0000895417-21-000029 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Commission File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Name	Two North Riverside Plaza, Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		182,315,039
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment in real estate:
Land	$ 1,861,574	$ 1,676,636
Land improvements	3,629,258	3,543,479
Buildings and other depreciable property	1,014,906	940,311
Investment in real estate	6,505,738	6,160,426
Accumulated depreciation	(1,968,711)	(1,924,585)
Net investment in real estate	4,537,027	4,235,841
Cash and restricted cash	91,528	24,060
Notes receivable, net	37,195	35,844
Investment in unconsolidated joint ventures	19,861	19,726
Deferred commission expense	43,880	42,472
Other assets, net	56,224	61,026
Total Assets	4,785,715	4,418,969
Liabilities:
Mortgage notes payable, net	2,634,643	2,444,930
Term loan, net	299,120	0
Unsecured line of credit	50,000	222,000
Accounts payable and other liabilities	142,614	129,666
Accrued interest payable	8,803	8,336
Rents and other customer payments received in advance and security deposits	115,515	92,587
Distributions payable	69,882	66,003
Total Liabilities	3,481,369	3,114,214
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2021 and December 31, 2020; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 and shares authorized as of March 31, 2021 and December 31, 2020; 182,308,380 and 182,230,631 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively.	1,813	1,813
Paid-in capital	1,411,813	1,411,397
Distributions in excess of accumulated earnings	(180,370)	(179,523)
Accumulated other comprehensive income (loss)	129	0
Total Stockholders’ Equity	1,233,385	1,233,687
Non-controlling interests – Common OP Units	70,961	71,068
Total Equity	1,304,346	1,304,755
Total Liabilities and Equity	4,785,715	4,418,969
Deferred membership revenue
Liabilities:
Deferred revenue	$ 160,792	$ 150,692

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	182,308,380	182,230,631
Common stock, shares outstanding (in shares)	182,308,380	182,230,631

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental income	$ 249,022	$ 239,346
Other income	10,521	11,059
Interest income	1,767	1,807
Income from other investments, net	936	643
Total revenues	296,044	280,476
Expenses:
Property operating and maintenance	88,873	83,634
Real estate taxes	17,850	16,841
Sales and marketing, gross	6,176	3,978
Membership sales commissions, deferred, net	(1,499)	(216)
Depreciation and amortization	45,398	39,024
Home selling expenses	1,306	1,213
General and administrative	10,512	10,855
Other expenses	698	588
Early debt retirement	2,029	1,054
Interest and related amortization	26,275	26,073
Total expenses	227,866	209,959
Loss on sale of real estate, net	(59)	0
Income before equity in income of unconsolidated joint ventures	68,119	70,517
Equity in income of unconsolidated joint ventures	868	207
Consolidated net income	68,987	70,724
Income allocated to non-controlling interests – Common OP Units	(3,747)	(3,849)
Net income available for Common Stockholders	65,240	66,875
Other comprehensive income (loss):
Adjustment for fair market value of swap	129	(1,333)
Consolidated comprehensive income	69,116	69,391
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,754)	(3,776)
Comprehensive income attributable to Common Stockholders	$ 65,362	$ 65,615
Earnings per common share – basic (usd per share)	$ 0.36	$ 0.37
Earnings per common share – fully diluted (usd per share)	$ 0.36	$ 0.37
Weighted average common shares outstanding – basic (in shares)	181,945	181,729
Weighted average common shares outstanding – fully diluted (in shares)	192,685	192,564
Annual membership subscriptions
Revenues:
Contract revenue	$ 13,654	$ 13,073
Membership upgrade sales current period, gross
Revenues:
Contract revenue	10,014	4,843
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(7,427)	(2,542)
Gross revenues from home sales
Revenues:
Contract revenue	15,220	11,309
Expenses:
Cost of services	14,868	11,911
Brokered resale and ancillary services revenues, net
Revenues:
Contract revenue	2,337	938
Property management
Expenses:
Cost of services	$ 15,380	$ 15,004

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	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, 2019	$ 1,321,888	$ (3,875)	$ 1,318,013	$ 1,812	$ 1,812	$ 1,402,696	$ 1,402,696	$ (154,318)	$ (3,875)	$ (158,193)	$ (380)	$ (380)	$ 72,078	$ 72,078
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0					63							(63)
Issuance of Common Stock through exercise of options	619					619
Compensation expenses related to restricted stock and stock options	2,964					2,964
Repurchase of Common Stock or Common OP Units	(3,962)					(3,962)
Adjustment For Common Unitholders In Operating Partnership	0					277							(277)
Adjustment for fair market value of swap	(1,333)										(1,333)
Consolidated net income	70,724							66,875					3,849
Distributions	(65,975)							(62,385)					(3,590)
Other	(143)					(143)
Ending balance at Mar. 31, 2020	1,320,907			1,812		1,402,514		(153,703)			(1,713)		71,997
Beginning balance at Dec. 31, 2020	1,304,755			1,813		1,411,397		(179,523)			0		71,068
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0					58							(58)
Issuance of Common Stock through employee stock purchase plan	732					732
Compensation expenses related to restricted stock and stock options	2,556					2,556
Repurchase of Common Stock or Common OP Units	(2,814)					(2,814)
Adjustment for fair market value of swap	129										129
Consolidated net income	68,987							65,240					3,747
Distributions	(69,883)							(66,087)					(3,796)
Other	(116)					(116)
Ending balance at Mar. 31, 2021	$ 1,304,346			$ 1,813		$ 1,411,813		$ (180,370)			$ 129		$ 70,961

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities:
Consolidated net income	$ 68,987	$ 70,724
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate, net	59	0
Early debt retirement	2,029	1,054
Depreciation and amortization	46,119	39,628
Amortization of loan costs	1,111	872
Debt premium amortization	(83)	(114)
Equity in income of unconsolidated joint ventures	(868)	(207)
Proceeds from insurance claims, net	2,343	756
Compensation expense related to incentive plans	2,939	3,347
Revenue recognized from membership upgrade sales upfront payments	(2,587)	(2,301)
Commission expense recognized related to membership sales	955	940
Changes in assets and liabilities:
Notes receivable, net	(1,366)	(317)
Deferred commission expense	(2,363)	(1,020)
Other assets, net	17,884	13,324
Accounts payable and other liabilities	11,781	(2,096)
Rents and other customer payments received in advance and security deposits	13,704	(261)
Net cash provided by operating activities	173,331	130,892
Cash Flows From Investing Activities:
Real estate acquisitions, net	(295,599)	(1,352)
Proceeds from disposition of properties, net	(7)	0
Distributions of capital from unconsolidated joint ventures	731	150
Capital improvements	(56,778)	(48,959)
Net cash used in investing activities	(351,653)	(50,161)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	732	619
Distributions:
Common Stockholders	(62,414)	(55,765)
Common OP Unitholders	(3,589)	(3,213)
Share based award tax withholding payments	(2,814)	(3,962)
Principal payments and mortgage debt repayment	(80,351)	(61,791)
Mortgage notes payable financing proceeds	270,000	275,385
Term loan proceeds	300,000	0
Line of Credit repayment	(283,000)	(222,500)
Line of Credit proceeds	111,000	62,500
Debt issuance and defeasance costs	(3,658)	(3,800)
Other	(116)	(143)
Net cash provided by (used in) financing activities	245,790	(12,670)
Net increase in cash and restricted cash	67,468	68,061
Cash and restricted cash, beginning of period	24,060	28,860
Cash and restricted cash, end of period	91,528	96,921
Supplemental Information:
Cash paid for interest	24,864	25,518
Net investment in real estate – reclassification of rental homes	12,751	9,319
Other assets, net – reclassification of rental homes	(12,751)	(9,319)
Real estate acquisitions:
Investment in real estate	(303,292)	(1,531)
Other assets, net	(2,781)	0
Accrued expenses and accounts payable	1,251	0
Rents and other customer payments received in advance and security deposits	9,223	179
Real estate acquisitions, net	(295,599)	(1,352)
Real estate dispositions:
Investment in real estate	52	0
Loss on sale of real estate, net	(59)	0
Real estate dispositions, net	(7)	0
Deferred membership revenue
Changes in assets and liabilities:
Deferred revenue	$ 12,687	$ 6,563

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and its other consolidated subsidiaries (the "Subsidiaries"), are referred to herein as "we," "us," and "our". We are a fully integrated owner of lifestyle-oriented properties ("Properties") consisting of property operations and home sales and rental operations primarily within manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of March 31, 2021. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Intercompany balances and transactions have been eliminated. All adjustments to the interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. We continue to evaluate the impact of this guidance and we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. (b) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the ASC 842, Leases, and is recognized over the term of the respective lease or the length of a customer's stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit place on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers ("utility recoveries") from the associated rental income as we meet the practical expedient criteria to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability including historical loss experience, current market conditions and future expectations in forecasting credit losses. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. (c) Restricted Cash As of March 31, 2021 and December 31, 2020, restricted cash consists of $27.6 million and $24.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Lessor

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 March 31, 2021
2021	$	108,813
2022	148,245
2023	101,754
2024	43,715
2025	22,029
Thereafter	74,456
Total	$	499,012

Lessee

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates through 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2030. For the quarters ended March 31, 2021 and 2020, total operating lease payments were $2.5 million and $2.4 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2021:


	As of March 31, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,649	$	2,514	$	4,163
2022	1,638		1,577		3,215
2023	626		1,286		1,912
2024	632		897		1,529
2025	637		766		1,403
Thereafter	4,941		2,125		7,066
Total undiscounted rental payments	10,123		9,165		19,288
Less imputed interest	(2,144)		(839)		(2,983)
Total lease liabilities	$	7,979	$	8,326	$	16,305

Right-of-use ("ROU") assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $14.9 million and $16.3 million, respectively, as of March 31, 2021. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% at March 31, 2021.

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.

Leases

Lessor


(amounts in thousands)	As of March 31, 2021
2021	$	108,813
2022	148,245
2023	101,754
2024	43,715
2025	22,029
Thereafter	74,456
Total	$	499,012

Lessee


	As of March 31, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,649	$	2,514	$	4,163
2022	1,638		1,577		3,215
2023	626		1,286		1,912
2024	632		897		1,529
2025	637		766		1,403
Thereafter	4,941		2,125		7,066
Total undiscounted rental payments	10,123		9,165		19,288
Less imputed interest	(2,144)		(839)		(2,983)
Total lease liabilities	$	7,979	$	8,326	$	16,305

Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock for the quarters and three months ended March 31, 2021 and 2020:


	Quarters Ended March 31,
(amounts in thousands, except per share data)	2021		2020
Numerators:
Net income available for Common Stockholders – Basic	$	65,240	$	66,875
Amounts allocated to dilutive securities	3,747		3,849
Net income available for Common Stockholders – Fully Diluted	$	68,987	$	70,724
Denominators:
Weighted average Common Shares outstanding – Basic	181,945		181,729
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,473		10,491
Stock options and restricted stock	267		344
Weighted average Common Shares outstanding – Fully Diluted	192,685		192,564

Earnings per Common Share – Basic	$	0.36	$	0.37

Earnings per Common Share – Fully Diluted	$	0.36	$	0.37

Common Stock and Other Equity Related Transactions

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Common Stockholder Distribution Activity

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit ("OP Unit") holders since January 1, 2020.

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$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

$0.3625

March 31, 2021

March 26, 2021

April 9, 2021

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 March 31, 2021, the full capacity remained available for issuance.

Exchanges

Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the quarters ended March 31, 2021 and 2020, 8,560 and 9,228 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

Investment in Real Estate	3 Months Ended
Investment in Real Estate	Mar. 31, 2021
Business Combinations [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions On January 21, 2021, we completed the acquisition of Okeechobee KOA Resort, a 740-site RV community located in Okeechobee, Florida, for a purchase price of $42.2 million. The acquisition was funded with our unsecured line of credit. On February 5, 2021, we completed the acquisition of a portfolio of 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 $262.0 million, which was funded with proceeds from the Loan as discussed in Note 8. Borrowing Arrangements.

Investment in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2021 and December 31, 2020, respectively):


						Investment as of				Income/(Loss) for Years Ended
Investment	Location	Number of Sites	Economic Interest (a)			March 31, 2021		December 31, 2020		March 31, 2021		March 31, 2020
Meadows	Various (2,2)	1,077	50	%		$	—	$	—	$	550	$	—
Lakeshore	Florida (3,3)	721	(b)			2,251		2,281		152		90
Voyager	Arizona (1,1)	1,801	50	%	(c)	112		83		30		(10)
ECHO JV	Various	—	50	%		17,498		17,362		136		127
		3,599				$	19,861	$	19,726	$	868	$	207

_____________________

(a)The percentages shown approximate our economic interest as of March 31, 2021. Our legal ownership interest may differ.

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

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

We received approximately $0.7 million and $0.2 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2021 and 2020, respectively. Approximately $0.7 million and $0.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended March 31, 2021 and 2020, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

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


	As of March 31, 2021				As of December 31, 2020
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,617,135	$	2,662,443	$	2,537,137	$	2,472,876

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 March 31, 2021, was approximately 3.8% per annum. The debt bears interest at stated rates ranging from 2.4% to 8.9% per annum and matures on various dates ranging from 2022 to 2041. The debt encumbered a total of 117 and 116 of our Properties as of March 31, 2021 and December 31, 2020, respectively, and the gross carrying value of such Properties was approximately $2,683.9 million and $2,580.9 million, as of March 31, 2021 and December 31, 2020, respectively.

2021 Activity

During the quarter ended March 31, 2021, we entered into a $270.0 million secured financing transaction maturing in 10 years and bearing a fixed interest rate of 2.4% per annum. The loan is secured by two RV communities and one MH community. The net proceeds from the transaction were used to repay $67.0 million of principal on two mortgage loans that were due to mature in 2022, incurring $1.9 million of prepayment penalties, as well as to repay a portion of the outstanding balance on our line of credit. These mortgage loans had a weighted average interest rate of 5.1% per annum and were secured by two RV communities.

2020 Activity

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

Unsecured Debt

During the quarter ended March 31, 2021, in conjunction with the marina portfolio acquisition as discussed in Note 6. Investment in Real Estate, we entered into a $300.0 million senior unsecured term loan agreement ("Loan"). The maturity date was October 27, 2021 with an interest rate of LIBOR plus 1.45%. We incurred commitment and arrangement fees of approximately $1.1 million.

The unsecured Line of Credit ("LOC") had a balance of $50.0 million and $222.0 million outstanding as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, our LOC had remaining borrowing capacity of $350.0 million.

In April 2021, we closed on an amended revolving line of credit with borrowing capacity of $500.0 million and a $300.0 million term loan ("Term Loan"). The variable interest rate on the Term Loan is fixed at 1.8% per annum pursuant to the Swap (as defined in Note 9. Derivative Instruments and Hedging). We used the net proceeds from the Term Loan to repay the Loan. See Note 13. Subsequent Events for further details.

As of March 31, 2021, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Derivative Instruments and Hedging

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes.

During the quarter ended March 31, 2021, we entered into a three-year LIBOR Swap Agreement (the "Swap") allowing us to trade the variable interest rate associated with our variable rate debt for a fixed interest rate. The 2021 Swap has a notional amount of $300.0 million of outstanding principal with a fixed interest rate of 0.39% per annum and matures on March 25, 2024. Based on the leverage as of March 31, 2021, our spread over LIBOR was 1.45% resulting in an estimated all-in interest rate of 1.84% per annum.

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


		As of March 31,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2021		2020
Interest Rate Swap	Other assets, net	$	129	$	—

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the quarters ended March 31,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2021		2020		(amounts in thousands)	2021		2020
Interest Rate Swap	$	(112)	$	1,424	Interest Expense	$	17	$	91

During the next twelve months, we estimate that $0.7 million will be reclassified as a decrease to interest expense. This estimate may be subject to change as the underlying LIBOR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of March 31, 2021, we had not posted any collateral related to this Swap.

Equity Incentive Awards	3 Months Ended
Equity Incentive Awards	Mar. 31, 2021
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. During the quarter ended March 31, 2021, 104,734 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 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 January 31, 2022, January 27, 2023 and January 26, 2024, 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 17,454 shares of restricted stock subject to 2021 performance goals have a grant date fair value of $1.1 million. Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended March 31, 2021 and 2020, was $2.6 million and $3.0 million, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal and regulatory proceedings ("Proceedings") arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. The Operating Partnership operates and manages Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. The master lessor of these ground leases, The Nicholson Family Partnership (the “Nicholsons”), has expressed a desire to redevelop Westwinds, and in a written communication, they claimed that we were obligated to deliver the property free and clear of any and all subtenancies upon the expiration of the ground leases on August 31, 2022. In connection with any redevelopment, the City of San Jose’s conversion ordinance requires, among other things, that the landowner provide relocation, rental and purchase assistance to the impacted residents. We believe the Nicholsons’ demand is unlawful, and on December 30, 2019, the Operating Partnership, together with certain interested parties, filed a complaint in California Superior Court for Santa Clara County, seeking declaratory relief pursuant to which it requested that the Court determine, among other things, that the Operating Partnership has no obligation to deliver the property free and clear of the mobilehome residents upon the expiration of the ground leases. The Operating Partnership and the interested parties filed an amended complaint on January 29, 2020. The Nicholsons filed a demand for arbitration on January 28, 2020, which they subsequently amended, pursuant to which they request (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 Nicholsons' motion to compel arbitration. The Nicholsons filed a notice of appeal on August 7, 2020. The Nicholsons' 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 March 31, 2021, 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

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Reportable Segments

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

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2021 or 2020.

The following tables summarize our segment financial information for the quarters ended March 31, 2021 and 2020:

Quarter Ended March 31, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	273,555	$	19,786	$	293,341
Operations expenses	(125,537)		(17,417)		(142,954)
Income from segment operations	148,018		2,369		150,387
Interest income	1,148		615		1,763
Depreciation and amortization	(42,778)		(2,620)		(45,398)
Loss on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	106,329	$	364	$	106,693
Reconciliation to consolidated net income:
Corporate interest income					4
Income from other investments, net					936
General and administrative					(10,512)
Other expenses					(698)
Interest and related amortization					(26,275)
Equity in income of unconsolidated joint ventures					868
Early debt retirement					(2,029)
Consolidated net income					$	68,987

Total assets	$	4,524,713	$	261,002	$	4,785,715
Capital improvements	$	36,468	$	20,310	$	56,778

Quarter Ended March 31, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	262,474	$	15,552	$	278,026
Operations expenses	(117,898)		(14,467)		(132,365)
Income from segment operations	144,576		1,085		145,661
Interest income	1,075		727		1,802
Depreciation and amortization	(36,220)		(2,804)		(39,024)

Income (loss) from operations	$	109,431	$	(992)	$	108,439
Reconciliation to consolidated net income:
Corporate interest income					5
Income from other investments, net					643
General and administrative					(10,855)
Other expenses					(588)
Interest and related amortization					(26,073)
Equity in income of unconsolidated joint ventures					207
Early debt retirement					(1,054)
Consolidated net income					$	70,724

Total assets	$	3,936,862	$	275,602	$	4,212,464
Capital improvements	$	32,605	$	16,354	$	48,959

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2021 and 2020:


	Quarters Ended March 31,
(amounts in thousands)	2021		2020
Revenues:
Rental income	$	244,729	$	235,364
Annual membership subscriptions	13,654		13,073
Membership upgrade sales current period, gross	10,014		4,843
Membership upgrade sales upfront payments, deferred, net	(7,427)		(2,542)
Other income	10,521		11,059
Ancillary services revenues, net	2,064		677
Total property operations revenues	273,555		262,474
Expenses:
Property operating and maintenance	87,630		82,291
Real estate taxes	17,850		16,841
Sales and marketing, gross	6,176		3,978
Membership sales commissions, deferred, net	(1,499)		(216)
Property management	15,380		15,004
Total property operations expenses	125,537		117,898
Income from property operations segment	$	148,018	$	144,576

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2021 and 2020:


	Quarters Ended March 31,
(amounts in thousands)	2021		2020
Revenues:
Rental income (a)	$	4,293	$	3,982
Gross revenue from home sales	15,220		11,309
Brokered resale revenues, net	273		261
Ancillary services revenues, net	—		—
Total revenues	19,786		15,552
Expenses:
Rental home operating and maintenance	1,243		1,343
Cost of home sales	14,868		11,911
Home selling expenses	1,306		1,213
Total expenses	17,417		14,467
Income from home sales and rentals operations segment	$	2,369	$	1,085

______________________

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

- Definition

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

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 19, 2021, we entered into a Third Amended and Restated Credit Agreement (the “Third Amended and Restated Credit Agreement”) which amends and restates the terms of the obligations owed by us under the Second Amended and Restated Credit Agreement, dated as of October 27, 2017, pursuant to which we have access to a $500 million unsecured line of credit (the “LOC”) and a $300 million senior unsecured term loan facility (the “Term Loan”). We used the net proceeds from the Term Loan to repay the Loan. The LOC maturity date was extended to April 18, 2025, and this term can be extended two times for additional six-month increments, subject to certain conditions. The LOC bears interest at a rate of LIBOR plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%. We extended the maturity of our Term Loan. The Term Loan now matures on April 17, 2026 and has an interest rate of LIBOR plus 1.40% to 1.95% per annum. For both the LOC and Term Loan, the spread over LIBOR is variable based on leverage throughout the respective loan terms. We incurred commitment and arrangement fees of approximately $7.1 million to enter into the Third Amended and Restated Credit Agreement.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the "Operating Partnership") and its other consolidated subsidiaries (the "Subsidiaries"), are referred to herein as "we," "us," and "our". We are a fully integrated owner of lifestyle-oriented properties ("Properties") consisting of property operations and home sales and rental operations primarily within manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of March 31, 2021. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Consolidation	Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting PronouncementsIn March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. We continue to evaluate the impact of this guidance and we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
Revenue Recognition	Revenue RecognitionOur revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the ASC 842, Leases, and is recognized over the term of the respective lease or the length of a customer's stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit place on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers ("utility recoveries") from the associated rental income as we meet the practical expedient criteria to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability including historical loss experience, current market conditions and future expectations in forecasting credit losses. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.
Restricted Cash	Restricted CashAs of March 31, 2021 and December 31, 2020, restricted cash consists of $27.6 million and $24.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lessor Operating Lease, Payments to be Received

The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:


(amounts in thousands)	As of March 31, 2021
2021	$	108,813
2022	148,245
2023	101,754
2024	43,715
2025	22,029
Thereafter	74,456
Total	$	499,012

Minimum Future Operating Lease Payments


	As of March 31, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	1,649	$	2,514	$	4,163
2022	1,638		1,577		3,215
2023	626		1,286		1,912
2024	632		897		1,529
2025	637		766		1,403
Thereafter	4,941		2,125		7,066
Total undiscounted rental payments	10,123		9,165		19,288
Less imputed interest	(2,144)		(839)		(2,983)
Total lease liabilities	$	7,979	$	8,326	$	16,305

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock for the quarters and three months ended March 31, 2021 and 2020:


	Quarters Ended March 31,
(amounts in thousands, except per share data)	2021		2020
Numerators:
Net income available for Common Stockholders – Basic	$	65,240	$	66,875
Amounts allocated to dilutive securities	3,747		3,849
Net income available for Common Stockholders – Fully Diluted	$	68,987	$	70,724
Denominators:
Weighted average Common Shares outstanding – Basic	181,945		181,729
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	10,473		10,491
Stock options and restricted stock	267		344
Weighted average Common Shares outstanding – Fully Diluted	192,685		192,564

Earnings per Common Share – Basic	$	0.36	$	0.37

Earnings per Common Share – Fully Diluted	$	0.36	$	0.37

Common Stock and Other Equity Related Transactions (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Dividends Declared

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit ("OP Unit") holders since January 1, 2020.

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$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

$0.3625

March 31, 2021

March 26, 2021

April 9, 2021

Investment in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our Investment in Unconsolidated Joint Ventures


						Investment as of				Income/(Loss) for Years Ended
Investment	Location	Number of Sites	Economic Interest (a)			March 31, 2021		December 31, 2020		March 31, 2021		March 31, 2020
Meadows	Various (2,2)	1,077	50	%		$	—	$	—	$	550	$	—
Lakeshore	Florida (3,3)	721	(b)			2,251		2,281		152		90
Voyager	Arizona (1,1)	1,801	50	%	(c)	112		83		30		(10)
ECHO JV	Various	—	50	%		17,498		17,362		136		127
		3,599				$	19,861	$	19,726	$	868	$	207

_____________________

(a)The percentages shown approximate our economic interest as of March 31, 2021. Our legal ownership interest may differ.

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

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

Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Fair Value of Mortgage Debt

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


	As of March 31, 2021				As of December 31, 2020
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,617,135	$	2,662,443	$	2,537,137	$	2,472,876

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Instruments and Hedging (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

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


		As of March 31,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2021		2020
Interest Rate Swap	Other assets, net	$	129	$	—

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

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the quarters ended March 31,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2021		2020		(amounts in thousands)	2021		2020
Interest Rate Swap	$	(112)	$	1,424	Interest Expense	$	17	$	91

Schedule of Derivative Instruments, Effect on Income statement

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the quarters ended March 31,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2021		2020		(amounts in thousands)	2021		2020
Interest Rate Swap	$	(112)	$	1,424	Interest Expense	$	17	$	91

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2021 and 2020:

Quarter Ended March 31, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	273,555	$	19,786	$	293,341
Operations expenses	(125,537)		(17,417)		(142,954)
Income from segment operations	148,018		2,369		150,387
Interest income	1,148		615		1,763
Depreciation and amortization	(42,778)		(2,620)		(45,398)
Loss on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	106,329	$	364	$	106,693
Reconciliation to consolidated net income:
Corporate interest income					4
Income from other investments, net					936
General and administrative					(10,512)
Other expenses					(698)
Interest and related amortization					(26,275)
Equity in income of unconsolidated joint ventures					868
Early debt retirement					(2,029)
Consolidated net income					$	68,987

Total assets	$	4,524,713	$	261,002	$	4,785,715
Capital improvements	$	36,468	$	20,310	$	56,778

Quarter Ended March 31, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	262,474	$	15,552	$	278,026
Operations expenses	(117,898)		(14,467)		(132,365)
Income from segment operations	144,576		1,085		145,661
Interest income	1,075		727		1,802
Depreciation and amortization	(36,220)		(2,804)		(39,024)

Income (loss) from operations	$	109,431	$	(992)	$	108,439
Reconciliation to consolidated net income:
Corporate interest income					5
Income from other investments, net					643
General and administrative					(10,855)
Other expenses					(588)
Interest and related amortization					(26,073)
Equity in income of unconsolidated joint ventures					207
Early debt retirement					(1,054)
Consolidated net income					$	70,724

Total assets	$	3,936,862	$	275,602	$	4,212,464
Capital improvements	$	32,605	$	16,354	$	48,959

Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2021 and 2020:


	Quarters Ended March 31,
(amounts in thousands)	2021		2020
Revenues:
Rental income	$	244,729	$	235,364
Annual membership subscriptions	13,654		13,073
Membership upgrade sales current period, gross	10,014		4,843
Membership upgrade sales upfront payments, deferred, net	(7,427)		(2,542)
Other income	10,521		11,059
Ancillary services revenues, net	2,064		677
Total property operations revenues	273,555		262,474
Expenses:
Property operating and maintenance	87,630		82,291
Real estate taxes	17,850		16,841
Sales and marketing, gross	6,176		3,978
Membership sales commissions, deferred, net	(1,499)		(216)
Property management	15,380		15,004
Total property operations expenses	125,537		117,898
Income from property operations segment	$	148,018	$	144,576

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2021 and 2020:


	Quarters Ended March 31,
(amounts in thousands)	2021		2020
Revenues:
Rental income (a)	$	4,293	$	3,982
Gross revenue from home sales	15,220		11,309
Brokered resale revenues, net	273		261
Ancillary services revenues, net	—		—
Total revenues	19,786		15,552
Expenses:
Rental home operating and maintenance	1,243		1,343
Cost of home sales	14,868		11,911
Home selling expenses	1,306		1,213
Total expenses	17,417		14,467
Income from home sales and rentals operations segment	$	2,369	$	1,085

______________________

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

Organization and Basis of Presentation (Details)	Mar. 31, 2020
Operating Partnership
Other Ownership Interests
Ownership interest (percent)	94.60%

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated membership upgrade contract term	20 years
Cash and cash equivalents, restricted cash	$ 27.6	$ 24.1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	1 month
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	6 months

Leases - Operating Lease Future Proceeds (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2021	$ 108,813
2022	148,245
2023	101,754
2024	43,715
2025	22,029
Thereafter	74,456
Total	$ 499,012

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2021 USD ($) lease	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) \| lease	14
Operating lease payments	$ 2,500	$ 2,400
Operating lease, right-of-use asset, statement of financial position	us-gaap:OtherAssets		us-gaap:OtherAssets
Operating lease, liability, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent		us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Right of use asset	$ 14,900		$ 15,700
Operating lease liability	$ 16,305		$ 16,400
Weighted average operating lease term	8 years		8 years
Operating lease weighted average interest rate (percent)	4.00%		4.00%

Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description
2021	$ 4,163
2022	3,215
2023	1,912
2024	1,529
2025	1,403
Thereafter	7,066
Total undiscounted rental payments	19,288
Less imputed interest	(2,983)
Total lease liabilities	16,305	$ 16,400
Ground Leases
Lessee, Lease, Description
2021	1,649
2022	1,638
2023	626
2024	632
2025	637
Thereafter	4,941
Total undiscounted rental payments	10,123
Less imputed interest	(2,144)
Total lease liabilities	7,979
Office and Other Leases
Lessee, Lease, Description
2021	2,514
2022	1,577
2023	1,286
2024	897
2025	766
Thereafter	2,125
Total undiscounted rental payments	9,165
Less imputed interest	(839)
Total lease liabilities	$ 8,326

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerators:
Net income available for Common Stockholders – Basic	$ 65,240	$ 66,875
Amounts allocated to dilutive securities	3,747	3,849
Net income available for Common Stockholders – Fully Diluted	$ 68,987	$ 70,724
Denominators:
Weighted average common shares outstanding – basic (in shares)	181,945	181,729
Effect of dilutive securities:
Exchange of common OP units for common shares (in shares)	10,473	10,491
Stock options and restricted stock (in shares)	267	344
Weighted average common shares outstanding – fully diluted (in shares)	192,685	192,564
Earnings per common share – basic (usd per share)	$ 0.36	$ 0.37
Earnings per common share – fully diluted (usd per share)	$ 0.36	$ 0.37

Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares	Apr. 09, 2021	Jan. 08, 2021	Oct. 09, 2020	Jul. 10, 2020	Apr. 10, 2020
Class of Stock
Common stock, dividends paid (usd per share)		$ 0.3425	$ 0.3425	$ 0.3425	$ 0.3425
Subsequent Event
Class of Stock
Common stock, dividends paid (usd per share)	$ 0.3625

Common Stock and Other Equity Related Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jul. 30, 2020
Class of Stock
Common stock, par value (usd per share)	$ 0.01		$ 0.01
OP units were exchanged for an equal number of shares of common stock (in shares)	8,560	9,228
ATM
Class of Stock
Common stock, par value (usd per share)				$ 0.01
Aggregate offering price				$ 200.0

Investment in Real Estate (Details) $ in Millions	Feb. 05, 2021 USD ($) property site	Jan. 21, 2021 USD ($) property
Business Acquisition
Purchase price \| $	$ 262.0
Okeechobee KOA RV Resort
Business Acquisition
Number of sites acquired		740
Purchase price \| $		$ 42.2
Marinas
Business Acquisition
Number of properties acquired	11
Marina Slips
Business Acquisition
Number of properties acquired	3,986
R V Resort
Business Acquisition
Number of sites acquired \| site	181

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021	Mar. 31, 2021 site	Mar. 31, 2021 joint_venture_site	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments
Number of Sites				3,599	2
Economic interest			65.00%
Investment in unconsolidated joint ventures	$ 19,861					$ 19,726
Equity in income (loss) of unconsolidated joint ventures	868	$ 207
Meadows \| Various
Schedule of Equity Method Investments
Number of Sites \| site				1,077
Economic interest			50.00%
Investment in unconsolidated joint ventures	0					0
Equity in income (loss) of unconsolidated joint ventures	550	0
Lakeshore \| Florida
Schedule of Equity Method Investments
Number of Sites \| site				721
Investment in unconsolidated joint ventures	2,251					2,281
Equity in income (loss) of unconsolidated joint ventures	152	90
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%
Voyager \| Arizona
Schedule of Equity Method Investments
Number of Sites \| site				1,801
Economic interest			50.00%
Investment in unconsolidated joint ventures	112					83
Equity in income (loss) of unconsolidated joint ventures	30	(10)
ECHO JV \| Various
Schedule of Equity Method Investments
Number of Sites \| site				0
Economic interest			50.00%
Investment in unconsolidated joint ventures	17,498					$ 17,362
Equity in income (loss) of unconsolidated joint ventures	$ 136	$ 127
Crosswinds
Schedule of Equity Method Investments
Economic interest			49.00%

Investment in Unconsolidated Joint Ventures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Income from distribution made to us	$ 0.7	$ 0.2
Distributions, including those in excess of basis	$ 0.7	$ 0.1

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,617,135	$ 2,537,137
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,662,443	$ 2,472,876

Borrowing Arrangements - Additional Information (Details)		3 Months Ended
	Apr. 19, 2021 USD ($)	Mar. 31, 2021 USD ($) property site loan	Mar. 31, 2020 USD ($) site loan	Dec. 31, 2020 USD ($) property
Debt Instrument
Number of pledged properties \| property		117		116
Pledged assets, not separately reported		$ 2,683,900,000		$ 2,580,900,000
Unsecured line of credit		50,000,000		222,000,000
Unsecured debt		299,120,000		0
Subsequent Event
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Commitment and arrangement fee amount	7,100,000
Line of Credit
Debt Instrument
Commitment and arrangement fee amount		$ 1,100,000
Senior Unsecured Term Loan \| Line of Credit
Debt Instrument
Stated interest rate		1.45%
Line of credit facility, maximum borrowing capacity		$ 300,000,000.0
Secured Debt
Debt Instrument
Weighted average interest rate		3.80%
Secured Debt \| Minimum
Debt Instrument
Stated interest rate		2.40%
Secured Debt \| Maximum
Debt Instrument
Stated interest rate		8.90%
Line of Credit \| Letter of Credit
Debt Instrument
Unsecured line of credit		$ 50,000,000.0		$ 222,000,000.0
Line of credit, remaining borrowing amount		$ 350,000,000.0
Line of Credit \| Letter of Credit \| Subsequent Event
Debt Instrument
Unsecured debt	$ 300,000,000
Line of Credit \| Prepaid Loans
Debt Instrument
Stated interest rate		2.40%	2.70%
Proceeds from loans		$ 270,000,000.0	$ 275,400,000
Debt instrument, term		10 years	10 years
Line of Credit \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| site		1	8
Line of Credit \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| site			4
Line of Credit \| Term Loan \| Subsequent Event
Debt Instrument
Stated interest rate	1.80%
Line of Credit \| Term Loan \| Letter of Credit \| Subsequent Event
Debt Instrument
Line of credit, remaining borrowing amount	$ 500,000,000.0
Unsecured debt	$ 300,000,000.0
Mortgage \| Prepaid Loans
Debt Instrument
Weighted average interest rate		5.10%	5.20%
Repayments of debt		$ 67,000,000.0	$ 48,100,000
Number of loans \| loan		2	3
Payments of prepayment penalties		$ 1,900,000	$ 1,000,000.0
Mortgage \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| site			3
Mortgage \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| site		2

Derivative Instruments and Hedging - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosures
Reclassified as a decrease to interest expense	$ 700,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Derivative, contract term	3 years
Notional amount	$ 300,000,000.0
Derivative instrument, underlying rate	0.39%
Derivative Instrument Effective Interest Rate	1.84%
Interest Rate Swap \| LIBOR
Derivative Instruments and Hedging Activities Disclosures
Derivative instrument, variable rate	1.45%

Derivative Instruments and Hedging - Fair Value of Derivative Financial Instrument (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument \| Interest Rate Swap \| Other assets, net
Derivatives, Fair Value
Derivative liability	$ 129	$ 0

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss recognized in OCI on derivative	$ (112)	$ 1,424
Cash Flow Hedging \| Interest Expense
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss reclassified from accumulated OCI into income	$ 17	$ 91

Equity Incentive Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.6	$ 3.0
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	104,734
Restricted Stock \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares categorized as vesting		50.00%
Vesting period	3 years
Fair value of shares issued	$ 3.3
Shares categorized as performance based (percent)		50.00%
Restricted Stock \| 2014 Plan \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock \| 2014 Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock \| 2014 Plan \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Shares \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares issued	$ 1.1
Grants in period (in shares)	17,454

Commitments and Contingencies (Details)	Mar. 31, 2021 site
Westwinds \| Operating Partnership \| Mobile Home Community
Loss Contingencies
Number of sites	720

Reportable Segments - Additional Information (Details)	3 Months Ended
Reportable Segments - Additional Information (Details)	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (45,398)	$ (39,024)
Loss on sale of real estate, net	(59)	0
Reconciliation to consolidated net income:
Income from other investments, net	10,521	11,059
General and administrative	(10,512)	(10,855)
Other expenses	(698)	(588)
Interest and related amortization	(26,275)	(26,073)
Equity in income of unconsolidated joint ventures	868	207
Early debt retirement	(2,029)	(1,054)
Consolidated net income	68,987	70,724
Total assets	4,785,715	4,212,464	$ 4,418,969
Capital improvements	56,778	48,959
Property Operations
Reconciliation to consolidated net income:
Income from other investments, net	10,521	11,059
Total assets	4,524,713	3,936,862
Capital improvements	36,468	32,605
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	261,002	275,602
Capital improvements	20,310	16,354
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	293,341	278,026
Operations expenses	(142,954)	(132,365)
Income from segment operations	150,387	145,661
Interest income	1,763	1,802
Depreciation and amortization	(45,398)	(39,024)
Loss on sale of real estate, net	(59)
Income (loss) from operations	106,693	108,439
Operating Segments \| Property Operations
Segment Reporting Information [Line Items]
Operations revenues	273,555	262,474
Operations expenses	(125,537)	(117,898)
Income from segment operations	148,018	144,576
Interest income	1,148	1,075
Depreciation and amortization	(42,778)	(36,220)
Loss on sale of real estate, net	(59)
Income (loss) from operations	106,329	109,431
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	19,786	15,552
Operations expenses	(17,417)	(14,467)
Income from segment operations	2,369	1,085
Interest income	615	727
Depreciation and amortization	(2,620)	(2,804)
Loss on sale of real estate, net	0
Income (loss) from operations	364	(992)
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	4	5
Income from other investments, net	936	643
General and administrative	(10,512)	(10,855)
Other expenses	(698)	(588)
Interest and related amortization	(26,275)	(26,073)
Equity in income of unconsolidated joint ventures	868	207
Early debt retirement	$ (2,029)	$ (1,054)

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Other income	$ 10,521	$ 11,059
Total revenues	296,044	280,476
Expenses:
Real estate taxes	17,850	16,841
Sales and marketing, gross	6,176	3,978
Membership sales commissions, deferred, net	(1,499)	(216)
Total expenses	227,866	209,959
Income before equity in income of unconsolidated joint ventures	68,119	70,517
Property Operations
Revenues:
Rental income	244,729	235,364
Other income	10,521	11,059
Total revenues	273,555	262,474
Expenses:
Operating and maintenance expenses	87,630	82,291
Real estate taxes	17,850	16,841
Sales and marketing, gross	6,176	3,978
Membership sales commissions, deferred, net	(1,499)	(216)
Total expenses	125,537	117,898
Income before equity in income of unconsolidated joint ventures	148,018	144,576
Home Sales and Rentals Operations
Revenues:
Rental income	4,293	3,982
Total revenues	19,786	15,552
Expenses:
Operating and maintenance expenses	1,243	1,343
Home selling expenses	1,306	1,213
Total expenses	17,417	14,467
Income before equity in income of unconsolidated joint ventures	2,369	1,085
Annual membership subscriptions
Revenues:
Contract revenue	13,654	13,073
Annual membership subscriptions \| Property Operations
Revenues:
Contract revenue	13,654	13,073
Membership upgrade sales current period, gross
Revenues:
Contract revenue	10,014	4,843
Membership upgrade sales current period, gross \| Property Operations
Revenues:
Contract revenue	10,014	4,843
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(7,427)	(2,542)
Membership upgrade sales upfront payments, deferred, net \| Property Operations
Revenues:
Contract revenue	(7,427)	(2,542)
Gross revenues from home sales
Revenues:
Contract revenue	15,220	11,309
Expenses:
Property management and cost of home sales	14,868	11,911
Gross revenues from home sales \| Home Sales and Rentals Operations
Revenues:
Contract revenue	15,220	11,309
Expenses:
Property management and cost of home sales	14,868	11,911
Brokered resale revenues, net \| Home Sales and Rentals Operations
Revenues:
Contract revenue	273	261
Ancillary services \| Property Operations
Revenues:
Contract revenue	2,064	677
Ancillary services \| Home Sales and Rentals Operations
Revenues:
Contract revenue	0	0
Property management
Expenses:
Property management and cost of home sales	15,380	15,004
Property management \| Property Operations
Expenses:
Property management and cost of home sales	$ 15,380	$ 15,004

Subsequent Events (Details)	Apr. 19, 2021 USD ($) extension Rate	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Event [Line Items]
Unsecured debt		$ 299,120,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Number of extension periods (extension) \| extension	2
Extension period	6 months
Commitment and arrangement fee amount	$ 7,100,000
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Derivative interest rate, percent	0.20%
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Derivative interest rate, percent	0.35%
Subsequent Event \| Line of Credit \| Minimum \| LIBOR
Subsequent Event [Line Items]
Debt instrument, variable rate on spread \| Rate	1.25%
Subsequent Event \| Line of Credit \| Maximum \| LIBOR
Subsequent Event [Line Items]
Debt instrument, variable rate on spread \| Rate	1.65%
Subsequent Event \| Mortgage \| Minimum \| LIBOR
Subsequent Event [Line Items]
Debt instrument, variable rate on spread	1.40%
Subsequent Event \| Mortgage \| Maximum \| LIBOR
Subsequent Event [Line Items]
Debt instrument, variable rate on spread	1.95%
Subsequent Event \| Letter of Credit \| Line of Credit
Subsequent Event [Line Items]
Unsecured debt	$ 300,000,000

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

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+ Details