0000895417-21-000065 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Oct. 21, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		183,826,116
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment in real estate:
Land	$ 1,969,487	$ 1,676,636
Land improvements	3,783,255	3,543,479
Buildings and other depreciable property	1,042,086	940,311
Investment in real estate	6,794,828	6,160,426
Accumulated depreciation	(2,056,260)	(1,924,585)
Net investment in real estate	4,738,568	4,235,841
Cash and restricted cash	40,272	24,060
Notes receivable, net	39,947	35,844
Investment in unconsolidated joint ventures	20,632	19,726
Deferred commission expense	46,748	42,472
Other assets, net	95,693	61,026
Total Assets	4,981,860	4,418,969
Liabilities:
Mortgage notes payable, net	2,606,999	2,444,930
Term loan, net	297,288	0
Unsecured line of credit	220,000	222,000
Accounts payable and other liabilities	186,258	129,666
Deferred membership revenue	173,222	150,692
Accrued interest payable	8,879	8,336
Rents and other customer payments received in advance and security deposits	109,983	92,587
Distributions payable	70,009	66,003
Total Liabilities	3,672,638	3,114,214
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 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 September 30, 2021 and December 31, 2020; 183,824,165 and 182,230,631 shares issued and outstanding as of September 30, 2021, and December 31, 2020, respectively.	1,828	1,813
Paid-in capital	1,427,606	1,411,397
Distributions in excess of accumulated earnings	(181,941)	(179,523)
Accumulated other comprehensive income (loss)	325	0
Total Stockholders’ Equity	1,247,818	1,233,687
Non-controlling interests – Common OP Units	61,404	71,068
Total Equity	1,309,222	1,304,755
Total Liabilities and Equity	$ 4,981,860	$ 4,418,969

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	183,824,165	182,230,631
Common stock, shares outstanding (in shares)	183,824,165	182,230,631

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental income	$ 269,573	$ 238,869	$ 774,293	$ 696,178
Other income	12,053	12,268	36,759	33,007
Interest income	1,805	1,801	5,314	5,399
Income from other investments, net	1,238	1,428	3,396	3,093
Total revenues	332,897	284,986	946,364	819,552
Expenses:
Property operating and maintenance	109,164	99,566	300,700	268,465
Real estate taxes	18,408	15,981	54,154	49,490
Sales and marketing, gross	6,513	5,054	18,987	13,308
Membership sales commissions, deferred, net	(1,468)	(630)	(4,405)	(1,327)
Depreciation and amortization	44,414	38,581	138,127	115,937
Home selling expenses	1,203	1,241	3,855	3,535
General and administrative	10,401	9,692	31,141	31,156
Other expenses	797	658	2,295	1,885
Early debt retirement	0	9,732	2,784	10,786
Interest and related amortization	27,361	25,218	80,767	77,540
Total expenses	259,655	232,486	741,931	648,746
Loss on sale of real estate, net	0	0	(59)	0
Income before equity in income of unconsolidated joint ventures	73,242	52,500	204,374	170,806
Equity in income of unconsolidated joint ventures	851	968	2,786	2,239
Consolidated net income	74,093	53,468	207,160	173,045
Income allocated to non-controlling interests – Common OP Units	(3,468)	(2,908)	(10,236)	(9,415)
Redeemable perpetual preferred stock dividends	0	0	(8)	(8)
Net income available for Common Stockholders	70,625	50,560	196,916	163,622
Other comprehensive income (loss):
Adjustment for fair market value of swap	86	1,161	325	380
Consolidated comprehensive income	74,179	54,629	207,485	173,425
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,472)	(2,971)	(10,253)	(9,436)
Comprehensive income attributable to Common Stockholders	$ 70,707	$ 51,658	$ 197,224	$ 163,981
Earnings per common share – basic (usd per share)	$ 0.38	$ 0.28	$ 1.08	$ 0.90
Earnings per common share – fully diluted (usd per share)	$ 0.38	$ 0.28	$ 1.08	$ 0.90
Weighted average common shares outstanding – basic (in shares)	183,469	181,869	182,590	181,811
Weighted average common shares outstanding – fully diluted (in shares)	192,736	192,537	192,689	192,548
Annual membership subscriptions
Revenues:
Contract revenue	$ 15,127	$ 13,442	$ 43,048	$ 39,476
Membership upgrade sales current period, gross
Revenues:
Contract revenue	10,122	6,631	29,343	16,522
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(7,253)	(4,171)	(21,134)	(9,379)
Gross revenues from home sales
Revenues:
Contract revenue	27,276	13,070	66,923	33,245
Expenses:
Cost of services	25,847	12,866	64,571	33,627
Brokered resale and ancillary services revenues, net
Revenues:
Contract revenue	2,956	1,648	8,422	2,011
Property management
Expenses:
Cost of services	$ 17,015	$ 14,527	$ 48,955	$ 44,344

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, 2019	$ 1,321,888	$ (3,875)	$ 1,318,013	$ 1,812	$ 1,812	$ 1,402,696	$ 1,402,696	$ 0	$ 0	$ (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 (in shares)				0
Exchange of Common OP Units for Common Stock	0					63									(63)
Issuance of Common Stock through employee stock purchase plan	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 OP Unitholders in the Operating Partnership	0					277									(277)
Adjustment for fair market value of swap	(1,333)												(1,333)
Consolidated net income	70,724							0		66,875					3,849
Distributions	(65,975)							0		(62,385)					(3,590)
Other	(143)					(143)
Ending balance at Mar. 31, 2020	1,320,907			$ 1,812		1,402,514		0		(153,703)			(1,713)		71,997
Beginning balance at Dec. 31, 2019	$ 1,321,888	$ (3,875)	$ 1,318,013	1,812	$ 1,812	1,402,696	$ 1,402,696	0	$ 0	(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 (in shares)	9,228
Adjustment for fair market value of swap	$ 380
Ending balance at Sep. 30, 2020	1,299,092			1,812		1,408,253		0		(181,754)			0		70,781
Beginning balance at Mar. 31, 2020	1,320,907			1,812		1,402,514		0		(153,703)			(1,713)		71,997
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	531					531
Compensation expenses related to restricted stock and stock options	2,669					2,669
Adjustment for Common OP Unitholders in the Operating Partnership	0					193									(193)
Adjustment for fair market value of swap	552												552
Consolidated net income	48,853							8		46,187					2,658
Distributions	(65,986)							(8)		(62,387)					(3,591)
Other	(143)					(143)
Ending balance at Jun. 30, 2020	1,307,383			1,812		1,405,764		0		(169,903)			(1,161)		70,871
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	528					528
Compensation expenses related to restricted stock and stock options	2,878					2,878							0
Adjustment for Common OP Unitholders in the Operating Partnership	0					(592)				0					592
Adjustment for fair market value of swap	1,161												1,161
Consolidated net income	53,468									50,560					2,908
Distributions	(66,001)									(62,411)					(3,590)
Other	(325)					(325)
Ending balance at Sep. 30, 2020	1,299,092			1,812		1,408,253		0		(181,754)			0		70,781
Beginning balance at Dec. 31, 2020	1,304,755			$ 1,813		1,411,397		0		(179,523)			0		71,068
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP units for common stock (in shares)				0
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							0		65,240					3,747
Distributions	(69,883)							0		(66,087)					(3,796)
Other	(116)					(116)
Ending balance at Mar. 31, 2021	1,304,346			$ 1,813		1,411,813		0		(180,370)			129		70,961
Beginning balance at Dec. 31, 2020	$ 1,304,755			1,813		1,411,397		0		(179,523)			0		71,068
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP units for common stock (in shares)	1,451,710
Adjustment for fair market value of swap	$ 325
Ending balance at Sep. 30, 2021	1,309,222			1,828		1,427,606		0		(181,941)			325		61,404
Beginning balance at Mar. 31, 2021	1,304,346			$ 1,813		1,411,813		0		(180,370)			129		70,961
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP units for common stock (in shares)				14,000
Exchange of Common OP Units for Common Stock	0					9,310									(9,324)
Issuance of Common Stock through employee stock purchase plan	605					605
Compensation expenses related to restricted stock and stock options	2,821					2,821
Adjustment for Common OP Unitholders in the Operating Partnership	0					(143)									143
Adjustment for fair market value of swap	110												110
Consolidated net income	64,080							8		61,051					3,021
Distributions	(69,915)							(8)		(66,611)					(3,296)
Other	(56)					(56)
Ending balance at Jun. 30, 2021	1,301,991			$ 1,827		1,424,350		0		(185,930)			239		61,505
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0			1		438									(439)
Issuance of Common Stock through employee stock purchase plan	379					379
Compensation expenses related to restricted stock and stock options	2,774					2,774
Adjustment for Common OP Unitholders in the Operating Partnership	0					(142)									142
Adjustment for fair market value of swap	86												86
Consolidated net income	74,093			0				0		70,625			0		3,468
Distributions	(69,908)							0		(66,636)					(3,272)
Other	(193)					(193)
Ending balance at Sep. 30, 2021	$ 1,309,222			$ 1,828		$ 1,427,606		$ 0		$ (181,941)			$ 325		$ 61,404

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows From Operating Activities:
Consolidated net income	$ 207,160	$ 173,045
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	2,784	10,786
Depreciation and amortization	140,336	117,870
Amortization of loan costs	3,505	2,636
Debt premium amortization	(243)	(304)
Equity in income of unconsolidated joint ventures	(2,786)	(2,239)
Distributions of income from unconsolidated joint ventures	52	84
Proceeds from insurance claims, net	589	(1,453)
Compensation expense related to incentive plans	9,434	9,659
Revenue recognized from membership upgrade sales upfront payments	(8,208)	(7,143)
Commission expense recognized related to membership sales	2,843	2,774
Changes in assets and liabilities:
Notes receivable, net	(4,129)	(1,460)
Deferred commission expense	(7,119)	(3,844)
Other assets, net	24,616	21,663
Accounts payable and other liabilities	47,520	22,029
Deferred membership revenue	30,738	17,958
Rents and other customer payments received in advance and security deposits	6,456	(1,193)
Net cash provided by operating activities	453,607	360,868
Cash Flows From Investing Activities:
Real estate acquisitions, net	(477,785)	(8,871)
Proceeds from disposition of properties, net	(7)	0
Investment in unconsolidated joint ventures	(493)	0
Distributions of capital from unconsolidated joint ventures	2,320	2,294
Proceeds from insurance claims	2,048	109
Capital improvements	(204,037)	(155,061)
Net cash used in investing activities	(677,954)	(161,529)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,717	1,678
Distributions:
Common Stockholders	(195,112)	(180,537)
Common OP Unitholders	(10,681)	(10,393)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(2,814)	(3,962)
Principal payments and mortgage debt repayment	(108,968)	(455,252)
Mortgage notes payable financing proceeds	270,016	662,255
Term loan repayment	(300,000)	0
Term loan proceeds	600,000	0
Line of Credit repayment	(379,500)	(367,500)
Line of Credit proceeds	377,500	257,500
Debt issuance and defeasance costs	(11,225)	(17,150)
Other	(366)	(612)
Net cash provided by (used in) financing activities	240,559	(113,981)
Net increase in cash and restricted cash	16,212	85,358
Cash and restricted cash, beginning of period	24,060	28,860
Cash and restricted cash, end of period	40,272	114,218
Supplemental Information:
Cash paid for interest	77,377	76,551
Net investment in real estate – reclassification of rental homes	55,355	28,774
Other assets, net – reclassification of rental homes	(55,355)	(28,774)
Real estate acquisitions:
Investment in real estate	(494,342)	(9,050)
Other assets, net	(2,815)	0
Accrued expenses and accounts payable	8,432	0
Rents and other customer payments received in advance and security deposits	10,940	179
Real estate acquisitions, net	(477,785)	(8,871)
Real estate dispositions:
Investment in real estate	52	0
Loss on sale of real estate, net	(59)	0
Real estate dispositions, net	$ (7)	$ 0

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 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 95.3% interest as of September 30, 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) 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 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 placed 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. (b) Restricted Cash As of September 30, 2021 and December 31, 2020, restricted cash consists of $31.7 million and $24.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes. (c) 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.

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Lessor

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


(amounts in thousands)	As of September 30, 2021
2021	$	44,370
2022	180,897
2023	129,603
2024	60,749
2025	22,777
Thereafter	66,775
Total	$	505,171

Lessee

We lease land under non-cancelable operating leases at 14 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 2032. For the quarters ended September 30, 2021 and 2020, total operating lease payments were $2.9 million and $2.5 million, respectively. For the nine months ended September 30, 2021 and 2020, total operating lease payments were $8.0 million and $7.3 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 September 30, 2021:


	As of September 30, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	525	$	1,060	$	1,585
2022	1,638		2,939		4,577
2023	626		2,682		3,308
2024	632		2,326		2,958
2025	637		2,024		2,661
Thereafter	4,941		10,958		15,899
Total undiscounted rental payments	8,999		21,989		30,988
Less imputed interest	(1,976)		(3,340)		(5,316)
Total lease liabilities	$	7,023	$	18,649	$	25,672

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 $23.7 million and $25.7 million, respectively, as of September 30, 2021. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at September 30, 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 September 30, 2021
2021	$	44,370
2022	180,897
2023	129,603
2024	60,749
2025	22,777
Thereafter	66,775
Total	$	505,171

Lessee


	As of September 30, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	525	$	1,060	$	1,585
2022	1,638		2,939		4,577
2023	626		2,682		3,308
2024	632		2,326		2,958
2025	637		2,024		2,661
Thereafter	4,941		10,958		15,899
Total undiscounted rental payments	8,999		21,989		30,988
Less imputed interest	(1,976)		(3,340)		(5,316)
Total lease liabilities	$	7,023	$	18,649	$	25,672

Earnings Per Common Share

3 Months Ended

9 Months Ended

Mar. 31, 2021

Sep. 30, 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 nine months ended September 30, 2021 and 2020:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2021		2020		2021		2020
Numerators:
Net income available for Common Stockholders – Basic	$	70,625	$	50,560	$	196,916	$	163,622
Amounts allocated to dilutive securities	3,468		2,908		10,236		9,415
Net income available for Common Stockholders – Fully Diluted	$	74,093	$	53,468	$	207,152	$	173,037
Denominators:
Weighted average Common Shares outstanding – Basic	183,469		181,869		182,590		181,811
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,056		10,482		9,888		10,485
Stock options and restricted stock	211		186		211		252
Weighted average Common Shares outstanding – Fully Diluted	192,736		192,537		192,689		192,548

Earnings per Common Share – Basic	$	0.38	$	0.28	$	1.08	$	0.90

Earnings per Common Share – Fully Diluted	$	0.38	$	0.28	$	1.08	$	0.90

Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 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

$0.3625

June 30, 2021

June 25, 2021

July 9, 2021

$0.3625

September 30, 2021

September 24, 2021

October 8, 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 September 30, 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 nine months ended September 30, 2021 and 2020, 1,451,710 and 9,228 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Investment in Real Estate	9 Months Ended
Investment in Real Estate	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions 2021 On September 30, 2021, we completed the acquisition of an approximately 40 acre vacant land parcel in Nokomis, Florida, adjacent to our MH community, Lake Village, for additional expansion. The purchase price was $10.4 million, which was funded with available cash. On August 26, 2021, we acquired a portion of Pirateland Camping Resort located in Myrtle Beach, South Carolina for $110.8 million. Pirateland is a 1,484 site RV community, and the ELS parcel contains 813 sites. Pirateland, including the ELS parcel, is managed by a tenant pursuant to existing ground leases. The ground lease with respect to the ELS parcel expires in February 2025. The acquisition was funded with proceeds from our unsecured line of credit. On June 3, 2021, we completed the acquisition of Pine Haven, a 629-site RV community located in Cape May, New Jersey, for a purchase price of $62.8 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. 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. 2020 On July 31, 2020, we completed the acquisition of an 11-acre development parcel that contained an additional 56 sites in Stella, North Carolina. On August 27, 2020, we completed the acquisition of a 51-acre vacant land parcel, also in Stella, North Carolina, for additional expansion. Both parcels are adjacent to our RV community, White Oak Shores. The total aggregate purchase price was $4.8 million, which was funded with available cash. On April 21, 2020, we completed the acquisition of a 4.6-acre vacant land parcel in North Ellenton, Florida, adjacent to our MH community, Colony Cove, for additional expansion. The purchase price was $2.2 million.

Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of September 30, 2021 and December 31, 2020, respectively):


						Investment as of				Income/(Loss) for the nine months ended
Investment	Location	Number of Sites	Economic Interest (a)			September 30, 2021		December 31, 2020		September 30, 2021		September 30, 2020
Meadows	Various (2,2)	1,077	50	%		$	—	$	—	$	1,350	$	1,404
Lakeshore	Florida (3,3)	721	(b)			2,662		2,281		417		313
Voyager	Arizona (1,1)	1,801	50	%	(c)	132		83		544		153
ECHO JV	Various	—	50	%		17,838		17,362		475		369
		3,599				$	20,632	$	19,726	$	2,786	$	2,239

_____________________

(a)The percentages shown approximate our economic interest as of September 30, 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. On October 14, 2021, we acquired our joint venture partner’s 50% interest in Voyager RV Resort. See Note 13. Subsequent events.

We received approximately $2.4 million and $2.4 million in distributions from our unconsolidated joint ventures for the nine months ended September 30, 2021 and 2020, respectively. Approximately $2.2 million and $1.8 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the nine months ended September 30, 2021 and 2020, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements

9 Months Ended

Sep. 30, 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 September 30, 2021				As of December 31, 2020
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,722,619	$	2,633,681	$	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 September 30, 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 September 30, 2021 and December 31, 2020, respectively, and the gross carrying value of such Properties was approximately $2,726.0 million and $2,580.9 million, as of September 30, 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.

During the quarter ended September 30, 2020, we entered into a Secured Credit Facility with Fannie Mae for $386.9 million. The loan consisted of two tranches with a weighted average interest rate of 2.55% per annum and a weighted average maturity of 13.4 years. The first tranche generated proceeds of $202.0 million with an interest rate of 2.47% per annum and a maturity of 12 years. The second tranche generated proceeds of $184.9 million with an interest rate of 2.64% per annum and a maturity of 15 years. The loan is secured by ten MH communities. The net proceeds from the transaction were primarily used to repay our $200.0 million unsecured term loan scheduled to mature in 2023 and $166.8 million of secured loans scheduled to mature in 2021. The unsecured 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 interest 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 9. Derivative Instruments and Hedging Activities. The secured loans had a weighted average interest rate of approximately 5.0% per annum. As part of the repayment of the loans, we incurred early debt retirement costs of $8.8 million.

Third Amended and Restated Unsecured Credit Facility

During the quarter ended June 30, 2021, we entered into a Third Amended and Restated Credit Agreement (the “Third Amended and Restated Credit Agreement”) by and among us, MHC Operating Limited Partnership, Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other lenders named therein, pursuant to which we have access to a $500.0 million unsecured line of credit (the “LOC”) and a $300.0 million senior unsecured term loan (the “Term Loan”). We have the option to increase the borrowing capacity by $200.0 million, subject to certain conditions. 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%. The Term Loan 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.

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%. During the quarter ended June 30, 2021, in conjunction with the issuance of the Term Loan, we repaid the Loan.

The LOC had a balance of $220.0 million and $222.0 million outstanding as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021, our LOC had remaining borrowing capacity of $280.0 million.

As of September 30, 2021, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Derivative Instruments and Hedging

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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 September 30, 2021, our spread over LIBOR was 1.40% resulting in an estimated all-in interest rate of 1.79% per annum.

During the nine months ended September 30, 2020, in connection with the repayment of our $200.0 million unsecured term loan (See Note 8. 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 was classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument:


		As of September 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2021		2020
Interest Rate Swap	Other assets, net	$	325	$	—

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the nine months ended September 30,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2021		2020		(amounts in thousands)	2021		2020
Interest Rate Swap	$	142	$	1,561	Interest Expense	$	467	$	1,941

During the next twelve months, we estimate that $0.8 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 September 30, 2021, we had not posted any collateral related to this Swap.

Equity Incentive Awards	9 Months Ended
Equity Incentive Awards	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Awards	Equity Incentive Awards Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. During the quarter ended March 31, 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. During the quarter ended June 30, 2021, we awarded to certain members of our Board of Directors 58,192 shares of restricted stock at a fair value of approximately $4.0 million and options to purchase 16,185 shares of common stock with an exercise price of $68.74. These are time-based awards subject to various vesting dates between October 27, 2021 and April 27, 2023. Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended September 30, 2021 and 2020, was $2.8 million and $2.9 million, respectively, and for the nine months ended September 30, 2021 and 2020, was $8.2 million and $8.5 million, respectively.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 arbitration is stayed pursuant to an agreement between MHC and the Nicholsons. We intend to continue to vigorously defend our interests in this matter. As of September 30, 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

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021 or 2020.

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2021 and 2020:

Quarter Ended September 30, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	298,099	$	31,755	$	329,854
Operations expenses	(148,094)		(28,588)		(176,682)
Income from segment operations	150,005		3,167		153,172
Interest income	1,320		483		1,803
Depreciation and amortization	(41,761)		(2,653)		(44,414)
Loss on sale of real estate, net	—		—		—
Income (loss) from operations	$	109,564	$	997	$	110,561
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					1,238
General and administrative					(10,401)
Other expenses					(797)
Interest and related amortization					(27,361)
Equity in income of unconsolidated joint ventures					851
Early debt retirement					—
Consolidated net income					$	74,093

Total assets	$	4,723,386	$	258,474	$	4,981,860
Capital improvements	$	52,146	$	32,169	$	84,315

Quarter Ended September 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	264,284	$	17,473	$	281,757
Operations expenses	(132,780)		(15,825)		(148,605)
Income from segment operations	131,504		1,648		133,152
Interest income	1,104		694		1,798
Depreciation and amortization	(35,878)		(2,703)		(38,581)

Income (loss) from operations	$	96,730	$	(361)	$	96,369
Reconciliation to consolidated net income:
Corporate interest income					3
Income from other investments, net					1,428
General and administrative					(9,692)
Other expenses					(658)
Interest and related amortization					(25,218)
Equity in income of unconsolidated joint ventures					968
Early debt retirement					(9,732)
Consolidated net income					$	53,468

Total assets	$	3,997,064	$	263,349	$	4,260,413
Capital improvements	$	40,387	$	11,527	$	51,914

Nine Months Ended September 30, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	857,032	$	80,622	$	937,654
Operations expenses	(414,298)		(72,519)		(486,817)
Income from segment operations	442,734		8,103		450,837
Interest income	3,720		1,566		5,286
Depreciation and amortization	(130,169)		(7,958)		(138,127)
Gain on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	316,226	$	1,711	$	317,937
Reconciliation to consolidated net income:
Corporate interest income					28
Income from other investments, net					3,396
General and administrative					(31,141)
Other expenses					(2,295)
Interest and related amortization					(80,767)
Equity in income of unconsolidated joint ventures					2,786
Early debt retirement					(2,784)
Consolidated net income					$	207,160

Total assets	$	4,723,386	$	258,474	$	4,981,860
Capital improvements	$	129,919	$	74,118	$	204,037

Nine Months Ended September 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	764,913	$	46,147	$	811,060
Operations expenses	(369,974)		(41,468)		(411,442)
Income from segment operations	394,939		4,679		399,618
Interest income	3,240		2,148		5,388
Depreciation and amortization	(107,709)		(8,228)		(115,937)

Income (loss) from operations	$	290,470	$	(1,401)	$	289,069
Reconciliation to consolidated net income:
Corporate interest income					11
Income from other investments, net					3,093
General and administrative					(31,156)
Other expenses					(1,885)
Interest and related amortization					(77,540)
Equity in income of unconsolidated joint venture					2,239
Early debt retirement					(10,786)
Consolidated net income					$	173,045

Total assets	$	3,997,064	$	263,349	$	4,260,413
Capital Improvements	$	110,544	$	44,517	$	155,061

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2021 and 2020:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2021		2020		2021		2020
Revenues:
Rental income	$	265,431	$	234,711	$	761,580	$	683,960
Annual membership subscriptions	15,127		13,442		43,048		39,476
Membership upgrade sales current period, gross	10,122		6,631		29,343		16,522
Membership upgrade sales upfront payments, deferred, net	(7,253)		(4,171)		(21,134)		(9,379)
Other income	12,053		12,268		36,759		33,007
Ancillary services revenues, net	2,619		1,403		7,436		1,327
Total property operations revenues	298,099		264,284		857,032		764,913
Expenses:
Property operating and maintenance	107,626		97,848		296,607		264,159
Real estate taxes	18,408		15,981		54,154		49,490
Sales and marketing, gross	6,513		5,054		18,987		13,308
Membership sales commissions, deferred, net	(1,468)		(630)		(4,405)		(1,327)
Property management	17,015		14,527		48,955		44,344
Total property operations expenses	148,094		132,780		414,298		369,974
Income from property operations segment	$	150,005	$	131,504	$	442,734	$	394,939

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2021 and 2020:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2021		2020		2021		2020
Revenues:
Rental income (a)	$	4,142	$	4,158	$	12,713	$	12,218
Gross revenue from home sales	27,276		13,070		66,923		33,245
Brokered resale revenues, net	337		245		986		684
Ancillary services revenues, net	—		—		—		—
Total revenues	31,755		17,473		80,622		46,147
Expenses:
Rental home operating and maintenance	1,538		1,718		4,093		4,306
Cost of home sales	25,847		12,866		64,571		33,627
Home selling expenses	1,203		1,241		3,855		3,535
Total expenses	28,588		15,825		72,519		41,468
Income from home sales and rentals operations segment	$	3,167	$	1,648	$	8,103	$	4,679

______________________

(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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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 14, 2021, we acquired our joint venture partner’s 50% interest in Voyager RV Resort. The purchase price to acquire our partner’s interest consisted of debt assumption of $20.1 million and a $35.2 million payment primarily comprised of 427,723 Operating Partnership units issued with the remainder in cash. Upon closing the acquisition, we became the resort’s sole owner. Voyager, located in Tucson, AZ, is a resort with 1,801 sites of which 1,576 are RV and 225 are MH.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 95.3% interest as of September 30, 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.
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 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 placed 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 September 30, 2021 and December 31, 2020, restricted cash consists of $31.7 million and $24.1 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.
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.

Leases (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021
2021	$	44,370
2022	180,897
2023	129,603
2024	60,749
2025	22,777
Thereafter	66,775
Total	$	505,171

Minimum Future Operating Lease Payments


	As of September 30, 2021
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2021	$	525	$	1,060	$	1,585
2022	1,638		2,939		4,577
2023	626		2,682		3,308
2024	632		2,326		2,958
2025	637		2,024		2,661
Thereafter	4,941		10,958		15,899
Total undiscounted rental payments	8,999		21,989		30,988
Less imputed interest	(1,976)		(3,340)		(5,316)
Total lease liabilities	$	7,023	$	18,649	$	25,672

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2021 and 2020:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2021		2020		2021		2020
Numerators:
Net income available for Common Stockholders – Basic	$	70,625	$	50,560	$	196,916	$	163,622
Amounts allocated to dilutive securities	3,468		2,908		10,236		9,415
Net income available for Common Stockholders – Fully Diluted	$	74,093	$	53,468	$	207,152	$	173,037
Denominators:
Weighted average Common Shares outstanding – Basic	183,469		181,869		182,590		181,811
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,056		10,482		9,888		10,485
Stock options and restricted stock	211		186		211		252
Weighted average Common Shares outstanding – Fully Diluted	192,736		192,537		192,689		192,548

Earnings per Common Share – Basic	$	0.38	$	0.28	$	1.08	$	0.90

Earnings per Common Share – Fully Diluted	$	0.38	$	0.28	$	1.08	$	0.90

Common Stock and Other Equity Related Transactions (Tables)

9 Months Ended

Sep. 30, 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

$0.3625

June 30, 2021

June 25, 2021

July 9, 2021

$0.3625

September 30, 2021

September 24, 2021

October 8, 2021

Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our Investment in Unconsolidated Joint Ventures


						Investment as of				Income/(Loss) for the nine months ended
Investment	Location	Number of Sites	Economic Interest (a)			September 30, 2021		December 31, 2020		September 30, 2021		September 30, 2020
Meadows	Various (2,2)	1,077	50	%		$	—	$	—	$	1,350	$	1,404
Lakeshore	Florida (3,3)	721	(b)			2,662		2,281		417		313
Voyager	Arizona (1,1)	1,801	50	%	(c)	132		83		544		153
ECHO JV	Various	—	50	%		17,838		17,362		475		369
		3,599				$	20,632	$	19,726	$	2,786	$	2,239

_____________________

(a)The percentages shown approximate our economic interest as of September 30, 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.

Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021				As of December 31, 2020
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,722,619	$	2,633,681	$	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.

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+ Details

Derivative Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 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 September 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2021		2020
Interest Rate Swap	Other assets, net	$	325	$	—

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

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the nine months ended September 30,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2021		2020		(amounts in thousands)	2021		2020
Interest Rate Swap	$	142	$	1,561	Interest Expense	$	467	$	1,941

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 nine months ended September 30,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2021		2020		(amounts in thousands)	2021		2020
Interest Rate Swap	$	142	$	1,561	Interest Expense	$	467	$	1,941

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Financial Information

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2021 and 2020:

Quarter Ended September 30, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	298,099	$	31,755	$	329,854
Operations expenses	(148,094)		(28,588)		(176,682)
Income from segment operations	150,005		3,167		153,172
Interest income	1,320		483		1,803
Depreciation and amortization	(41,761)		(2,653)		(44,414)
Loss on sale of real estate, net	—		—		—
Income (loss) from operations	$	109,564	$	997	$	110,561
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					1,238
General and administrative					(10,401)
Other expenses					(797)
Interest and related amortization					(27,361)
Equity in income of unconsolidated joint ventures					851
Early debt retirement					—
Consolidated net income					$	74,093

Total assets	$	4,723,386	$	258,474	$	4,981,860
Capital improvements	$	52,146	$	32,169	$	84,315

Quarter Ended September 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	264,284	$	17,473	$	281,757
Operations expenses	(132,780)		(15,825)		(148,605)
Income from segment operations	131,504		1,648		133,152
Interest income	1,104		694		1,798
Depreciation and amortization	(35,878)		(2,703)		(38,581)

Income (loss) from operations	$	96,730	$	(361)	$	96,369
Reconciliation to consolidated net income:
Corporate interest income					3
Income from other investments, net					1,428
General and administrative					(9,692)
Other expenses					(658)
Interest and related amortization					(25,218)
Equity in income of unconsolidated joint ventures					968
Early debt retirement					(9,732)
Consolidated net income					$	53,468

Total assets	$	3,997,064	$	263,349	$	4,260,413
Capital improvements	$	40,387	$	11,527	$	51,914

Nine Months Ended September 30, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	857,032	$	80,622	$	937,654
Operations expenses	(414,298)		(72,519)		(486,817)
Income from segment operations	442,734		8,103		450,837
Interest income	3,720		1,566		5,286
Depreciation and amortization	(130,169)		(7,958)		(138,127)
Gain on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	316,226	$	1,711	$	317,937
Reconciliation to consolidated net income:
Corporate interest income					28
Income from other investments, net					3,396
General and administrative					(31,141)
Other expenses					(2,295)
Interest and related amortization					(80,767)
Equity in income of unconsolidated joint ventures					2,786
Early debt retirement					(2,784)
Consolidated net income					$	207,160

Total assets	$	4,723,386	$	258,474	$	4,981,860
Capital improvements	$	129,919	$	74,118	$	204,037

Nine Months Ended September 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	764,913	$	46,147	$	811,060
Operations expenses	(369,974)		(41,468)		(411,442)
Income from segment operations	394,939		4,679		399,618
Interest income	3,240		2,148		5,388
Depreciation and amortization	(107,709)		(8,228)		(115,937)

Income (loss) from operations	$	290,470	$	(1,401)	$	289,069
Reconciliation to consolidated net income:
Corporate interest income					11
Income from other investments, net					3,093
General and administrative					(31,156)
Other expenses					(1,885)
Interest and related amortization					(77,540)
Equity in income of unconsolidated joint venture					2,239
Early debt retirement					(10,786)
Consolidated net income					$	173,045

Total assets	$	3,997,064	$	263,349	$	4,260,413
Capital Improvements	$	110,544	$	44,517	$	155,061

Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2021 and 2020:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2021		2020		2021		2020
Revenues:
Rental income	$	265,431	$	234,711	$	761,580	$	683,960
Annual membership subscriptions	15,127		13,442		43,048		39,476
Membership upgrade sales current period, gross	10,122		6,631		29,343		16,522
Membership upgrade sales upfront payments, deferred, net	(7,253)		(4,171)		(21,134)		(9,379)
Other income	12,053		12,268		36,759		33,007
Ancillary services revenues, net	2,619		1,403		7,436		1,327
Total property operations revenues	298,099		264,284		857,032		764,913
Expenses:
Property operating and maintenance	107,626		97,848		296,607		264,159
Real estate taxes	18,408		15,981		54,154		49,490
Sales and marketing, gross	6,513		5,054		18,987		13,308
Membership sales commissions, deferred, net	(1,468)		(630)		(4,405)		(1,327)
Property management	17,015		14,527		48,955		44,344
Total property operations expenses	148,094		132,780		414,298		369,974
Income from property operations segment	$	150,005	$	131,504	$	442,734	$	394,939

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2021 and 2020:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2021		2020		2021		2020
Revenues:
Rental income (a)	$	4,142	$	4,158	$	12,713	$	12,218
Gross revenue from home sales	27,276		13,070		66,923		33,245
Brokered resale revenues, net	337		245		986		684
Ancillary services revenues, net	—		—		—		—
Total revenues	31,755		17,473		80,622		46,147
Expenses:
Rental home operating and maintenance	1,538		1,718		4,093		4,306
Cost of home sales	25,847		12,866		64,571		33,627
Home selling expenses	1,203		1,241		3,855		3,535
Total expenses	28,588		15,825		72,519		41,468
Income from home sales and rentals operations segment	$	3,167	$	1,648	$	8,103	$	4,679

______________________

(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)	Sep. 30, 2021
Operating Partnership
Other Ownership Interests
Ownership interest (percent)	95.30%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 31.7	$ 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	Sep. 30, 2021 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2021	$ 44,370
2022	180,897
2023	129,603
2024	60,749
2025	22,777
Thereafter	66,775
Total	$ 505,171

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2021 USD ($) lease	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) lease	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) \| lease	14		14
Operating lease payments	$ 2,900	$ 2,500	$ 8,000	$ 7,300
Operating lease, right-of-use asset, statement of financial position	Other assets, net		Other assets, net		Other assets, net
Operating lease, liability, statement of financial position	Accounts payable and other liabilities		Accounts payable and other liabilities		Accounts payable and other liabilities
Right of use asset	$ 23,700		$ 23,700		$ 15,700
Operating lease liability	$ 25,672		$ 25,672		$ 16,400
Weighted average operating lease term	9 years 2 months 12 days		9 years 2 months 12 days		8 years
Operating lease weighted average interest rate (percent)	3.80%		3.80%		4.00%

Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description
2021	$ 1,585
2022	4,577
2023	3,308
2024	2,958
2025	2,661
Thereafter	15,899
Total undiscounted rental payments	30,988
Less imputed interest	(5,316)
Total lease liabilities	25,672	$ 16,400
Ground Leases
Lessee, Lease, Description
2021	525
2022	1,638
2023	626
2024	632
2025	637
Thereafter	4,941
Total undiscounted rental payments	8,999
Less imputed interest	(1,976)
Total lease liabilities	7,023
Office and Other Leases
Lessee, Lease, Description
2021	1,060
2022	2,939
2023	2,682
2024	2,326
2025	2,024
Thereafter	10,958
Total undiscounted rental payments	21,989
Less imputed interest	(3,340)
Total lease liabilities	$ 18,649

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerators:
Net income available for Common Stockholders – Basic	$ 70,625	$ 50,560	$ 196,916	$ 163,622
Amounts allocated to dilutive securities	3,468	2,908	10,236	9,415
Net income available for Common Stockholders – Fully Diluted	$ 74,093	$ 53,468	$ 207,152	$ 173,037
Denominators:
Weighted average common shares outstanding – basic (in shares)	183,469	181,869	182,590	181,811
Effect of dilutive securities:
Exchange of common OP units for common shares (in shares)	9,056	10,482	9,888	10,485
Stock options and restricted stock (in shares)	211	186	211	252
Weighted average common shares outstanding – fully diluted (in shares)	192,736	192,537	192,689	192,548
Earnings per common share – basic (usd per share)	$ 0.38	$ 0.28	$ 1.08	$ 0.90
Earnings per common share – fully diluted (usd per share)	$ 0.38	$ 0.28	$ 1.08	$ 0.90

Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares	Oct. 08, 2021	Jul. 09, 2021	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)		$ 0.3625	$ 0.3625	$ 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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 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)	1,451,710	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	Sep. 30, 2021 USD ($) a	Aug. 26, 2021 USD ($) site	Jun. 03, 2021 USD ($) site	Feb. 05, 2021 USD ($) site property	Jan. 21, 2021 USD ($) site	Jul. 31, 2020 USD ($) a site	Apr. 21, 2020 USD ($) a	Aug. 27, 2020 a
Asset Acquisition [Line Items]
Area of land (acres) \| a	40
Purchase price \| $	$ 10.4	$ 110.8
Pirateland Camping Resort
Asset Acquisition [Line Items]
Number of sites \| site		1,484
Pine Haven
Asset Acquisition [Line Items]
Purchase price \| $			$ 62.8
Number of sites acquired \| site			629
Marinas
Asset Acquisition [Line Items]
Purchase price \| $				$ 262.0
Number of properties acquired \| property				11
Marina Slips
Asset Acquisition [Line Items]
Number of properties acquired \| property				3,986
R V Resort
Asset Acquisition [Line Items]
Number of sites acquired \| site				181
ELS parcel
Asset Acquisition [Line Items]
Number of acquired sites (sites) \| site		813
Okeechobee KOA RV Resort
Asset Acquisition [Line Items]
Purchase price \| $					$ 42.2
Number of sites acquired \| site					740
White Oak Shores Adjacent Asset Acquisition
Asset Acquisition [Line Items]
Area of land (acres) \| a						11		51
Number of acquired sites (sites) \| site						56
Payments to acquire land \| $						$ 4.8
Vacant Land
Asset Acquisition [Line Items]
Area of land (acres) \| a							4.6
Purchase price \| $							$ 2.2

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 14, 2021 site	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021	Sep. 30, 2021 site	Sep. 30, 2021 joint_venture_site	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments
Number of Sites							3,599	2
Economic interest (percent)						65.00%
Investment in unconsolidated joint ventures		$ 20,632		$ 20,632					$ 19,726
Equity in income (loss) of unconsolidated joint ventures		851	$ 968	2,786	$ 2,239
Voyager RV Resort \| Subsequent Event
Schedule of Equity Method Investments
Number of Sites \| site	1,801
Economic interest acquired (percent)	50.00%
Meadows \| Various
Schedule of Equity Method Investments
Number of Sites \| site							1,077
Economic interest (percent)						50.00%
Investment in unconsolidated joint ventures		0		0					0
Equity in income (loss) of unconsolidated joint ventures				1,350	1,404
Lakeshore \| Florida
Schedule of Equity Method Investments
Number of Sites \| site							721
Investment in unconsolidated joint ventures		2,662		2,662					2,281
Equity in income (loss) of unconsolidated joint ventures				417	313
Voyager RV Resort \| Recreational Vehicle Resort
Schedule of Equity Method Investments
Economic interest (percent)						50.00%
Voyager RV Resort \| Servicing Assets
Schedule of Equity Method Investments
Economic interest (percent)						33.00%
Voyager RV Resort \| Arizona
Schedule of Equity Method Investments
Number of Sites \| site							1,801
Economic interest (percent)						50.00%
Investment in unconsolidated joint ventures		132		132					83
Equity in income (loss) of unconsolidated joint ventures				544	153
ECHO JV \| Various
Schedule of Equity Method Investments
Number of Sites \| site							0
Economic interest (percent)						50.00%
Investment in unconsolidated joint ventures		$ 17,838		17,838					$ 17,362
Equity in income (loss) of unconsolidated joint ventures				$ 475	$ 369
Crosswinds
Schedule of Equity Method Investments
Economic interest (percent)						49.00%

Investment in Unconsolidated Joint Ventures - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Income from distribution made to us	$ 2.4	$ 2.4
Distributions, including those in excess of basis	$ 2.2	$ 1.8

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,722,619	$ 2,537,137
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,633,681	$ 2,472,876

Borrowing Arrangements - Additional Information (Details)	3 Months Ended
	Jun. 30, 2021 USD ($) extension	Mar. 31, 2021 USD ($) site loan	Sep. 30, 2020 USD ($) tranche commmunity	Mar. 31, 2020 USD ($) site loan	Sep. 30, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Dec. 31, 2017 USD ($)
Debt Instrument
Stated interest rate (percent)			2.47%
Number of pledged properties \| property					117	116
Pledged assets, not separately reported					$ 2,726,000,000	$ 2,580,900,000
Line of credit facility, maximum borrowing capacity							$ 500,000,000
Term loan, net					297,288,000	0
Number of extension periods (extension) \| extension	2
Extension period	6 months
Unsecured line of credit					$ 220,000,000	222,000,000
Senior Unsecured Term Loan \| Line of Credit
Debt Instrument
Stated interest rate (percent)		1.45%
Line of credit facility, maximum borrowing capacity		$ 300,000,000
Minimum
Debt Instrument
Derivative interest rate, percent	0.20%
Maximum
Debt Instrument
Derivative interest rate, percent	0.35%
Secured Debt
Debt Instrument
Weighted average interest rate					3.80%
Secured Debt \| Minimum
Debt Instrument
Stated interest rate (percent)					2.40%
Secured Debt \| Maximum
Debt Instrument
Stated interest rate (percent)					8.90%
Line of Credit
Debt Instrument
Weighted average interest rate			2.55%
Proceeds from loans			$ 386,900,000
Debt instrument, term			13 years 4 months 24 days
Debt instrument, number of tranches \| tranche			2
Line of Credit \| Letter of Credit
Debt Instrument
Term loan, net	$ 200,000,000
Unsecured line of credit					$ 220,000,000	$ 222,000,000
Line of credit, remaining borrowing amount					$ 280,000,000
Line of Credit \| Prepaid Loans
Debt Instrument
Stated interest rate (percent)		2.40%		2.70%
Proceeds from loans		$ 270,000,000		$ 275,400,000
Debt instrument, term		10 years		10 years
Line of Credit \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| site		2		4
Line of Credit \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| site		1		8
Line of Credit \| Tranche One
Debt Instrument
Proceeds from loans			$ 202,000,000
Debt instrument, term			12 years
Line of Credit \| Tranche Two
Debt Instrument
Stated interest rate (percent)			2.64%
Proceeds from loans			$ 184,900,000
Debt instrument, term			15 years
Number of MH communities securing debt \| commmunity			10
Line of Credit \| Senior Unsecured Term Loan \| Letter of Credit
Debt Instrument
Term loan, net	$ 300,000,000
Line of Credit \| Minimum \| LIBOR
Debt Instrument
Debt instrument, variable rate (percent)	1.25%
Line of Credit \| Maximum \| LIBOR
Debt Instrument
Debt instrument, variable rate (percent)	1.65%
Mortgage
Debt Instrument
Weighted average interest rate			5.00%
Loss on extinguishment of debt			$ 8,800,000
Mortgage \| LIBOR
Debt Instrument
Debt instrument, effective interest rate (percent)			3.05%
Mortgage \| Prepaid Loans
Debt Instrument
Weighted average interest rate		5.10%		5.20%
Repayments of debt		$ 67,000,000		$ 48,100,000
Number of loans \| loan		2		3
Payments of prepayment penalties		$ 1,900,000		$ 1,000,000
Mortgage \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| site		2
Mortgage \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties \| site				3
Mortgage \| Unsecured term loan in 2023
Debt Instrument
Repayments of debt			$ 200,000,000
Mortgage \| Secured Loans in 2021
Debt Instrument
Repayments of debt			$ 166,800,000
Mortgage \| Minimum \| LIBOR
Debt Instrument
Debt instrument, variable rate (percent)	1.40%		1.20%
Long-term percentage rate (percent)			1.85%
Mortgage \| Maximum \| LIBOR
Debt Instrument
Debt instrument, variable rate (percent)	1.95%		1.90%

Derivative Instruments and Hedging - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures
Early termination fee of senior debt		$ 900,000
Reclassified as a decrease to interest expense	$ 800,000
Unsecured term loan in 2023 \| Mortgage
Derivative Instruments and Hedging Activities Disclosures
Debt instrument face amount		$ 200,000,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures
Derivative, contract term	3 years
Notional amount	$ 300,000,000
Derivative instrument, underlying rate	0.39%
Derivative instrument, effective interest rate	1.79%
Interest Rate Swap \| LIBOR
Derivative Instruments and Hedging Activities Disclosures
Derivative instrument, variable rate	1.40%

Derivative Instruments and Hedging - Fair Value of Derivative Financial Instrument (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Designated as Hedging Instrument \| Interest Rate Swap \| Other assets, net
Derivatives, Fair Value
Derivative liability	$ 325	$ 0

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss recognized in OCI on derivative	$ 142	$ 1,561
Cash Flow Hedging \| Interest Expense
Derivative Instruments and Hedging Activities Disclosures
Amount of (gain)/loss reclassified from accumulated OCI into income	$ 467	$ 1,941

Equity Incentive Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted in period, gross (in shares)		16,185
Options, granted in period (usd per share)		$ 68.74
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.8			$ 2.9	$ 8.2	$ 8.5
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		58,192	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		$ 4.0	$ 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)	Sep. 30, 2021 site
Westwinds \| Operating Partnership \| Mobile Home Community
Loss Contingencies
Number of sites	720

Reportable Segments - Additional Information (Details)	9 Months Ended
Reportable Segments - Additional Information (Details)	Sep. 30, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (44,414)	$ (38,581)	$ (138,127)	$ (115,937)
Loss on sale of real estate, net	0	0	(59)	0
Reconciliation to consolidated net income:
Income from other investments, net	12,053	12,268	36,759	33,007
General and administrative	(10,401)	(9,692)	(31,141)	(31,156)
Other expenses	(797)	(658)	(2,295)	(1,885)
Interest and related amortization	(27,361)	(25,218)	(80,767)	(77,540)
Equity in income of unconsolidated joint ventures	851	968	2,786	2,239
Early debt retirement	0	(9,732)	(2,784)	(10,786)
Consolidated net income	74,093	53,468	207,160	173,045
Total assets	4,981,860	4,260,413	4,981,860	4,260,413	$ 4,418,969
Capital improvements	84,315	51,914	204,037	155,061
Property Operations
Reconciliation to consolidated net income:
Income from other investments, net	12,053	12,268	36,759	33,007
Total assets	4,723,386	3,997,064	4,723,386	3,997,064
Capital improvements	52,146	40,387	129,919	110,544
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	258,474	263,349	258,474	263,349
Capital improvements	32,169	11,527	74,118	44,517
Operating Segments
Segment Reporting Information [Line Items]
Operations revenues	329,854	281,757	937,654	811,060
Operations expenses	(176,682)	(148,605)	(486,817)	(411,442)
Income from segment operations	153,172	133,152	450,837	399,618
Interest income	1,803	1,798	5,286	5,388
Depreciation and amortization	(44,414)	(38,581)	(138,127)	(115,937)
Loss on sale of real estate, net	0		(59)
Income (loss) from operations	110,561	96,369	317,937	289,069
Operating Segments \| Property Operations
Segment Reporting Information [Line Items]
Operations revenues	298,099	264,284	857,032	764,913
Operations expenses	(148,094)	(132,780)	(414,298)	(369,974)
Income from segment operations	150,005	131,504	442,734	394,939
Interest income	1,320	1,104	3,720	3,240
Depreciation and amortization	(41,761)	(35,878)	(130,169)	(107,709)
Loss on sale of real estate, net	0		(59)
Income (loss) from operations	109,564	96,730	316,226	290,470
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information [Line Items]
Operations revenues	31,755	17,473	80,622	46,147
Operations expenses	(28,588)	(15,825)	(72,519)	(41,468)
Income from segment operations	3,167	1,648	8,103	4,679
Interest income	483	694	1,566	2,148
Depreciation and amortization	(2,653)	(2,703)	(7,958)	(8,228)
Loss on sale of real estate, net	0		0
Income (loss) from operations	997	(361)	1,711	(1,401)
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	2	3	28	11
Income from other investments, net	1,238	1,428	3,396	3,093
General and administrative	(10,401)	(9,692)	(31,141)	(31,156)
Other expenses	(797)	(658)	(2,295)	(1,885)
Interest and related amortization	(27,361)	(25,218)	(80,767)	(77,540)
Equity in income of unconsolidated joint ventures	851	968	2,786	2,239
Early debt retirement	$ 0	$ (9,732)	$ (2,784)	$ (10,786)

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Other income	$ 12,053	$ 12,268	$ 36,759	$ 33,007
Total revenues	332,897	284,986	946,364	819,552
Expenses:
Real estate taxes	18,408	15,981	54,154	49,490
Sales and marketing, gross	6,513	5,054	18,987	13,308
Membership sales commissions, deferred, net	(1,468)	(630)	(4,405)	(1,327)
Total expenses	259,655	232,486	741,931	648,746
Income before equity in income of unconsolidated joint ventures	73,242	52,500	204,374	170,806
Property Operations
Revenues:
Rental income	265,431	234,711	761,580	683,960
Other income	12,053	12,268	36,759	33,007
Total revenues	298,099	264,284	857,032	764,913
Expenses:
Operating and maintenance expenses	107,626	97,848	296,607	264,159
Real estate taxes	18,408	15,981	54,154	49,490
Sales and marketing, gross	6,513	5,054	18,987	13,308
Membership sales commissions, deferred, net	(1,468)	(630)	(4,405)	(1,327)
Total expenses	148,094	132,780	414,298	369,974
Income before equity in income of unconsolidated joint ventures	150,005	131,504	442,734	394,939
Home Sales and Rentals Operations
Revenues:
Rental income	4,142	4,158	12,713	12,218
Total revenues	31,755	17,473	80,622	46,147
Expenses:
Operating and maintenance expenses	1,538	1,718	4,093	4,306
Home selling expenses	1,203	1,241	3,855	3,535
Total expenses	28,588	15,825	72,519	41,468
Income before equity in income of unconsolidated joint ventures	3,167	1,648	8,103	4,679
Annual membership subscriptions
Revenues:
Contract revenue	15,127	13,442	43,048	39,476
Annual membership subscriptions \| Property Operations
Revenues:
Contract revenue	15,127	13,442	43,048	39,476
Membership upgrade sales current period, gross
Revenues:
Contract revenue	10,122	6,631	29,343	16,522
Membership upgrade sales current period, gross \| Property Operations
Revenues:
Contract revenue	10,122	6,631	29,343	16,522
Membership upgrade sales upfront payments, deferred, net
Revenues:
Contract revenue	(7,253)	(4,171)	(21,134)	(9,379)
Membership upgrade sales upfront payments, deferred, net \| Property Operations
Revenues:
Contract revenue	(7,253)	(4,171)	(21,134)	(9,379)
Gross revenues from home sales
Revenues:
Contract revenue	27,276	13,070	66,923	33,245
Expenses:
Property management and cost of home sales	25,847	12,866	64,571	33,627
Gross revenues from home sales \| Home Sales and Rentals Operations
Revenues:
Contract revenue	27,276	13,070	66,923	33,245
Expenses:
Property management and cost of home sales	25,847	12,866	64,571	33,627
Brokered resale revenues, net \| Home Sales and Rentals Operations
Revenues:
Contract revenue	337	245	986	684
Ancillary services revenues, net \| Property Operations
Revenues:
Contract revenue	2,619	1,403	7,436	1,327
Ancillary services revenues, net \| Home Sales and Rentals Operations
Revenues:
Contract revenue	0	0	0	0
Property management
Expenses:
Property management and cost of home sales	17,015	14,527	48,955	44,344
Property management \| Property Operations
Expenses:
Property management and cost of home sales	$ 17,015	$ 14,527	$ 48,955	$ 44,344

Subsequent Events (Details) shares in Thousands, $ in Millions	Oct. 14, 2021 USD ($) site shares	Sep. 30, 2021 site	Sep. 30, 2021 joint_venture_site
Subsequent Event [Line Items]
Number of Sites		3,599	2
Subsequent Event \| RV
Subsequent Event [Line Items]
Number of Sites	1,576
Subsequent Event \| MH
Subsequent Event [Line Items]
Number of Sites	225
Subsequent Event \| Voyager RV Resort
Subsequent Event [Line Items]
Economic interest acquired (percent)	50.00%
Loan assumed \| $	$ 20.1
Partnership interest used to fund acquisition (shares) \| shares	427,723
Number of Sites	1,801

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details