0000895417-24-000025 | 10-Q/A | XBRL Viewer | Equity Lifestyle Properties INC

Equity Incentive Awards	6 Months Ended
Equity Incentive Awards	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Awards	Equity Incentive Awards Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. During the quarter ended March 31, 2023, 82,884 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 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 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 13,812 shares of restricted stock subject to 2023 performance goals have a grant date fair value of $1.0 million. During the quarter ended June 30, 2023 we awarded to certain members of our Board of Directors 60,391 shares of restricted stock at a fair value of approximately $4.1 million and options to purchase 8,450 shares of common stock with an exercise price of $68.01. These are time-based awards subject to various vesting dates between October 25, 2023 and April 24, 2026. Stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $8.6 million and $2.7 million for the quarters ended June 30, 2023 and 2022, respectively, and $11.1 million and $5.3 million for the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense of $11.1 million for the six months ended June 30, 2023 includes accelerated vesting of stock-based compensation expense of $6.3 million recognized during the quarter ended June 30, 2023, as a result of the passing of a member of our Board of Directors.

Derivative Instruments and Hedging - Narratives (Details) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023	Mar. 31, 2021
Derivative
Reclassified as a decrease to interest expense		$ 16,900,000
Senior Unsecured Term Loan \| Unsecured Debt
Derivative
Debt face amount	$ 200,000,000	$ 300,000,000	$ 300,000,000
Interest Rate Swaps
Derivative
Derivative, notional amount	$ 200,000,000		$ 300,000,000
Derivative fixed interest rate ( in percentage)	3.68%	0.41%
Derivative instrument, effective interest rate	4.88%	1.81%
Interest Rate Swaps \| SOFR
Derivative
Basis spread on variable rate (in percentage)	1.20%	1.40%

Investments in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023	Jun. 30, 2023 site	Jun. 30, 2023 joint_venture	Jun. 30, 2023 community	Feb. 28, 2023	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments
Number of Sites						3,564	2
Investment in unconsolidated joint ventures	$ 82,423		$ 82,423							$ 81,404
Equity in income (loss) of unconsolidated joint ventures	973	$ 1,253	1,497	$ 1,424
Voyager \| Servicing Assets
Schedule of Equity Method Investments
Economic interest									33.00%
Lakeshore Investment One
Schedule of Equity Method Investments
Economic interest					65.00%
Lakeshore Investment Two
Schedule of Equity Method Investments
Economic interest					65.00%
Crosswinds
Schedule of Equity Method Investments
Economic interest					49.00%
Various \| Meadows
Schedule of Equity Method Investments
Number of Sites \| site						1,077
Economic interest					50.00%
Investment in unconsolidated joint ventures	330		330							158
Equity in income (loss) of unconsolidated joint ventures			1,272	858
Various \| ECHO JV
Schedule of Equity Method Investments
Number of Sites \| site						0
Economic interest					50.00%
Investment in unconsolidated joint ventures	2,757		2,757							2,963
Equity in income (loss) of unconsolidated joint ventures			(206)	533
Various \| RVC
Schedule of Equity Method Investments
Number of Sites \| site						1,283
Economic interest					80.00%
Investment in unconsolidated joint ventures	61,049		61,049							60,323
Equity in income (loss) of unconsolidated joint ventures			(373)	(323)
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							1	7
Various \| RV Property Under Development
Schedule of Equity Method Investments
Number of Sites \| joint_venture							2
Florida \| Lakeshore
Schedule of Equity Method Investments
Number of Sites \| site						721
Investment in unconsolidated joint ventures	3,060		3,060							2,625
Equity in income (loss) of unconsolidated joint ventures			324	318
Arizona \| Voyager
Schedule of Equity Method Investments
Number of Sites \| site						0
Economic interest					0.00%
Investment in unconsolidated joint ventures	0		0							139
Equity in income (loss) of unconsolidated joint ventures			694	38
Arizona \| Mulberry Farms
Schedule of Equity Method Investments
Number of Sites \| site						200
Economic interest					50.00%
Investment in unconsolidated joint ventures	10,159		10,159							9,902
Equity in income (loss) of unconsolidated joint ventures			15	0
Georgia \| Hiawassee KOA JV
Schedule of Equity Method Investments
Number of Sites \| site						283
Economic interest					50.00%
Investment in unconsolidated joint ventures	$ 5,068		5,068							$ 5,294
Equity in income (loss) of unconsolidated joint ventures			$ (229)	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	186,273,876	186,120,298
Common stock, shares outstanding (in shares)	186,273,876	186,120,298

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental income	$ 288,655	$ 275,330	$ 585,106	$ 560,395
Other income	17,911	14,195	35,625	27,736
Interest income	2,259	1,722	4,347	3,481
Income from other investments, net	2,473	2,617	4,564	4,521
Total revenues	370,014	365,305	739,966	725,507
Expenses:
Property operating and maintenance	122,214	114,307	234,697	218,299
Real estate taxes	18,832	19,182	37,148	38,639
Membership sales and marketing	5,521	5,452	10,359	9,783
Depreciation and amortization	51,464	50,796	101,966	100,190
Home selling expenses and ancillary operating expenses	7,170	7,584	14,094	14,066
General and administrative	16,607	11,679	28,268	23,750
Casualty-related charges/(recoveries), net	0	0	0	0
Other expenses	1,381	4,205	2,849	5,251
Early debt retirement	0	640	0	1,156
Interest and related amortization	33,122	28,053	65,710	55,517
Total expenses	304,938	301,968	586,323	575,291
Loss on sale of real estate and impairment, net	0	0	(2,632)	0
Income before equity in income of unconsolidated joint ventures	65,076	63,337	151,011	150,216
Equity in income of unconsolidated joint ventures	973	1,253	1,497	1,424
Consolidated net income	66,049	64,590	152,508	151,640
Income allocated to non-controlling interests – Common OP Units	(3,121)	(3,073)	(7,209)	(7,217)
Redeemable perpetual preferred stock dividends	(8)	(8)	(8)	(8)
Net income available for Common Stockholders	62,920	61,509	145,291	144,415
Other comprehensive income (loss):
Adjustment for fair market value of swap	2,186	2,793	(1,792)	12,717
Consolidated comprehensive income	68,235	67,383	150,716	164,357
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,225)	(3,207)	(7,124)	(7,823)
Comprehensive income attributable to Common Stockholders	$ 65,002	$ 64,168	$ 143,584	$ 156,526
Earnings per Common Share – Basic (in usd per share)	$ 0.34	$ 0.33	$ 0.78	$ 0.78
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.34	$ 0.33	$ 0.78	$ 0.78
Weighted average common shares outstanding – basic (in shares)	186,023	185,767	185,962	185,729
Weighted average common shares outstanding – fully diluted (in shares)	195,430	195,227	195,388	195,253
Annual membership subscriptions
Revenues:
Contract revenue	$ 16,189	$ 15,592	$ 32,159	$ 30,749
Membership upgrade sales
Revenues:
Contract revenue	3,614	3,168	7,119	6,235
Home sales, brokered resales and ancillary services
Revenues:
Contract revenue	38,913	52,681	71,046	92,390
Expenses:
Cost of services	29,268	40,971	52,409	71,670
Property management
Expenses:
Cost of services	$ 19,359	$ 19,099	$ 38,823	$ 36,970

Borrowing Arrangements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowing Arrangements

Mortgage Notes Payable

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


	As of June 30, 2023				As of December 31, 2022
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,155,809	$	2,773,996	$	2,043,412	$	2,718,114

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of June 30, 2023, was approximately 3.6% per annum. The debt bears interest at stated rates ranging from 2.4% to 8.9% per annum and matures on various dates ranging from 2023 to 2041. The debt encumbered a total of 114 of our Properties as of June 30, 2023 and December 31, 2022, and the gross carrying value of such Properties was approximately $2,914.6 million and $2,868.3 million, as of June 30, 2023 and December 31, 2022, respectively.

Unsecured Debt

We previously entered into a Third Amended and Restated Credit Agreement (“Credit Agreement”), 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 “$300 million Term Loan”). On March 1, 2023, we amended the Credit Agreement to transition the LIBOR rate borrowings to Secured Overnight Financing Rate (“SOFR”) borrowings. The LOC bears interest at a rate of SOFR plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35%. The $300 million Term Loan has an interest rate of SOFR plus 1.40% to 1.95% per annum. For both the LOC and the $300 million Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms. As of June 30, 2023, the Company has no remaining LIBOR based borrowings.

The LOC had a balance of $205.0 million and $198.0 million outstanding as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, our LOC had a remaining borrowing capacity of $295.0 million.

As of June 30, 2023, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

During the year ended December 31, 2022, we entered into a $200.0 million senior unsecured term loan agreement (the “$200 million Term Loan”). The maturity date is January 21, 2027, with an interest rate of SOFR plus approximately 1.30% to 1.80%, depending on leverage levels.

In May 2023, we locked rate on a $375.0 million secured financing at a weighted average interest rate of 5.05% with a weighted average term to maturity of 7.5 years. We expect to close in the third quarter of 2023.

In June 2023, we closed on a secured financing transaction generating gross proceeds of $89.0 million (the “June 2023 financing”). The loan represents an incremental borrowing from an existing secured facility, has a fixed interest rate of 5.04% per annum and matures in 10 years.

In July 2023, we repaid all debt scheduled to mature in 2023 and 2024 with proceeds from the June 2023 financing and our unsecured line of credit. In July 2023, we also closed on an $80.0 million tranche of the $375.0 million secured financing, and we expect to close on the remaining $295.0 million in the third quarter of 2023.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment in real estate:
Land	$ 2,088,511	$ 2,084,532
Land improvements	4,237,327	4,115,439
Buildings and other depreciable property	1,223,492	1,169,590
Investment in real estate	7,549,330	7,369,561
Accumulated depreciation	(2,355,031)	(2,258,540)
Net investment in real estate	5,194,299	5,111,021
Cash and restricted cash	28,107	22,347
Notes receivable, net	47,375	45,356
Investment in unconsolidated joint ventures	82,423	81,404
Deferred commission expense	51,978	50,441
Other assets, net	181,805	181,950
Total Assets	5,585,987	5,492,519
Liabilities:
Mortgage notes payable, net	2,748,807	2,693,167
Term loan, net	497,195	496,817
Unsecured line of credit	205,000	198,000
Accounts payable and other liabilities	172,851	175,148
Deferred membership revenue	210,242	197,743
Accrued interest payable	12,305	11,739
Rents and other customer payments received in advance and security deposits	148,989	122,318
Distributions payable	87,486	80,102
Total Liabilities	4,082,875	3,975,034
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 186,273,876 and 186,120,298 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.	1,916	1,916
Paid-in capital	1,638,354	1,628,618
Distributions in excess of accumulated earnings	(225,640)	(204,248)
Accumulated other comprehensive income	17,327	19,119
Total Stockholders’ Equity	1,431,957	1,445,405
Non-controlling interests – Common OP Units	71,155	72,080
Total Equity	1,503,112	1,517,485
Total Liabilities and Equity	$ 5,585,987	$ 5,492,519

Derivative Instruments and Hedging (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Financial Instruments

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


		As of June 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2023		2022
Interest Rate Swaps	Other assets, net	$	17,327	$	19,119

Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the six months ended June 30,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the six months ended June 30,
(amounts in thousands)	2023		2022		(amounts in thousands)	2023		2022
Interest Rate Swaps	$	(6,081)	$	(12,719)	Interest Expense	$	(7,874)	$	(2)

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) Revenue Recognition

Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental income as we meet the practical expedient criteria of ASC 842, Leases to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses.

Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.

(b) Restricted Cash

As of June 30, 2023 and December 31, 2022, restricted cash consisted of $20.7 million and $19.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.

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

(d) Insurance Recoveries

We carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and will be recognized in the period in which the insurance proceeds are received. During the six months ended June 30, 2023, we recognized expenses of approximately $10.3 million related to debris removal and

cleanup related to Hurricane Ian and an offsetting insurance recovery revenue accrual of $10.3 million related to the expected insurance recovery as a result of Hurricane Ian which is included in Casualty-related charges/(recoveries), net in the Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2023 we received insurance proceeds of approximately $36.6 million of which $8.0 million was identified as business interruption recovery revenue.

(e) Prior period correction

We previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 the correction of an error related to the classification of cash outflows associated with the purchase of manufactured homes in the Consolidated Statements of Cash Flows. Based on an analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletins 99, Materiality and 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company previously concluded that this error was immaterial. Following receipt of a further comment letter from the SEC, the Company and the Audit Committee, on January 19, 2024, determined that the error was material to its previously issued financial statements, as included in the Annual Report on Form 10-K for the year ended December 31, 2022 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

The Company previously classified cash outflows associated with the purchase of manufactured homes within investing activities in the Consolidated Statements of Cash Flows. Based on the predominance principle in ASC 230-10-45-22, the Company determined that all of the cash flows associated with the purchase and sale of manufactured homes should be classified within operating activities in the Consolidated Statements of Cash Flows. There was no impact to Cash and restricted cash, the Consolidated Statements of Income and Comprehensive Income, Consolidated Balance Sheets, or Consolidated Statements of Changes in Equity for any periods presented herein.

The impact of the restatements on the line items within the previously reported Consolidated Statements of Cash Flows for the six months ended June 30, 2022 previously filed in the Original Report is as follows (in thousands):


	Six Months Ended June 30, 2022
Operating Activities	As Reported		Adjustment	As Restated
Manufactured homes, net	$	—	(2,136)	$	(2,136)
Other assets, net	$	44,339	(48,562)	$	(4,223)
Net cash provided by operating activities	$	354,463	(50,698)	$	303,765

Investing Activities
Capital improvements	$	(181,035)	50,698	$	(130,337)
Net cash used in investing activities	$	(302,050)	50,698	$	(251,352)

Cash and restricted cash, end of period	$	42,426	—	$	42,426

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

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Change in Deferred Revenue and Deferred Commissions

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


(amounts in thousands)	Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Deferred revenue - upfront payments from membership upgrade sales, beginning	$	185,660	$	163,957
Membership upgrade sales(1)	17,253		16,686
Revenue recognized from membership upgrade sales upfront payments	(7,119)		(6,236)
Net increase in deferred revenue - upfront payments from membership grade sales(1)	10,134		10,450
Deferred revenue - upfront payments from membership upgrade sales, ending (2)	$	195,794	$	174,407

Deferred commission expense, beginning	$	50,441	47,349
Deferred commission expense	3,723		3,527
Commission expense recognized	(2,186)		(2,070)
Net increase in deferred commission expense(1)	1,537		1,457
Deferred commission expense, ending	51,978		48,806

_____________________

(1)We present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

(2)Included in Deferred membership revenue on the Consolidated Balance Sheets.

Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2023 and 2022:

Quarter Ended June 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	336,629	$	28,653	$	365,282
Operations expenses	(177,450)		(24,914)		(202,364)
Income from segment operations	159,179		3,739		162,918
Interest income	1,616		637		2,253
Depreciation and amortization	(48,662)		(2,802)		(51,464)

Income from operations	$	112,133	$	1,574	$	113,707
Reconciliation to consolidated net income:
Corporate interest income					6
Income from other investments, net					2,473
General and administrative					(16,607)
Other expenses					(1,381)
Interest and related amortization					(33,122)
Equity in income of unconsolidated joint ventures					973

Consolidated net income					$	66,049

Total assets	$	5,304,804	$	281,183	$	5,585,987
Capital improvements (1)	$	41,350	$	10,551	$	51,901

___________________

(1)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Quarter Ended June 30, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	320,888	$	40,078	$	360,966
Operations expenses	(171,960)		(34,635)		(206,595)
Income from segment operations	148,928		5,443		154,371
Interest income	1,381		341		1,722
Depreciation and amortization	(48,297)		(2,499)		(50,796)

Income from operations	$	102,012	$	3,285	$	105,297
Reconciliation to consolidated net income:

Income from other investments, net					2,617
General and administrative (1)					(11,679)
Other expenses (1)					(4,205)
Interest and related amortization					(28,053)
Equity in income of unconsolidated joint ventures					1,253
Early debt retirement					(640)
Consolidated net income					$	64,590

Total assets	$	5,150,884	$	248,704	$	5,399,588
Capital improvements (2)	$	64,690	$	4,689	$	69,379

______________________

(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Six Months Ended June 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	678,366	$	52,689	$	731,055
Operations expenses	(342,473)		(45,057)		(387,530)
Income from segment operations	335,893		7,632		343,525
Interest income	3,182		1,151		4,333
Depreciation and amortization	(96,417)		(5,549)		(101,966)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	240,026	$	3,234	$	243,260
Reconciliation to consolidated net income:
Corporate interest income					14
Income from other investments, net					4,564
General and administrative					(28,268)
Other expenses					(2,849)
Interest and related amortization					(65,710)
Equity in income of unconsolidated joint ventures					1,497

Consolidated net income					$	152,508

Total assets	$	5,304,804	$	281,183	$	5,585,987
Capital improvements (1)	$	128,826	$	20,176	$	149,002

___________________

(1)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Six Months Ended June 30, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	646,327	$	71,178	$	717,505
Operations expenses	(326,964)		(62,463)		(389,427)
Income from segment operations	319,363		8,715		328,078
Interest income	2,758		721		3,479
Depreciation and amortization	(95,174)		(5,016)		(100,190)

Income from operations	$	226,947	$	4,420	$	231,367
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					4,521
General and administrative (1)					(23,750)
Other expenses (1)					(5,251)
Interest and related amortization					(55,517)
Equity in income of unconsolidated joint ventures					1,424
Early debt retirement					(1,156)
Consolidated net income					$	151,640

Total assets	$	5,150,884	$	248,704	$	5,399,588
Capital improvements (2)	$	119,680	$	10,657	$	130,337

________________

(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2023 and 2022:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2023		2022		2023		2022
Revenues:
Rental income	$	284,950	$	271,516	$	577,529	$	552,620
Annual membership subscriptions	16,189		15,592		32,159		30,749
Membership upgrade sales (1)	3,614		3,168		7,119		6,235

Other income	17,911		14,195		35,625		27,736
Gross revenues from ancillary services	13,965		16,417		25,934		28,987
Total property operations revenues	336,629		320,888		678,366		646,327
Expenses:
Property operating and maintenance	121,055		113,081		232,579		215,671
Real estate taxes	18,832		19,182		37,148		38,639
Membership sales and marketing (1)	5,521		5,452		10,359		9,783

Cost of ancillary services	7,039		9,138		12,336		14,874
Ancillary operating expenses	5,644		6,008		11,228		11,027
Property management	19,359		19,099		38,823		36,970
Total property operations expenses	177,450		171,960		342,473		326,964
Income from property operations segment	$	159,179	$	148,928	$	335,893	$	319,363

_____________________

(1)We present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended ended June 30, 2023 and 2022:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2023		2022		2023		2022
Revenues:
Rental income (1)	$	3,705	$	3,814	$	7,577	$	7,775
Gross revenue from home sales and brokered resales	24,948		36,264		45,112		63,403
Total revenues	28,653		40,078		52,689		71,178
Expenses:
Rental home operating and maintenance	1,159		1,226		2,118		2,628
Cost of home sales and brokered resales	22,229		31,833		40,073		56,796
Home selling expenses	1,526		1,576		2,866		3,039
Total expenses	24,914		34,635		45,057		62,463
Income from home sales and rentals operations segment	$	3,739	$	5,443	$	7,632	$	8,715

______________________

(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

Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”) for the quarters and six months ended June 30, 2023 and 2022:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands, except per share data)	2023		2022		2023		2022
Numerators:
Net income available for Common Stockholders – Basic	$	62,920	$	61,509	$	145,291	$	144,415
Amounts allocated to non controlling interest (dilutive securities)	3,121		3,073		7,209		7,217
Net income available for Common Stockholders – Fully Diluted	$	66,041	$	64,582	$	152,500	$	151,632
Denominators:
Weighted average Common Shares outstanding – Basic	186,023		185,767		185,962		185,729
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,240		9,297		9,251		9,299
Stock options and restricted stock	167		163		175		225
Weighted average Common Shares outstanding – Fully Diluted	195,430		195,227		195,388		195,253

Earnings per Common Share – Basic	$	0.34	$	0.33	$	0.78	$	0.78

Earnings per Common Share – Fully Diluted	$	0.34	$	0.33	$	0.78	$	0.78

Summary of Significant Accounting Policies - Schedule of Impact of the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Manufactured homes, net			$ (30,402)	$ (2,136)
Other assets, net			(21,719)	(4,223)
Net cash provided by operating activities			266,826	303,765
Investing Activities
Capital improvements	$ (51,901)	$ (69,379)	(149,002)	(130,337)
Net cash used in investing activities			$ (153,606)	(251,352)
As Reported
Operating Activities
Manufactured homes, net				0
Other assets, net				44,339
Net cash provided by operating activities				354,463
Investing Activities
Capital improvements				(181,035)
Net cash used in investing activities				(302,050)
Adjustment
Operating Activities
Manufactured homes, net				(2,136)
Other assets, net				(48,562)
Net cash provided by operating activities				(50,698)
Investing Activities
Capital improvements				50,698
Net cash used in investing activities				$ 50,698

Leases (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023
2023	$	62,533
2024	128,029
2025	54,172
2026	24,260
2027	22,821
Thereafter	58,145
Total	$	349,960

Summary of Minimum Future Operating Lease Payments

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of June 30, 2023:


	As of June 30, 2023
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	404	$	2,391	$	2,795
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,613		3,297
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,657		24,737		32,394
Less imputed interest	(1,951)		(3,567)		(5,518)
Total lease liabilities	$	5,706	$	21,170	$	26,876

Investments in Unconsolidated Joint Ventures - Narratives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Distributions from joint ventures, including those in excess of basis	$ 3.6	$ 2.0
Distributions from joint ventures	$ 1.1	$ 0.8

Common Stock and Other Equity Related Transactions - Narratives (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
OP units were exchanged for an equal number of shares of common stock (in shares)	25,496	8,640

Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2023 and December 31, 2022, respectively):


						Investment as of				Income/(Loss) for the Six Months Ended
Investment	Location	Number of Sites	Economic Interest (a)			June 30, 2023		December 31, 2022		June 30, 2023		June 30, 2022
Meadows	Various (2,2)	1,077	50	%		$	330	$	158	$	1,272	$	858
Lakeshore	Florida (3,3)	721	(b)			3,060		2,625		324		318
Voyager	Arizona (1,1)	—	—	%	(c)	—		139		694		38
ECHO JV	Various	—	50	%		2,757		2,963		(206)		533
RVC	Various	1,283	80	%	(d)	61,049		60,323		(373)		(323)
Mulberry Farms	Arizona	200	50	%		10,159		9,902		15		—
Hiawassee KOA JV	Georgia	283	50	%		$	5,068	$	5,294	$	(229)	$	—
		3,564				$	82,423	$	81,404	$	1,497	$	1,424

_____________________

(a)The percentages shown approximate our economic interest as of June 30, 2023. 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)In March of 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)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 received approximately $3.6 million and $2.0 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2023 and 2022, respectively. Approximately $1.1 million and $0.8 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2023 and 2022, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,155,809	$ 2,043,412
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,773,996	$ 2,718,114

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, beginning	$ 197,743
Revenue recognized from membership upgrade sales upfront payments	(7,119)	$ (6,236)
Deferred membership revenue	19,618	18,064
Movement in Deferred Sales Inducements [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, ending	210,242
Deferred Commissions Expense
Movement in Deferred Sales Inducements [Roll Forward]
Deferred commission expense, beginning	50,441	47,349
Deferred commission expense	3,723	3,527
Commission expense recognized	(2,186)	(2,070)
Net increase in deferred commission expense(1)	1,537	1,457
Deferred commission expense, ending	51,978	48,806
Membership Subscription
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, beginning	185,660	163,957
Membership upgrade sales(1)	17,253	16,686
Revenue recognized from membership upgrade sales upfront payments	(7,119)	(6,236)
Deferred membership revenue	10,134	10,450
Movement in Deferred Sales Inducements [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, ending	$ 195,794	$ 174,407

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Lessor

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


(amounts in thousands)	As of June 30, 2023
2023	$	62,533
2024	128,029
2025	54,172
2026	24,260
2027	22,821
Thereafter	58,145
Total	$	349,960

Lessee

We lease land under non-cancelable operating leases at 10 Properties expiring on various dates between 2028 and 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2032. For the quarters ended June 30, 2023 and 2022, total operating lease payments were $1.7 million and $2.9 million, respectively. For the six months ended June 30, 2023 and 2022, total operating least payments were $3.2 million and $5.5 million, respectively.


	As of June 30, 2023
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	404	$	2,391	$	2,795
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,613		3,297
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,657		24,737		32,394
Less imputed interest	(1,951)		(3,567)		(5,518)
Total lease liabilities	$	5,706	$	21,170	$	26,876

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $24.6 million and $26.9 million, respectively, as of June 30, 2023. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at June 30, 2023.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $25.9 million and $28.0 million, respectively, as of December 31, 2022. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at December 31, 2022.

Leases

Lessor


(amounts in thousands)	As of June 30, 2023
2023	$	62,533
2024	128,029
2025	54,172
2026	24,260
2027	22,821
Thereafter	58,145
Total	$	349,960

Lessee


	As of June 30, 2023
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2023	$	404	$	2,391	$	2,795
2024	675		3,407		4,082
2025	680		3,108		3,788
2026	684		2,613		3,297
2027	689		2,424		3,113
Thereafter	4,525		10,794		15,319
Total undiscounted rental payments	7,657		24,737		32,394
Less imputed interest	(1,951)		(3,567)		(5,518)
Total lease liabilities	$	5,706	$	21,170	$	26,876

Derivative Instruments and Hedging - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Designated as Hedging Instrument \| Interest Rate Swaps
Derivative
Derivative asset	$ 17,327	$ 19,119

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment in Real Estate (Details) $ in Millions		6 Months Ended
Investment in Real Estate (Details) $ in Millions	Mar. 28, 2022 USD ($) site	Jun. 30, 2023 USD ($)
Asset Acquisition [Line Items]
Impairment		$ 2.6
Red Oak Shores Campground
Asset Acquisition [Line Items]
Number of sites acquired \| site	223
Purchase price	$ 9.5

Reportable Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Reportable Segments

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

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters and six months ended June 30, 2023 or 2022.

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2023 and 2022:

Quarter Ended June 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	336,629	$	28,653	$	365,282
Operations expenses	(177,450)		(24,914)		(202,364)
Income from segment operations	159,179		3,739		162,918
Interest income	1,616		637		2,253
Depreciation and amortization	(48,662)		(2,802)		(51,464)

Income from operations	$	112,133	$	1,574	$	113,707
Reconciliation to consolidated net income:
Corporate interest income					6
Income from other investments, net					2,473
General and administrative					(16,607)
Other expenses					(1,381)
Interest and related amortization					(33,122)
Equity in income of unconsolidated joint ventures					973

Consolidated net income					$	66,049

Total assets	$	5,304,804	$	281,183	$	5,585,987
Capital improvements (1)	$	41,350	$	10,551	$	51,901

___________________

(1)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Quarter Ended June 30, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	320,888	$	40,078	$	360,966
Operations expenses	(171,960)		(34,635)		(206,595)
Income from segment operations	148,928		5,443		154,371
Interest income	1,381		341		1,722
Depreciation and amortization	(48,297)		(2,499)		(50,796)

Income from operations	$	102,012	$	3,285	$	105,297
Reconciliation to consolidated net income:

Income from other investments, net					2,617
General and administrative (1)					(11,679)
Other expenses (1)					(4,205)
Interest and related amortization					(28,053)
Equity in income of unconsolidated joint ventures					1,253
Early debt retirement					(640)
Consolidated net income					$	64,590

Total assets	$	5,150,884	$	248,704	$	5,399,588
Capital improvements (2)	$	64,690	$	4,689	$	69,379

______________________

(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Six Months Ended June 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	678,366	$	52,689	$	731,055
Operations expenses	(342,473)		(45,057)		(387,530)
Income from segment operations	335,893		7,632		343,525
Interest income	3,182		1,151		4,333
Depreciation and amortization	(96,417)		(5,549)		(101,966)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	240,026	$	3,234	$	243,260
Reconciliation to consolidated net income:
Corporate interest income					14
Income from other investments, net					4,564
General and administrative					(28,268)
Other expenses					(2,849)
Interest and related amortization					(65,710)
Equity in income of unconsolidated joint ventures					1,497

Consolidated net income					$	152,508

Total assets	$	5,304,804	$	281,183	$	5,585,987
Capital improvements (1)	$	128,826	$	20,176	$	149,002

___________________

(1)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

Six Months Ended June 30, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	646,327	$	71,178	$	717,505
Operations expenses	(326,964)		(62,463)		(389,427)
Income from segment operations	319,363		8,715		328,078
Interest income	2,758		721		3,479
Depreciation and amortization	(95,174)		(5,016)		(100,190)

Income from operations	$	226,947	$	4,420	$	231,367
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					4,521
General and administrative (1)					(23,750)
Other expenses (1)					(5,251)
Interest and related amortization					(55,517)
Equity in income of unconsolidated joint ventures					1,424
Early debt retirement					(1,156)
Consolidated net income					$	151,640

Total assets	$	5,150,884	$	248,704	$	5,399,588
Capital improvements (2)	$	119,680	$	10,657	$	130,337

________________

(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements – Note 2. Summary of Significant Accounting Policies: (e) Prior Period Correction for more information.

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2023 and 2022:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2023		2022		2023		2022
Revenues:
Rental income	$	284,950	$	271,516	$	577,529	$	552,620
Annual membership subscriptions	16,189		15,592		32,159		30,749
Membership upgrade sales (1)	3,614		3,168		7,119		6,235

Other income	17,911		14,195		35,625		27,736
Gross revenues from ancillary services	13,965		16,417		25,934		28,987
Total property operations revenues	336,629		320,888		678,366		646,327
Expenses:
Property operating and maintenance	121,055		113,081		232,579		215,671
Real estate taxes	18,832		19,182		37,148		38,639
Membership sales and marketing (1)	5,521		5,452		10,359		9,783

Cost of ancillary services	7,039		9,138		12,336		14,874
Ancillary operating expenses	5,644		6,008		11,228		11,027
Property management	19,359		19,099		38,823		36,970
Total property operations expenses	177,450		171,960		342,473		326,964
Income from property operations segment	$	159,179	$	148,928	$	335,893	$	319,363

_____________________

(1)We present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended ended June 30, 2023 and 2022:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2023		2022		2023		2022
Revenues:
Rental income (1)	$	3,705	$	3,814	$	7,577	$	7,775
Gross revenue from home sales and brokered resales	24,948		36,264		45,112		63,403
Total revenues	28,653		40,078		52,689		71,178
Expenses:
Rental home operating and maintenance	1,159		1,226		2,118		2,628
Cost of home sales and brokered resales	22,229		31,833		40,073		56,796
Home selling expenses	1,526		1,576		2,866		3,039
Total expenses	24,914		34,635		45,057		62,463
Income from home sales and rentals operations segment	$	3,739	$	5,443	$	7,632	$	8,715

______________________

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

- Definition

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

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
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.

Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Fair Value of Mortgage Debt

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


	As of June 30, 2023				As of December 31, 2022
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,155,809	$	2,773,996	$	2,043,412	$	2,718,114

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated membership upgrade contract term	20 years
Cash and cash equivalents, restricted cash	$ 20.7	$ 19.7
Offsetting insurance recovery	36.6
Business interruption recovery revenue	8.0
Hurricane Ian
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses related to removal and cleanup	10.3
Offsetting insurance recovery	$ 10.3
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	1 month
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor operating lease term	6 months

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2023	$ 62,533
2024	128,029
2025	54,172
2026	24,260
2027	22,821
Thereafter	58,145
Total	$ 349,960

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2023	$ 2,795
2024	4,082
2025	3,788
2026	3,297
2027	3,113
Thereafter	15,319
Total undiscounted rental payments	32,394
Less imputed interest	(5,518)
Total lease liabilities	26,876	$ 28,000
Ground Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2023	404
2024	675
2025	680
2026	684
2027	689
Thereafter	4,525
Total undiscounted rental payments	7,657
Less imputed interest	(1,951)
Total lease liabilities	5,706
Office and Other Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2023	2,391
2024	3,407
2025	3,108
2026	2,613
2027	2,424
Thereafter	10,794
Total undiscounted rental payments	24,737
Less imputed interest	(3,567)
Total lease liabilities	$ 21,170

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.3% interest as of June 30, 2023. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership.
Consolidation	Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings.
Revenue Recognition	Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with the Accounting Standards Codification (“ASC”) 842, Leases, and is recognized over the term of the respective lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. RV and marina Sites are leased to those who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those customers renting marina dry storage slips. Annual Sites are leased on an annual basis, including those Northern Properties that are open for the summer season. Seasonal Sites are leased to customers generally for one to six months. Transient Sites are leased to customers on a short-term basis. We do not separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental income as we meet the practical expedient criteria of ASC 842, Leases to combine the lease and non-lease components. We assessed the criteria and concluded that the timing and pattern of transfer for rental income and the associated utility recoveries are the same and, as our leases qualify as operating leases, we account for and present rental income and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income. In addition, customers may lease homes that are located in our communities. These leases are accounted for as operating leases. Rental income derived from customers leasing homes is also accounted for in accordance with ASC 842, Leases and is recognized over the term of the respective lease. The allowance for credit losses related to the collectability of lease receivables is presented as a reduction to Rental income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. The estimate for credit losses is a result of our ongoing assessments and evaluations of collectability, including historical loss experience, current market conditions and future expectations in forecasting credit losses. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Revenue from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. We have a limited program under which we purchase loans made by an unaffiliated lender to homebuyers at our Properties. Financed home sales (also known as chattel loans) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses.
Restricted Cash	Restricted Cash As of June 30, 2023 and December 31, 2022, restricted cash consisted of $20.7 million and $19.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation.
Insurance Recoveries	Insurance RecoveriesWe carry comprehensive insurance coverage for losses resulting from property damage and environmental liability and business interruption claims on all of our properties. We record the estimated amount of expected insurance proceeds for property damage, clean-up costs and other losses incurred as an asset (typically a receivable from our insurance carriers) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the losses incurred and any amount of insurance recovery related to business interruption are considered a gain contingency and will be recognized in the period in which the insurance proceeds are received.
Prior period correction	Prior period correction We previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 the correction of an error related to the classification of cash outflows associated with the purchase of manufactured homes in the Consolidated Statements of Cash Flows. Based on an analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletins 99, Materiality and 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company previously concluded that this error was immaterial. Following receipt of a further comment letter from the SEC, the Company and the Audit Committee, on January 19, 2024, determined that the error was material to its previously issued financial statements, as included in the Annual Report on Form 10-K for the year ended December 31, 2022 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. The Company previously classified cash outflows associated with the purchase of manufactured homes within investing activities in the Consolidated Statements of Cash Flows. Based on the predominance principle in ASC 230-10-45-22, the Company determined that all of the cash flows associated with the purchase and sale of manufactured homes should be classified within operating activities in the Consolidated Statements of Cash Flows. There was no impact to Cash and restricted cash, the Consolidated Statements of Income and Comprehensive Income, Consolidated Balance Sheets, or Consolidated Statements of Changes in Equity for any periods presented herein.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Redeemable Perpetual Preferred Stock	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests – Common OP Units
Beginning balance at Dec. 31, 2021	$ 1,486,171	$ 1,913	$ 1,593,362	$ 0	$ (183,689)	$ 3,524	$ 71,061
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		67				(67)
Issuance of Common Stock through employee stock purchase plan	513		513
Issuance of Common Stock	28,370	3	28,367
Compensation expenses related to restricted stock and stock options	2,590		2,590
Repurchase of Common Stock or Common OP Units	(3,449)		(3,449)
Adjustment for Common OP Unitholders in the Operating Partnership	0		(1,641)				1,641
Adjustment for fair market value of swap	9,924					9,924
Consolidated net income	87,050				82,906		4,144
Distributions	(80,187)				(76,375)		(3,812)
Other	(645)		(645)
Ending balance at Mar. 31, 2022	1,530,337	1,916	1,619,164	0	(177,158)	13,448	72,967
Beginning balance at Dec. 31, 2021	1,486,171	1,913	1,593,362	0	(183,689)	3,524	71,061
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	12,717
Ending balance at Jun. 30, 2022	1,521,736	1,916	1,622,876	0	(191,828)	16,241	72,531
Beginning balance at Mar. 31, 2022	1,530,337	1,916	1,619,164	0	(177,158)	13,448	72,967
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	1,388		1,388
Compensation expenses related to restricted stock and stock options	2,681		2,681
Adjustment for Common OP Unitholders in the Operating Partnership	0		(303)				303
Adjustment for fair market value of swap	2,793					2,793
Consolidated net income	64,590			8	61,509		3,073
Distributions	(79,999)			(8)	(76,179)		(3,812)
Other	(54)		(54)
Ending balance at Jun. 30, 2022	1,521,736	1,916	1,622,876	0	(191,828)	16,241	72,531
Beginning balance at Dec. 31, 2022	1,517,485	1,916	1,628,618	0	(204,248)	19,119	72,080
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0		198				(198)
Issuance of Common Stock through employee stock purchase plan	363		363
Compensation expenses related to restricted stock and stock options	2,549		2,549
Repurchase of Common Stock or Common OP Units	(1,932)		(1,932)
Adjustment for Common OP Unitholders in the Operating Partnership	0		168				(168)
Adjustment for fair market value of swap	(3,978)					(3,978)
Consolidated net income	86,459				82,371		4,088
Distributions	(87,462)				(83,326)		(4,136)
Other	(98)		(98)
Ending balance at Mar. 31, 2023	1,513,386	1,916	1,629,866	0	(205,203)	15,141	71,666
Beginning balance at Dec. 31, 2022	1,517,485	1,916	1,628,618	0	(204,248)	19,119	72,080
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	(1,792)
Ending balance at Jun. 30, 2023	1,503,112	1,916	1,638,354	0	(225,640)	17,327	71,155
Beginning balance at Mar. 31, 2023	1,513,386	1,916	1,629,866	0	(205,203)	15,141	71,666
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	504		504
Compensation expenses related to restricted stock and stock options	8,584		8,584
Adjustment for Common OP Unitholders in the Operating Partnership	0		(503)				503
Adjustment for fair market value of swap	2,186					2,186
Consolidated net income	66,049			8	62,920		3,121
Distributions	(87,500)			(8)	(83,357)		(4,135)
Other	(97)		(97)
Ending balance at Jun. 30, 2023	$ 1,503,112	$ 1,916	$ 1,638,354	$ 0	$ (225,640)	$ 17,327	$ 71,155

Organization and Basis of Presentation (Details)	Jun. 30, 2023
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (percent)	95.30%

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Commission File Number	1-11718
Entity Registrant Name	EQUITY LIFESTYLE PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3857664
Entity Address, Street Name	Two North Riverside Plaza
Entity Address, Suite Number	Suite 800
Entity Address, City	Chicago,
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	279-1400
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ELS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		186,276,126
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-Q/A (the “Amended Report”) amends and restates certain items noted below in the Quarterly Report on Form 10-Q of Equity Lifestyle Properties (the “Company”) for the quarter ended June 30, 2023, originally filed with the Securities and Exchange Commission (“SEC”) on August 3, 2023 (the “Original Report”).
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Leases - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Narratives (Details) $ in Thousands	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) \| property	10		10
Operating lease payments	$ 1,700	$ 2,900	$ 3,200	$ 5,500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net		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		Accounts payable and other liabilities
Right of use asset	$ 24,600		$ 24,600		$ 25,900
Operating lease liability	$ 26,876		$ 26,876		$ 28,000
Weighted average operating lease term	9 years		9 years		9 years
Operating lease weighted average interest rate (percent)	3.80%		3.80%		3.80%

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information
Depreciation and amortization	$ (51,464)	$ (50,796)	$ (101,966)	$ (100,190)
Loss on sale of real estate and impairment, net	0	0	(2,632)	0
Reconciliation to consolidated net income:
Income from other investments, net	2,473	2,617	4,564	4,521
General and administrative	(16,607)	(11,679)	(28,268)	(23,750)
Other expenses	(1,381)	(4,205)	(2,849)	(5,251)
Interest and related amortization	(33,122)	(28,053)	(65,710)	(55,517)
Equity in income of unconsolidated joint ventures	973	1,253	1,497	1,424
Early debt retirement	0	(640)	0	(1,156)
Consolidated net income	66,049	64,590	152,508	151,640
Total assets	5,585,987	5,399,588	5,585,987	5,399,588	$ 5,492,519
Capital improvements (1)	51,901	69,379	149,002	130,337
Property Operations
Reconciliation to consolidated net income:
Total assets	5,304,804	5,150,884	5,304,804	5,150,884
Capital improvements (1)	41,350	64,690	128,826	119,680
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	281,183	248,704	281,183	248,704
Capital improvements (1)	10,551	4,689	20,176	10,657
Operating Segments
Segment Reporting Information
Operations revenues	365,282	360,966	731,055	717,505
Operations expenses	(202,364)	(206,595)	(387,530)	(389,427)
Income from segment operations	162,918	154,371	343,525	328,078
Interest income	2,253	1,722	4,333	3,479
Depreciation and amortization	(51,464)	(50,796)	(101,966)	(100,190)
Loss on sale of real estate and impairment, net			(2,632)
Income from operations	113,707	105,297	243,260	231,367
Operating Segments \| Property Operations
Segment Reporting Information
Operations revenues	336,629	320,888	678,366	646,327
Operations expenses	(177,450)	(171,960)	(342,473)	(326,964)
Income from segment operations	159,179	148,928	335,893	319,363
Interest income	1,616	1,381	3,182	2,758
Depreciation and amortization	(48,662)	(48,297)	(96,417)	(95,174)
Loss on sale of real estate and impairment, net			(2,632)
Income from operations	112,133	102,012	240,026	226,947
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	28,653	40,078	52,689	71,178
Operations expenses	(24,914)	(34,635)	(45,057)	(62,463)
Income from segment operations	3,739	5,443	7,632	8,715
Interest income	637	341	1,151	721
Depreciation and amortization	(2,802)	(2,499)	(5,549)	(5,016)
Loss on sale of real estate and impairment, net			0
Income from operations	1,574	3,285	3,234	4,420
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	6		14	2
Income from other investments, net	2,473	2,617	4,564	4,521
General and administrative	(16,607)	(11,679)	(28,268)	(23,750)
Other expenses	(1,381)	(4,205)	(2,849)	(5,251)
Interest and related amortization	(33,122)	(28,053)	(65,710)	(55,517)
Equity in income of unconsolidated joint ventures	$ 973	1,253	$ 1,497	1,424
Early debt retirement		$ (640)		$ (1,156)

Borrowing Arrangements - Narratives (Details)		1 Months Ended			3 Months Ended	6 Months Ended		12 Months Ended
Borrowing Arrangements - Narratives (Details)	Mar. 01, 2023	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) property	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument
Investment in real estate			$ 5,194,299,000			$ 5,194,299,000		$ 5,111,021,000
Unsecured line of credit			$ 205,000,000			205,000,000		198,000,000
Proceeds from secured financing						$ 88,753,000	$ 200,000,000
Secured Mortgage Notes Payable
Debt Instrument
Weighted average interest rate (in percentage)			3.60%			3.60%
Number of pledged properties \| property			114			114
Senior Unsecured Term Loan \| Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity								200,000,000
Asset Pledged as Collateral
Debt Instrument
Investment in real estate			$ 2,914,600,000			$ 2,914,600,000		$ 2,868,300,000
Minimum \| Senior Unsecured Term Loan \| Line of Credit \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)								1.30%
Maximum \| Senior Unsecured Term Loan \| Line of Credit \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)								1.80%
Secured Debt \| the June 2023 Secured Refinancing
Debt Instrument
Stated interest rate (in percentage)			5.04%			5.04%
Debt instrument, term (in years)			10 years
Proceeds from secured financing			$ 89,000,000
Secured Debt \| MH and RV Secured Financing
Debt Instrument
Weighted average interest rate (in percentage)				5.05%
Debt face amount				$ 375,000,000
Debt instrument, term (in years)				7 years 6 months
Secured Debt \| MH and RV Secured Financing \| Forecast
Debt Instrument
Proceeds from secured financing					$ 295,000,000
Secured Debt \| MH and RV Secured Financing \| Subsequent Event
Debt Instrument
Proceeds from secured financing		$ 80,000,000
Secured Debt \| Minimum \| Secured Mortgage Notes Payable
Debt Instrument
Stated interest rate (in percentage)			2.40%			2.40%
Secured Debt \| Maximum \| Secured Mortgage Notes Payable
Debt Instrument
Stated interest rate (in percentage)			8.90%			8.90%
Line of Credit \| Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity			$ 500,000,000			$ 500,000,000
Unsecured line of credit			205,000,000			205,000,000		$ 198,000,000
Line of credit, remaining borrowing amount			295,000,000			295,000,000
Line of Credit \| Minimum \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.25%
Line of Credit \| Minimum \| Revolving Credit Facility
Debt Instrument
Annual facility fee (in percentage)	0.20%
Line of Credit \| Maximum \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.65%
Line of Credit \| Maximum \| Revolving Credit Facility
Debt Instrument
Annual facility fee (in percentage)	0.35%
Unsecured Debt \| Senior Unsecured Term Loan
Debt Instrument
Debt face amount			$ 300,000,000			$ 300,000,000			$ 200,000,000	$ 300,000,000
Unsecured Debt \| Minimum \| Senior Unsecured Term Loan \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)						1.40%
Unsecured Debt \| Maximum \| Senior Unsecured Term Loan \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)						1.95%

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Equity LifeStyle Properties, Inc. (“ELS”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We provide our customers the opportunity to place manufactured homes and cottages, RVs and/or boats on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas (“Sites”) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 95.3% interest as of June 30, 2023. As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. Accordingly, they do not include all of the information and note disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as amended on January 22, 2024. Intercompany balances and transactions have been eliminated. All adjustments to the unaudited interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Certain prior period amounts have been reclassified on our unaudited interim consolidated financial statements to conform with current year presentation.

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swaps - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivative
Amount of (gain)/loss recognized in OCI on derivative	$ (6,081)	$ (12,719)
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (7,874)	$ (2)

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Impact of the Consolidated Statements of Cash Flows


	Six Months Ended June 30, 2022
Operating Activities	As Reported		Adjustment	As Restated
Manufactured homes, net	$	—	(2,136)	$	(2,136)
Other assets, net	$	44,339	(48,562)	$	(4,223)
Net cash provided by operating activities	$	354,463	(50,698)	$	303,765

Investing Activities
Capital improvements	$	(181,035)	50,698	$	(130,337)
Net cash used in investing activities	$	(302,050)	50,698	$	(251,352)

Cash and restricted cash, end of period	$	42,426	—	$	42,426

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities:
Consolidated net income	$ 152,508	$ 151,640
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net	2,632	0
Early debt retirement	0	1,156
Depreciation and amortization	104,673	102,173
Amortization of loan costs	2,418	2,422
Debt premium amortization	(59)	(105)
Equity in income of unconsolidated joint ventures	(1,497)	(1,424)
Distributions of income from unconsolidated joint ventures	981	200
Proceeds from insurance claims, net	13,022	59
Compensation expense related to incentive plans	12,695	1,932
Revenue recognized from membership upgrade sales upfront payments	(7,119)	(6,236)
Commission expense recognized related to membership sales	2,186	2,070
Changes in assets and liabilities:
Manufactured homes, net	(30,402)	(2,136)
Notes receivable, net	(2,054)	(1,223)
Deferred commission expense	(3,723)	(3,527)
Other assets, net	(21,719)	(4,223)
Accounts payable and other liabilities	(3,287)	16,650
Deferred membership revenue	19,618	18,064
Rents and other customer payments received in advance and security deposits	25,953	26,273
Net cash provided by operating activities	266,826	303,765
Cash Flows From Investing Activities:
Real estate acquisitions, net	(9,180)	(111,917)
Investment in unconsolidated joint ventures	(3,310)	(12,291)
Distributions of capital from unconsolidated joint ventures	2,577	1,788
Proceeds from insurance claims, net	5,309	1,405
Capital improvements	(149,002)	(130,337)
Net cash used in investing activities	(153,606)	(251,352)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	867	1,901
Gross proceeds from the issuance of common stock	0	28,370
Distributions:
Common Stockholders	(159,636)	(143,557)
Common OP Unitholders	(7,934)	(7,185)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(1,932)	(3,449)
Principal payments and mortgage debt repayment	(32,814)	(103,734)
Mortgage notes payable financing proceeds	88,753	200,000
Term loan proceeds	0	200,000
Line of Credit repayment	(299,000)	(423,000)
Line of Credit proceeds	306,000	121,800
Debt issuance and defeasance costs	(1,560)	(3,826)
Other	(196)	(697)
Net cash used in financing activities	(107,460)	(133,385)
Net increase (decrease) in cash and restricted cash	5,760	(80,972)
Cash and restricted cash, beginning of period	22,347	123,398
Cash and restricted cash, end of period	28,107	42,426
Supplemental Information:
Cash paid for interest, net	64,068	53,987
Cash paid for manufactured homes	66,562	50,698
Real estate acquisitions:
Investment in real estate	(9,911)	(112,458)
Notes receivable, net	0	(772)
Other assets, net	13	0
Deferred membership revenue	0	315
Other liabilities	0	702
Rents and other customer payments received in advance and security deposits	718	296
Real estate acquisitions, net	$ (9,180)	$ (111,917)

Common Stock and Other Equity Related Transactions - Dividend Distributions (Details) - $ / shares	Jul. 14, 2023	Apr. 14, 2023	Jan. 13, 2023	Oct. 14, 2022	Jul. 08, 2022	Apr. 08, 2022
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)		$ 0.4475	$ 0.4100	$ 0.4100	$ 0.4100	$ 0.4100
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)	$ 0.4475

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Equity Incentive Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to incentive plans	$ 8.6		$ 2.7	$ 11.1	$ 5.3
Accelerated vesting of stock-based compensation expense	$ 6.3
2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued (in shares)	8,450
Options issued (in usd per share)	$ 68.01
Restricted Stock \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	60,391	82,884
Shares categorized as vesting (in percentage)		50.00%
Vesting period (in years)		3 years
Fair value of shares issued	$ 4.1	$ 3.0
Shares categorized as performance based (in percentage)		50.00%
Restricted Stock \| 2014 Awards \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Restricted Stock \| 2014 Awards \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Restricted Stock \| 2014 Awards \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Performance Shares \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		13,812
Fair value of shares issued		$ 1.0

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense

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


(amounts in thousands)	Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Deferred revenue - upfront payments from membership upgrade sales, beginning	$	185,660	$	163,957
Membership upgrade sales(1)	17,253		16,686
Revenue recognized from membership upgrade sales upfront payments	(7,119)		(6,236)
Net increase in deferred revenue - upfront payments from membership grade sales(1)	10,134		10,450
Deferred revenue - upfront payments from membership upgrade sales, ending (2)	$	195,794	$	174,407

Deferred commission expense, beginning	$	50,441	47,349
Deferred commission expense	3,723		3,527
Commission expense recognized	(2,186)		(2,070)
Net increase in deferred commission expense(1)	1,537		1,457
Deferred commission expense, ending	51,978		48,806

_____________________

(1)We present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

(2)Included in Deferred membership revenue on the Consolidated Balance Sheets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reportable Segments - Narratives (Details)	6 Months Ended
Reportable Segments - Narratives (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our Investment in Unconsolidated Joint Ventures


						Investment as of				Income/(Loss) for the Six Months Ended
Investment	Location	Number of Sites	Economic Interest (a)			June 30, 2023		December 31, 2022		June 30, 2023		June 30, 2022
Meadows	Various (2,2)	1,077	50	%		$	330	$	158	$	1,272	$	858
Lakeshore	Florida (3,3)	721	(b)			3,060		2,625		324		318
Voyager	Arizona (1,1)	—	—	%	(c)	—		139		694		38
ECHO JV	Various	—	50	%		2,757		2,963		(206)		533
RVC	Various	1,283	80	%	(d)	61,049		60,323		(373)		(323)
Mulberry Farms	Arizona	200	50	%		10,159		9,902		15		—
Hiawassee KOA JV	Georgia	283	50	%		$	5,068	$	5,294	$	(229)	$	—
		3,564				$	82,423	$	81,404	$	1,497	$	1,424

_____________________

(a)The percentages shown approximate our economic interest as of June 30, 2023. 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)In March of 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)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.

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerators:
Net income available for Common Stockholders – Basic	$ 62,920	$ 61,509	$ 145,291	$ 144,415
Amounts allocated to non controlling interest (dilutive securities)	3,121	3,073	7,209	7,217
Net income available for Common Stockholders – Fully Diluted	$ 66,041	$ 64,582	$ 152,500	$ 151,632
Denominators:
Weighted average Common Shares outstanding – Basic (in shares)	186,023	185,767	185,962	185,729
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	9,240	9,297	9,251	9,299
Stock options and restricted stock (in shares)	167	163	175	225
Weighted average common shares outstanding – fully diluted (in shares)	195,430	195,227	195,388	195,253
Earnings per Common Share – Basic (in usd per share)	$ 0.34	$ 0.33	$ 0.78	$ 0.78
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.34	$ 0.33	$ 0.78	$ 0.78

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (“Common Share”) for the quarters and six months ended June 30, 2023 and 2022:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands, except per share data)	2023		2022		2023		2022
Numerators:
Net income available for Common Stockholders – Basic	$	62,920	$	61,509	$	145,291	$	144,415
Amounts allocated to non controlling interest (dilutive securities)	3,121		3,073		7,209		7,217
Net income available for Common Stockholders – Fully Diluted	$	66,041	$	64,582	$	152,500	$	151,632
Denominators:
Weighted average Common Shares outstanding – Basic	186,023		185,767		185,962		185,729
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,240		9,297		9,251		9,299
Stock options and restricted stock	167		163		175		225
Weighted average Common Shares outstanding – Fully Diluted	195,430		195,227		195,388		195,253

Earnings per Common Share – Basic	$	0.34	$	0.33	$	0.78	$	0.78

Earnings per Common Share – Fully Diluted	$	0.34	$	0.33	$	0.78	$	0.78

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Pay vs Performance Disclosure
Consolidated net income	$ 66,049	$ 86,459	$ 64,590	$ 87,050

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Common Stock and Other Equity Related Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Dividends Declared

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2022:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$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

$0.4475

March 31, 2023

April 14, 2023

$0.4475

June 30, 2023

July 14, 2023

Common Stock and Other Equity Related Transactions

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Common Stock and Other Equity Related Transactions

Common Stockholder Distribution Activity

The following quarterly distributions have been declared and paid to Common Stockholders and the Operating Partnership unit (“OP Unit”) holders since January 1, 2022:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$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

$0.4475

March 31, 2023

April 14, 2023

$0.4475

June 30, 2023

July 14, 2023

Exchanges

Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the six months ended June 30, 2023 and 2022, 25,496 and 8,640 OP Units, respectively, were exchanged for an equal number of shares of Common Stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Other income	$ 17,911	$ 14,195	$ 35,625	$ 27,736
Total revenues	370,014	365,305	739,966	725,507
Expenses:
Real estate taxes	18,832	19,182	37,148	38,639
Membership sales and marketing	5,521	5,452	10,359	9,783
Total expenses	304,938	301,968	586,323	575,291
Income before equity in income of unconsolidated joint ventures	65,076	63,337	151,011	150,216
Annual membership subscriptions
Revenues:
Revenue from contract with customer	16,189	15,592	32,159	30,749
Membership upgrade sales
Revenues:
Revenue from contract with customer	3,614	3,168	7,119	6,235
Property management
Expenses:
Property management and cost of ancillary services	19,359	19,099	38,823	36,970
Property Operations
Revenues:
Rental income	284,950	271,516	577,529	552,620
Other income	17,911	14,195	35,625	27,736
Total revenues	336,629	320,888	678,366	646,327
Expenses:
Operating and maintenance	121,055	113,081	232,579	215,671
Real estate taxes	18,832	19,182	37,148	38,639
Membership sales and marketing	5,521	5,452	10,359	9,783
Ancillary operating expenses	5,644	6,008	11,228	11,027
Total expenses	177,450	171,960	342,473	326,964
Income before equity in income of unconsolidated joint ventures	159,179	148,928	335,893	319,363
Property Operations \| Annual membership subscriptions
Revenues:
Revenue from contract with customer	16,189	15,592	32,159	30,749
Property Operations \| Membership upgrade sales
Revenues:
Revenue from contract with customer	3,614	3,168	7,119	6,235
Property Operations \| Ancillary services
Revenues:
Revenue from contract with customer	13,965	16,417	25,934	28,987
Expenses:
Property management and cost of ancillary services	7,039	9,138	12,336	14,874
Property Operations \| Property management
Expenses:
Property management and cost of ancillary services	19,359	19,099	38,823	36,970
Home Sales and Rentals Operations
Revenues:
Rental income	3,705	3,814	7,577	7,775
Total revenues	28,653	40,078	52,689	71,178
Expenses:
Operating and maintenance	1,159	1,226	2,118	2,628
Home selling expenses	1,526	1,576	2,866	3,039
Total expenses	24,914	34,635	45,057	62,463
Income before equity in income of unconsolidated joint ventures	3,739	5,443	7,632	8,715
Home Sales and Rentals Operations \| Home sales And brokered resales
Revenues:
Revenue from contract with customer	24,948	36,264	45,112	63,403
Expenses:
Property management and cost of ancillary services	$ 22,229	$ 31,833	$ 40,073	$ 56,796

Derivative Instruments and Hedging

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging

Cash Flow Hedges of Interest Rate Risk

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

In March 2021, we entered into a Swap Agreement (the “2021 Swap”) with a notional amount of $300.0 million allowing us to trade the variable interest rate associated with our $300.0 million Term Loan for a fixed interest rate. In March 2023, we amended the 2021 Swap agreement to reflect the change in the $300.0 million Term Loan interest rate benchmark from LIBOR to SOFR (see Note 8. Borrowing arrangements). The 2021 Swap has a fixed interest rate of 0.41% per annum and matures on March 25, 2024. Based on the leverage as of June 30, 2023, our spread over SOFR was 1.40% resulting in an estimated all-in interest rate of 1.81% per annum.

In April 2023, we entered into a Swap Agreement (the “2023 Swap”) with a notional amount of $200.0 million allowing us to trade the variable interest rate associated with our $200.0 million Term Loan for a fixed interest rate. The 2023 Swap has a fixed interest rate of 3.68% per annum and matures on January 21, 2027. Based on the leverage as of June 30, 2023, our spread over SOFR was 1.20% resulting in an estimated all-in interest rate of 4.88% per annum.

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


		As of June 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2023		2022
Interest Rate Swaps	Other assets, net	$	17,327	$	19,119

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the six months ended June 30,				Location of (gain)/ loss reclassified from accumulated OCI into income	Amount of (gain)/loss reclassified from accumulated OCI into income for the six months ended June 30,
(amounts in thousands)	2023		2022		(amounts in thousands)	2023		2022
Interest Rate Swaps	$	(6,081)	$	(12,719)	Interest Expense	$	(7,874)	$	(2)

During the next twelve months, we estimate that $16.9 million will be reclassified as a decrease to interest expense. This estimate may be subject to change as the underlying SOFR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of June 30, 2023, we had not posted any collateral related to the 2021 Swap or 2023 Swap.

Investment in Real Estate	6 Months Ended
Investment in Real Estate	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions On March 28, 2023, we completed the acquisition of Red Oak Shores Campground, a 223-site RV community located in Ocean View, New Jersey for a purchase price of $9.5 million. The acquisition was accounted for as an asset acquisition under ASC 805, Business Combinations and was funded from our unsecured line of credit. Impairment During the six months ended June 30, 2023, we recorded an impairment charge of approximately $2.6 million related to flooding events at certain Properties in California.