,374		3,898		7,272
Depreciation and amortization	(127,399)		(9,810)		(137,209)
Gain on sale of real estate, net	—		—		—
Income (loss) from operations	$	358,180	$	(2,597)	$	355,583
Reconciliation to consolidated net income:
Corporate interest income					253
Income from other investments, net					10,842
General and administrative					(37,684)
Other expenses					(1,483)
Interest and related amortization					(104,993)
Equity in income of unconsolidated joint ventures					4,939
Early debt retirement					(1,071)
Consolidated net income					$	226,386

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

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Revenues:
Rental income	$	907,305	$	864,701	$	806,785
Annual membership subscriptions	53,085		51,015		47,778
Membership upgrade sales current period, gross	21,739		19,111		15,191
Membership upgrade sales upfront payments, deferred, net	(12,062)		(10,451)		(7,380)
Other income	46,008		43,063		51,935
Ancillary services revenues, net	1,174		2,121		2,256
Total property operations revenues	1,017,249		969,560		916,565
Expenses:
Property operating and maintenance	348,394		327,917		313,003
Real estate taxes	66,120		62,338		55,892
Sales and marketing, gross	17,332		15,583		12,542
Membership sales commissions, deferred, net	(1,660)		(1,219)		(813)
Property management	57,967		56,509		53,736
Total property operations expenses	488,153		461,128		434,360
Income from property operations segment	$	529,096	$	508,432	$	482,205

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Revenues:
Rental income (1)	$	16,438	$	14,934	$	14,329
Gross revenue from home sales	45,695		34,655		36,064
Brokered resale revenues, net	886		1,372		1,290
Ancillary services revenues, net	—		—		38
Total revenues	63,019		50,961		51,721
Expenses:
Cost of home sales	46,229		35,096		37,475
Home selling expenses	4,572		4,401		4,095
Rental home operating and maintenance	5,946		5,603		6,836
Total expenses	56,747		45,100		48,406
Income from home sales and rentals operations segment	$	6,272	$	5,861	$	3,315

_____________________

(1) 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 (Detail) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization
Units of partnership interest (in shares)	10,479,194	10,491,222	11,491,932
Operating Partnership
Organization
Ownership interest (percent)	94.60%

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands														12 Months Ended
	Jan. 08, 2021 $ / shares	Oct. 09, 2020 $ / shares	Jul. 10, 2020 $ / shares	Apr. 10, 2020 $ / shares	Jan. 10, 2020 $ / shares	Oct. 15, 2019	Oct. 11, 2019 $ / shares	Jul. 12, 2019 $ / shares	Apr. 12, 2019 $ / shares	Jan. 11, 2019 $ / shares	Oct. 12, 2018 $ / shares	Jul. 13, 2018 $ / shares	Apr. 13, 2018 $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Significant Accounting Policies
Stock split ratio						2
Intangibles including goodwill														$ 12,500	$ 12,100
Intangible assets														4,700	4,300
Goodwill														7,800
Accumulated amortization of identified intangible assets														3,200	3,100
Cash and cash equivalents, restricted cash														$ 24,100	25,100
Estimated membership upgrade contract term														20 years
Deferred financing costs														$ 27,900	24,000
Operating loss carryforwards														74,100	74,100
Aggregate cost in real estate U.S federal tax basis														4,000,000
Net investment in notes receivable U.S federal tax basis														40,700
Quarterly distribution paid per common share (usd per share) \| $ / shares		$ 0.3425	$ 0.3425	$ 0.3425	$ 0.3063		$ 0.3063	$ 0.3063	$ 0.3063	$ 0.2750	$ 0.2750	$ 0.2750	$ 0.2750
Cumulative effect of change in accounting principle														$ 1,304,755	1,321,888	$ 1,193,344	$ 1,100,042
Minimum
Significant Accounting Policies
Lessor operating lease term														1 month
Maximum
Significant Accounting Policies
Lessor operating lease term														6 months
Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies
Cumulative effect of change in accounting principle															$ (3,875)		$ (15,186)
2020 Distributions
Significant Accounting Policies
Quarterly distribution paid per common share (usd per share) \| $ / shares					$ 0.015462
Subsequent Event
Significant Accounting Policies
Quarterly distribution paid per common share (usd per share) \| $ / shares	$ 0.3425
Quarterly distribution for tax purposes (usd per share) \| $ / shares	0.087801
Subsequent Event \| 2020 Distributions
Significant Accounting Policies
Quarterly distribution paid per common share (usd per share) \| $ / shares	$ 0.254699
Operating Partnership
Significant Accounting Policies
Ownership interest (percent)														94.60%

Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Furniture, Fixture and Equipment
Property, Plant and Equipment
Useful Lives (in years)	5 years
Minimum \| Land and Building Improvements
Property, Plant and Equipment
Useful Lives (in years)	10 years
Minimum \| Manufactured Homes
Property, Plant and Equipment
Useful Lives (in years)	10 years
Maximum \| Land and Building Improvements
Property, Plant and Equipment
Useful Lives (in years)	30 years
Maximum \| Manufactured Homes
Property, Plant and Equipment
Useful Lives (in years)	25 years

Summary of Significant Accounting Policies - Account Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, beginning of year	$ 6,586	$ 5,230	$ 5,545
Provision for losses	7,287	3,929	4,154
Write-offs	(3,288)	(2,573)	(4,469)
Balance, end of year	14,460	6,586	5,230
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, beginning of year	0	0
Balance, end of year	$ 3,875	$ 0	$ 0

Summary of Significant Accounting Policies - Common Stock Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax status of common stock distributions deemed paid during the year:
Ordinary income (usd per share)	$ 1.234	$ 1.241	$ 1.069
Long-term capital gains (usd per share)	0.006	0	0
Non-dividend distributions (usd per share)	0.057	0	0
Distributions declared per common stock outstanding (usd per share)	$ 1.297	$ 1.241	$ 1.069

Summary of Significant Accounting Policies - Accounting Standard Update (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net	$ 61,026		$ 56,809
Notes receivable, net	35,844		37,558
Annual Membership Subscription
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net	1,857		2,394
Annual Membership Subscription \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net		$ (1,361)
Annual Membership Subscription \| Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets, net		1,033
Membership
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notes receivable, net	$ 25,427		$ 25,236
Membership \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notes receivable, net		(2,514)
Membership \| Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notes receivable, net		$ 22,722

Leases - Narratives (Details) $ in Thousands	12 Months Ended
Leases - Narratives (Details) $ in Thousands	Dec. 31, 2020 USD ($) lease	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Lease Description
Number of non-cancelable operating leases, lessee (leases) \| lease	13
Operating lease payments	$ 9,900	$ 9,300	$ 8,300
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
Right of use asset	$ 15,700	$ 15,100
Operating lease liability	$ 16,394	$ 16,200
Weighted average operating lease term	8 years	7 years
Operating lease weighted average interest rate (percent)	4.00%	4.40%
Minimum
Lease Description
Lessor operating lease term	1 month
Maximum
Lease Description
Lessor operating lease term	6 months

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2021	$ 133,385
2022	136,225
2023	92,816
2024	43,512
2025	21,915
Thereafter	74,196
Total	$ 502,049

Leases - Schedule of Quantitative Disclosures for Lessees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lease Description
Total lease cost	$ 9,918	$ 9,307	$ 8,289
Ground leases
Lease Description
Fixed lease cost	5,912	5,727	5,537
Variable lease cost	652	639	599
Office and other leases
Lease Description
Fixed lease cost	3,243	2,869	2,114
Variable lease cost	$ 111	$ 72	$ 39

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due
2021	$ 5,169
2022	3,021
2023	1,785
2024	1,442
2025	1,311
Thereafter	6,618
Total undiscounted rental payments	19,346
Less imputed interest	(2,952)
Total lease liabilities	16,394	$ 16,200
Ground Leases
Operating Lease Liabilities, Payments Due
2021	1,960
2022	1,490
2023	545
2024	545
2025	545
Thereafter	4,493
Total undiscounted rental payments	9,578
Less imputed interest	(2,044)
Total lease liabilities	7,534
Office and Other Leases
Operating Lease Liabilities, Payments Due
2021	3,209
2022	1,531
2023	1,240
2024	897
2025	766
Thereafter	2,125
Total undiscounted rental payments	9,768
Less imputed interest	(908)
Total lease liabilities	$ 8,860

Earnings Per Common Share - Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerators:
Net income available to Common Stockholders—Basic	$ 228,268	$ 279,123	$ 212,596
Amounts allocated to dilutive securities	13,132	16,783	13,774
Net income available to Common Stockholders—Fully Diluted	$ 241,400	$ 295,906	$ 226,370
Denominator:
Weighted average Common Shares outstanding – Basic (shares)	181,828	180,805	177,928
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (shares)	10,484	10,934	11,586
Stock options and restricted stock (shares)	243	256	596
Weighted average Common Shares outstanding – Fully Diluted (shares)	192,555	191,995	190,110
Earnings per Common Share – Basic (usd per share)	$ 1.26	$ 1.54	$ 1.19
Earnings per Common Share – Fully Diluted (usd per share)	$ 1.25	$ 1.54	$ 1.19

Common Stock and Other Equity Related Transactions - Narratives (Details)			12 Months Ended
	Oct. 15, 2019	May 10, 2016 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares	Jul. 30, 2020 $ / shares	Apr. 28, 2020 shares
Class of Stock
Common stock, shares authorized (in shares)			600,000,000	400,000,000
Stock split ratio	2
Par or stated value per share (in usd per share) \| $ / shares			$ 0.01	$ 0.01
ESPP, purchase price discount (in percentage)		85.00%
ESPP, issued during the period (in shares)			31,385	40,934	44,142
ESPP, shares remaining for distribution (shares)			743,194
Units of partnership interest (in shares)			10,479,194	10,491,222	11,491,932
Share based payment award repurchased shares for taxes (in usd per share) \| $ / shares			$ 73.12	$ 47.48	$ 48.12
Percentage of ownership interests (in percentage)			94.60%	94.60%	94.00%
Common OP Unitholders
Class of Stock
Ownership percentage by noncontrolling owners (in percentage)			5.40%	5.40%	6.00%
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
ESPP authorized amount \| $		$ 250,000
Private Placement
Class of Stock
Par or stated value per share (in usd per share) \| $ / shares						$ 0.01
Aggregate offering price \| $			$ 200,000,000.0
Shares available for issuance (shares)			200,000,000.0

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock
Shares in common stock sold (in shares)	0	1,010,472	1,722,282
Total gross proceeds	$ 0	$ 59,319	$ 78,755
Commissions paid to sales agents	$ 673	$ 1,347	$ 1,651
Private Placement \| Common Stock
Class of Stock
Shares in common stock sold (in shares)	0	1,010,472	1,722,282
Weighted average price (usd per share)	$ 0	$ 58.71	$ 45.73
Total gross proceeds	$ 0	$ 59,319	$ 78,755
Commissions paid to sales agents	$ 0	$ 771	$ 1,028

Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1, (in shares)	182,089,595	179,842,036	177,170,320
Common stock issued through the ATM Equity Offering Program and its predecessor (in shares)	0	1,010,472	1,722,282
Common stock issued through conversion of OP Units (in shares)	12,028	997,750	176,268
Common stock issued through exercise of options (in shares)	0	5,600	405,600
Common stock issued through restricted stock grants (in shares)	151,104	193,262	385,010
Common stock forfeitures (in shares)	0	0	0
Common stock issued through ESPP and Dividend Reinvestment Plan (in shares)	32,099	41,589	45,144
Common stock repurchased and retired (in shares)	(54,195)	(1,114)	(62,588)
Shares outstanding at December 31, (in shares)	182,230,631	182,089,595	179,842,036

Common Stock and Other Equity Related Transactions - Distributions (Details) - $ / shares	Jan. 08, 2021	Oct. 09, 2020	Jul. 10, 2020	Apr. 10, 2020	Jan. 10, 2020	Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019	Jan. 11, 2019	Oct. 12, 2018	Jul. 13, 2018	Apr. 13, 2018
Class of Stock
Distribution Amount Per Share (usd per share)		$ 0.3425	$ 0.3425	$ 0.3425	$ 0.3063	$ 0.3063	$ 0.3063	$ 0.3063	$ 0.2750	$ 0.2750	$ 0.2750	$ 0.2750
Subsequent Event
Class of Stock
Distribution Amount Per Share (usd per share)	$ 0.3425

Investment in Real Estate - Narratives (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 23, 2019 USD ($) property site	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) property site	Dec. 31, 2019 USD ($) property site	Dec. 31, 2018 USD ($) property
Real Estate Properties
Purchase price			$ 209,200		$ 251,700
Mortgage debt assumed			6,900
Long-term debt assumed				$ 18,600	9,200
Mortgage premium transferred				600
Assets acquired			248,100	249,197	265,129
Asset acquisition, liabilities incurred					8,800
Gain on sale of real estate, net			$ 0	$ 52,507	$ 0
Disposed of by Sale, Not Discontinued Operations \| Manufactured Homes in Indiana and Michigan
Real Estate Properties
Number of properties sold (property) \| property	5
Number of sites sold \| site	1,463
Proceeds from sales of properties	$ 89,700
Gain on sale of real estate, net		$ 52,500
Net investment in real estate	35,400
Other assets	500
Mortgage notes payable	$ 11,200
M H Resorts
Real Estate Properties
Number of properties acquired \| property			1		4
Number of sites acquired			2,772		3,712
R V Resort
Real Estate Properties
Number of properties acquired \| property			7	4	4
Purchase price				$ 58,300
Number of sites acquired \| site				1,614
Marinas
Real Estate Properties
Number of properties acquired \| property			1	11
Developmental Properties
Real Estate Properties
Number of properties acquired \| property			3
Purchase price			$ 23,700
Land
Real Estate Properties
Number of properties acquired \| property			9	3
Purchase price			$ 15,200	$ 28,100
Loggerhead
Real Estate Properties
Purchase price				49,000
Repayments of outstanding debt				72,000
Assets acquired				162,200
Loggerhead \| Joint venture
Real Estate Properties
Assets acquired				$ 35,800
Vacant Land
Real Estate Properties
Number of properties acquired \| property					2
Purchase price					$ 2,800

Investment in Real Estate - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets acquired
Assets acquired	$ 248,100	$ 249,197	$ 265,129
Other assets	153	1,646	59
Total assets acquired	248,253	250,843	265,188
Liabilities assumed
Mortgage notes payable	6,873	19,212	9,200
Below-market lease liability	0	0	10,645
Other liabilities	2,313	10,431	2,449
Total liabilities assumed	9,186	29,643	22,294
Net assets acquired	239,067	221,200	242,894
Land
Assets acquired
Assets acquired	150,909	116,575	171,111
Buildings and other depreciable property
Assets acquired
Assets acquired	87,749	125,721	84,019
Manufactured Homes
Assets acquired
Assets acquired	2,621	1,382	140
In-place leases
Assets acquired
Assets acquired	$ 6,821	$ 5,519	$ 9,859

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020	Dec. 31, 2020 site	Dec. 31, 2020 jointVentureSite
Schedule of Equity Method Investments
Number of Sites					5,942	2
Economic interest				65.00%
Investment in unconsolidated joint ventures	$ 19,726	$ 20,074
Equity in income of unconsolidated joint ventures	5,399	8,755	$ 4,939
Various \| Meadows
Schedule of Equity Method Investments
Number of Sites \| site					1,077
Economic interest				50.00%
Investment in unconsolidated joint ventures	0	146
Equity in income of unconsolidated joint ventures	1,879	1,400	1,839
Various \| ECHO JV
Schedule of Equity Method Investments
Number of Sites \| site					0
Economic interest				50.00%
Investment in unconsolidated joint ventures	17,362	16,862
Equity in income of unconsolidated joint ventures	499	640	597
Florida \| Lakeshore
Schedule of Equity Method Investments
Number of Sites \| site					721
Investment in unconsolidated joint ventures	2,281	2,467
Equity in income of unconsolidated joint ventures	1,405	263	22
Florida \| Loggerhead
Schedule of Equity Method Investments
Number of Sites \| site					2,343
Economic interest				0.00%
Investment in unconsolidated joint ventures	0	0
Equity in income of unconsolidated joint ventures	0	3,501	1,486
Arizona \| Voyager
Schedule of Equity Method Investments
Number of Sites \| site					1,801
Economic interest				50.00%
Investment in unconsolidated joint ventures	83	599
Equity in income of unconsolidated joint ventures	$ 1,616	$ 2,951	$ 995

Investment in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 site	Dec. 31, 2020 jointVentureSite
Schedule of Equity Method Investments
Number of Sites					5,942	2
Economic interest		65.00%
Equity in income from unconsolidated joint ventures		$ 5,399	$ 8,755	$ 4,939
Depreciation expense adjustment		700	1,200	1,800
Distributions from joint ventures	$ 11,500	5,700		4,500
Distributions from joint ventures, including those in excess of basis		$ 4,800	$ 3,500	$ 200
Crosswinds
Schedule of Equity Method Investments
Economic interest		49.00%
Voyager \| Recreational Vehicle Resort
Schedule of Equity Method Investments
Economic interest		50.00%
Voyager \| Servicing Assets
Schedule of Equity Method Investments
Economic interest		33.00%

Notes Receivable, Net - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Contract receivables	$ 25,400	$ 25,200
Notes receivable, net	$ 35,844	37,558
Contract Receivable
Accounts, Notes, Loans and Financing Receivable
Loans receivable, amortization term (in years)	4 years 2 months 12 days
Contract Receivable \| Weighted Average
Accounts, Notes, Loans and Financing Receivable
Contracts receivable, average stated interest rate per annum (in percentage)	16.70%
Chattel Loans
Accounts, Notes, Loans and Financing Receivable
Loans receivable, amortization term (in years)	11 years
Notes receivable, net	$ 10,400	$ 12,300
Loans receivable, average stated interest rate per annum (in percentage)	7.60%

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,472,876	$ 2,072,416
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,537,137	$ 2,227,185

Borrowing Arrangements - Mortgage Note Payable and Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) property creditFacility loan
Debt Instrument
Mortgage notes payable, net	$ 2,444,930	$ 2,049,509
Weighted average interest rate (in percentage)	4.10%	4.50%
Number of pledged properties \| property	116
Pledged assets, not separately reported	$ 2,580,900	$ 2,524,700
Number of credit facilities \| property		4
Repayments of debt			$ 196,800
Mortgage premium transferred		$ 600
Payments of debt extinguishment costs			$ 1,900
Number of loans \| loan			1
Number of loans repaid, at maturity \| loan			1
Prepayment penalty, weighted average interest rate (in percentage)			6.29%
Serendipity
Debt Instrument
Weighted average interest rate (in percentage)			4.80%
Pledged assets, not separately reported			$ 18,000
Proceeds from loans			8,800
Debt assumed for the purchase of property			$ 9,200
R V Resort
Debt Instrument
Number of pledged properties \| property			2
Number of pledged properties towards loans repaid (property) \| property			1
Manufactured Homes
Debt Instrument
Number of loans repaid \| loan			16
Number of maturing mortgage loans repaid \| loan			15
Number of pledged properties towards loans repaid (property) \| property			15
Secured Debt
Debt Instrument
Stated interest rate (in percentage)			4.80%
Proceeds from loans			$ 64,000
Debt instrument, term (in years)			20 years
Line of Credit
Debt Instrument
Weighted average interest rate (in percentage)	2.60%		4.20%
Number of credit facilities	2		2
Proceeds from loans			$ 357,800
Debt instrument, term (in years)	12 years		14 years 9 months 18 days
Line of Credit \| Prepaid Loans
Debt Instrument
Proceeds from loans	$ 662,300
Line of Credit \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| property	4	1
Line of Credit \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| property	18	3
Line of Credit \| Mortgages
Debt Instrument
Repayments of debt	$ 48,100
Mortgages
Debt Instrument
Number of credit facilities \| property	3
Mortgages \| Prepaid Loans
Debt Instrument
Weighted average interest rate (in percentage)		6.90%
Repayments of debt		$ 66,800
Payments of debt extinguishment costs		$ 1,400
Mortgages \| Unsecured Term Loan in 2023
Debt Instrument
Repayments of debt	$ 200,000
Mortgages \| Secured Loans in 2021
Debt Instrument
Weighted average interest rate (in percentage)	5.10%
Repayments of debt	$ 166,800
Mortgages \| Secured Loans in 2021 \| R V Resort
Debt Instrument
Number of pledged properties \| property	3
Mortgages \| Secured Loans in 2021 \| M H Resorts
Debt Instrument
Number of pledged properties \| property	21
Mortgages \| 2019 Asset Acquisitions
Debt Instrument
Weighted average interest rate (in percentage)		5.40%
Liabilities incurred		$ 18,600
Mortgage premium transferred		$ 600
Mortgages \| Disposed of by Sale, Not Discontinued Operations
Debt Instrument
Weighted average interest rate (in percentage)		5.00%
Defeasance of debt		$ 11,200
Mortgages \| Manufactured Homes in Indiana and Michigan \| Disposed of by Sale, Not Discontinued Operations
Debt Instrument
Number of properties sold (property) \| property		5
Minimum \| Secured Debt
Debt Instrument
Stated interest rate (in percentage)	2.50%
Maximum \| Secured Debt
Debt Instrument
Stated interest rate (in percentage)	8.90%

Borrowing Arrangements - Second Amendment Unsecured Credit Facility And Term Loan (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) extension	Dec. 31, 2018 USD ($) Rate	Dec. 31, 2019 USD ($)
Debt Instrument
Line of credit facility, maximum borrowing capacity		$ 400,000,000.0
Term loan, net	$ 0		$ 198,949,000
Number of extension periods (extension) \| extension	2
Extension period (months)	6 months
Commitment fee		3,700,000
Repayments of debt		$ 196,800,000
Debt Instrument, Interest Rate, Effective Percentage	3.05%
Gain (Loss) on Extinguishment of Debt	$ 9,000,000.0
Unsecured line of credit			160,000,000
Minimum
Debt Instrument
Derivative interest rate, percent \| Rate		0.15%
Maximum
Debt Instrument
Derivative interest rate, percent \| Rate		0.35%
Line of Credit \| Letter of Credit
Debt Instrument
Term loan, net	200,000,000.0
Unsecured line of credit	222,000,000		$ 160,000,000.0
Line of credit remaining borrowing amount	178,000,000.0
Line of Credit \| LIBOR \| Minimum
Debt Instrument
Variable rate, percent \| Rate		1.10%
Line of Credit \| LIBOR \| Maximum
Debt Instrument
Variable rate, percent \| Rate		1.55%
Mortgages
Debt Instrument
Gain (Loss) on Extinguishment of Debt	800,000
Mortgages \| Unsecured Term Loan in 2023
Debt Instrument
Repayments of debt	$ 200,000,000.0
Mortgages \| LIBOR \| Minimum
Debt Instrument
Variable rate, percent	1.20%
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.85%
Mortgages \| LIBOR \| Maximum
Debt Instrument
Variable rate, percent	1.90%

Borrowing Arrangements - Maturities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Long-term Debt, Fiscal Year Maturity
2021	$ 53,611
2022	194,414
2023	141,795
2024	60,856
2025	138,043
Thereafter	1,883,491
Net unamortized premiums	666
Unamortized deferred financing costs	(27,946)
Total	$ 2,444,930

Derivative Instruments and Hedging Activities - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount of derivative		$ 200,000,000.0
Early termination fee of senior debt	$ 900,000

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Designated as Hedging Instrument \| Interest Rate Swap \| Accounts payable and other liabilities
Derivative
Derivative liability, fair value	$ 0	$ 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative
Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,	$ 1,561	$ 1,847	$ (1,613)
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,	$ 1,941	$ (832)	$ (256)

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense - Schedule of Change in Deferred Revenue and Deferred Commissions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Deferred Revenue
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$ 126,814	$ 116,363
Membership upgrade sales current period, gross	21,739	19,111
Revenue recognized from membership upgrade sales upfront payments	(9,675)	(8,660)	$ (7,811)
Net increase in deferred revenue - upfront payments from membership grade sales	12,064	10,451
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	138,878	126,814	116,363
Movement in Deferred Costs
Deferred commission expense as of December 31	41,149	40,308
Deferred commission expense	4,995	4,508
Commission expense recognized	(3,673)	(3,667)
Net increase in deferred commission expense	1,322	841
Deferred commission expense as of December 31,	$ 42,471	$ 41,149	$ 40,308

Transactions with Related Parties - Narratives (Details) - Two North Riverside Plaza Joint Venture Limited Partnership - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Operating lease rent expense	$ 1.6	$ 1.7
Operating lease rent expense, before adoption			$ 1.4

Equity Incentive Awards - Narratives (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of shares issued		$ 3,300,000
Options issued (in shares)	16,090		16,090		12,540
Options issued (in usd per share)	$ 66.81		$ 66.81		$ 44.83
Compensation expense related to restricted stock and stock options			$ 11,527,000	$ 10,481,000	$ 9,995,000
Options forfeited (in shares)			0	0	0
Proceeds from stock options exercised			$ 0	$ 100,000	$ 3,800,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			3 years 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense to be recognized			$ 12,300,000
Period for recognition of cost not recognized (in years)			1 year 9 months 18 days
2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award
Options available for grant (in shares)			5,513,458
Contractual term (in years)			10 years
2014 Awards \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)	60,171	90,933
Shares categorized as vesting (percent)		50.00%
Vesting period (in years)		3 years
Fair value of shares issued	$ 4,000,000.0
Shares categorized as performance based (percent)		50.00%
2014 Awards \| Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percentage)			33.33%
2014 Awards \| Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percentage)			33.33%
2014 Awards \| Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percentage)			33.33%
2014 Awards \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)		15,154
Fair value of shares issued		$ 1,100,000

Equity Incentive Awards - Summary of Restricted Stock Activities and Related Information (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Beginning balance (in shares)	418,742	299,702	139,544
Shares granted (in shares)	151,104	193,262	385,010
Shares vested (in shares)	(221,055)	(74,222)	(224,852)
Closing balance (in shares)	348,791	418,742	299,702
Weighted Average Grant Date Fair Value Per Share
Beginning balance (usd per share)	$ 48.32	$ 42.78	$ 38.89
Shares granted (usd per share)	56.07	55.51	43.01
Shares vested (usd per share)	47.74	43.72	40.74
Beginning balance (usd per share)	$ 53.06	$ 48.32	$ 42.78

Equity Incentive Awards - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Dividend Yield	2.10%	0.00%	2.50%
Risk-free interest rate	0.30%	0.00%	2.80%
Expected Life	5 years 7 months 6 days	0 years	5 years 7 months 6 days
Expected Volatility	49.20%	0.00%	16.70%
Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 29.58	$ 0	$ 6.48

Equity Incentive Awards - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Options forfeited (in shares)		0	0	0
Options expired (in shares)		0	0	0
Shares Subject To Options
Beginning balance (in shares)		41,500	47,100	440,160
Options issued (in shares)	16,090	16,090		12,540
Options exercised (in shares)		0	(5,600)	(405,600)
Ending balance (in shares)		57,590	41,500	47,100	440,160
Exercisable at December 31, 2020 (in shares)		41,500
Weighted Average Exercise Price Per Share
Beginning balance (in usd per share)		$ 40.65	$ 36.95	$ 11.36
Options issued (in usd per share)	$ 66.81	66.81		44.83
Options exercised (in usd per share)			9.43	9.43
Ending balance (in usd per share)		47.96	$ 40.65	$ 36.95	$ 11.36
Exercisable at December 31, 2020 (in usd per share)		$ 40.65
Weighted Average Outstanding Contractual Life (in years)
Balance outstanding, Weighted Average Outstanding Contractual Life (in years)		7 years 2 months 12 days	7 years 3 months 18 days	7 years 3 months 18 days	1 year 7 months 6 days
Exercisable at December 31, 2020 (in years)		6 years 3 months 18 days
Average Intrinsic Value (in millions)
Beginning balance		$ 1.2	$ 0.5	$ 14.6
Options exercised		0.2		16.9
Ending balance		0.9	$ 1.2	$ 0.5	$ 14.6
Exercisable at December 31, 2020		$ 0.9

Long-Term Cash Incentive Plan - Additional Information (Details) $ in Millions	Dec. 31, 2020 USD ($)
Long Term Incentive Plan 2019
Deferred Compensation Arrangement with Individual, Share-based Payments
Accrued compensation expense	$ 1.5

Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
401(k) plan, deferral of eligible compensation, pre-tax basis	60.00%
401(k) plan, employer matching percentage for the first 3% of participants' contribution	100.00%
401(k) plan, employer matching percentage for the second 20% of participants' contribution	3.00%
401(k) plan, employer matching percentage for the second 2% of participants' contribution	50.00%
401(k) plan, employer matching percentage for the next 50% of participants' contribution	2.00%
401(k) plan, maximum employer matching contribution	4.00%
401(k) plan, total contributions	$ 2.9	$ 1.9	$ 1.7

Commitments and Contingencies Narratives (Details)	Dec. 31, 2020 property
Westwinds \| Operating Partnership \| Mobile Home Community
Loss Contingencies
Number of sites	720

Reportable Segments - Narratives (Details)	12 Months Ended
Reportable Segments - Narratives (Details)	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Depreciation and amortization	$ (155,131)	$ (152,110)	$ (137,209)
Gain on sale of real estate, net	0	52,507	0
Reconciliation to consolidated net income:
Income from other investments, net	46,008	43,063	51,935
General and administrative	(39,276)	(35,679)	(37,684)
Other expenses	(2,567)	(2,865)	(1,483)
Interest and related amortization	(102,771)	(104,223)	(104,993)
Equity in income of unconsolidated joint ventures	5,399	8,755	4,939
Early debt retirement	(10,786)	(1,491)	(1,071)
Consolidated net income	241,416	295,922	226,386
Total assets	4,418,969	4,151,275	3,925,808
Capital improvements	217,082	257,993	181,622
Property Operations
Reconciliation to consolidated net income:
Income from other investments, net			51,935
Total assets	4,160,216	3,878,770	3,692,510
Capital improvements	157,467	116,349	94,015
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	258,753	272,505	233,298
Capital improvements	59,615	141,644	87,607
Operating Segments
Segment Reporting Information
Operations revenues	1,080,268	1,020,521	968,286
Operations expenses	(544,900)	(506,228)	(482,766)
Income from segment operations	535,368	514,293	485,520
Interest income	7,139	7,180	7,272
Depreciation and amortization	(155,131)	(152,110)	(137,209)
Gain on sale of real estate, net	0	52,507	0
Income (loss) from operations	387,376	421,870	355,583
Operating Segments \| Property Operations
Segment Reporting Information
Operations revenues	1,017,249	969,560	916,565
Operations expenses	(488,153)	(461,128)	(434,360)
Income from segment operations	529,096	508,432	482,205
Interest income	4,385	3,856	3,374
Depreciation and amortization	(144,235)	(141,472)	(127,399)
Gain on sale of real estate, net	0	52,507	0
Income (loss) from operations	389,246	423,323	358,180
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	63,019	50,961	51,721
Operations expenses	(56,747)	(45,100)	(48,406)
Income from segment operations	6,272	5,861	3,315
Interest income	2,754	3,324	3,898
Depreciation and amortization	(10,896)	(10,638)	(9,810)
Gain on sale of real estate, net	0	0	0
Income (loss) from operations	(1,870)	(1,453)	(2,597)
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	15	27	253
Income from other investments, net	4,026	9,528	10,842
General and administrative	(39,276)	(35,679)	(37,684)
Other expenses	(2,567)	(2,865)	(1,483)
Interest and related amortization	(102,771)	(104,223)	(104,993)
Equity in income of unconsolidated joint ventures	5,399	8,755	4,939
Early debt retirement	$ (10,786)	$ (1,491)	$ (1,071)

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 923,743	$ 879,635	$ 821,114
Revenue from contract with customer	21,739	19,111
Other income	46,008	43,063	51,935
Total revenues	1,091,448	1,037,256	986,653
Expenses:
Real estate taxes	66,120	62,338	55,892
Sales and marketing, gross	17,332	15,583	12,542
Membership sales commissions, deferred, net	(1,660)	(1,219)	(813)
Total expenses	855,431	802,596	765,206
Income before equity in income of unconsolidated joint ventures	236,017	287,167	221,447
Deferred revenue – annual membership subscriptions
Revenues:
Revenue from contract with customer	53,085	51,015	47,778
Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	21,739	19,111	15,191
Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(12,062)	(10,451)	(7,380)
Property management
Expenses:
Cost of home sales	57,967	56,509	53,736
Home Sales
Revenues:
Revenue from contract with customer	45,695	34,655	36,064
Expenses:
Cost of home sales	46,229	35,096	37,475
Property Operations
Revenues:
Rental income	907,305	864,701
Rental income, before adoption			806,785
Other income			51,935
Total revenues	1,017,249	969,560	916,565
Expenses:
Operating and maintenance	348,394	327,917	313,003
Real estate taxes	66,120	62,338	55,892
Sales and marketing, gross	17,332	15,583	12,542
Membership sales commissions, deferred, net	(1,660)	(1,219)	(813)
Total expenses	488,153	461,128	434,360
Income before equity in income of unconsolidated joint ventures	529,096	508,432	482,205
Property Operations \| Deferred revenue – annual membership subscriptions
Revenues:
Revenue from contract with customer	53,085	51,015	47,778
Property Operations \| Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	21,739	19,111	15,191
Property Operations \| Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(12,062)	(10,451)	(7,380)
Property Operations \| Ancillary services revenues, net
Revenues:
Revenue from contract with customer	1,174	2,121	2,256
Property Operations \| Property management
Expenses:
Cost of home sales	57,967	56,509	53,736
Home Sales and Rentals Operations
Revenues:
Rental income	16,438	14,934
Rental income, before adoption			14,329
Total revenues	63,019	50,961	51,721
Expenses:
Operating and maintenance	5,946	5,603	6,836
Home selling expenses	4,572	4,401	4,095
Total expenses	56,747	45,100	48,406
Income before equity in income of unconsolidated joint ventures	6,272	5,861	3,315
Home Sales and Rentals Operations \| Ancillary services revenues, net
Revenues:
Revenue from contract with customer	0	0	38
Home Sales and Rentals Operations \| Home Sales
Revenues:
Revenue from contract with customer	45,695	34,655	36,064
Expenses:
Cost of home sales	46,229	35,096	37,475
Home Sales and Rentals Operations \| Brokered resale revenues, net
Revenues:
Revenue from contract with customer	$ 886	$ 1,372	$ 1,290

Subsequent Events (Details)			2 Months Ended	3 Months Ended	12 Months Ended
Subsequent Events (Details)	Feb. 09, 2021 USD ($) shares	Feb. 05, 2021 USD ($)	Feb. 28, 2021 USD ($) property site	Mar. 31, 2020	Dec. 31, 2020 USD ($) property shares	Dec. 31, 2019 USD ($) property site shares	Dec. 31, 2018 USD ($) property shares
Subsequent Event
Purchase price					$ 209,200,000		$ 251,700,000
Line of credit facility, maximum borrowing capacity							400,000,000.0
Commitment fee							$ 3,700,000
Forecast
Subsequent Event
Purchase price			$ 266,400,000
Okeechobee KOA RV Resort \| Forecast
Subsequent Event
Number of sites acquired \| property			740
Purchase price			$ 42,200,000
Marinas
Subsequent Event
Number of properties acquired \| property					1	11
Marinas \| Forecast
Subsequent Event
Number of properties acquired \| property			11
Slips \| Forecast
Subsequent Event
Number of properties acquired \| property			3,986
R V Resort
Subsequent Event
Number of sites acquired \| site						1,614
Purchase price						$ 58,300,000
Number of properties acquired \| property					7	4	4
R V Resort \| Forecast
Subsequent Event
Number of sites acquired \| site			181
Restricted Stock
Subsequent Event
Grants in period (in shares) \| shares					151,104	193,262	385,010
2014 Awards \| Restricted Stock
Subsequent Event
Shares categorized as vesting (percent)				50.00%
Vesting period (in years)				3 years
Shares categorized as performance based (percent)				50.00%
2014 Awards \| Restricted Stock \| Tranche One
Subsequent Event
Award vesting rights (in percentage)					33.33%
2014 Awards \| Restricted Stock \| Tranche Two
Subsequent Event
Award vesting rights (in percentage)					33.33%
2014 Awards \| Restricted Stock \| Tranche Three
Subsequent Event
Award vesting rights (in percentage)					33.33%
Subsequent Event \| Line of Credit
Subsequent Event
Commitment fee		$ 1,100,000
Subsequent Event \| Senior Unsecured Term Loan \| Line of Credit
Subsequent Event
Line of credit facility, maximum borrowing capacity		$ 300,000,000.0
Stated interest rate (in percentage)		1.45%
Subsequent Event \| 2014 Awards \| Restricted Stock
Subsequent Event
Grants in period (in shares) \| shares	104,734
Shares categorized as vesting (percent)	50.00%
Share based compensation, fair market value	$ 3,300,000
Shares categorized as performance based (percent)	50.00%
Subsequent Event \| 2014 Awards \| Performance Shares
Subsequent Event
Grants in period (in shares) \| shares	17,454
Share based compensation, fair market value	$ 1,100,000

Schedule III Real Estate and Accumulated Depreciation - Additional Information (Details) $ in Billions	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost in real estate U.S federal tax basis	$ 4.0

Schedule III Real Estate and Accumulated Depreciation - Changes in Total Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Carrying amount of real estate investments
Gross real estate, beginning balance	$ 5,743,049	$ 5,273,477	$ 4,915,813
Acquisitions	248,253	250,843	265,129
Improvements	217,082	257,993	181,622
Properties held for sale	0	0	(49,973)
Dispositions and other	(47,958)	(39,264)	(39,114)
Gross real estate, ending balance	$ 6,160,426	$ 5,743,049	$ 5,273,477

Schedule III Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of real estate accumulated depreciation
Accumulated Depreciation, Beginning Balance	$ 1,776,224	$ 1,631,888	$ 1,516,694
Depreciation expense	157,673	153,893	137,209
Properties held for sale	0	0	(14,547)
Dispositions and other	(9,312)	(9,557)	(7,468)
Accumulated Depreciation, Ending Balance	$ 1,924,585	$ 1,776,224	$ 1,631,888

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201409Member

- Definition

Indicates amendment to accounting standards.

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+ Details