0000895417-23-000008 | 10-K | XBRL Viewer | Equity Lifestyle Properties INC

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.

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Investment in Real Estate

Investment in Real Estate

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

2022

Acquisitions

During the year ended December 31, 2022, we acquired four RV communities and one membership RV community, including Blue Mesa Recreational Ranch, located in Gunnison, Colorado, Pilot Knob, located in Winterhaven, California, Holiday Trav-L-Park Resort, located in Emerald Isle, North Carolina, Oceanside RV Resort, located in Oceanside, California, and Whippoorwill, located in Marmora, New Jersey, containing 1,358 Sites for a combined purchase price of $132.8 million. We also acquired three land parcels, containing approximately 170 acres for a combined purchase price of $9.5 million. All acquisitions were accounted for as asset acquisitions.

2021

Acquisitions

During the year ended December 31, 2021, we acquired four RV communities, including Okeechobee KOA Resort, located in Okeechobee, Florida, Pine Haven, located in Cape May, New Jersey, Hope Valley located in Turner, Oregon and Lake Conroe located in Montgomery, Texas and a portfolio of eleven marinas located in Florida, North Carolina, South Carolina, Kentucky and Ohio, containing 5,961 Sites for a combined purchase price of $398.0 million.

During the year ended December 31, 2021, we also completed the acquisition of our joint venture partner’s 50% interest in Voyager RV Resort for total consideration of $77.0 million, including mortgage debt assumption of $40.0 million. As part of the acquisition, we issued 427,723 Operating Partnership units.

During the year ended December 31, 2021, we acquired a parcel of land located in Myrtle Beach, South Carolina for $110.8 million. The parcel of land is occupied by a portion of an RV community and contains 813 sites. The RV community, including the ELS parcel, is managed by a tenant pursuant to an existing ground lease. We also acquired three land parcels adjacent to three of our properties for a combined purchase price of $37.5 million.

During the year ended December 31, 2021, we completed the acquisition of MHVillage/Datacomp for a purchase price of $43.0 million. MHVillage is the premier online marketplace dedicated to manufactured home buying and selling. Datacomp provides independent, market-based valuations for manufactured homes in land lease communities.

The 2021 acquisitions were accounted for as asset acquisitions except MHVillage/Datacomp which was accounted for as a business combination.

2020

Acquisitions

During the year ended December 31, 2020, we acquired one MH community, seven RV communities and one marina, containing 2,772 Sites for a combined purchase price of $209.2 million, including:

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

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

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

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

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

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

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

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

During the year ended December 31, 2020, we also completed the acquisition of three development assets, including The Resort at Tranquility Lake, located in Cape Coral, Florida, Bayport, located in Jamaica, Virginia and a development property adjacent to our Voyager joint venture, located in Tuscon, Arizona, for a combined purchase price of $23.7 million. We also acquired additional assets, including nine land parcels, for a combined purchase price of $15.2 million. All acquisitions were accounted for as asset acquisitions. As a result of these acquisitions, we assumed approximately $6.9 million of mortgage debt. The remaining purchase price was funded through new debt financing, our unsecured Line of Credit (“LOC”) and available cash.

Fair Value

We engaged third-party valuation firms to assist with our purchase price allocation when necessary. The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2022, 2021 and 2020, which we determined using Level-3 inputs for land and buildings and other depreciable property and Level-2 inputs for the others:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Assets acquired
Land	$	64,514	$	343,614	$	150,909
Buildings and other depreciable property	71,498		265,182		87,749
Intangible	—		33,250		—
In-place leases (a)	5,576		22,135		6,821
Goodwill	—		9,586		—
Manufactured homes (a)	—		610		2,621
Net investment in real estate	$	141,588	$	674,377	$	248,100
Other assets	772		5,376		153
Total assets acquired	$	142,360	$	679,753	$	248,253
Liabilities assumed
Mortgage notes payable	$	—	$	39,986	$	6,873
Below-market lease liability (b)	—		8,169		—
Other liabilities	2,347		17,929		2,313
Total liabilities assumed	$	2,347	$	66,084	$	9,186
Net assets acquired	$	140,013	$	613,669	$	239,067

_____________________

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

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

Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

During the year ended December 31, 2022, we acquired an 80% interest in two joint ventures with RVC Outdoor Destinations (“RVC”) for $3.5 million. The joint ventures own RV properties under development in Gulf Shores, Alabama and Sandusky, Ohio. We use the equity method of accounting as we have the ability to exercise significant influence over the operating and financial policies of the joint ventures but do not have the ability to control major decisions of the entity.

During the year ended December 31, 2022, we acquired a 50% interest in a joint venture with Kampgrounds of America for a total purchase price of $5.1 million. The joint venture owns and operates, through its wholly owned subsidiary, Bald Mountain RV, LLC, a 283-site RV community located in Hiawassee, Georgia. We also acquired a 50% equity interest in an entity developing an age-restricted community in Prescott Valley, Arizona for $3.1 million.

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically for the years ended December 31, 2022 and 2021, respectively):


						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites	Economic Interest (a)			2022		2021		2022		2021		2020
Meadows	Various (2,2)	1,077	50	%		$	158	$	—	$	2,458	$	2,010	$	1,879
Lakeshore	Florida (3,3)	721	(b)			2,625		2,638		683		568		1,405
Voyager	Arizona (1,1)	—	33	%	(c)	139		141		43		556		1,616
ECHO JV	Various	—	50	%	(d)	2,963		18,136		958		773		499
RVC	Various	1,282	80	%	(e)	60,323		49,397		(587)		(26)		—
Mulberry Farms	Arizona	200	50	%		9,902		—		(169)		—		—
Hiawassee KOA JV	Georgia	283	50	%		5,294		—		(23)		—		—
		3,563				$	81,404	$	70,312	$	3,363	$	3,881	$	5,399

_____________________

(a)The percentages shown approximate our economic interest as of December 31, 2022. Our legal ownership interest may differ.

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

(c)Voyager joint venture represents a 33% interest in the utility plant servicing this Property.

(d)On December 22, 2022, we completed the acquisition of all manufactured homes held by the ECHO joint venture for a purchase price of $10.0 million.

(e)Includes three joint ventures of which one joint venture owns a portfolio of seven operating RV communities and two joint ventures each own an RV property under development.

We recognized $3.4 million, $3.9 million and $5.4 million (net of $3.9 million, $1.1 million and $0.7 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively. We received approximately $21.6 million, $3.2 million and $5.7 million in distributions from joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively. Approximately $2.2 million, $2.9 million and $4.8 million of the distributions made to us exceeded our investment basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively.

Notes Receivable, Net	12 Months Ended
Notes Receivable, Net	Dec. 31, 2022
Receivables [Abstract]
Notes Receivable, Net	Notes Receivable, Net Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. We provide financing for non-refundable upfront payments required for membership upgrades (“Contracts Receivable”). As of December 31, 2022 and 2021, Contracts Receivable, net of allowance, was $36.6 million and $30.9 million, respectively. Contracts Receivable, as of December 31, 2022, had an average stated interest rate of 15.8% per annum, a weighted average term remaining of 4.5 years and require monthly payments of principal and interest. In certain cases, we purchase loans made by an unaffiliated lender to finance the sales of homes to our customers at our Properties (referred to as “Chattel Loans”). These loans are secured by the underlying homes sold and require monthly principal and interest payments. As of December 31, 2022 and 2021, we had $8.8 million and $9.0 million of Chattel Loans, respectively. As of December 31, 2022, the Chattel Loans receivable had an average stated interest rate of approximately 7.6% per annum and had a weighted average term remaining of approximately 12 years.

Borrowing Arrangements

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

Our mortgage notes payable is classified as Level 2 in the fair value hierarchy as of December 31, 2022 and 2021. The following table presents the fair value of our mortgage notes payable:


	As of December 31, 2022				As of December 31, 2021
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,043,412	$	2,718,114	$	2,743,527	$	2,654,086

As of December 31, 2022 and 2021, we had outstanding mortgage indebtedness on Properties of approximately $2,693.2 million and $2,627.8 million, respectively, net of deferred financing costs. The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of December 31, 2022 and December 31, 2021, was approximately 3.7% and 3.8% per annum, respectively. The debt bears interest at stated rates ranging from 2.4% to 8.9% per annum and matures on various dates ranging from 2023 to 2041. The debt encumbered a total of 114 and 117 of our Properties as of December 31, 2022 and December 31, 2021, respectively, and the gross carrying value of such Properties was approximately $2,868.3 million and $2,817.5 million, as of December 31, 2022 and December 31, 2021, respectively.

2022 Activity

We repaid $14.2 million of principal on two mortgage loans that were due to mature in 2022, incurring $0.5 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.25% per annum and were secured by three RV communities.

We entered into a $200.0 million secured refinancing transaction. The loan is secured by one MH community, has a fixed interest rate of 3.36% per annum and has a maturity date of May 1, 2034. The net proceeds from the transaction were used to repay all debt scheduled to mature in 2022 and to repay amounts outstanding on the Line of Credit (“LOC”).

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

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

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

Third Amended and Restated Unsecured Credit Facility

During the year ended December 31, 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.

The Term Loan proceeds were used to repay the $300.0 million senior unsecured term loan agreement entered into during the first quarter of 2021.

Unsecured Debt

During the year ended December 31, 2022, we entered into a $200.0 million senior unsecured term loan agreement. The maturity date is January 21, 2027, with an interest rate of SOFR plus approximately 1.30% to 1.80%, depending on leverage levels.

The LOC had a balance of $198.0 million and $349.0 million outstanding as of December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022, our LOC had a remaining borrowing capacity of $302.0 million.

Future Maturities of Debt

The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2022:


(amounts in thousands)	Amount
2023	$	154,814
2024	74,214
2025	349,820
2026	366,784
2027	269,481
Thereafter	2,200,866
Net unamortized premiums	136
Unamortized deferred financing costs	(28,131)
Total	$	3,387,984

As of December 31, 2022, we were in compliance in all material respects with the covenants in our borrowing arrangements.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk

We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in our exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

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

In connection with our Term Loan, we entered into a three-year LIBOR Swap Agreement (the “2021 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 December 31, 2022, our spread over LIBOR was 1.40% resulting in an estimated all-in interest rate of 1.79% per annum.

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


		As of December 31,
(amounts in thousands)	Balance Sheet Location	2022		2021
Interest Rate Swap	Other assets, net	$	19,119	$	3,524

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,						Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,
(amounts in thousands)	2022		2021		2020		(amounts in thousands)	2022		2021		2020
Interest Rate Swap	$	(19,904)	$	(2,777)	$	1,561	Interest Expense	$	(4,309)	$	746	$	1,941

During the next twelve months, we estimate that $14.8 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 December 31, 2022, we had not posted any collateral related to the Swap.

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense

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


	As of
(amounts in thousands)	2022		2021
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$	163,957	$	138,878
Membership upgrade sales current period, gross	34,661		36,270
Revenue recognized from membership upgrade sales upfront payments	(12,958)		(11,191)
Net increase in deferred revenue - upfront payments from membership grade sales	21,703		25,079
Deferred revenue - upfront payments from membership upgrade sales as of December 31, (a)	$	185,660	$	163,957

Deferred commission expense as of December 31,	$	47,349	$	42,471
Deferred commission expense	7,193		8,657
Commission expense recognized	(4,101)		(3,779)
Net increase in deferred commission expense	3,092		4,878
Deferred commission expense as of December 31,	$	50,441	$	47,349

_____________________

(a)Included in Deferred membership revenue on the Consolidated Balance Sheet.

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

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Share-Based Payment Arrangement [Abstract]

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Dec. 31, 2022
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related PartiesWe lease office space from Two North Riverside Plaza Joint Venture Limited Partnership, an entity affiliated with Samuel Zell, Chairman of our Board of Directors. Payments made in accordance with the lease agreement to this entity amounted to approximately $1.7 million for both the years ended December 31, 2022 and 2021 and $1.6 million for the year ended December 31, 2020.

Equity Incentive Awards

12 Months Ended

Dec. 31, 2022

Equity Incentive Awards

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

Equity awards under the 2014 Plan are made by the Compensation Committee, who determines the individuals eligible to receive awards, the types of awards and the terms, conditions and restrictions applicable to any award. Grants to directors are determined by the Board of Directors. As of December 31, 2022, 5,231,784 shares remained available for future grants.

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

Grants Issued

During the quarter ended March 31, 2022, 79,078 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 27, 2023, January 26, 2024 and January 31, 2025, respectively, and have a grant date fair value of $3.0 million. The remaining 50% are performance-based awards vesting in equal installments on January 31, 2023, January 26, 2024 and January 31, 2025, 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 13,178 shares of restricted stock subject to 2022 performance goals have a grant date fair value of $1.0 million.

During the quarter ended June 30, 2022, we awarded to certain members of our Board of Directors 51,522 shares of restricted stock at a fair value of approximately $4.1 million and options to purchase 7,210 shares of common stock with an exercise price of $79.72. These are time-based awards subject to various vesting dates between October 26, 2022 and April 26, 2025.

Stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the years ended December 31, 2022, 2021 and 2020 was $10.5 million, $10.9 million and $11.5 million, respectively.

Restricted Stock

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


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2019	418,742	$48.32
Shares granted	151,104	$56.07
Shares forfeited/cancelled	—	$—
Shares vested	(221,055)	$47.74
Balance at December 31, 2020	348,791	$53.06
Shares granted	162,955	$50.42
Shares forfeited/cancelled	—	$—
Shares vested	(196,839)	$60.91
Balance at December 31, 2021	314,907	$53.98
Shares granted	130,600	$77.47
Shares forfeited/cancelled	(11,881)	$33.35
Shares vested	(167,244)	$48.99
Balance at December 31, 2022	266,382	$69.24

Compensation expense to be recognized subsequent to December 31, 2022, for restricted stock granted during or prior to 2022 that have not yet vested was $10.0 million, which is expected to be recognized over a weighted average term of 1.75 years.

Stock Options

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


	2022	2021
Dividend Yield	2.1%	2.1%
Risk-free interest rate	2.8%	1.0%
Expected Life	5.6 years	5.6 years
Expected Volatility	26.5%	26.1%
Weighted Average Grant Date Fair Value Per Share	$18.40	$18.04

There were 7,210 stock options granted during December 31, 2022. No options were forfeited or expired for the years ended December 31, 2022, 2021 and 2020. A summary of our stock option activity and related information, is as follows:


	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2019	41,500	$40.65	7.3	$1.2
Options issued	16,090	$66.81
Balance at December 31, 2020	57,590	$47.96	7.2	$0.9
Options issued	16,185	$68.74
Balance at December 31, 2021	73,775	$52.52	6.9	$2.6
Options issued	7,210	$79.72
Balance at December 31, 2022	80,985	$54.94	6.19	$1.0
Exercisable at December 31, 2022	71,015	$52.21	5.8	$1.0

Long-Term Cash Incentive Plan	12 Months Ended
Long-Term Cash Incentive Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Long-Term Cash Incentive Plan	Long-Term Cash Incentive Plan 2022 LTIP On February 7, 2022, the Compensation Committee approved a Long-Term Cash Incentive Plan Award (the “2022 LTIP”) to provide a long-term cash bonus opportunity to certain members of our management. The 2022 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long-Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the “2022 LTIP Eligible Payment”) is based upon certain performance conditions being met over a three-year period ending December 31, 2024. The Compensation Committee has responsibility for administering the 2022 LTIP and may use its reasonable discretion to adjust the performance criteria or the 2022 LTIP Eligible Payment to take into account the impact of any major or unforeseen transaction or event. Our named executive officers are not participants in the 2022 LTIP. The 2022 LTIP Eligible Payment will be paid, at the discretion of the Compensation Committee, in cash upon completion of our annual audit for the 2024 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2022 LTIP. For the year ended December 31, 2022, we accrued compensation expense of approximately $3.1 million. 2019 LTIP On February 11, 2019, the Compensation Committee approved a Long-Term Cash Incentive Plan Award (the “2019 LTIP”) to provide a long-term cash bonus opportunity to certain members of our management. The 2019 LTIP was approved by the Compensation Committee pursuant to the authority set forth in the Long-Term Cash Incentive Plan approved by our Board of Directors on May 15, 2007. The total cumulative payment for all participants (the “2019 LTIP Eligible Payment”) was based upon certain performance conditions being met over a three-year period ending December 31, 2021. For the years ended December 31, 2021 and 2020, we accrued compensation expense of approximately $1.6 million and $1.5 million, respectively. The 2019 LTIP Eligible Payment of $4.4 million was paid during the first quarter of 2022.

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Savings Plan	Savings Plan We maintain a qualified retirement plan under which eligible employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the “401K Plan”). The 401K Plan permits eligible employees and those of any Subsidiary to defer up to 60.0% of their compensation on a pre-tax basis subject to certain limits. In addition, we match 100.0% of their contribution up to the first 3.0% and then 50.0% of the next 2.0% for a maximum potential match of 4.0%. Both employee's and our matching contributions vest immediately. Our contribution to the 401K Plan was approximately $2.4 million, $2.0 million and $2.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The entire disclosure for retirement benefits.

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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
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 operated and managed Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expired on August 31, 2022 and did not contain extension options. The master lessor of these ground leases, The Nicholson Family Partnership (together with its predecessor in interest, the “Nicholsons”), 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 to be 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 had 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, seeking (i) a declaration that the Operating Partnership, as the “owner and manager” of Westwinds, was “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 was 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, which appeal was heard on February 1, 2022. On February 4, 2022, the California Court of Appeal affirmed the Superior Court’s order denying the Nicholsons' motion to compel arbitration. On February 22, 2022, the Nicholsons filed a petition for rehearing, which the Court of Appeal denied on March 2, 2022. On March 16, 2022, the Nicholsons filed a petition for review with the California Supreme Court, which the California Supreme Court denied on April 20, 2022. On May 18, 2022, the Nicholsons filed a cross complaint alleging that the Operating Partnership was obligated to deliver Westwinds free and clear of encumbrances and in good condition and repair. The cross complaint asserted that it was no longer feasible for the Operating Partnership to cure its alleged breaches given that the ground leases terminated as of August 31, 2022. The Nicholsons filed a demurrer to our complaint which was denied by the Superior Court. On July 19, 2022, the Nicholsons sent two notices of default to the Operating Partnership, one related to Westwinds and the other related to Nicholson Plaza, the adjacent shopping center. The notices generally assert that the Operating Partnership failed to maintain or repair certain infrastructure and improvements at Westwinds and Nicholson Plaza. The Operating Partnership disputes the contention that it did not maintain Westwinds and Nicholson Plaza in compliance with the terms of the applicable ground leases. The arbitration that was previously stayed pursuant to an agreement between the Operating Partnership and the Nicholsons was set for a hearing on October 31, 2022 with respect to the Nicholsons’ claim that the Operating Partnership was required to indemnify the Nicholsons with respect to the claims brought by the interested parties in the Superior Court proceeding and a claim by the Operating Partnership for recovery of fees incurred in connection with the Nicholsons’ failed motion to compel arbitration. On October 6, 2022, the parties to the Superior Court proceeding as well as the arbitration entered into a binding agreement which was subsequently documented and implemented, pursuant to which, among other things, all claims pending in the Superior Court and in the arbitration were dismissed with prejudice; however, the Nicholsons reserved their rights to pursue their claim that the Operating Partnership failed to maintain or repair certain infrastructure and improvements at Westwinds and Nicholson Plaza. To the extent the Nicholsons pursue such claim, we intend to vigorously defend our interests. The settlement agreement did not have a material impact to our Consolidated Financial Statements.

Reportable Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reportable Segments

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

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

All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2022, 2021 and 2020.

The following tables summarize our segment financial information for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31, 2022
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,291,467	$	139,630	$	1,431,097
Operations expenses	(656,839)		(121,196)		(778,035)
Income from segment operations	634,628		18,434		653,062
Interest income	5,722		1,701		7,423
Depreciation and amortization	(192,302)		(10,060)		(202,362)

Income (loss) from operations	$	448,048	$	10,075	$	458,123
Reconciliation to consolidated net income:
Corporate interest income					7
Income from other investments, net					8,553
General and administrative					(44,857)
Other expenses					(8,646)
Interest and related amortization					(116,562)
Equity in income of unconsolidated joint ventures					3,363
Early debt retirement					(1,156)
Consolidated net income					$	298,825

Total assets	$	5,228,575	$	263,944	$	5,492,519
Capital improvements	$	227,172	$	145,627	$	372,799


	Year Ended December 31, 2021
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,187,535	$	117,297	$	1,304,832
Operations expenses	(594,503)		(105,959)		(700,462)
Income from segment operations	593,032		11,338		604,370
Interest income	5,068		1,918		6,986
Depreciation and amortization	(177,897)		(10,547)		(188,444)
Loss on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	420,144	$	2,709	$	422,853
Reconciliation to consolidated net income:
Corporate interest income					30
Income from other investments, net					4,555
General and administrative					(39,576)
Other expenses					(4,241)
Interest and related amortization					(108,718)
Equity in income of unconsolidated joint ventures					3,881
Early debt retirement					(2,784)
Consolidated net income					$	276,000

Total assets	$	5,056,991	$	250,880	$	5,307,871
Capital improvements	$	193,895	$	96,395	$	290,290


	Year Ended December 31, 2020
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,044,098	$	63,525	$	1,107,623
Operations expenses	(515,002)		(57,253)		(572,255)
Income from segment operations	529,096		6,272		535,368
Interest income	4,385		2,754		7,139
Depreciation and amortization	(144,235)		(10,896)		(155,131)

Income (loss) from operations	$	389,246	$	(1,870)	$	387,376
Reconciliation to consolidated net income:
Corporate interest income					15
Income from other investments, net					4,026
General and administrative					(39,276)
Other expenses					(2,567)
Interest and related amortization					(102,771)
Equity in income of unconsolidated joint ventures					5,399
Early debt retirement					(10,786)
Consolidated net income					$	241,416

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

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Revenues:
Rental income	$	1,103,357	$	1,015,879	$	907,305
Annual membership subscriptions	63,215		58,251		53,085
Membership upgrade sales current period, gross	34,661		36,270		21,739
Membership upgrade sales upfront payments, deferred, net	(21,703)		(25,079)		(12,062)
Other income	56,144		50,298		46,008
Gross revenues from ancillary services	55,793		51,916		28,023
Total property operations revenues	1,291,467		1,187,535		1,044,098
Expenses:
Property operating and maintenance	437,764		393,256		348,394
Real estate taxes	74,145		72,671		66,120
Sales and marketing, gross	23,513		23,743		17,332
Membership sales commissions, deferred, net	(3,196)		(5,075)		(1,660)
Cost of ancillary services	28,969		25,529		12,920
Ancillary operating expenses	21,561		18,400		13,929
Property management	74,083		65,979		57,967
Total property operations expenses	656,839		594,503		515,002
Income from property operations segment	$	634,628	$	593,032	$	529,096

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Revenues:
Rental income (1)	$	15,244	$	16,696	$	16,438
Gross revenue from home sales and brokered resales	124,386		100,601		47,087

Total revenues	139,630		117,297		63,525
Expenses:
Cost of home sales and brokered resales	110,043		95,094		46,735
Home selling expenses	5,760		5,138		4,572
Rental home operating and maintenance	5,393		5,727		5,946
Total expenses	121,196		105,959		57,253
Income from home sales and rentals operations segment	$	18,434	$	11,338	$	6,272

_____________________

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

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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Equity Incentive Awards On February 6, 2023, the Compensation Committee approved the 2023 Restricted Stock Award Program for certain members of our management team pursuant to the authority set forth in the 2014 Plan. As a result, we awarded 82,884 shares of restricted stock. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 30, 2024, February 4, 2025 and February 3, 2026, respectively, and have a grant date fair value of $3.0 million. The remaining 50% are performance-based awards vesting in equal installments on January 30, 2024, February 4, 2025 and February 3, 2026, respectively, upon meeting performance conditions to be established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 13,812 shares of restricted stock subject to 2023 performance goals have a grant date fair value of $1.0 million. Dividend On January 26, 2023, our Board of Directors approved setting the annual dividend rate for 2023 at $1.79 per share of common stock, an increase of $0.15 over the current $1.64 per share of common stock for 2022. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure


					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Properties Held for Long Term
Hidden Cove	Arley	AL	$	—	$	212	$	610	$	—	$	2,073	$	212	$	2,683	$	2,895	$	(622)	2006
Apache East	Apache Junction	AZ	(4,687)		2,236		4,181		—		263		2,236		4,444		6,680		(1,868)		2011
Countryside RV	Apache Junction	AZ	(7,631)		2,056		6,241		—		1,845		2,056		8,086		10,142		(5,176)		2002
Denali Park	Apache Junction	AZ	—		2,394		4,016		—		690		2,394		4,706		7,100		(1,806)		2011
Dolce Vita	Apache Junction	AZ	(43,127)		52,803		37,245		—		2,015		52,803		39,260		92,063		(6,523)		2020
Golden Sun RV	Apache Junction	AZ	(5,418)		1,678		5,049		—		1,563		1,678		6,612		8,290		(3,806)		2002
Meridian RV Resort	Apache Junction	AZ	—		6,445		5,292		—		521		6,445		5,813		12,258		(1,001)		2020
Valley Vista	Benson	AZ	—		115		429		—		336		115		765		880		(280)		2010
Casita Verde	Casa Grande	AZ	—		719		2,179		—		410		719		2,589		3,308		(1,310)		2006
Fiesta Grande	Casa Grande	AZ	—		2,869		8,653		—		1,878		2,869		10,531		13,400		(5,281)		2006
Foothills West	Casa Grande	AZ	—		747		2,261		—		747		747		3,008		3,755		(1,533)		2006
Sunshine Valley	Chandler	AZ	(24,556)		9,139		12,912		—		989		9,139		13,901		23,040		(5,628)		2011
Verde Valley	Cottonwood	AZ	—		1,437		3,390		19		7,786		1,456		11,176		12,632		(3,648)		2004
Casa del Sol East II	Glendale	AZ	—		2,103		6,283		—		3,789		2,103		10,072		12,175		(6,045)		1996
Casa del Sol East III	Glendale	AZ	—		2,450		7,452		—		1,490		2,450		8,942		11,392		(6,734)		1998
Palm Shadows	Glendale	AZ	—		1,400		4,218		—		1,991		1,400		6,209		7,609		(5,174)		1993
Hacienda De Valencia	Mesa	AZ	(17,893)		833		2,701		—		5,865		833		8,566		9,399		(6,153)		1984
Mesa Spirit	Mesa	AZ	(14,361)		17,382		25,238		192		984		17,574		26,222		43,796		(7,454)		2014
Monte Vista Resort	Mesa	AZ	(63,545)		11,402		34,355		—		37,587		11,402		71,942		83,344		(28,053)		2004
Seyenna Vistas	Mesa	AZ	—		1,360		4,660		(87)		3,993		1,273		8,653		9,926		(6,511)		1994
The Highlands at Brentwood	Mesa	AZ	(11,212)		1,997		6,024		—		2,718		1,997		8,742		10,739		(7,430)		1993
ViewPoint RV & Golf Resort	Mesa	AZ	(149,374)		24,890		56,340		15		27,952		24,905		84,292		109,197		(43,360)		2004
Apollo Village	Peoria	AZ	—		932		3,219		—		1,924		932		5,143		6,075		(4,174)		1994
Casa del Sol West	Peoria	AZ	—		2,215		6,467		—		3,225		2,215		9,692		11,907		(6,109)		1996
Carefree Manor	Phoenix	AZ	—		706		3,040		—		1,394		706		4,434		5,140		(3,153)		1998
Central Park	Phoenix	AZ	(9,952)		1,612		3,784		—		2,527		1,612		6,311		7,923		(5,012)		1983
Desert Skies	Phoenix	AZ	(4,159)		792		3,126		—		1,157		792		4,283		5,075		(3,165)		1998
Sunrise Heights	Phoenix	AZ	(5,095)		1,000		3,016		—		2,298		1,000		5,314		6,314		(3,977)		1994
Whispering Palms	Phoenix	AZ	—		670		2,141		—		651		670		2,792		3,462		(2,086)		1998
Desert Vista	Salome	AZ	—		66		268		—		401		66		669		735		(256)		2010
Sedona Shadows	Sedona	AZ	—		1,096		3,431		—		3,791		1,096		7,222		8,318		(4,037)		1997
Venture In	Show Low	AZ	(8,679)		2,050		6,188		—		958		2,050		7,146		9,196		(3,801)		2006
Paradise	Sun City	AZ	(36,120)		6,414		19,263		11		3,794		6,425		23,057		29,482		(14,122)		2004
The Meadows AZ	Tempe	AZ	(14,820)		2,613		7,887		—		5,298		2,613		13,185		15,798		(10,348)		1994


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Fairview Manor	Tucson	AZ	—	1,674	4,708	—	3,000	1,674	7,708	9,382	(5,496)	1998
Voyager	Tucson	AZ	(39,078)	19,281	63,886	—	1,337	19,281	65,223	84,504	(8,812)	2021
Westpark	Wickenburg	AZ	(8,033)	4,495	10,517	—	5,463	4,495	15,980	20,475	(5,014)	2011
Araby Acres	Yuma	AZ	—	1,440	4,345	—	1,348	1,440	5,693	7,133	(3,322)	2003
Cactus Gardens	Yuma	AZ	(5,786)	1,992	5,984	—	824	1,992	6,808	8,800	(3,978)	2004
Capri	Yuma	AZ	—	1,595	4,774	—	581	1,595	5,355	6,950	(2,823)	2006
Desert Paradise	Yuma	AZ	—	666	2,011	—	505	666	2,516	3,182	(1,487)	2004
Foothill Village	Yuma	AZ	—	459	1,402	—	710	459	2,112	2,571	(1,088)	2003
Mesa Verde RV	Yuma	AZ	(4,124)	1,387	4,148	—	1,054	1,387	5,202	6,589	(2,577)	2007
Suni Sands	Yuma	AZ	—	1,249	3,759	—	811	1,249	4,570	5,819	(2,690)	2004
Cultus Lake	Lindell Beach	BC	—	410	968	6	637	416	1,605	2,021	(1,011)	2004
Soledad Canyon	Acton	CA	—	2,933	6,917	39	16,225	2,972	23,142	26,114	(7,046)	2004
Los Ranchos	Apple Valley	CA	—	8,336	15,774	—	4,271	8,336	20,045	28,381	(6,977)	2011
Monte del Lago	Castroville	CA	(34,494)	3,150	9,469	—	5,987	3,150	15,456	18,606	(10,406)	1997
Date Palm Country Club	Cathedral City	CA	—	—	18,179	—	10,044	—	28,223	28,223	(22,908)	1994
Palm Springs Oasis RV Resort	Cathedral City	CA	—	—	216	—	1,088	—	1,304	1,304	(587)	1994
Colony Park	Ceres	CA	(7,585)	890	2,837	—	1,856	890	4,693	5,583	(3,152)	1998
Russian River	Cloverdale	CA	—	368	868	5	820	373	1,688	2,061	(780)	2004
Oakzanita Springs	Descanso	CA	—	396	934	5	3,187	401	4,121	4,522	(1,449)	2004
Rancho Mesa	El Cajon	CA	—	2,130	6,389	—	2,422	2,130	8,811	10,941	(6,008)	1998
Rancho Valley	El Cajon	CA	(18,344)	685	1,902	—	2,520	685	4,422	5,107	(3,065)	1983
Snowflower	Emigrant Gap	CA	—	308	727	4	2,232	312	2,959	3,271	(1,156)	2004
Four Seasons	Fresno	CA	—	756	2,348	—	3,237	756	5,585	6,341	(2,716)	1997
Yosemite Lakes	Groveland	CA	—	2,045	4,823	27	10,695	2,072	15,518	17,590	(4,900)	2004
Royal Holiday	Hemet	CA	—	778	2,643	—	7,047	778	9,690	10,468	(3,965)	1999
Idyllwild	Idyllwild-Pine Cove	CA	—	313	737	4	2,710	317	3,447	3,764	(1,289)	2004
Pio Pico	Jamul	CA	—	2,626	6,194	35	7,524	2,661	13,718	16,379	(5,584)	2004
Tahoe Valley	Lake Tahoe	CA	—	—	5,428	—	2,265	—	7,693	7,693	(4,214)	2004
Sea Oaks	Los Osos	CA	—	871	2,703	—	1,983	871	4,686	5,557	(2,835)	1997
Ponderosa Resort	Lotus	CA	—	900	2,100	—	3,325	900	5,425	6,325	(1,961)	2006
Turtle Beach	Manteca	CA	—	268	633	4	1,629	272	2,262	2,534	(755)	2004
Marina Dunes RV Resort	Marina	CA	—	20,379	8,204	—	607	20,379	8,811	29,190	(694)	2020
Wilderness Lakes	Menifee	CA	—	2,157	5,088	29	3,833	2,186	8,921	11,107	(4,255)	2004
Coralwood	Modesto	CA	—	—	5,047	—	1,818	—	6,865	6,865	(4,965)	1997
Morgan Hill	Morgan Hill	CA	—	1,856	4,378	980	7,716	2,836	12,094	14,930	(3,949)	2004


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Lake Minden	Nicolaus	CA	—	961	2,267	13	2,039	974	4,306	5,280	(2,242)	2004
Pacific Dunes Ranch	Oceana	CA	—	1,940	5,632	—	2,181	1,940	7,813	9,753	(4,065)	2004
Oceanside RV	Oceanside	CA	—	27,781	16,596	—	55	27,781	16,651	44,432	(1,032)	2022
Lake of the Springs	Oregon House	CA	—	1,062	2,504	14	3,079	1,076	5,583	6,659	(2,429)	2004
Concord Cascade	Pacheco	CA	—	985	3,016	—	4,565	985	7,581	8,566	(4,867)	1983
San Francisco RV	Pacifica	CA	—	1,660	4,973	—	3,509	1,660	8,482	10,142	(5,108)	2005
San Benito	Paicines	CA	—	1,411	3,328	19	4,368	1,430	7,696	9,126	(3,236)	2004
Palm Springs	Palm Desert	CA	—	1,811	4,271	24	3,450	1,835	7,721	9,556	(3,483)	2004
Las Palmas Estates	Rialto	CA	—	1,295	3,866	—	1,305	1,295	5,171	6,466	(2,855)	2004
Parque La Quinta	Rialto	CA	—	1,799	5,450	—	1,310	1,799	6,760	8,559	(3,782)	2004
Quail Meadows	Riverbank	CA	—	1,155	3,469	—	1,251	1,155	4,720	5,875	(3,376)	1998
California Hawaiian	San Jose	CA	(31,832)	5,825	17,755	—	5,850	5,825	23,605	29,430	(17,935)	1997
Nicholson Plaza	San Jose	CA	—	—	4,512	—	(4,512)	—	—	—	—	1997
Sunshadow	San Jose	CA	—	12,334	5,707	8	1,478	12,342	7,185	19,527	(5,328)	1997
Village of the Four Seasons	San Jose	CA	(18,292)	5,229	15,714	—	2,263	5,229	17,977	23,206	(10,496)	2004
Westwinds (4 properties)	San Jose	CA	—	—	17,616	—	(17,616)	—	—	—	—	1997
Laguna Lake	San Luis Obispo	CA	(18,742)	2,845	6,520	—	3,428	2,845	9,948	12,793	(6,221)	1998
Contempo Marin	San Rafael	CA	(35,426)	4,787	16,379	—	4,773	4,787	21,152	25,939	(18,369)	1994
Rancho Oso	Santa Barbara	CA	—	860	2,029	12	4,366	872	6,395	7,267	(2,132)	2004
De Anza Santa Cruz	Santa Cruz	CA	(46,088)	2,103	7,201	—	6,341	2,103	13,542	15,645	(9,150)	1994
Meadowbrook	Santee	CA	(21,045)	4,345	12,528	—	3,712	4,345	16,240	20,585	(12,092)	1998
Santa Cruz Ranch	Scotts Valley	CA	—	1,595	3,937	—	1,099	1,595	5,036	6,631	(2,284)	2007
Lamplighter Village	Spring Valley	CA	(31,855)	633	2,201	—	2,810	633	5,011	5,644	(3,474)	1983
Santiago Estates	Sylmar	CA	(21,119)	3,562	10,767	—	5,037	3,562	15,804	19,366	(10,332)	1998
Royal Oaks	Visalia	CA	—	602	1,921	—	2,589	602	4,510	5,112	(2,347)	1997
Pilot Knob RV Resort	Winterhaven	CA	—	581	1,151	—	374	581	1,525	2,106	(124)	2022
Hillcrest Village CO	Aurora	CO	(37,274)	1,912	5,202	289	9,145	2,201	14,347	16,548	(8,486)	1983
Cimarron Village	Broomfield	CO	(29,838)	863	2,790	—	2,080	863	4,870	5,733	(3,714)	1983
Holiday Village CO	Colorado Springs	CO	(19,712)	567	1,759	—	3,284	567	5,043	5,610	(3,073)	1983
Bear Creek Village	Denver	CO	(5,512)	1,100	3,359	—	1,369	1,100	4,728	5,828	(3,213)	1998
Holiday Hills Village	Denver	CO	(56,693)	2,159	7,780	—	10,224	2,159	18,004	20,163	(12,707)	1983
Golden Terrace	Golden	CO	—	826	2,415	—	4,037	826	6,452	7,278	(3,959)	1983
Golden Terrace South	Golden	CO	—	750	2,265	—	1,120	750	3,385	4,135	(2,515)	1997
Golden Terrace West	Golden	CO	—	1,694	5,065	—	7,735	1,694	12,800	14,494	(7,283)	1986
Blue Mesa Recreational Ranch	Gunnison	CO	—	5,126	8,217	—	67	5,126	8,284	13,410	(1,102)	2022


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Pueblo Grande	Pueblo	CO	—	241	1,069	—	5,466	241	6,535	6,776	(2,105)	1983
Woodland Hills	Thornton	CO	(32,457)	1,928	4,408	—	4,597	1,928	9,005	10,933	(7,011)	1994
Stonegate Manor	North Windham	CT	—	6,011	12,336	—	591	6,011	12,927	18,938	(5,423)	2011
Waterford Estates	Bear	DE	(37,397)	5,250	16,202	—	3,887	5,250	20,089	25,339	(10,152)	1996
McNicol Place	Lewes	DE	—	562	1,710	—	275	562	1,985	2,547	(1,550)	1998
Whispering Pines	Lewes	DE	—	1,536	4,609	—	2,672	1,536	7,281	8,817	(5,924)	1988
Mariner's Cove	Millsboro	DE	(18,127)	990	2,971	—	10,378	990	13,349	14,339	(7,848)	1987
Sweetbriar	Millsboro	DE	—	498	1,527	—	1,103	498	2,630	3,128	(1,758)	1998
Aspen Meadows	Rehoboth	DE	(10,850)	1,148	3,460	—	1,007	1,148	4,467	5,615	(3,333)	1998
Camelot Meadows	Rehoboth	DE	—	527	2,058	1,251	4,941	1,778	6,999	8,777	(5,258)	1998
Riverside RV Resort	Arcadia	FL	—	8,400	11,905	11,085	3,599	19,485	15,504	34,989	(5,103)	2016
Toby’s RV Resort	Arcadia	FL	—	1,093	3,280	—	812	1,093	4,092	5,185	(2,385)	2003
Aventura Marina	Aventura	FL	—	813	811	—	7	813	818	1,631	(120)	2019
Hi-Lift Marina	Aventure	FL	—	21,444	4,178	—	1,610	21,444	5,788	27,232	(796)	2021
Sunshine Key	Big Pine Key	FL	—	5,273	15,822	—	17,121	5,273	32,943	38,216	(13,708)	2004
Windmill Manor	Bradenton	FL	(10,524)	2,153	6,125	—	2,695	2,153	8,820	10,973	(6,429)	1998
Winter Quarters Manatee	Bradenton	FL	—	2,300	6,903	—	1,872	2,300	8,775	11,075	(5,008)	2004
Clover Leaf Farms	Brooksville	FL	(31,011)	13,684	24,106	—	8,097	13,684	32,203	45,887	(11,093)	2011
Clover Leaf Forest	Brooksville	FL	—	1,092	2,178	—	617	1,092	2,795	3,887	(972)	2011
Resort at Tranquility Lake	Cape Coral	FL	—	12,572	—	24	21,348	12,596	21,348	33,944	(507)	2020
Palm Harbour Marina	Cape Haze	FL	—	13,228	6,310	—	(955)	13,228	5,355	18,583	(682)	2021
Glen Ellen	Clearwater	FL	—	619	1,882	—	553	619	2,435	3,054	(1,471)	2002
Hillcrest FL	Clearwater	FL	—	1,278	3,928	—	3,804	1,278	7,732	9,010	(4,316)	1998
Holiday Ranch	Clearwater	FL	—	925	2,866	—	780	925	3,646	4,571	(2,757)	1998
Serendipity	Clearwater	FL	(16,336)	18,944	11,782	—	2,330	18,944	14,112	33,056	(4,593)	2018
Shady Lane Oaks	Clearwater	FL	—	4,984	8,482	—	780	4,984	9,262	14,246	(3,846)	2011
Shady Lane Village	Clearwater	FL	—	3,102	5,480	—	426	3,102	5,906	9,008	(2,484)	2011
Silk Oak Lodge	Clearwater	FL	—	1,649	5,028	—	739	1,649	5,767	7,416	(3,581)	2002
Clerbrook Golf & RV Resort	Clermont	FL	—	3,883	11,700	—	4,624	3,883	16,324	20,207	(7,738)	2006
Lake Magic	Clermont	FL	—	1,595	4,793	—	1,800	1,595	6,593	8,188	(3,654)	2004
Orange Lake	Clermont	FL	—	4,303	6,815	—	1,603	4,303	8,418	12,721	(3,225)	2011
Orlando	Clermont	FL	—	2,975	7,017	40	24,925	3,015	31,942	34,957	(7,777)	2004
Cortez Village Marina	Cortez	FL	—	17,936		—	32	17,936	3,988	21,924	(691)	2021
Crystal Isles	Crystal River	FL	—	926	2,787	10	3,949	936	6,736	7,672	(3,031)	2004
Cheron Village	Davie	FL	—	10,393	6,217	—	371	10,393	6,588	16,981	(3,025)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Carriage Cove	Daytona Beach	FL	(15,070)	2,914	8,682	—	2,994	2,914	11,676	14,590	(8,429)	1998
Daytona Beach Marina	Daytona Beach	FL	—	1,962	9,034	—	34	1,962	9,068	11,030	(1,274)	2019
Lake Haven	Dunedin	FL	(12,648)	1,135	4,047	—	4,431	1,135	8,478	9,613	(6,514)	1983
Marker 1 Marina	Dunedin	FL	—	21,685	15,758	—	189	21,685	15,947	37,632	(1,963)	2020
Coquina Crossing	Elkton	FL	(26,171)	5,274	5,545	—	20,887	5,274	26,432	31,706	(15,585)	1999
Colony Cove	Ellenton	FL	(89,976)	28,660	92,457	38,094	37,950	66,754	130,407	197,161	(43,662)	2011
Ridgewood Estates	Ellenton	FL	—	8,769	8,791	—	1,060	8,769	9,851	18,620	(3,989)	2011
Haselton Village	Eustis	FL	—	3,800	8,955	—	1,150	3,800	10,105	13,905	(3,930)	2011
Southern Palms RV	Eustis	FL	—	2,169	5,884	—	5,054	2,169	10,938	13,107	(7,486)	1998
Bulow Plantation	Flagler Beach	FL	—	3,637	949	—	7,661	3,637	8,610	12,247	(5,836)	1994
Bulow RV	Flagler Beach	FL	—	—	228	—	2,583	—	2,811	2,811	(1,218)	1994
Carefree Cove	Fort Lauderdale	FL	—	1,741	5,170	—	1,091	1,741	6,261	8,002	(3,644)	2004
Everglades Lakes	Fort Lauderdale	FL	—	53,850	18,797	—	3,268	53,850	22,065	75,915	(4,170)	2018
Park City West	Fort Lauderdale	FL	—	4,184	12,561	—	1,762	4,184	14,323	18,507	(8,561)	2004
Sunshine Holiday MH	Fort Lauderdale	FL	(9,193)	3,099	9,286	—	2,401	3,099	11,687	14,786	(6,454)	2004
Crystal Lakes-Fort Myers	Fort Myers	FL	—	1,047	—	1,754	1,344	2,801	1,344	4,145	(85)	2018
Fish Tale Marina	Fort Myers	FL	—	24,027	5,555	—	(1,065)	24,027	4,490	28,517	(822)	2021
Fort Myers Beach	Fort Myers	FL	—	1,188	3,548	849	3,843	2,037	7,391	9,428	(2,761)	2004
Gulf Air	Fort Myers Beach	FL	(5,768)	1,609	4,746	—	1,765	1,609	6,511	8,120	(3,392)	2004
Lakeside Terrace	Fruitland Park	FL	—	3,275	7,165	—	881	3,275	8,046	11,321	(3,217)	2011
Grand Island Resort	Grand Island	FL	—	1,723	5,208	125	6,952	1,848	12,160	14,008	(6,810)	2001
Holiday Travel Park	Holiday	FL	—	9,240	13,284	—	1,877	9,240	15,161	24,401	(5,095)	2018
Hollywood Marina	Hollywood	FL	—	14,638	4,065	—	844	14,638	4,909	19,547	(778)	2019
South Miami Marina	Homestead	FL	—	—	13,144	—	347	—	13,491	13,491	(1,818)	2019
Barrington Hills	Hudson	FL	(4,128)	1,145	3,437	—	1,791	1,145	5,228	6,373	(2,719)	2004
Jupiter Marina	Jupiter	FL	—	5,090	4,842	—	1,230	5,090	6,072	11,162	(1,136)	2019
Sherwood Forest - MHP	Kissimmee	FL	—	4,852	14,596	—	8,848	4,852	23,444	28,296	(16,525)	1998
Sherwood Forest RV	Kissimmee	FL	—	2,870	3,621	568	4,790	3,438	8,411	11,849	(5,299)	1998
Tropical Palms	Kissimmee	FL	—	5,677	17,116	—	17,929	5,677	35,045	40,722	(17,212)	2004
Lake Worth Village	Lake Worth	FL	(1,023)	14,959	24,501	—	5,141	14,959	29,642	44,601	(11,544)	2011
Beacon Hill Colony	Lakeland	FL	—	3,775	6,405	—	671	3,775	7,076	10,851	(2,773)	2011
Beacon Terrace	Lakeland	FL	(8,904)	5,372	9,153	216	933	5,588	10,086	15,674	(4,070)	2011
Kings & Queens	Lakeland	FL	—	1,696	3,064	—	450	1,696	3,514	5,210	(1,400)	2011
Lakeland Harbor	Lakeland	FL	(31,261)	10,446	17,376	—	1,051	10,446	18,427	28,873	(7,502)	2011
Lakeland Junction	Lakeland	FL	(3,161)	3,018	4,752	—	434	3,018	5,186	8,204	(2,121)	2011


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Lantana Marina	Lantana	FL	—	8,276	5,108	—	(289)	8,276	4,819	13,095	(1,014)	2019
Maralago Cay	Lantana	FL	(37,549)	5,325	15,420	—	7,347	5,325	22,767	28,092	(16,870)	1997
South Lantana Marina	Lantana	FL	—	2,345	1,894	—	462	2,345	2,356	4,701	(492)	2019
Down Yonder	Largo	FL	—	2,652	7,981	—	1,665	2,652	9,646	12,298	(6,040)	1998
East Bay Oaks	Largo	FL	(8,425)	1,240	3,322	—	2,067	1,240	5,389	6,629	(4,332)	1983
Eldorado Village	Largo	FL	(5,630)	778	2,341	—	2,214	778	4,555	5,333	(3,245)	1983
Paradise Park - Largo	Largo	FL	(5,229)	3,523	4,026	—	716	3,523	4,742	8,265	(1,662)	2017
Shangri-La Mobile Home Park	Largo	FL	—	1,722	5,200	—	490	1,722	5,690	7,412	(3,460)	2004
Vacation Village	Largo	FL	(4,241)	1,315	3,946	—	1,072	1,315	5,018	6,333	(2,866)	2004
Whispering Pines - Largo	Largo	FL	—	8,218	14,054	—	1,928	8,218	15,982	24,200	(6,262)	2011
Coachwood Colony	Leesburg	FL	—	1,602	4,822	—	1,652	1,602	6,474	8,076	(3,458)	2004
Mid-Florida Lakes	Leesburg	FL	(57,630)	5,997	20,635	—	16,459	5,997	37,094	43,091	(27,083)	1994
Fiesta Key	Long Key	FL	—	16,611	7,338	—	19,388	16,611	26,726	43,337	(4,929)	2013
Winter Quarters Pasco	Lutz	FL	(3,619)	1,494	4,484	—	2,201	1,494	6,685	8,179	(3,399)	2004
Coral Cay Plantation	Margate	FL	(77,907)	5,890	20,211	—	9,719	5,890	29,930	35,820	(24,968)	1994
Lakewood Village	Melbourne	FL	—	1,862	5,627	—	3,196	1,862	8,823	10,685	(6,811)	1994
Miami Everglades	Miami	FL	—	5,362	6,238	—	1,601	5,362	7,839	13,201	(3,061)	2015
Southernaire	Mt. Dora	FL	—	796	2,395	—	640	796	3,035	3,831	(1,661)	2004
Country Place (2)	New Port Richey	FL	(17,205)	663	—	18	8,614	681	8,614	9,295	(6,941)	1986
Hacienda Village	New Port Richey	FL	(14,916)	4,297	13,088	—	4,620	4,297	17,708	22,005	(10,434)	2002
Harbor View Mobile Manor	New Port Richey	FL	(16,198)	4,030	12,146	—	3,080	4,030	15,226	19,256	(8,695)	2002
Bay Lake Estates	Nokomis	FL	(10,200)	990	3,390	—	2,908	990	6,298	7,288	(4,573)	1994
Lake Village	Nokomis	FL	(14,073)	15,850	18,099	10,408	2,626	26,258	20,725	46,983	(7,804)	2011
Royal Coachman	Nokomis	FL	—	5,321	15,978	—	2,252	5,321	18,230	23,551	(11,098)	2004
Buccaneer Estates	North Fort Myers	FL	—	4,207	14,410	—	10,100	4,207	24,510	28,717	(16,367)	1994
Island Vista Estates	North Fort Myers	FL	—	5,004	15,066	—	6,305	5,004	21,371	26,375	(9,221)	2006
Lake Fairways	North Fort Myers	FL	(34,487)	6,075	18,134	35	5,108	6,110	23,242	29,352	(19,380)	1994
Pine Lakes	North Fort Myers	FL	—	6,306	14,579	24,939	10,517	31,245	25,096	56,341	(20,169)	1994
Pioneer Village	North Fort Myers	FL	(12,554)	4,116	12,353	—	3,844	4,116	16,197	20,313	(9,271)	2004
Sunseekers RV Resort	North Fort Myers	FL	—	4,224	2,299	—	2,092	4,224	4,391	8,615	(1,284)	2018
The Heritage	North Fort Myers	FL	—	1,438	4,371	346	6,396	1,784	10,767	12,551	(7,728)	1993
Windmill Village - N. Ft. Myers	North Fort Myers	FL	—	1,417	5,440	—	5,299	1,417	10,739	12,156	(7,564)	1983
Foxwood Farms	Ocala	FL	—	3,853	7,967	—	2,896	3,853	10,863	14,716	(3,972)	2011
Oak Bend	Ocala	FL	—	850	2,572	—	8,212	850	10,784	11,634	(3,977)	1993
Villas at Spanish Oaks	Ocala	FL	—	2,250	6,922	—	3,523	2,250	10,445	12,695	(8,213)	1993


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Silver Dollar Golf & Trap Club Resort	Odessa	FL	—	4,107	12,431	7,158	4,485	11,265	16,916	28,181	(9,615)	2004
Okeechobee RV Resort	Okeechobee	FL	—	14,897	27,337	—	1,215	14,897	28,552	43,449	(4,811)	2021
Audubon Village - Florida	Orlando	FL	—	4,622	7,200	—	1,087	4,622	8,287	12,909	(3,278)	2011
Hidden Valley	Orlando	FL	—	11,398	12,861	—	1,477	11,398	14,338	25,736	(5,760)	2011
Starlight Ranch	Orlando	FL	(29,504)	13,543	20,388	—	4,419	13,543	24,807	38,350	(9,641)	2011
Holiday Village, Ormond Beach	Ormond Beach	FL	—	2,610	7,837	—	2,352	2,610	10,189	12,799	(5,786)	2002
Sunshine Holiday-Daytona North	Ormond Beach	FL	—	2,001	6,004	—	1,794	2,001	7,798	9,799	(4,428)	2004
Palm Beach Gardens Marina	Palm Beach	FL	—	15,734	4,938	—	261	15,734	5,199	20,933	(948)	2019
The Meadows, FL	Palm Beach Gardens	FL	(36,392)	3,229	9,870	—	7,574	3,229	17,444	20,673	(11,026)	1999
Terra Ceia	Palmetto	FL	—	965	2,905	1,833	9,791	2,798	12,696	15,494	(2,183)	2004
Lakes at Countrywood	Plant City	FL	—	2,377	7,085	—	4,593	2,377	11,678	14,055	(6,654)	2001
Meadows at Countrywood	Plant City	FL	—	4,514	13,175	75	12,968	4,589	26,143	30,732	(17,208)	1998
Oaks at Countrywood	Plant City	FL	—	846	2,513	(75)	2,444	771	4,957	5,728	(2,930)	1998
Breezy Hill	Pompano Beach	FL	(16,851)	5,424	16,555	—	3,295	5,424	19,850	25,274	(12,646)	2002
Hidden Harbour Marina	Pompano Beach	FL	—	26,116	12,513	—	269	26,116	12,782	38,898	(1,451)	2021
Highland Wood Travel Park	Pompano Beach	FL	—	1,043	3,130	42	889	1,085	4,019	5,104	(2,389)	2002
Inlet Harbor Marina	Ponce Inlet	FL	—	11,858	5,485	—	(276)	11,858	5,209	17,067	(751)	2021
Harbor Lakes	Port Charlotte	FL	(16,591)	3,384	10,154	—	1,949	3,384	12,103	15,487	(7,046)	2004
Lighthouse Pointe at Daytona Beach	Port Orange	FL	—	2,446	7,483	23	3,960	2,469	11,443	13,912	(7,545)	1998
Pickwick Village	Port Orange	FL	(15,801)	2,803	8,870	—	6,242	2,803	15,112	17,915	(8,668)	1998
Rose Bay	Port Orange	FL	—	3,866	3,528	—	668	3,866	4,196	8,062	(2,466)	2016
Emerald Lake	Punta Gorda	FL	(3,898)	3,598	5,197	—	821	3,598	6,018	9,616	(2,393)	2011
Gulf View	Punta Gorda	FL	—	717	2,158	—	1,835	717	3,993	4,710	(2,244)	2004
Tropical Palms MH	Punta Gorda	FL	—	2,365	7,286	—	3,947	2,365	11,233	13,598	(4,996)	2006
Kingswood	Riverview	FL	—	9,094	8,365	—	1,502	9,094	9,867	18,961	(2,742)	2018
Palm Lake	Riviera Beach	FL	—	56,323	27,418	—	12,196	56,323	39,614	95,937	(7,292)	2018
Riviera Beach Marina	Riviera Beach	FL	—	15,725	12,966	—	488	15,725	13,454	29,179	(2,785)	2019
Indian Oaks	Rockledge	FL	—	1,089	3,376	—	1,503	1,089	4,879	5,968	(3,635)	1998
Space Coast	Rockledge	FL	—	2,413	3,716	—	1,918	2,413	5,634	8,047	(1,508)	2014
Covington Estates	Saint Cloud	FL	(8,564)	3,319	7,253	—	564	3,319	7,817	11,136	(3,186)	2011
Winds of St. Armands North	Sarasota	FL	(22,508)	1,523	5,063	20	4,247	1,543	9,310	10,853	(7,573)	1983
Winds of St. Armands South	Sarasota	FL	(14,676)	1,106	3,162	4,018	9,953	5,124	13,115	18,239	(4,517)	1983
Topics RV Resort	Spring Hill	FL	(2,218)	844	2,568	—	1,344	844	3,912	4,756	(2,040)	2004
Pine Island	St. James City	FL	—	1,678	5,044	—	2,028	1,678	7,072	8,750	(3,203)	2007


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
St. Pete Marina	St. Petersburg	FL	—	12,591	19,066	—	(763)	12,591	18,303	30,894	(3,387)	2019
Riverwatch Marina	Stuart	FL	—	19,994	8,910	—	450	19,994	9,360	29,354	(962)	2021
Carefree Village	Tampa	FL	(23,973)	6,799	10,421	—	1,659	6,799	12,080	18,879	(4,827)	2011
Tarpon Glen	Tarpon Springs	FL	—	2,678	4,016	—	995	2,678	5,011	7,689	(1,935)	2011
Featherock	Valrico	FL	—	11,369	22,770	—	2,631	11,369	25,401	36,770	(9,719)	2011
Bay Indies	Venice	FL	(196,609)	10,483	31,559	10	10,638	10,493	42,197	52,690	(35,086)	1994
Ramblers Rest RV Resort	Venice	FL	(30,035)	4,646	14,201	—	12,055	4,646	26,256	30,902	(10,894)	2006
Countryside at Vero Beach	Vero Beach	FL	(50,702)	3,711	11,133	—	9,436	3,711	20,569	24,280	(14,404)	1998
Heritage Plantation	Vero Beach	FL	—	2,403	7,259	—	4,496	2,403	11,755	14,158	(8,751)	1994
Heron Cay	Vero Beach	FL	(25,760)	14,368	23,792	—	2,716	14,368	26,508	40,876	(10,492)	2011
Holiday Village, Florida	Vero Beach	FL	—	350	1,374	—	258	350	1,632	1,982	(1,306)	1998
Sunshine Travel-Vero Beach	Vero Beach	FL	—	1,603	4,813	—	3,663	1,603	8,476	10,079	(3,519)	2004
Vero Beach Marina	Vero Beach	FL	—	3,644	5,519	—	1,706	3,644	7,225	10,869	(928)	2019
Vero Palm Estates	Vero Beach	FL	(10,343)	6,697	9,025	—	1,743	6,697	10,768	17,465	(4,141)	2011
Village Green	Vero Beach	FL	(51,648)	15,901	25,175	518	3,631	16,419	28,806	45,225	(11,536)	2011
Peace River	Wauchula	FL	—	900	2,100	—	2,513	900	4,613	5,513	(1,881)	2006
Palm Beach Colony	West Palm Beach	FL	(9,866)	5,930	10,113	8	1,135	5,938	11,248	17,186	(4,595)	2011
Parkwood Communities	Wildwood	FL	—	6,990	15,115	—	1,912	6,990	17,027	24,017	(6,854)	2011
Three Flags	Wildwood	FL	—	228	684	—	703	228	1,387	1,615	(733)	2006
Winter Garden	Winter Garden	FL	—	2,321	6,962	—	1,825	2,321	8,787	11,108	(4,011)	2007
Crystal Lake Zephyrhills	Zephyrhills	FL	—	3,767	6,834	194	13,391	3,961	20,225	24,186	(4,402)	2011
Forest Lake Estates MH	Zephyrhills	FL	(17,734)	40,716	33,918	1,048	5,550	41,764	39,468	81,232	(14,575)	2016
Forest Lake Village RV	Zephyrhills	FL	—	—	537	—	479	—	1,016	1,016	(248)	2016
Sixth Avenue	Zephyrhills	FL	—	837	2,518	—	460	837	2,978	3,815	(1,668)	2004
Coach Royale	Boise	ID	—	465	1,685	—	376	465	2,061	2,526	(797)	2011
Maple Grove	Boise	ID	—	1,358	5,151	—	1,373	1,358	6,524	7,882	(2,410)	2011
Shenandoah Estates	Boise	ID	(8,218)	1,287	7,603	—	609	1,287	8,212	9,499	(3,210)	2011
West Meadow Estates	Boise	ID	(6,941)	1,371	6,770	—	528	1,371	7,298	8,669	(2,890)	2011
O'Connell's Yogi Bear RV Resort	Amboy	IL	(2,747)	1,648	4,974	—	7,932	1,648	12,906	14,554	(4,480)	2004
Pheasant Lake Estates	Beecher	IL	(37,713)	12,764	42,183	872	3,680	13,636	45,863	59,499	(14,780)	2013
Pine Country	Belvidere	IL	—	53	166	—	3,002	53	3,168	3,221	(683)	2006
Willow Lake Estates	Elgin	IL	—	6,138	21,033	—	20,582	6,138	41,615	47,753	(25,383)	1994
Golf Vista Estates	Monee	IL	—	2,842	4,719	1	14,517	2,843	19,236	22,079	(9,513)	1997
Indian Lakes	Batesville	IN	—	450	1,061	6	18,232	456	19,293	19,749	(2,868)	2004
Horseshoe Lakes	Clinton	IN	—	155	365	2	1,962	157	2,327	2,484	(627)	2004


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Twin Mills RV	Howe	IN	—	1,399	4,186	—	1,099	1,399	5,285	6,684	(2,595)	2006
Lakeside RV	New Carlisle	IN	—	426	1,281	—	287	426	1,568	1,994	(918)	2004
Dale Hollow State Park Marina	Burkesville	KY	—	—	7,399	—	722	—	8,121	8,121	(810)	2021
Diamond Caverns	Park City	KY	—	530	1,512	(3)	875	527	2,387	2,914	(1,139)	2006
Gateway to Cape Cod	Rochester	MA	—	91	288	—	882	91	1,170	1,261	(391)	2006
Hillcrest MA	Rockland	MA	—	2,034	3,182	—	412	2,034	3,594	5,628	(1,418)	2011
The Glen	Rockland	MA	—	940	1,680	—	50	940	1,730	2,670	(727)	2011
Old Chatham	South Dennis	MA	(6,095)	1,760	5,293	—	5,177	1,760	10,470	12,230	(3,379)	2005
Sturbridge	Sturbridge	MA	—	110	347	—	1,154	110	1,501	1,611	(526)	2006
Fernwood	Capitol Heights	MD	(11,145)	6,556	11,674	—	1,624	6,556	13,298	19,854	(5,235)	2011
Williams Estates/Peppermint Woods	Middle River	MD	—	22,774	42,575	—	1,961	22,774	44,536	67,310	(18,270)	2011
Mt. Desert Narrows	Bar Harbor	ME	—	1,037	3,127	—	838	1,037	3,965	5,002	(1,837)	2007
Patten Pond	Ellsworth	ME	—	267	802	—	409	267	1,211	1,478	(548)	2007
Pinehirst	Old Orchard Beach	ME	(9,674)	1,942	5,827	—	2,758	1,942	8,585	10,527	(4,299)	2005
Narrows Too	Trenton	ME	—	1,451	4,408	—	495	1,451	4,903	6,354	(2,378)	2007
Moody Beach	Wells	ME	—	93	292	—	5,731	93	6,023	6,116	(907)	2006
Bear Cave	Buchanan	MI	—	176	516	—	880	176	1,396	1,572	(518)	2006
St Clair	St. Clair	MI	—	453	1,068	6	1,440	459	2,508	2,967	(1,011)	2004
Cedar Knolls	Apple Valley	MN	(29,622)	10,021	14,357	—	2,324	10,021	16,681	26,702	(6,681)	2011
Cimarron Park	Lake Elmo	MN	—	11,097	23,132	—	4,903	11,097	28,035	39,132	(10,514)	2011
Rockford Riverview Estates	Rockford	MN	—	2,959	8,882	—	1,688	2,959	10,570	13,529	(4,056)	2011
Rosemount Woods	Rosemount	MN	—	4,314	8,932	—	4,432	4,314	13,364	17,678	(4,140)	2011
Boathouse Marina	Beaufort	NC	—	6,610	13,217	—	1,363	6,610	14,580	21,190	(1,275)	2021
Forest Lake	Advance	NC	—	986	2,325	13	9,891	999	12,216	13,215	(2,268)	2004
Scenic	Asheville	NC	—	1,183	3,511	—	2,132	1,183	5,643	6,826	(2,222)	2006
Waterway RV	Cedar Point	NC	(4,591)	2,392	7,185	—	1,260	2,392	8,445	10,837	(4,909)	2004
Twin Lakes	Chocowinity	NC	—	1,709	3,361	—	2,747	1,709	6,108	7,817	(2,768)	2004
Holiday Trav-L-Park Resort	Emerald Isle	NC	—	17,212	33,520	—	221	17,212	33,741	50,953	(1,879)	2022
Topsail Sound RV	Holly Ridge	NC	—	3,414	5,898	—	1,357	3,414	7,255	10,669	(974)	2020
Green Mountain	Lenoir	NC	—	1,037	3,075	—	2,956	1,037	6,031	7,068	(2,418)	2006
Lake Gaston	Littleton	NC	—	130	409	—	2,612	130	3,021	3,151	(740)	2006
Lake Myers RV	Mocksville	NC	—	1,504	4,587	—	1,889	1,504	6,476	7,980	(2,908)	2006
Bogue Pines	Newport	NC	—	1,476	2,592	—	236	1,476	2,828	4,304	(895)	2015
Goose Creek	Newport	NC	(12,783)	4,612	13,848	750	3,191	5,362	17,039	22,401	(9,993)	2004
Whispering Pines - NC	Newport	NC	—	3,096	5,081	1	387	3,097	5,468	8,565	(1,695)	2015


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Harbor Point RV	Sneads Ferry	NC	—	4,633	7,777	—	196	4,633	7,973	12,606	(1,163)	2020
White Oak Shores	Stella	NC	—	5,089	15,416	2,269	5,021	7,358	20,437	27,795	(4,063)	2019
Buena Vista	Fargo	ND	—	4,563	14,949	—	1,961	4,563	16,910	21,473	(6,577)	2011
Meadow Park	Fargo	ND	—	943	2,907	—	436	943	3,343	4,286	(1,349)	2011
Sandy Beach	Contoocook	NH	—	1,755	5,265	—	356	1,755	5,621	7,376	(3,233)	2005
Pine Acres	Raymond	NH	—	3,096	2,102	—	940	3,096	3,042	6,138	(1,055)	2014
Tuxbury Resort	South Hampton	NH	—	3,557	3,910	—	1,621	3,557	5,531	9,088	(2,495)	2007
King Nummy	Cape May Court House	NJ	—	4,027	3,584	—	656	4,027	4,240	8,267	(2,081)	2018
Acorn Campground	Green Creek	NJ	—	3,707	4,642	—	569	3,707	5,211	8,918	(1,933)	2020
Whippoorwill RV	Marmon	NJ	—	4,201	17,589	—	—	4,201	17,589	21,790	—	2022
Mays Landing Resort	Mays Landing	NJ	—	536	289	—	1,938	536	2,227	2,763	(389)	2014
Echo Farms	Ocean View	NJ	—	2,840	3,045	—	2,238	2,840	5,283	8,123	(1,509)	2014
Lake and Shore	Ocean View	NJ	—	378	1,192	—	2,769	378	3,961	4,339	(1,842)	2006
Pine Haven	Ocean View	NJ	—	15,586	47,165	—	261	15,586	47,426	63,012	(7,516)	2021
Chestnut Lake	Port Republic	NJ	—	337	796	5	2,374	342	3,170	3,512	(1,013)	2004
Sea Pines	Swainton	NJ	—	198	625	—	4,497	198	5,122	5,320	(1,443)	2006
Pine Ridge at Crestwood	Whiting	NJ	(50,113)	17,367	33,127	—	7,146	17,367	40,273	57,640	(14,965)	2011
Mountain View - NV	Henderson	NV	(29,932)	16,665	25,915	—	1,142	16,665	27,057	43,722	(11,025)	2011
Bonanza Village	Las Vegas	NV	—	908	2,643	(1)	2,832	907	5,475	6,382	(4,050)	1983
Boulder Cascade	Las Vegas	NV	—	2,995	9,020	—	5,118	2,995	14,138	17,133	(9,432)	1998
Cabana	Las Vegas	NV	—	2,648	7,989	—	1,702	2,648	9,691	12,339	(8,335)	1994
Flamingo West	Las Vegas	NV	—	1,730	5,266	—	2,265	1,730	7,531	9,261	(6,381)	1994
Las Vegas	Las Vegas	NV	—	1,049	2,473	14	2,659	1,063	5,132	6,195	(2,042)	2004
Villa Borega	Las Vegas	NV	—	2,896	8,774	—	2,101	2,896	10,875	13,771	(8,383)	1997
Rondout Valley	Accord	NY	—	1,115	3,240	—	3,218	1,115	6,458	7,573	(2,354)	2006
Alpine Lake RV Resort	Corinth	NY	—	4,783	14,125	153	4,106	4,936	18,231	23,167	(9,427)	2005
Lake George Escape	Lake George	NY	—	3,562	10,708	—	13,397	3,562	24,105	27,667	(8,837)	2005
The Woodlands	Lockport	NY	(41,219)	12,183	39,687	6	8,510	12,189	48,197	60,386	(17,543)	2011
Greenwood Village	Manorville	NY	—	3,667	9,414	484	7,431	4,151	16,845	20,996	(11,668)	1998
Brennan Beach	Pulaski	NY	—	7,325	21,141	—	7,849	7,325	28,990	36,315	(15,021)	2005
Lake George Schroon Valley	Warrensburg	NY	—	540	1,626	—	503	540	2,129	2,669	(1,017)	2008
Kenisee Lake	Jefferson	OH	—	295	696	4	685	299	1,381	1,680	(653)	2004
Bay Point Marina	Marblehead	OH	—	8,575	17,037	—	867	8,575	17,904	26,479	(1,939)	2021
Wilmington	Wilmington	OH	—	235	555	3	1,118	238	1,673	1,911	(644)	2004


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Bend	Bend	OR	—	733	1,729	10	4,061	743	5,790	6,533	(1,889)	2004
Shadowbrook	Clackamas	OR	—	1,197	3,693	—	1,799	1,197	5,492	6,689	(3,611)	1997
Pacific City	Cloverdale	OR	—	1,076	2,539	15	4,913	1,091	7,452	8,543	(2,647)	2004
Falcon Wood Village	Eugene	OR	(12,511)	1,112	3,426	—	1,585	1,112	5,011	6,123	(3,383)	1997
Portland Fairview	Fairview	OR	(19,051)	7,330	10,278	—	1,260	7,330	11,538	18,868	(4,204)	2016
Quail Hollow	Fairview	OR	—	—	3,249	—	930	—	4,179	4,179	(3,252)	1997
South Jetty	Florence	OR	—	678	1,598	9	3,237	687	4,835	5,522	(1,563)	2004
Seaside	Seaside	OR	—	891	2,101	12	2,304	903	4,405	5,308	(1,895)	2004
Whalers Rest	South Beach	OR	—	754	1,777	10	1,687	764	3,464	4,228	(1,605)	2004
Hope Valley	Turner	OR	—	7,373	14,517	—	493	7,373	15,010	22,383	(1,391)	2021
Mt. Hood Village	Welches	OR	—	1,817	5,733	—	14,485	1,817	20,218	22,035	(5,941)	2002
Greenbriar Village	Bath	PA	—	8,359	16,941	—	1,212	8,359	18,153	26,512	(7,157)	2011
Sun Valley	Bowmansville	PA	—	866	2,601	—	1,701	866	4,302	5,168	(1,604)	2009
Green Acres	Breinigsville	PA	(34,575)	2,680	7,479	—	7,004	2,680	14,483	17,163	(10,953)	1988
Gettysburg Farm	Dover	PA	—	111	350	—	1,282	111	1,632	1,743	(526)	2006
Timothy Lake North	East Stroudsburg	PA	—	296	933	—	1,015	296	1,948	2,244	(817)	2006
Timothy Lake South	East Stroudsburg	PA	—	206	649	—	431	206	1,080	1,286	(495)	2006
Drummer Boy	Gettysburg	PA	(10,091)	1,884	20,342	—	1,065	1,884	21,407	23,291	(5,083)	2019
Round Top	Gettysburg	PA	—	1,214	11,355	—	914	1,214	12,269	13,483	(4,317)	2019
Circle M	Lancaster	PA	—	330	1,041	—	4,238	330	5,279	5,609	(1,367)	2006
Hershey	Lebanon	PA	—	1,284	3,028	17	2,867	1,301	5,895	7,196	(2,889)	2004
Robin Hill	Lenhartsville	PA	—	1,263	3,786	—	830	1,263	4,616	5,879	(2,046)	2009
PA Dutch County	Manheim	PA	—	88	278	—	870	88	1,148	1,236	(338)	2006
Spring Gulch	New Holland	PA	—	1,593	4,795	—	1,354	1,593	6,149	7,742	(3,578)	2004
Lil Wolf	Orefield	PA	—	5,627	13,593	—	4,032	5,627	17,625	23,252	(6,310)	2011
Scotrun	Scotrun	PA	—	153	483	—	1,193	153	1,676	1,829	(517)	2006
Appalachian RV	Shartlesville	PA	—	1,666	5,044	—	1,125	1,666	6,169	7,835	(3,167)	2006
Mountain View - PA	Walnutport	PA	—	3,207	7,182	—	1,134	3,207	8,316	11,523	(3,175)	2011
Timber Creek	Westerly	RI	—	12,618	8,489	—	1,484	12,618	9,973	22,591	(5,089)	2018
Carolina Landing	Fair Play	SC	—	457	1,078	6	2,029	463	3,107	3,570	(982)	2004
Inlet Oaks Village	Murrells Inlet	SC	—	1,546	4,642	—	588	1,546	5,230	6,776	(2,731)	2006
Myrtle Beach Property	Myrtle Beach	SC	—	82,318	35,628	—	81	82,318	35,709	118,027	(5,854)	2021
Rivers Edge Marina	North Charleston	SC	—	20,305	6,405	—	201	20,305	6,606	26,911	(904)	2021
The Oaks	Yemassee	SC	—	267	810	—	422	267	1,232	1,499	(569)	2006
Natchez Trace	Hohenwald	TN	—	533	1,257	7	2,584	540	3,841	4,381	(1,487)	2004


				Initial Cost to ELS		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances	Land	Depreciable Property	Land	Depreciable Property	Land	Depreciable Property	Total (3)	Accumulated Depreciation	Date of Acquisition
Cherokee Landing	Saulsbury	TN	—	118	279	2	233	120	512	632	(288)	2004
Alamo Palms	Alamo	TX	(5,601)	1,562	7,924	—	865	1,562	8,789	10,351	(3,411)	2012
Bay Landing	Bridgeport	TX	—	438	1,033	6	2,644	444	3,677	4,121	(1,241)	2004
Colorado River	Columbus	TX	—	466	1,099	6	6,940	472	8,039	8,511	(1,264)	2004
Victoria Palms	Donna	TX	(9,476)	2,849	12,305	—	7,180	2,849	19,485	22,334	(6,472)	2012
Lake Texoma	Gordonville	TX	—	488	1,151	6	3,514	494	4,665	5,159	(2,019)	2004
Lakewood	Harlingen	TX	—	325	979	—	1,287	325	2,266	2,591	(889)	2004
Paradise Park	Harlingen	TX	—	1,568	4,705	—	2,215	1,568	6,920	8,488	(3,617)	2004
Sunshine RV Resort	Harlingen	TX	—	1,494	4,484	—	2,946	1,494	7,430	8,924	(3,724)	2004
Tropic Winds	Harlingen	TX	—	1,221	3,809	—	1,481	1,221	5,290	6,511	(3,094)	2002
Medina Lake	Lakehills	TX	—	936	2,208	13	2,874	949	5,082	6,031	(2,244)	2004
Paradise South	Mercedes	TX	—	448	1,345	—	1,052	448	2,397	2,845	(1,175)	2004
Lake Conroe KOA	Montgomery	TX	—	2,699	8,430	(3)	463	2,696	8,893	11,589	(456)	2021
Lake Tawakoni	Point	TX	—	35	2,320	—	1,671	35	3,991	4,026	(1,840)	2004
Fun N Sun RV	San Benito	TX	—	2,533	5,560	412	8,259	2,945	13,819	16,764	(9,543)	1998
Country Sunshine	Weslaco	TX	—	627	1,881	—	1,891	627	3,772	4,399	(1,904)	2004
Leisure World	Weslaco	TX	—	957	2,575	—	699	957	3,274	4,231	(1,103)	2020
Southern Comfort	Weslaco	TX	(3,876)	1,108	3,323	—	1,163	1,108	4,486	5,594	(2,480)	2004
Trails End RV	Weslaco	TX	—	1,115	4,086	—	358	1,115	4,444	5,559	(1,660)	2020
Lake Whitney	Whitney	TX	—	679	1,602	10	2,590	689	4,192	4,881	(1,688)	2004
Lake Conroe	Willis	TX	—	1,363	3,214	18	21,104	1,381	24,318	25,699	(5,764)	2004
Westwood Village	Farr West	UT	—	1,346	4,179	—	3,122	1,346	7,301	8,647	(5,090)	1997
St George	Hurricane	UT	—	64	264	2	1,617	66	1,881	1,947	(427)	2010
All Seasons	Salt Lake City	UT	—	510	1,623	—	1,081	510	2,704	3,214	(1,808)	1997
Meadows of Chantilly	Chantilly	VA	(37,251)	5,430	16,440	—	8,759	5,430	25,199	30,629	(20,547)	1994
Harbor View	Colonial Beach	VA	—	64	202	—	1,061	64	1,263	1,327	(463)	2006
Lynchburg	Gladys	VA	—	266	627	3	1,035	269	1,662	1,931	(650)	2004
Chesapeake Bay	Gloucester	VA	—	1,230	2,900	16	5,635	1,246	8,535	9,781	(3,193)	2004
Bayport Development	Jamaica	VA	—	4,942	—	1,892	2,770	6,834	2,770	9,604	(68)	2020
Virginia Landing	Quinby	VA	—	602	1,419	8	589	610	2,008	2,618	(1,104)	2004
Grey's Point Camp	Topping	VA	(19,963)	33,492	17,104	—	3,963	33,492	21,067	54,559	(7,403)	2017
Bethpage Camp Resort	Urbanna	VA	(33,319)	45,415	38,149	—	25,687	45,415	63,836	109,251	(13,413)	2017
Williamsburg	Williamsburg	VA	—	111	350	—	1,400	111	1,750	1,861	(465)	2006
Regency Lakes	Winchester	VA	(40,487)	9,757	19,055	—	2,593	9,757	21,648	31,405	(8,552)	2011
Birch Bay	Blaine	WA	—	502	1,185	7	1,341	509	2,526	3,035	(979)	2004


					Initial Cost to ELS				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at 12/31/22
Real Estate (1)	Location		Encumbrances		Land		Depreciable Property		Land		Depreciable Property		Land		Depreciable Property		Total (3)		Accumulated Depreciation		Date of Acquisition
Mount Vernon	Bow	WA	—		621		1,464		8		3,369		629		4,833		5,462		(1,739)		2004
Chehalis	Chehalis	WA	—		590		1,392		8		4,213		598		5,605		6,203		(1,767)		2004
Grandy Creek	Concrete	WA	—		475		1,425		—		1,179		475		2,604		3,079		(1,011)		2008
Tall Chief	Fall City	WA	—		314		946		—		1,656		314		2,602		2,916		(823)		2010
Kloshe Illahee	Federal Way	WA	(17,467)		2,408		7,286		—		1,242		2,408		8,528		10,936		(6,755)		1997
La Conner	La Conner	WA	—		—		2,016		—		2,210		—		4,226		4,226		(2,380)		2004
Leavenworth	Leavenworth	WA	—		786		1,853		10		2,425		796		4,278		5,074		(1,733)		2004
Thunderbird Resort	Monroe	WA	—		500		1,178		6		2,061		506		3,239		3,745		(1,012)		2004
Little Diamond	Newport	WA	—		353		834		5		1,369		358		2,203		2,561		(1,037)		2004
Oceana	Oceana City	WA	—		283		668		4		835		287		1,503		1,790		(570)		2004
Crescent Bar	Quincy	WA	—		314		741		4		1,023		318		1,764		2,082		(801)		2004
Long Beach	Seaview	WA	—		321		758		5		1,146		326		1,904		2,230		(721)		2004
Paradise RV	Silver Creek	WA	—		466		1,099		6		4,113		472		5,212		5,684		(1,143)		2004
Rainbow Lake Manor	Bristol	WI	—		4,474		16,594		—		4,889		4,474		21,483		25,957		(6,229)		2013
Fremont Jellystone Park Campground	Fremont	WI	—		1,437		4,296		—		1,677		1,437		5,973		7,410		(3,322)		2004
Yukon Trails	Lyndon Station	WI	—		556		1,629		—		959		556		2,588		3,144		(1,185)		2004
Blackhawk Camping Resort	Milton	WI	—		1,789		7,613		—		3,535		1,789		11,148		12,937		(2,868)		2014
Lakeland	Milton	WI	—		3,159		13,830		—		1,652		3,159		15,482		18,641		(4,770)		2014
Westwood Estates	Pleasant Prairie	WI	(19,664)		5,382		19,732		—		2,963		5,382		22,695		28,077		(7,334)		2013
Plymouth Rock	Plymouth	WI	—		2,293		6,879		—		2,185		2,293		9,064		11,357		(3,764)		2009
Tranquil Timbers	Sturgeon Bay	WI	—		714		2,152		—		1,089		714		3,241		3,955		(1,545)		2006
Lake of the Woods RV	Wautoma	WI	—		1,333		2,238		—		456		1,333		2,694		4,027		(1,439)		2019
Neshonoc Lakeside	West Salem	WI	—		1,106		4,861		(1)		747		1,105		5,608		6,713		(1,739)		2013
Arrowhead	Wisconsin Dells	WI	—		522		1,616		—		1,198		522		2,814		3,336		(1,236)		2006
Subtotal of Properties Held for Long Term			(2,693,167)		1,968,061		3,384,194		113,425		1,491,751		2,081,486		4,875,945		6,957,431		(2,152,567)
Realty Systems, Inc.			—		—		—		—		341,230		—		341,230		341,230		(72,708)		2002
Management business and other			—		3,447		578		(401)		67,712		3,046		67,854		70,900		(33,265)
			$	(2,693,167)	$	1,971,508	$	3,384,772	$	113,024	$	1,900,693	$	2,084,532	$	5,285,029	$	7,369,561	$	(2,258,540)

_____________________

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

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

(3)Aggregate cost for federal income tax purposes is approximately $5.0 billion.

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


(amounts in thousands)	2022		2021		2020
Balance, beginning of year	$	6,989,064	$	6,160,426	$	5,743,049
Acquisitions	141,588		635,984		248,253
Improvements	372,799		290,290		217,082

Dispositions and other	(133,890)		(97,636)		(47,958)
Balance, end of year	$	7,369,561	$	6,989,064	$	6,160,426

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


(amounts in thousands)	2022		2021		2020
Balance, beginning of year	$	2,103,774	$	1,924,585	$	1,776,224
Depreciation and amortization	202,566		191,345		157,673

Dispositions and other	(47,800)		(12,156)		(9,312)
Balance, end of year	$	2,258,540	$	2,103,774	$	1,924,585

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

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

Reclassifications

ReclassificationsCertain prior period amounts have been reclassified to conform to the current year presentation.

Investment in Real Estate

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


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

Acquisitions

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

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

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

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

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

Intangible and Goodwill

Intangibles and Goodwill

Assets Held for Sale

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

Restricted Cash

Restricted CashAs of December 31, 2022 and 2021, restricted cash consisted of $19.7 million and $29.3 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

Fair Value of Financial Instruments

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

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

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

Deferred Financing Costs, Net

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

Allowance for Doubtful Accounts

Allowance for Credit LossesWe account for allowance for credit losses under the current expected credit loss ("CECL") impairment model for our financial assets, including receivables from tenants, receivable for annual membership subscriptions, Contracts Receivable and Chattel Loans (See Note 8. Notes Receivable, Net for definition of these terms), and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions.

Revenue Recognition

Stock Based Compensation

Non-Controlling Interests

Income Taxes

Income TaxesDue to our structure as a REIT, the results of operations contain no provision for U.S. federal income taxes for the REIT.The REIT is entitled to utilize the net operating loss carryforward only to the extent that the REIT taxable income exceeds our deduction for dividends paid. Due to the uncertainty regarding the use of the REIT net operating loss carryforward, no net tax asset has been recorded as of December 31, 2022 and 2021.

Derivatives

Cash Flow Hedges of Interest Rate Risk

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment

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


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

Allowance for Credit Loss

Our allowance for credit losses was as follows:


	December 31,
(amounts in thousands):	2022		2021
Balance, beginning of year	$	21,049	$	14,460

Provision for losses	5,242		8,669
Write-offs	(5,920)		(2,080)
Balance, end of year	$	20,371	$	21,049

Tax Treatment Of Dividends And Distributions Table

During the years ended December 31, 2022, 2021 and 2020, our tax treatment of common stock distributions was as follows (unaudited):


	2022		2021		2020
Tax status of common stock distributions deemed paid during the year:
Ordinary income	$	1.483	$	1.538	$	1.234
Long-term capital gains	—		—		0.006
Non-dividend distributions	0.152		—		0.057
Distributions declared per common stock outstanding	$	1.635	$	1.538	$	1.297

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Future Minimum Rents Expected to be Received

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


(amounts in thousands)	As of December 31, 2022
2023	$	108,979
2024	109,666
2025	42,875
2026	23,725
2027	22,329
Thereafter	56,557
Total	$	364,131

Schedule of Quantitative Disclosures for Lessees

The following table presents the operating lease payments for the year ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Fixed lease cost:
Ground leases (1)	$	3,601	$	5,906	$	5,912
Office and other leases	3,739		3,529		3,243
Variable lease cost:
Ground leases (1)	1,938		871		652
Office and other leases	—		50		111
Total lease cost	$	9,278	$	10,356	$	9,918

__________________

(1)The Westwinds ground leases expired August 31, 2022, for additional information see Part I. Item 1. Financial Statements—Note 16. Commitments and Contingencies.

Summary of Minimum Future Operating Lease Payments


(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	668	$	3,770	$	4,438
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,612		3,296
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,921		26,115		34,036
Less imputed interest	(2,075)		(3,920)		(5,995)
Total lease liabilities	$	5,846	$	22,195	$	28,041

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share


	Years Ended December 31,
(amounts in thousands, except per share data)	2022		2021		2020
Numerators:
Net income available to Common Stockholders—Basic	$	284,611	$	262,462	$	228,268
Amounts allocated to dilutive securities	14,198		13,522		13,132
Net income available to Common Stockholders—Fully Diluted	$	298,809	$	275,984	$	241,400
Denominator:
Weighted average Common Shares outstanding—Basic	185,780		182,917		181,828
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,289		9,739		10,484
Stock options and restricted stock	186		227		243
Weighted average Common Shares outstanding—Fully Diluted	195,255		192,883		192,555


Earnings per Common Share—Basic:	$	1.53	$	1.43	$	1.26

Earnings per Common Share—Fully Diluted:	$	1.53	$	1.43	$	1.25

Common Stock and Other Equity Related Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Stock by Class

The following table presents the shares that were issued under our prior ATM equity offering programs, during the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(amounts in thousands, except share data)	2022		2021		2020
Shares of common stock sold	328,123		1,660,290		—
Weighted average price	$	86.46	$	84.48	$	—
Total gross proceeds	$	28,370	$	140,254	$	—
Commissions paid to sales agents	$	389	$	1,816	$	—

Schedule of Common Stock Outstanding Roll Forward

The following table presents the changes in our outstanding common stock (excluding OP Units of 9,265,565, 9,305,651 and 10,479,194 outstanding at December 31, 2022, 2021 and 2020, respectively):


	Years Ended December 31,
	2022	2021	2020
Shares outstanding at January 1,	185,640,379	182,230,631	182,089,595
Common stock issued through the ATM Equity Offering Program and its predecessor	328,123	1,660,290	—
Common stock issued through exchange of OP Units	40,086	1,601,266	12,028
Common stock issued through exercise of options	—	—	—
Common stock issued through restricted stock grants	130,600	162,955	151,104
Common stock forfeitures	(11,881)	—	—
Common stock issued through ESPP and Dividend Reinvestment Plan	37,660	32,778	32,099
Common stock repurchased and retired	(44,669)	(47,541)	(54,195)
Shares outstanding at December 31,	186,120,298	185,640,379	182,230,631

Schedule of Dividends Declared

The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders 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

$0.3625

December 31, 2021

January 14, 2022

$0.4100

March 31, 2022

March 25, 2022

April 8, 2022

$0.4100

June 30, 2022

June 24, 2022

July 8, 2022

$0.4100

September 30, 2022

October 14, 2022

$0.4100

December 31, 2022

December 30, 2022

January 13, 2023

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

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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2022, 2021 and 2020, which we determined using Level-3 inputs for land and buildings and other depreciable property and Level-2 inputs for the others:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Assets acquired
Land	$	64,514	$	343,614	$	150,909
Buildings and other depreciable property	71,498		265,182		87,749
Intangible	—		33,250		—
In-place leases (a)	5,576		22,135		6,821
Goodwill	—		9,586		—
Manufactured homes (a)	—		610		2,621
Net investment in real estate	$	141,588	$	674,377	$	248,100
Other assets	772		5,376		153
Total assets acquired	$	142,360	$	679,753	$	248,253
Liabilities assumed
Mortgage notes payable	$	—	$	39,986	$	6,873
Below-market lease liability (b)	—		8,169		—
Other liabilities	2,347		17,929		2,313
Total liabilities assumed	$	2,347	$	66,084	$	9,186
Net assets acquired	$	140,013	$	613,669	$	239,067

_____________________

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

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

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures


						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites	Economic Interest (a)			2022		2021		2022		2021		2020
Meadows	Various (2,2)	1,077	50	%		$	158	$	—	$	2,458	$	2,010	$	1,879
Lakeshore	Florida (3,3)	721	(b)			2,625		2,638		683		568		1,405
Voyager	Arizona (1,1)	—	33	%	(c)	139		141		43		556		1,616
ECHO JV	Various	—	50	%	(d)	2,963		18,136		958		773		499
RVC	Various	1,282	80	%	(e)	60,323		49,397		(587)		(26)		—
Mulberry Farms	Arizona	200	50	%		9,902		—		(169)		—		—
Hiawassee KOA JV	Georgia	283	50	%		5,294		—		(23)		—		—
		3,563				$	81,404	$	70,312	$	3,363	$	3,881	$	5,399

_____________________

(a)The percentages shown approximate our economic interest as of December 31, 2022. Our legal ownership interest may differ.

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

(c)Voyager joint venture represents a 33% interest in the utility plant servicing this Property.

(d)On December 22, 2022, we completed the acquisition of all manufactured homes held by the ECHO joint venture for a purchase price of $10.0 million.

(e)Includes three joint ventures of which one joint venture owns a portfolio of seven operating RV communities and two joint ventures each own an RV property under development.

Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Fair Value of Mortgage Debt

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


	As of December 31, 2022				As of December 31, 2021
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,043,412	$	2,718,114	$	2,743,527	$	2,654,086

Aggregate Payments of Principal on Long-Term Borrowings

The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2022:


(amounts in thousands)	Amount
2023	$	154,814
2024	74,214
2025	349,820
2026	366,784
2027	269,481
Thereafter	2,200,866
Net unamortized premiums	136
Unamortized deferred financing costs	(28,131)
Total	$	3,387,984

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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value of Derivative Financial Instruments

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


		As of December 31,
(amounts in thousands)	Balance Sheet Location	2022		2021
Interest Rate Swap	Other assets, net	$	19,119	$	3,524

Effect of Derivative Instruments on Consolidated Statements of Operations

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,						Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,
(amounts in thousands)	2022		2021		2020		(amounts in thousands)	2022		2021		2020
Interest Rate Swap	$	(19,904)	$	(2,777)	$	1,561	Interest Expense	$	(4,309)	$	746	$	1,941

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

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Change in Deferred Revenue and Deferred Commissions

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


	As of
(amounts in thousands)	2022		2021
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$	163,957	$	138,878
Membership upgrade sales current period, gross	34,661		36,270
Revenue recognized from membership upgrade sales upfront payments	(12,958)		(11,191)
Net increase in deferred revenue - upfront payments from membership grade sales	21,703		25,079
Deferred revenue - upfront payments from membership upgrade sales as of December 31, (a)	$	185,660	$	163,957

Deferred commission expense as of December 31,	$	47,349	$	42,471
Deferred commission expense	7,193		8,657
Commission expense recognized	(4,101)		(3,779)
Net increase in deferred commission expense	3,092		4,878
Deferred commission expense as of December 31,	$	50,441	$	47,349

_____________________

(a)Included in Deferred membership revenue on the Consolidated Balance Sheet.

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activities and Related Information

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


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2019	418,742	$48.32
Shares granted	151,104	$56.07
Shares forfeited/cancelled	—	$—
Shares vested	(221,055)	$47.74
Balance at December 31, 2020	348,791	$53.06
Shares granted	162,955	$50.42
Shares forfeited/cancelled	—	$—
Shares vested	(196,839)	$60.91
Balance at December 31, 2021	314,907	$53.98
Shares granted	130,600	$77.47
Shares forfeited/cancelled	(11,881)	$33.35
Shares vested	(167,244)	$48.99
Balance at December 31, 2022	266,382	$69.24

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

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


	2022	2021
Dividend Yield	2.1%	2.1%
Risk-free interest rate	2.8%	1.0%
Expected Life	5.6 years	5.6 years
Expected Volatility	26.5%	26.1%
Weighted Average Grant Date Fair Value Per Share	$18.40	$18.04

Summary of Stock Option Activity

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


	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2019	41,500	$40.65	7.3	$1.2
Options issued	16,090	$66.81
Balance at December 31, 2020	57,590	$47.96	7.2	$0.9
Options issued	16,185	$68.74
Balance at December 31, 2021	73,775	$52.52	6.9	$2.6
Options issued	7,210	$79.72
Balance at December 31, 2022	80,985	$54.94	6.19	$1.0
Exercisable at December 31, 2022	71,015	$52.21	5.8	$1.0

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31, 2022
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,291,467	$	139,630	$	1,431,097
Operations expenses	(656,839)		(121,196)		(778,035)
Income from segment operations	634,628		18,434		653,062
Interest income	5,722		1,701		7,423
Depreciation and amortization	(192,302)		(10,060)		(202,362)

Income (loss) from operations	$	448,048	$	10,075	$	458,123
Reconciliation to consolidated net income:
Corporate interest income					7
Income from other investments, net					8,553
General and administrative					(44,857)
Other expenses					(8,646)
Interest and related amortization					(116,562)
Equity in income of unconsolidated joint ventures					3,363
Early debt retirement					(1,156)
Consolidated net income					$	298,825

Total assets	$	5,228,575	$	263,944	$	5,492,519
Capital improvements	$	227,172	$	145,627	$	372,799


	Year Ended December 31, 2021
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,187,535	$	117,297	$	1,304,832
Operations expenses	(594,503)		(105,959)		(700,462)
Income from segment operations	593,032		11,338		604,370
Interest income	5,068		1,918		6,986
Depreciation and amortization	(177,897)		(10,547)		(188,444)
Loss on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	420,144	$	2,709	$	422,853
Reconciliation to consolidated net income:
Corporate interest income					30
Income from other investments, net					4,555
General and administrative					(39,576)
Other expenses					(4,241)
Interest and related amortization					(108,718)
Equity in income of unconsolidated joint ventures					3,881
Early debt retirement					(2,784)
Consolidated net income					$	276,000

Total assets	$	5,056,991	$	250,880	$	5,307,871
Capital improvements	$	193,895	$	96,395	$	290,290


	Year Ended December 31, 2020
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,044,098	$	63,525	$	1,107,623
Operations expenses	(515,002)		(57,253)		(572,255)
Income from segment operations	529,096		6,272		535,368
Interest income	4,385		2,754		7,139
Depreciation and amortization	(144,235)		(10,896)		(155,131)

Income (loss) from operations	$	389,246	$	(1,870)	$	387,376
Reconciliation to consolidated net income:
Corporate interest income					15
Income from other investments, net					4,026
General and administrative					(39,276)
Other expenses					(2,567)
Interest and related amortization					(102,771)
Equity in income of unconsolidated joint ventures					5,399
Early debt retirement					(10,786)
Consolidated net income					$	241,416

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

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Revenues:
Rental income	$	1,103,357	$	1,015,879	$	907,305
Annual membership subscriptions	63,215		58,251		53,085
Membership upgrade sales current period, gross	34,661		36,270		21,739
Membership upgrade sales upfront payments, deferred, net	(21,703)		(25,079)		(12,062)
Other income	56,144		50,298		46,008
Gross revenues from ancillary services	55,793		51,916		28,023
Total property operations revenues	1,291,467		1,187,535		1,044,098
Expenses:
Property operating and maintenance	437,764		393,256		348,394
Real estate taxes	74,145		72,671		66,120
Sales and marketing, gross	23,513		23,743		17,332
Membership sales commissions, deferred, net	(3,196)		(5,075)		(1,660)
Cost of ancillary services	28,969		25,529		12,920
Ancillary operating expenses	21,561		18,400		13,929
Property management	74,083		65,979		57,967
Total property operations expenses	656,839		594,503		515,002
Income from property operations segment	$	634,628	$	593,032	$	529,096

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(amounts in thousands)	2022		2021		2020
Revenues:
Rental income (1)	$	15,244	$	16,696	$	16,438
Gross revenue from home sales and brokered resales	124,386		100,601		47,087

Total revenues	139,630		117,297		63,525
Expenses:
Cost of home sales and brokered resales	110,043		95,094		46,735
Home selling expenses	5,760		5,138		4,572
Rental home operating and maintenance	5,393		5,727		5,946
Total expenses	121,196		105,959		57,253
Income from home sales and rentals operations segment	$	18,434	$	11,338	$	6,272

_____________________

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

Organization (Detail) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units of partnership interest (in shares)	9,265,565	9,305,651	10,479,194
Operating Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest (percent)	95.30%

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Jan. 13, 2023	Oct. 14, 2022	Jul. 08, 2022	Apr. 08, 2022	Jan. 14, 2022	Oct. 08, 2021	Jul. 09, 2021	Apr. 09, 2021	Jan. 08, 2021	Oct. 09, 2020	Jul. 10, 2020	Apr. 10, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies
Intangibles including goodwill													$ 55,600	$ 55,400
Intangible assets													38,000	38,000
Goodwill													17,600	17,400
Accumulated amortization of identified intangible assets													7,700	3,300
Expected to be recognized in year one													3,000
Expected to be recognized in year two													3,000
Expected to be recognized in year three													3,000
Expected to be recognized in year four													3,000
Expected to be recognized in year five													$ 3,000
Remaining useful life													14 years
Cash and cash equivalents, restricted cash													$ 19,700	29,300
Deferred financing costs													28,100	28,900
Accounts receivable, allowance for credit loss													$ 20,371	21,049	$ 14,460
Estimated membership upgrade contract term													20 years
OP units to common stock exchange ratio													1
Operating loss carryforwards													$ 51,700	51,700
Net operating loss carryforward offset tax														22,400
Aggregate cost in real estate U.S federal tax basis													5,000,000
Net investment in notes receivable U.S federal tax basis													52,600
Quarterly distribution paid per common share (usd per share)		$ 0.4100	$ 0.4100	$ 0.4100	$ 0.3625	$ 0.3625	$ 0.3625	$ 0.3625	$ 0.3425	$ 0.3425	$ 0.3425	$ 0.3425
Cumulative effect of change in accounting principle													1,517,485	$ 1,486,171	$ 1,304,755	$ 1,321,888
Subsequent Event
Significant Accounting Policies
Quarterly distribution paid per common share (usd per share)	$ 0.4100
Quarterly distribution for tax purposes (usd per share)	0.404990
Distribution payable for 2023 (in usd per share)	$ 0.005010
Hurricane Ian
Significant Accounting Policies
Offsetting insurance recovery													40,600
Expenses related to removal and cleanup													40,600
Hurricane Ian \| Florida
Significant Accounting Policies
Offsetting insurance recovery													5,400
Impairment charge													$ 5,400
Minimum
Significant Accounting Policies
Lessor operating lease term													1 month
Maximum
Significant Accounting Policies
Lessor operating lease term													6 months
Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies
Cumulative effect of change in accounting principle																$ (3,875)
Operating Partnership
Significant Accounting Policies
Ownership interest (percent)													95.30%

Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Furniture, Fixture and Equipment
Property, Plant and Equipment
Useful Lives (in years)	5 years
Minimum \| Land and Building Improvements
Property, Plant and Equipment
Useful Lives (in years)	10 years
Minimum \| Manufactured Homes
Property, Plant and Equipment
Useful Lives (in years)	10 years
Maximum \| Land and Building Improvements
Property, Plant and Equipment
Useful Lives (in years)	30 years
Maximum \| Manufactured Homes
Property, Plant and Equipment
Useful Lives (in years)	25 years

Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 21,049	$ 14,460
Provision for losses	5,242	8,669
Write-offs	(5,920)	(2,080)
Balance, end of year	$ 20,371	$ 21,049

Summary of Significant Accounting Policies - Common Stock Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax status of common stock distributions deemed paid during the year:
Ordinary income (usd per share)	$ 1.483	$ 1.538	$ 1.234
Long-term capital gains (usd per share)	0	0	0.006
Non-dividend distributions (usd per share)	0.152	0	0.057
Distributions declared per common stock outstanding (usd per share)	$ 1.635	$ 1.538	$ 1.297

Leases - Narratives (Details) $ in Thousands	12 Months Ended
Leases - Narratives (Details) $ in Thousands	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lease Description
Number of non-cancelable operating leases, lessee (leases) \| lease	10
Operating lease payments	$ 9,300	$ 10,400	$ 9,900
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities	Accounts payable and other liabilities
Right of use asset	$ 25,900	$ 30,300
Operating lease liability	$ 28,041	$ 30,700
Weighted average operating lease term	9 years	7 years
Operating lease weighted average interest rate (percent)	3.80%	3.80%
Minimum
Lease Description
Lessor operating lease term	1 month
Maximum
Lease Description
Lessor operating lease term	6 months

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2023	$ 108,979
2024	109,666
2025	42,875
2026	23,725
2027	22,329
Thereafter	56,557
Total	$ 364,131

Leases - Schedule of Quantitative Disclosures for Lessees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease Description
Total lease cost	$ 9,278	$ 10,356	$ 9,918
Ground leases (1)
Lease Description
Fixed lease cost	3,601	5,906	5,912
Variable lease cost	1,938	871	652
Office and other leases
Lease Description
Fixed lease cost	3,739	3,529	3,243
Variable lease cost	$ 0	$ 50	$ 111

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Liabilities, Payments Due
2023	$ 4,438
2024	4,082
2025	3,788
2026	3,296
2027	3,113
Thereafter	15,319
Total undiscounted rental payments	34,036
Less imputed interest	(5,995)
Total lease liabilities	28,041	$ 30,700
Ground Leases
Operating Lease Liabilities, Payments Due
2023	668
2024	675
2025	680
2026	684
2027	689
Thereafter	4,525
Total undiscounted rental payments	7,921
Less imputed interest	(2,075)
Total lease liabilities	5,846
Office and Other Leases
Operating Lease Liabilities, Payments Due
2023	3,770
2024	3,407
2025	3,108
2026	2,612
2027	2,424
Thereafter	10,794
Total undiscounted rental payments	26,115
Less imputed interest	(3,920)
Total lease liabilities	$ 22,195

Earnings Per Common Share - Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerators:
Net income available to Common Stockholders—Basic	$ 284,611	$ 262,462	$ 228,268
Amounts allocated to dilutive securities	14,198	13,522	13,132
Net income available to Common Stockholders—Fully Diluted	$ 298,809	$ 275,984	$ 241,400
Denominator:
Weighted average Common Shares outstanding – Basic (shares)	185,780	182,917	181,828
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (shares)	9,289	9,739	10,484
Stock options and restricted stock (shares)	186	227	243
Weighted average Common Shares outstanding – Fully Diluted (shares)	195,255	192,883	192,555
Earnings per Common Share – Basic (usd per share)	$ 1.53	$ 1.43	$ 1.26
Earnings per Common Share – Fully Diluted (usd per share)	$ 1.53	$ 1.43	$ 1.25

Common Stock and Other Equity Related Transactions - Narratives (Details) - USD ($)		12 Months Ended
	May 10, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 24, 2022	Feb. 23, 2022	Apr. 28, 2020	Apr. 27, 2020
Class of Stock
Common stock, shares authorized (in shares)		600,000,000	600,000,000				600,000,000	400,000,000
Par or stated value per share (in usd per share)		$ 0.01	$ 0.01
ESPP, purchase price discount (in percentage)	85.00%
ESPP, issued during the period (in shares)		37,042	32,145	31,385
ESPP, shares remaining for distribution (in shares)		674,007
Units of partnership interest (in shares)		9,265,565	9,305,651	10,479,194
Share based payment award repurchased shares for taxes (in usd per share)		$ 77.22	$ 61.50	$ 73.12
Percentage of ownership interests (in percentage)		95.30%	95.20%	94.60%
Common OP Unitholders
Class of Stock
Ownership percentage by noncontrolling owners (in percentage)		4.70%	4.80%	5.40%
Maximum
Class of Stock
ESPP authorized amount	$ 250,000
Private Placement
Class of Stock
Par or stated value per share (in usd per share)					$ 0.01
Aggregate offering price (up to)					$ 500,000,000	$ 200,000,000
Shares available for issuance (shares)		500,000,000

Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock
Shares in common stock sold (in shares)	328,123	1,660,290	0
Total gross proceeds	$ 28,370	$ 140,254	$ 0
Commissions paid to sales agents	$ 895	$ 2,251	$ 673
Private Placement \| Common Stock
Class of Stock
Shares in common stock sold (in shares)	328,123	1,660,290	0
Weighted average price (usd per share)	$ 86.46	$ 84.48	$ 0
Total gross proceeds	$ 28,370	$ 140,254	$ 0
Commissions paid to sales agents	$ 389	$ 1,816	$ 0

Common Stock and Other Equity Related Transactions - Common Stock, OP Units, and Distributions (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock Outstanding [Roll Forward]
Shares outstanding at January 1, (in shares)	185,640,379	182,230,631	182,089,595
Common stock issued through the ATM Equity Offering Program and its predecessor (in shares)	328,123	1,660,290	0
Common stock issued through conversion of OP Units (in shares)	40,086	1,601,266	12,028
Common stock issued through exercise of options (in shares)	0	0	0
Common stock issued through restricted stock grants (in shares)	130,600	162,955	151,104
Common stock forfeitures (in shares)	(11,881)	0	0
Common stock issued through ESPP and Dividend Reinvestment Plan (in shares)	37,660	32,778	32,099
Common stock repurchased and retired (in shares)	(44,669)	(47,541)	(54,195)
Shares outstanding at December 31, (in shares)	186,120,298	185,640,379	182,230,631

Common Stock and Other Equity Related Transactions - Distributions (Details) - $ / shares	Jan. 13, 2023	Oct. 14, 2022	Jul. 08, 2022	Apr. 08, 2022	Jan. 14, 2022	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)		$ 0.4100	$ 0.4100	$ 0.4100	$ 0.3625	$ 0.3625	$ 0.3625	$ 0.3625	$ 0.3425	$ 0.3425	$ 0.3425	$ 0.3425
Subsequent Event
Class of Stock
Common stock, dividends paid (usd per share)	$ 0.4100

Investment in Real Estate - 2022 (Details) $ in Thousands	12 Months Ended
Investment in Real Estate - 2022 (Details) $ in Thousands	Dec. 31, 2022 USD ($) a site parcel	Dec. 31, 2021 USD ($) parcel	Dec. 31, 2020 USD ($) parcel
Real Estate Properties
Number of acquired sites \| site	1,358
Purchase price	$ 132,800	$ 398,000	$ 209,200
Land
Real Estate Properties
Purchase price	$ 9,500		$ 15,200
Number of properties acquired \| parcel	3	3	9
Area of land acquired \| a	170

Investment in Real Estate - 2021 (Details) $ in Thousands	12 Months Ended
Investment in Real Estate - 2021 (Details) $ in Thousands	Dec. 31, 2022 USD ($) site parcel	Dec. 31, 2021 USD ($) site parcel property marina shares	Dec. 31, 2020 USD ($) community site parcel property marina
Real Estate Properties
Number of acquired sites \| site	1,358
Purchase price	$ 132,800	$ 398,000	$ 209,200
Acquisition of interest in joint venture	$ 26,407	$ 49,695	0
Long-term debt assumed			$ 6,900
Voyager R V Resort
Real Estate Properties
Economic interest		50.00%
Acquisition of interest in joint venture		$ 77,000
Long-term debt assumed		$ 40,000
Partnership interest used to fund acquisition (shares) \| shares		427,723
R V Resort
Real Estate Properties
Number of properties acquired		4	7
Marinas
Real Estate Properties
Number of properties acquired \| marina		11	1
M H Resorts
Real Estate Properties
Number of properties acquired \| community			1
Number of acquired sites \| site		5,961	2,772
RV Community, Myrtle Beach, South Carolina
Real Estate Properties
Purchase price		$ 110,800
Number of acquired sites \| site		813
Land
Real Estate Properties
Number of properties acquired \| parcel	3	3	9
Purchase price	$ 9,500		$ 15,200
Developmental Properties
Real Estate Properties
Number of properties acquired \| property			3
Purchase price		$ 37,500	$ 23,700
MH Village
Real Estate Properties
Purchase price		$ 43,000

Investment in Real Estate - 2020 (Details) $ in Thousands	12 Months Ended
Investment in Real Estate - 2020 (Details) $ in Thousands	Dec. 31, 2022 USD ($) community site parcel	Dec. 31, 2021 USD ($) site parcel property marina	Dec. 31, 2020 USD ($) community site parcel property marina
Real Estate Properties
Number of acquired sites \| site	1,358
Purchase price	$ 132,800	$ 398,000	$ 209,200
Long-term debt assumed			$ 6,900
Four RV Communities Acquired
Real Estate Properties
Number of properties acquired \| community	4
Membership RV Community Acquired
Real Estate Properties
Number of properties acquired \| community	1
Land
Real Estate Properties
Number of properties acquired \| parcel	3	3	9
Purchase price	$ 9,500		$ 15,200
R V Resort
Real Estate Properties
Number of properties acquired		4	7
Marinas
Real Estate Properties
Number of properties acquired \| marina		11	1
M H Resorts
Real Estate Properties
Number of properties acquired \| community			1
Number of acquired sites \| site		5,961	2,772
Developmental Properties
Real Estate Properties
Number of properties acquired \| property			3
Purchase price		$ 37,500	$ 23,700

Investment in Real Estate - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets acquired
Goodwill	$ 0	$ 9,586	$ 0
Net investment in real estate	141,588	674,377	248,100
Other assets	772	5,376	153
Total assets acquired	142,360	679,753	248,253
Liabilities assumed
Mortgage notes payable	0	39,986	6,873
Below-market lease liability	0	8,169	0
Other liabilities	2,347	17,929	2,313
Total liabilities assumed	2,347	66,084	9,186
Net assets acquired	140,013	613,669	239,067
Land
Assets acquired
Assets acquired	64,514	343,614	150,909
Buildings and other depreciable property
Assets acquired
Assets acquired	71,498	265,182	87,749
Intangible
Assets acquired
Assets acquired	0	33,250	0
In-place leases
Assets acquired
Assets acquired	5,576	22,135	6,821
Manufactured Homes
Assets acquired
Assets acquired	$ 0	$ 610	$ 2,621

Investment in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) site property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments
Number of acquired sites \| site	1,358
Equity in income (loss) from unconsolidated joint ventures	$ 3,363	$ 3,881	$ 5,399
Depreciation expense adjustment	3,900	1,100	700
Distributions from joint ventures	21,600	3,200	5,700
Distributions from joint ventures, including those in excess of basis	$ 2,200	$ 2,900	$ 4,800
RVC
Schedule of Equity Method Investments
Economic interest	80.00%
Total contributions	$ 3,500
Kampgrounds Of America
Schedule of Equity Method Investments
Economic interest	50.00%
Total contributions	$ 5,100
Bald Mountain RV, LLC
Schedule of Equity Method Investments
Number of acquired sites \| property	283
Age-restricted Community
Schedule of Equity Method Investments
Economic interest	50.00%
Total contributions	$ 3,100

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands		12 Months Ended
	Dec. 22, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022	Dec. 31, 2022 community	Dec. 31, 2022 site	Dec. 31, 2022 property	Dec. 31, 2022 joint_venture
Schedule of Equity Method Investments
Number of Sites							3,563		2
Investment in unconsolidated joint ventures		$ 81,404	$ 70,312
Equity in income (loss) from unconsolidated joint ventures		3,363	$ 3,881	$ 5,399
Voyager \| Servicing Assets
Schedule of Equity Method Investments
Economic Interest					33.00%
ECHO JV
Schedule of Equity Method Investments
Total contributions	$ 10,000
Two Joint Ventures
Schedule of Equity Method Investments
Economic Interest					65.00%
Crosswinds
Schedule of Equity Method Investments
Economic Interest					49.00%
Voyager R V Resort
Schedule of Equity Method Investments
Economic Interest			50.00%
Kampgrounds Of America
Schedule of Equity Method Investments
Economic Interest					50.00%
Total contributions		5,100
Various \| Meadows
Schedule of Equity Method Investments
Number of Sites \| site							1,077
Economic Interest					50.00%
Investment in unconsolidated joint ventures		158	$ 0
Equity in income (loss) from unconsolidated joint ventures		2,458	2,010	1,879
Various \| ECHO JV
Schedule of Equity Method Investments
Number of Sites \| site							0
Economic Interest					50.00%
Investment in unconsolidated joint ventures		2,963	18,136
Equity in income (loss) from unconsolidated joint ventures		958	773	499
Various \| RVC
Schedule of Equity Method Investments
Number of Sites \| site							1,282
Economic Interest					80.00%
Investment in unconsolidated joint ventures		60,323	49,397
Equity in income (loss) from unconsolidated joint ventures		(587)	(26)	0
Various \| Mulberry Farms
Schedule of Equity Method Investments
Number of Sites \| site							200
Economic Interest					50.00%
Investment in unconsolidated joint ventures		9,902	0
Equity in income (loss) from unconsolidated joint ventures		(169)	0	0
Various \| Three Joint Ventures
Schedule of Equity Method Investments
Number of Sites \| joint_venture									3
Various \| Operating RVs
Schedule of Equity Method Investments
Number of Sites \| community						7
Various \| RV Property Under Development
Schedule of Equity Method Investments
Number of Sites \| property								2
Florida \| Lakeshore
Schedule of Equity Method Investments
Number of Sites \| site							721
Investment in unconsolidated joint ventures		2,625	2,638
Equity in income (loss) from unconsolidated joint ventures		683	568	1,405
Arizona \| Voyager
Schedule of Equity Method Investments
Number of Sites \| site							0
Economic Interest					33.00%
Investment in unconsolidated joint ventures		139	141
Equity in income (loss) from unconsolidated joint ventures		43	556	1,616
Georgia \| Hiawassee KOA JV
Schedule of Equity Method Investments
Number of Sites \| site							283
Economic Interest					50.00%
Investment in unconsolidated joint ventures		5,294	0
Equity in income (loss) from unconsolidated joint ventures		$ (23)	$ 0	$ 0

Notes Receivable, Net - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Contract receivables	$ 36,600	$ 30,900
Notes receivable, net	$ 45,356	39,955
Contract Receivable
Accounts, Notes, Loans and Financing Receivable
Loans receivable, amortization term (in years)	4 years 6 months
Contract Receivable \| Weighted Average
Accounts, Notes, Loans and Financing Receivable
Contracts receivable, average stated interest rate per annum (in percentage)	15.80%
Chattel Loans
Accounts, Notes, Loans and Financing Receivable
Loans receivable, amortization term (in years)	12 years
Notes receivable, net	$ 8,800	$ 9,000
Loans receivable, average stated interest rate per annum (in percentage)	7.60%

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,043,412	$ 2,743,527
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,718,114	$ 2,654,086

Borrowing Arrangements - Mortgage Notes Payable and Activity (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) community property loan	Dec. 31, 2020 USD ($) property	Dec. 31, 2021 USD ($) community property	Mar. 31, 2021 property
Debt Instrument
Mortgage notes payable, net		$ 2,693,167		$ 2,627,783
Weighted average interest rate (in percentage)		3.70%		3.80%
Number of pledged properties \| property		114		117
Pledged assets, not separately reported		$ 5,111,021		$ 4,885,290
Payments of debt extinguishment costs			$ 9,000
Asset Not Pledged as Collateral
Debt Instrument
Pledged assets, not separately reported		$ 2,868,300		$ 2,817,500
Secured Debt \| Secured Refinancing Loan Due 2034
Debt Instrument
Stated interest rate (in percentage)		3.36%
Proceeds from loans		$ 200,000
Secured Debt \| Secured Refinancing Loan Due 2034 \| M H Resorts
Debt Instrument
Number of pledged properties \| community		1
Mortgages
Debt Instrument
Number of credit facilities \| property			3
Mortgages \| Mortgage Loans Due 2022
Debt Instrument
Weighted average interest rate (in percentage)		5.25%
Repayments of debt		$ 14,200
Number of loans \| loan		2
Payments of debt extinguishment costs		$ 500
Mortgages \| Mortgage Loans Due 2022 \| R V Resort
Debt Instrument
Number of pledged properties \| community		3
Mortgages \| Prepaid Loans
Debt Instrument
Weighted average interest rate (in percentage)					5.10%
Repayments of debt	$ 67,000
Number of loans \| property					2
Payments of debt extinguishment costs	1,900
Mortgages \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties \| community				2
Mortgages \| Secured Loans in 2021
Debt Instrument
Weighted average interest rate (in percentage)			5.10%
Repayments of debt			$ 166,800
Mortgages \| Secured Loans in 2021 \| R V Resort
Debt Instrument
Number of pledged properties \| property			3
Mortgages \| Secured Loans in 2021 \| M H Resorts
Debt Instrument
Number of pledged properties \| property			21
Line of Credit
Debt Instrument
Weighted average interest rate (in percentage)			2.60%
Debt instrument, term (in years)			12 years
Number of credit facilities \| property			2
Line of Credit \| Prepaid Loans
Debt Instrument
Stated interest rate (in percentage)					2.40%
Proceeds from loans	$ 270,000		$ 662,300
Debt instrument, term (in years)	10 years
Line of Credit \| Prepaid Loans \| R V Resort
Debt Instrument
Number of pledged properties			4	2
Line of Credit \| Prepaid Loans \| M H Resorts
Debt Instrument
Number of pledged properties			18	1
Line of Credit \| Mortgages
Debt Instrument
Repayments of debt			$ 48,100
Minimum \| Secured Debt
Debt Instrument
Stated interest rate (in percentage)		2.40%
Maximum \| Secured Debt
Debt Instrument
Stated interest rate (in percentage)		8.90%

Borrowing Arrangements - Third Amended and Restated Unsecured Credit Facility And Unsecured Debt (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property	Mar. 31, 2021 USD ($)
Debt Instrument
Term loan, net	$ 496,817,000	$ 297,436,000
Unsecured line of credit	198,000,000	$ 349,000,000
Line of Credit \| Senior Unsecured Term Loan
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 200,000,000
Minimum
Debt Instrument
Derivative interest rate, percent		0.20%
Maximum
Debt Instrument
Derivative interest rate, percent		0.35%
LIBOR \| Minimum
Debt Instrument
Variable rate, percent		1.40%
LIBOR \| Maximum
Debt Instrument
Variable rate, percent		1.95%
SOFR \| Minimum \| Line of Credit \| Senior Unsecured Term Loan
Debt Instrument
Variable rate, percent	1.30%
SOFR \| Maximum \| Line of Credit \| Senior Unsecured Term Loan
Debt Instrument
Variable rate, percent	1.80%
Senior Unsecured Term Loan \| Unsecured Debt
Debt Instrument
Term loan, net		$ 300,000,000	$ 300,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity		500,000,000
Option to increase borrowing capacity		$ 200,000,000
Number of extension periods (extension) \| property		2
Extension period (months)		6 months
Unsecured line of credit	$ 198,000,000	$ 349,000,000
Line of credit remaining borrowing amount	$ 302,000,000
Line of Credit \| LIBOR \| Minimum
Debt Instrument
Variable rate, percent		1.25%
Line of Credit \| LIBOR \| Maximum
Debt Instrument
Variable rate, percent		1.65%

Borrowing Arrangements - Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Amount
2023	$ 154,814
2024	74,214
2025	349,820
2026	366,784
2027	269,481
Thereafter	2,200,866
Net unamortized premiums	136
Unamortized deferred financing costs	(28,131)
Total	$ 3,387,984

Derivative Instruments and Hedging Activities - Narratives (Details) - Interest Rate Swap - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative
Derivative, contract term (years)		3 years
Derivative, notional amount	$ 300,000,000
Derivative fixed interest rate ( in percentage)	0.39%
Derivative instrument, effective interest rate	1.79%
Cash Flow Hedging \| Interest Expense
Derivative
Interest expense	$ (4,309,000)	$ 746,000	$ 1,941,000
LIBOR
Derivative
Basis spread on variable rate (in percentage)	1.40%

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument \| Interest Rate Swap
Derivative
Derivative asset	$ 19,119	$ 3,524

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative
Amount of (gain)/loss recognized in OCI on derivative for the year ended December 31,		$ (19,904)	$ (2,777)	$ 1,561
Cash Flow Hedging \| Forecast
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,	$ 14,800
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income for the year ended December 31,		$ (4,309)	$ 746	$ 1,941

Deferred Revenue of Membership Upgrade Sales and Deferred Commission Expense - Schedule of Change in Deferred Revenue and Deferred Commissions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Deferred Revenue
Revenue recognized from membership upgrade sales upfront payments	$ (12,958)	$ (11,191)	$ (9,675)
Net increase in deferred revenue - upfront payments from membership grade sales	33,946	36,935	22,954
Movement in Deferred Costs
Deferred commission expense as of December 31,	47,349	42,471
Deferred commission expense	7,193	8,657
Commission expense recognized	(4,101)	(3,779)
Net increase in deferred commission expense	3,092	4,878
Deferred commission expense as of December 31,	50,441	47,349	42,471
Membership Subscriptions
Movement in Deferred Revenue
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	163,957	138,878
Membership upgrade sales current period, gross	34,661	36,270
Revenue recognized from membership upgrade sales upfront payments	(12,958)	(11,191)
Net increase in deferred revenue - upfront payments from membership grade sales	21,703	25,079
Deferred revenue - upfront payments from membership upgrade sales as of December 31,	$ 185,660	$ 163,957	$ 138,878

Transactions with Related Parties - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Two North Riverside Plaza Joint Venture Limited Partnership
Related Party Transaction
Operating lease rent expense	$ 1.7	$ 1.7	$ 1.6

Equity Incentive Awards - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Options issued (in shares)	7,210		7,210	16,185	16,090
Options issued (in usd per share)	$ 79.72		$ 79.72	$ 68.74	$ 66.81
Compensation expense related to incentive plans			$ 10.5	$ 10.9	$ 11.5
Options forfeited (in shares)			0	0	0
Options expired (in shares)			0	0	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense to be recognized			$ 10.0
Period for recognition of cost not recognized (in years)			1 year 9 months
2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award
Options available for grant (in shares)			5,231,784
2014 Awards \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Contractual term (in years)			10 years
Shares issued (shares)	51,522	79,078
Shares categorized as vesting (in percentage)		50.00%
Vesting period (in years)		3 years	3 years 6 months
Fair value of shares issued	$ 4.1	$ 3.0
Shares categorized as performance based (in percentage)		50.00%
2014 Awards \| Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percentage)			33.33%
2014 Awards \| Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percentage)			33.33%
2014 Awards \| Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percentage)			33.33%
2014 Awards \| Options
Share-based Compensation Arrangement by Share-based Payment Award
Contractual term (in years)			10 years
Vesting period (in years)			3 years 6 months
2014 Awards \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued (shares)		13,178
Fair value of shares issued		$ 1.0

Equity Incentive Awards - Summary of Restricted Stock Activities and Related Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Shares forfeited/cancelled (in shares)	(11,881)	0	0
Restricted Stock
Number of Shares
Beginning balance (in shares)	314,907	348,791	418,742
Shares granted (in shares)	130,600	162,955	151,104
Shares forfeited/cancelled (in shares)	(11,881)	0	0
Shares vested (in shares)	(167,244)	(196,839)	(221,055)
Closing balance (in shares)	266,382	314,907	348,791
Weighted Average Grant Date Fair Value Per Share
Beginning balance (usd per share)	$ 53.98	$ 53.06	$ 48.32
Shares granted (usd per share)	77.47	50.42	56.07
Shares forfeited/cancelled (usd per share)	33.35	0	0
Shares vested (usd per share)	48.99	60.91	47.74
Beginning balance (usd per share)	$ 69.24	$ 53.98	$ 53.06

Equity Incentive Awards - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Dividend Yield	2.10%	2.10%
Risk-free interest rate	2.80%	1.00%
Expected Life	5 years 7 months 6 days	5 years 7 months 6 days
Expected Volatility	26.50%	26.10%
Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 18.40	$ 18.04

Equity Incentive Awards - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares Subject To Options
Beginning balance (in shares)		73,775	57,590	41,500
Options issued (in shares)	7,210	7,210	16,185	16,090
Ending balance (in shares)		80,985	73,775	57,590	41,500
Exercisable, period end (in shares)		71,015
Weighted Average Exercise Price Per Share
Beginning balance (in usd per share)		$ 52.52	$ 47.96	$ 40.65
Options issued (in usd per share)	$ 79.72	79.72	68.74	66.81
Ending balance (in usd per share)		54.94	$ 52.52	$ 47.96	$ 40.65
Exercisable, period end (in usd per share)		$ 52.21
Weighted Average Outstanding Contractual Life (in years)
Balance outstanding, Weighted Average Outstanding Contractual Life (in years)		6 years 2 months 8 days	6 years 10 months 24 days	7 years 2 months 12 days	7 years 3 months 18 days
Exercisable, period end (in years)		5 years 9 months 18 days
Average Intrinsic Value (in millions)
Beginning and ending balance		$ 1.0	$ 2.6	$ 0.9	$ 1.2
Exercisable, period end		$ 1.0

Long-Term Cash Incentive Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long Term Incentive Plan 2022
Deferred Compensation Arrangement with Individual, Share-based Payments
Performance eligibility period		3 years
Accrued compensation expense		$ 3.1
Long Term Incentive Plan 2019
Deferred Compensation Arrangement with Individual, Share-based Payments
Performance eligibility period		3 years
Accrued compensation expense			$ 1.6	$ 1.5
Payment of LTIP eligible payments	$ 4.4

Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
401(k) plan, deferral of eligible compensation, pre-tax basis	60.00%
401(k) plan, employer matching percentage for the first 3% of participants' contribution	100.00%
401(k) plan, employer matching percentage for the second 20% of participants' contribution	3.00%
401(k) plan, employer matching percentage for the second 2% of participants' contribution	50.00%
401(k) plan, employer matching percentage for the next 50% of participants' contribution	2.00%
401(k) plan, maximum employer matching contribution	4.00%
401(k) plan, total contributions	$ 2.4	$ 2.0	$ 2.9

Commitments and Contingencies - Narratives (Details) - Operating Partnership	Dec. 31, 2022 site	Jul. 19, 2022 notice
Loss Contingencies
Number of notices of default sent \| notice		2
Westwinds \| Mobile Home Community
Loss Contingencies
Number of sites \| site	720

Reportable Segments - Narratives (Details)	12 Months Ended
Reportable Segments - Narratives (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Depreciation and amortization	$ (202,362)	$ (188,444)	$ (155,131)
Loss on sale of real estate, net	0	(59)	0
Reconciliation to consolidated net income:
Income from other investments, net	56,144	50,298	46,008
General and administrative	(44,857)	(39,576)	(39,276)
Other expenses	(8,646)	(4,241)	(2,567)
Interest and related amortization	(116,562)	(108,718)	(102,771)
Equity in income of unconsolidated joint ventures	3,363	3,881	5,399
Early debt retirement	(1,156)	(2,784)	(10,786)
Consolidated net income	298,825	276,000	241,416
Total assets	5,492,519	5,307,871	4,418,969
Capital improvements	372,799	290,290	217,082
Property Operations
Reconciliation to consolidated net income:
Income from other investments, net			46,008
Total assets	5,228,575	5,056,991	4,160,216
Capital improvements	227,172	193,895	157,467
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	263,944	250,880	258,753
Capital improvements	145,627	96,395	59,615
Operating Segments
Segment Reporting Information
Operations revenues	1,431,097	1,304,832	1,107,623
Operations expenses	(778,035)	(700,462)	(572,255)
Income from segment operations	653,062	604,370	535,368
Interest income	7,423	6,986	7,139
Depreciation and amortization	(202,362)	(188,444)	(155,131)
Loss on sale of real estate, net		(59)
Income (loss) from operations	458,123	422,853	387,376
Operating Segments \| Property Operations
Segment Reporting Information
Operations revenues	1,291,467	1,187,535	1,044,098
Operations expenses	(656,839)	(594,503)	(515,002)
Income from segment operations	634,628	593,032	529,096
Interest income	5,722	5,068	4,385
Depreciation and amortization	(192,302)	(177,897)	(144,235)
Loss on sale of real estate, net		(59)
Income (loss) from operations	448,048	420,144	389,246
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	139,630	117,297	63,525
Operations expenses	(121,196)	(105,959)	(57,253)
Income from segment operations	18,434	11,338	6,272
Interest income	1,701	1,918	2,754
Depreciation and amortization	(10,060)	(10,547)	(10,896)
Loss on sale of real estate, net		0
Income (loss) from operations	10,075	2,709	(1,870)
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	7	30	15
Income from other investments, net	8,553	4,555	4,026
General and administrative	(44,857)	(39,576)	(39,276)
Other expenses	(8,646)	(4,241)	(2,567)
Interest and related amortization	(116,562)	(108,718)	(102,771)
Equity in income of unconsolidated joint ventures	3,363	3,881	5,399
Early debt retirement	$ (1,156)	$ (2,784)	$ (10,786)

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Other income	$ 56,144	$ 50,298	$ 46,008
Total revenues	1,447,080	1,316,403	1,118,803
Expenses:
Real estate taxes	74,145	72,671	66,120
Sales and marketing, gross	23,513	23,743	17,332
Membership sales commissions, deferred, net	(3,196)	(5,075)	(1,660)
Total expenses	1,151,618	1,044,225	882,786
Income before equity in income of unconsolidated joint ventures	295,462	272,119	236,017
Annual membership subscriptions
Revenues:
Revenue from contract with customer	63,215	58,251	53,085
Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	34,661	36,270	21,739
Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(21,703)	(25,079)	(12,062)
Property management
Expenses:
Cost of ancillary services	74,083	65,979	57,967
Property Operations
Revenues:
Rental income	1,103,357	1,015,879	907,305
Other income			46,008
Total revenues	1,291,467	1,187,535	1,044,098
Expenses:
Property operating and maintenance	437,764	393,256	348,394
Real estate taxes	74,145	72,671	66,120
Sales and marketing, gross	23,513	23,743	17,332
Membership sales commissions, deferred, net	(3,196)	(5,075)	(1,660)
Ancillary operating expenses	21,561	18,400	13,929
Total expenses	656,839	594,503	515,002
Income before equity in income of unconsolidated joint ventures	634,628	593,032	529,096
Property Operations \| Annual membership subscriptions
Revenues:
Revenue from contract with customer	63,215	58,251	53,085
Property Operations \| Membership upgrade sales current period, gross
Revenues:
Revenue from contract with customer	34,661	36,270	21,739
Property Operations \| Membership upgrade sales upfront payments, deferred, net
Revenues:
Revenue from contract with customer	(21,703)	(25,079)	(12,062)
Property Operations \| Gross revenues from ancillary services
Revenues:
Revenue from contract with customer	55,793	51,916	28,023
Expenses:
Cost of ancillary services	28,969	25,529	12,920
Property Operations \| Property management
Expenses:
Cost of ancillary services	74,083	65,979	57,967
Home Sales and Rentals Operations
Revenues:
Rental income	15,244	16,696	16,438
Total revenues	139,630	117,297	63,525
Expenses:
Property operating and maintenance	5,393	5,727	5,946
Home selling expenses	5,760	5,138	4,572
Total expenses	121,196	105,959	57,253
Income before equity in income of unconsolidated joint ventures	18,434	11,338	6,272
Home Sales and Rentals Operations \| Home sales and brokered resales
Revenues:
Revenue from contract with customer	124,386	100,601	47,087
Expenses:
Cost of ancillary services	$ 110,043	$ 95,094	$ 46,735

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Feb. 06, 2023	Jan. 26, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event
Annual dividend rate (in dollar per share)				$ 1.64
Subsequent Event
Subsequent Event
Annual dividend rate (in dollar per share)		$ 1.79
Increase in common stock (in dollar per share)		$ 0.15
Restricted Stock
Subsequent Event
Grants in period (in shares)				130,600	162,955	151,104
2014 Awards \| Restricted Stock
Subsequent Event
Shares categorized as vesting (in percentage)			50.00%
Vesting period (in years)			3 years	3 years 6 months
2014 Awards \| Restricted Stock \| Subsequent Event
Subsequent Event
Grants in period (in shares)	82,884
Shares categorized as vesting (in percentage)	50.00%
Vesting period (in years)	3 years
Share based compensation, fair market value	$ 3.0
2014 Awards \| Performance Shares \| Subsequent Event
Subsequent Event
Grants in period (in shares)	13,812
Share based compensation, fair market value	$ 1.0
Shares categorized as performance based (in percentage)	50.00%

Schedule III Real Estate and Accumulated Depreciation - Additional Information (Details) $ in Billions	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost in real estate U.S federal tax basis	$ 5.0

Schedule III Real Estate and Accumulated Depreciation - Changes in Total Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying amount of real estate investments
Gross real estate, beginning balance	$ 6,989,064	$ 6,160,426	$ 5,743,049
Acquisitions		635,984	248,253
Improvements	372,799	290,290	217,082
Dispositions and other	(133,890)	(97,636)	(47,958)
Gross real estate, ending balance	$ 7,369,561	$ 6,989,064	$ 6,160,426

Schedule III Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of real estate accumulated depreciation
Accumulated Depreciation, Beginning Balance	$ 2,103,774	$ 1,924,585	$ 1,776,224
Depreciation and amortization	202,566	191,345	157,673
Dispositions and other	(47,800)	(12,156)	(9,312)
Accumulated Depreciation, Ending Balance	$ 2,258,540	$ 2,103,774	$ 1,924,585

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

Indicates amendment to accounting standards.

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