0000895417-24-000067 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	186,493,598	186,426,281
Common stock, shares outstanding (in shares)	186,493,598	186,426,281

Derivative Instruments and Hedging

3 Months Ended

Mar. 31, 2024

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 7. Borrowing Arrangements). The 2021 Swap had a fixed interest rate of 0.41% per annum. The 2021 Swap matured on March 25, 2024.

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 March 31, 2024, our spread over SOFR was 1.20% resulting in an estimated all-in interest rate of 4.88% per annum.

In April 2024, we entered into new swap agreements. See Note 13. Subsequent Events for additional information.

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


		As of March 31,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2024		2023
Interest Rate Swaps	Other assets, net	$	5,280	$	6,061

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the quarters ended March 31,				Location of (gain)/ loss reclassified from Accumulated OCI into income	Amount of (gain)/loss reclassified from Accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2024		2023		(amounts in thousands)	2024		2023
Interest Rate Swaps	$	(4,057)	$	523	Interest Expense	$	(4,838)	$	(3,455)

During the next twelve months, we estimate that $2.6 million will be reclassified from Accumulated other comprehensive income (loss) 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 March 31, 2024, we had not posted any collateral related to the 2023 Swap.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2024, we entered into three Swap Agreements (“2024 Swaps”) with an aggregate notional value of $300.0 million allowing us to trade the variable interest rate associated with our $300.0 million Term Loan (see Note 7. Borrowing Arrangements) for a fixed interest rate. The 2024 Swaps have a weighted average fixed interest rate of 4.65% per annum and mature on April 17, 2026. Based on the leverage as of March 31, 2024, our spread over SOFR was 1.40%, resulting in an estimated weighted average all-in fixed interest rate of 6.05% per annum.

Derivative Instruments and Hedging (Tables)

3 Months Ended

Mar. 31, 2024

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 instruments:


		As of March 31,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2024		2023
Interest Rate Swaps	Other assets, net	$	5,280	$	6,061

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 quarters ended March 31,				Location of (gain)/ loss reclassified from Accumulated OCI into income	Amount of (gain)/loss reclassified from Accumulated OCI into income for the quarters ended March 31,
(amounts in thousands)	2024		2023		(amounts in thousands)	2024		2023
Interest Rate Swaps	$	(4,057)	$	523	Interest Expense	$	(4,838)	$	(3,455)

Leases - Narratives (Details) $ in Thousands	3 Months Ended
Leases - Narratives (Details) $ in Thousands	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) \| property	10
Operating lease payments	$ 1,600	$ 1,500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net		Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities		Accounts payable and other liabilities
Right of use asset	$ 25,800		$ 23,600
Operating lease liability	$ 28,011		$ 25,700
Weighted average operating lease term	8 years		8 years
Operating lease weighted average interest rate (percent)	4.00%		3.90%

Summary of Significant Accounting Policies - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated membership upgrade contract term	20 years
Cash and cash equivalents, restricted cash	$ 32.2	$ 25.7
Hurricane Ian
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses related to removal and cleanup	0.5
Offsetting insurance recovery	0.5
Insurance recoveries	$ 14.8
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

Investments in Unconsolidated Joint Ventures - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Distributions from joint ventures, including those in excess of basis	$ 1.8	$ 1.2
Distributions from joint ventures	$ 0.6	$ 0.3

Reportable Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Reportable Segments

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

All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2024 or 2023.

The following tables summarize our segment financial information for the quarters ended March 31, 2024 and 2023:

Quarter Ended March 31, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	359,736	$	22,626	$	382,362
Operations expenses	(169,405)		(19,286)		(188,691)
Income from segment operations	190,331		3,340		193,671
Interest income	1,686		443		2,129
Depreciation and amortization	(48,540)		(2,568)		(51,108)

Income from operations	$	143,477	$	1,215	$	144,692
Reconciliation to consolidated net income:
Corporate interest income					39
Income from other investments, net					2,038
General and administrative					(11,989)
Casualty-related charges/(recoveries), net					14,843
Other expenses					(1,331)
Interest and related amortization					(33,543)
Income tax benefit					239
Equity in income of unconsolidated joint ventures					283

Consolidated net income					$	115,271

Total assets	$	5,366,765	$	263,469	$	5,630,234
Capital improvements	$	51,408	$	3,298	$	54,706

Quarter Ended March 31, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	341,737	$	24,036	$	365,773
Operations expenses	(165,023)		(20,143)		(185,166)
Income from segment operations	176,714		3,893		180,607
Interest income	1,566		514		2,080
Depreciation and amortization	(47,755)		(2,747)		(50,502)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	127,893	$	1,660	$	129,553
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,091
General and administrative					(11,661)
Other expenses					(1,468)
Interest and related amortization					(32,588)
Equity in income of unconsolidated joint ventures					524

Consolidated net income					$	86,459

Total assets	$	5,239,891	$	279,422	$	5,519,313
Capital improvements	$	51,412	$	9,562	$	60,974

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2024 and 2023:


	Quarters Ended March 31,
(amounts in thousands)	2024		2023
Revenues:
Rental income	$	313,083	$	292,579
Annual membership subscriptions	16,215		15,970
Membership upgrade sales	3,947		3,505
Other income	15,548		17,714
Gross revenues from ancillary services	10,943		11,969
Total property operations revenues	359,736		341,737
Expenses:
Property operating and maintenance	113,405		111,524
Real estate taxes	20,787		18,316
Membership sales and marketing	5,297		4,838

Cost of ancillary services	5,493		5,297
Ancillary operating expenses	4,713		5,584
Property management	19,710		19,464
Total property operations expenses	169,405		165,023
Income from property operations segment	$	190,331	$	176,714

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2024 and 2023:


	Quarters Ended March 31,
(amounts in thousands)	2024		2023
Revenues:
Rental income (1)	$	3,516	$	3,872
Gross revenue from home sales and brokered resales	19,110		20,164
Total revenues	22,626		24,036
Expenses:
Rental home operating and maintenance	1,378		959
Cost of home sales and brokered resales	16,474		17,844
Home selling expenses	1,434		1,340
Total expenses	19,286		20,143
Income from home sales and rentals operations segment	$	3,340	$	3,893

______________________

(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

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental income	$ 316,599	$ 296,451
Other income	15,548	17,714
Interest income	2,168	2,088
Income from other investments, net	2,038	2,091
Total revenues	386,568	369,952
Expenses:
Property operating and maintenance	114,783	112,483
Real estate taxes	20,787	18,316
Membership sales and marketing	5,297	4,838
Depreciation and amortization	51,108	50,502
Home selling expenses and ancillary operating expenses	6,147	6,924
General and administrative	11,989	11,661
Casualty-related charges/(recoveries), net	(14,843)	0
Other expenses	1,331	1,468
Interest and related amortization	33,543	32,588
Total expenses	271,819	281,385
Income before income taxes and other items	114,749	88,567
Loss on sale of real estate and impairment, net	0	(2,632)
Income tax benefit	239	0
Equity in income of unconsolidated joint ventures	283	524
Consolidated net income	115,271	86,459
Income allocated to non-controlling interests – Common OP Units	(5,366)	(4,088)
Net income available for Common Stockholders	109,905	82,371
Other comprehensive income (loss):
Adjustment for fair market value of swap	(781)	(3,978)
Consolidated comprehensive income	114,490	82,481
Comprehensive income allocated to non-controlling interests – Common OP Units	(5,329)	(3,899)
Comprehensive income attributable to Common Stockholders	$ 109,161	$ 78,582
Earnings per Common Share – Basic (in usd per share)	$ 0.59	$ 0.44
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.59	$ 0.44
Weighted average common shares outstanding – basic (in shares)	186,287	185,900
Weighted average common shares outstanding – fully diluted (in shares)	195,545	195,369
Annual membership subscriptions
Revenues:
Contract revenue	$ 16,215	$ 15,970
Membership upgrade sales
Revenues:
Contract revenue	3,947	3,505
Home sales, brokered resales and ancillary services
Revenues:
Contract revenue	30,053	32,133
Expenses:
Cost of services	21,967	23,141
Property management
Expenses:
Cost of services	$ 19,710	$ 19,464

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,412,142	$ 2,425,384
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 3,001,219	$ 3,017,149

- 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.

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense

3 Months Ended

Mar. 31, 2024

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)	Quarter Ended March 31, 2024		Quarter Ended March 31, 2023
Deferred revenue - upfront payments from membership upgrade sales, beginning	$	206,625	$	185,660
Membership upgrade sales	7,543		7,975
Revenue recognized from membership upgrade sales upfront payments	(3,947)		(3,505)
Net increase in deferred revenue - upfront payments from membership grade sales	3,596		4,470
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	$	210,221	$	190,130

Deferred commission expense, beginning	$	53,641	$	50,441
Deferred commission expense	1,491		1,744
Commission expense recognized	(1,108)		(1,095)
Net increase in deferred commission expense	383		649
Deferred commission expense, ending	$	54,024	$	51,090

_____________________

(a)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
-Name Accounting Standards Codification
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+ Details

Common Stock and Other Equity Related Transactions - Distributions (Details) - $ / shares	Apr. 12, 2024	Jan. 12, 2024	Oct. 13, 2023	Jul. 14, 2023	Apr. 14, 2023
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)		$ 0.4475	$ 0.4475	$ 0.4475	$ 0.4475
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends paid (in usd per share)	$ 0.4775

- 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.

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+ Details

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2024
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 March 31, 2024. 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, 2023. 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.

Equity Incentive Awards (Details) - USD ($) $ in Millions	3 Months Ended
Equity Incentive Awards (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to incentive plans	$ 1.7	$ 2.5
Restricted Stock \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	90,378
Shares categorized as vesting (percent)	50.00%
Vesting period (in years)	3 years
Fair value of shares issued	$ 3.0
Shares categorized as performance based (percent)	50.00%
Performance Shares \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	15,062
Fair value of shares issued	$ 1.0

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
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 March 31, 2024. 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 March 31, 2024 and December 31, 2023, restricted cash consisted of $32.2 million and $25.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes.
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.
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, that requires registrants to provide climate-related disclosures in their annual reports and registration statements. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule pending the completion of judicial review. We are currently evaluating the impact of the rule on our disclosures.

- 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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+ Details

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2024 and 2023:

Quarter Ended March 31, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	359,736	$	22,626	$	382,362
Operations expenses	(169,405)		(19,286)		(188,691)
Income from segment operations	190,331		3,340		193,671
Interest income	1,686		443		2,129
Depreciation and amortization	(48,540)		(2,568)		(51,108)

Income from operations	$	143,477	$	1,215	$	144,692
Reconciliation to consolidated net income:
Corporate interest income					39
Income from other investments, net					2,038
General and administrative					(11,989)
Casualty-related charges/(recoveries), net					14,843
Other expenses					(1,331)
Interest and related amortization					(33,543)
Income tax benefit					239
Equity in income of unconsolidated joint ventures					283

Consolidated net income					$	115,271

Total assets	$	5,366,765	$	263,469	$	5,630,234
Capital improvements	$	51,408	$	3,298	$	54,706

Quarter Ended March 31, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	341,737	$	24,036	$	365,773
Operations expenses	(165,023)		(20,143)		(185,166)
Income from segment operations	176,714		3,893		180,607
Interest income	1,566		514		2,080
Depreciation and amortization	(47,755)		(2,747)		(50,502)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	127,893	$	1,660	$	129,553
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,091
General and administrative					(11,661)
Other expenses					(1,468)
Interest and related amortization					(32,588)
Equity in income of unconsolidated joint ventures					524

Consolidated net income					$	86,459

Total assets	$	5,239,891	$	279,422	$	5,519,313
Capital improvements	$	51,412	$	9,562	$	60,974

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2024 and 2023:


	Quarters Ended March 31,
(amounts in thousands)	2024		2023
Revenues:
Rental income	$	313,083	$	292,579
Annual membership subscriptions	16,215		15,970
Membership upgrade sales	3,947		3,505
Other income	15,548		17,714
Gross revenues from ancillary services	10,943		11,969
Total property operations revenues	359,736		341,737
Expenses:
Property operating and maintenance	113,405		111,524
Real estate taxes	20,787		18,316
Membership sales and marketing	5,297		4,838

Cost of ancillary services	5,493		5,297
Ancillary operating expenses	4,713		5,584
Property management	19,710		19,464
Total property operations expenses	169,405		165,023
Income from property operations segment	$	190,331	$	176,714

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2024 and 2023:


	Quarters Ended March 31,
(amounts in thousands)	2024		2023
Revenues:
Rental income (1)	$	3,516	$	3,872
Gross revenue from home sales and brokered resales	19,110		20,164
Total revenues	22,626		24,036
Expenses:
Rental home operating and maintenance	1,378		959
Cost of home sales and brokered resales	16,474		17,844
Home selling expenses	1,434		1,340
Total expenses	19,286		20,143
Income from home sales and rentals operations segment	$	3,340	$	3,893

______________________

(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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Consolidated net income	$ 115,271	$ 86,459

- 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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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

3 Months Ended

Mar. 31, 2024

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 other factors. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:


(amounts in thousands)	As of March 31, 2024
2024	$	79,784
2025	103,593
2026	26,912
2027	25,354
2028	23,690
Thereafter	50,860
Total	$	310,193

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 2033. For the quarters ended March 31, 2024 and 2023, total operating lease payments were $1.6 million and $1.5 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2024:


	As of March 31, 2024
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2024	$	550	$	3,202	$	3,752
2025	680		3,757		4,437
2026	684		3,393		4,077
2027	689		3,130		3,819
2028	685		2,955		3,640
Thereafter	3,840		10,744		14,584
Total undiscounted rental payments	7,128		27,181		34,309
Less imputed interest	(1,774)		(4,524)		(6,298)
Total lease liabilities	$	5,354	$	22,657	$	28,011

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 $25.8 million and $28.0 million, respectively, as of March 31, 2024. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.0% as of March 31, 2024.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.6 million and $25.7 million, respectively, as of December 31, 2023. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 3.9% as of December 31, 2023.

Leases

Lessor


(amounts in thousands)	As of March 31, 2024
2024	$	79,784
2025	103,593
2026	26,912
2027	25,354
2028	23,690
Thereafter	50,860
Total	$	310,193

Lessee


	As of March 31, 2024
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2024	$	550	$	3,202	$	3,752
2025	680		3,757		4,437
2026	684		3,393		4,077
2027	689		3,130		3,819
2028	685		2,955		3,640
Thereafter	3,840		10,744		14,584
Total undiscounted rental payments	7,128		27,181		34,309
Less imputed interest	(1,774)		(4,524)		(6,298)
Total lease liabilities	$	5,354	$	22,657	$	28,011

Equity Incentive Awards	3 Months Ended
Equity Incentive Awards	Mar. 31, 2024
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, 2024, 90,378 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 February 4, 2025, February 3, 2026 and February 7, 2027, respectively, and have a grant date fair value of $3.0 million. The remaining 50% are performance-based awards vesting in equal installments on February 4, 2025, February 3, 2026 and February 7, 2027, respectively, upon meeting performance conditions as established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 15,062 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $1.0 million. Stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $1.7 million and $2.5 million for the quarters ended March 31, 2024 and 2023, respectively.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
2024	$	79,784
2025	103,593
2026	26,912
2027	25,354
2028	23,690
Thereafter	50,860
Total	$	310,193

Summary of Minimum Future Operating Lease Payments


	As of March 31, 2024
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2024	$	550	$	3,202	$	3,752
2025	680		3,757		4,437
2026	684		3,393		4,077
2027	689		3,130		3,819
2028	685		2,955		3,640
Thereafter	3,840		10,744		14,584
Total undiscounted rental payments	7,128		27,181		34,309
Less imputed interest	(1,774)		(4,524)		(6,298)
Total lease liabilities	$	5,354	$	22,657	$	28,011

Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):


						Investment as of				Income/(Loss) for the Quarters Ended
Investment	Location (a)	Number of Sites	Economic Interest (b)			March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
Meadows	Various (2,2)	1,077	50	%		$	611	$	534	$	676	$	374
Lakeshore	Florida (3,3)	721	(c)			3,395		3,387		182		172
Voyager	Arizona (1,1)	—	—	%	(d)	—		—		—		692
ECHO JV	Various	—	50	%		2,786		2,773		13		(190)
RVC	Various	1,283	80	%	(e)	62,401		62,441		(414)		(353)
Mulberry Farms	Arizona	200	50	%		10,255		10,546		(291)		(31)
Hiawassee KOA JV	Georgia	283	50	%		5,541		5,623		117		(140)
		3,564				$	84,989	$	85,304	$	283	$	524

_____________________

(a)The number of Properties are shown parenthetically for the quarters ended March 31, 2024 and 2023, respectively.

(b)The percentages shown approximate our economic interest as of March 31, 2024. Our legal ownership interest may differ.

(c)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.

(d)In March 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

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

We received approximately $1.8 million and $1.2 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2024 and 2023, respectively. Approximately $0.6 million and $0.3 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended March 31, 2024 and 2023, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Derivative Instruments and Hedging - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	$ 5,280	$ 6,061

- 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
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+ Details

Common Stock and Other Equity Related Transactions - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 28, 2024	Dec. 31, 2023
Class of Stock [Line Items]
OP units were exchanged for an equal number of shares of common stock (in shares)	0	25,496
Common stock, par value (in usd per share)	$ 0.01			$ 0.01
ATM equity offering
Class of Stock [Line Items]
Common stock, par value (in usd per share)			$ 0.01
Aggregate offering price			$ 500.0

- 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

+ Details

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, beginning	$ 218,337
Revenue recognized from membership upgrade sales upfront payments	(3,947)	$ (3,505)
Net increase in deferred revenue - upfront payments from membership grade sales	9,080	10,074
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	223,470
Deferred Commissions Expense
Movement in Deferred Sales Inducements [Roll Forward]
Deferred commission expense, beginning	53,641	50,441
Deferred commission expense	1,491	1,744
Commission expense recognized	(1,108)	(1,095)
Net increase in deferred commission expense	383	649
Deferred commission expense, ending	54,024	51,090
Membership Subscription
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, beginning	206,625	185,660
Membership upgrade sales	7,543	7,975
Revenue recognized from membership upgrade sales upfront payments	(3,947)	(3,505)
Net increase in deferred revenue - upfront payments from membership grade sales	3,596	4,470
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	$ 210,221	$ 190,130

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

3 Months Ended

Mar. 31, 2024

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)	Quarter Ended March 31, 2024		Quarter Ended March 31, 2023
Deferred revenue - upfront payments from membership upgrade sales, beginning	$	206,625	$	185,660
Membership upgrade sales	7,543		7,975
Revenue recognized from membership upgrade sales upfront payments	(3,947)		(3,505)
Net increase in deferred revenue - upfront payments from membership grade sales	3,596		4,470
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	$	210,221	$	190,130

Deferred commission expense, beginning	$	53,641	$	50,441
Deferred commission expense	1,491		1,744
Commission expense recognized	(1,108)		(1,095)
Net increase in deferred commission expense	383		649
Deferred commission expense, ending	$	54,024	$	51,090

_____________________

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

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted 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 ended March 31, 2024 and 2023:


	Quarters Ended March 31,
(amounts in thousands, except per share data)	2024		2023
Numerators:
Net income available for Common Stockholders – Basic	$	109,905	$	82,371
Amounts allocated to non controlling interest (dilutive securities)	5,366		4,088
Net income available for Common Stockholders – Fully Diluted	$	115,271	$	86,459
Denominators:
Weighted average Common Shares outstanding – Basic	186,287		185,900
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,105		9,262
Stock options and restricted stock	153		207
Weighted average Common Shares outstanding – Fully Diluted	195,545		195,369

Earnings per Common Share – Basic	$	0.59	$	0.44

Earnings per Common Share – Fully Diluted	$	0.59	$	0.44

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Borrowing Arrangements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024				As of December 31, 2023
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,412,142	$	3,001,219	$	2,425,384	$	3,017,149

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of loan cost amortization on mortgage indebtedness, as of March 31, 2024, was approximately 3.9% per annum. The debt bears interest at stated rates ranging from 2.4% to 5.1% per annum and matures on various dates ranging from 2025 to 2041. The debt encumbered a total of 120 of our Properties as of both March 31, 2024 and December 31, 2023, and the gross carrying value of such Properties was approximately $3,208.4 million and $3,194.1 million, as of March 31, 2024 and December 31, 2023, 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 line of credit (“LOC”) and a $300.0 million senior unsecured term loan (the “$300 million Term Loan”). We have the option to increase the borrowing capacity of the LOC by $200.0 million, subject to certain conditions. The LOC bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65% and requires an annual facility fee of 0.20% to 0.35% and matures on April 18, 2025. The $300 million Term Loan has an interest rate of SOFR plus 0.10% 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.

During the year ended December 31, 2022, we entered into a $200.0 million senior unsecured term loan agreement (the “200.0 million Term Loan”). The maturity date is January 21, 2027, with an interest rate of SOFR plus 0.10% plus 1.20% to 1.70%, depending on leverage levels.

The LOC had a balance of $6.0 million and $31.0 million outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, our LOC had a remaining borrowing capacity of $493.9 million.

As of March 31, 2024, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Borrowing Arrangements - Narratives (Details)	3 Months Ended	12 Months Ended
Borrowing Arrangements - Narratives (Details)	Mar. 31, 2024 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) property	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument
Investment in real estate	$ 5,256,280,000		$ 5,257,415,000
Unsecured line of credit	6,000,000		31,000,000
Asset Pledged as Collateral
Debt Instrument
Investment in real estate	$ 3,208,400,000		3,194,100,000
Line of Credit \| SOFR
Debt Instrument
Variable rate basis adjustment (percent)	0.10%
Line of Credit \| Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Option to increase borrowing capacity	200,000,000
Unsecured line of credit	$ 6,000,000		31,000,000
Line of credit, remaining borrowing amount			$ 493,900,000
Minimum \| Line of Credit \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.25%
Minimum \| Line of Credit \| Revolving Credit Facility
Debt Instrument
Annual facility fee (percent)	0.20%
Maximum \| Line of Credit \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.65%
Maximum \| Line of Credit \| Revolving Credit Facility
Debt Instrument
Annual facility fee (percent)	0.35%
Secured Mortgage Notes Payable
Debt Instrument
Weighted average interest rate (percent)	3.90%
Number of pledged properties \| property	120		120
Secured Mortgage Notes Payable \| Minimum \| Secured Debt
Debt Instrument
Stated interest rate (percent)	2.40%
Secured Mortgage Notes Payable \| Maximum \| Secured Debt
Debt Instrument
Stated interest rate (percent)	5.10%
Senior Unsecured Term Loan \| Unsecured Debt
Debt Instrument
Debt face amount	$ 300,000,000	$ 200,000,000		$ 200,000,000	$ 300,000,000	$ 300,000,000
Senior Unsecured Term Loan \| Unsecured Debt \| SOFR
Debt Instrument
Variable rate basis adjustment (percent)	0.10%	0.10%
Senior Unsecured Term Loan \| Minimum \| Unsecured Debt \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.40%	1.20%
Senior Unsecured Term Loan \| Maximum \| Unsecured Debt \| SOFR
Debt Instrument
Debt instrument, variable rate (percent)	1.95%	1.70%

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2024	$ 79,784
2025	103,593
2026	26,912
2027	25,354
2028	23,690
Thereafter	50,860
Total	$ 310,193

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites or entering into membership subscriptions. Leases with customers renting our Sites are accounted for as operating leases. The rental income associated with these leases is accounted for in accordance with 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 March 31, 2024 and December 31, 2023, restricted cash consisted of $32.2 million and $25.7 million, respectively, primarily related to cash reserved for customer deposits and escrows for insurance and real estate taxes. (c) 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 quarter ended March 31, 2024, we recognized approximately $0.5 million of expense related to debris removal and cleanup related to Hurricane Ian, and we recorded an offsetting insurance recovery revenue accrual of $0.5 million to offset the expenses incurred during the quarter. We also recorded $14.8 million of insurance recovery revenue for reimbursement of capital expenditures related to Hurricane Ian. The debris and cleanup costs and offsetting recovery accrual and reimbursement of capital expenditures are reflected in Casualty-related charges/(recoveries), net on the Consolidated Statements of Income and Comprehensive Income. (d) New Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, that requires registrants to provide climate-related disclosures in their annual reports and registration statements. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule pending the completion of judicial review. We are currently evaluating the impact of the rule on our disclosures.

Common Stock and Other Equity Related Transactions

3 Months Ended

Mar. 31, 2024

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, 2023:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.4475

March 31, 2023

April 14, 2023

$0.4475

June 30, 2023

July 14, 2023

$0.4475

September 30, 2023

September 29, 2023

October 13, 2023

$0.4475

December 31, 2023

December 29, 2023

January 12, 2024

$0.4775

March 31, 2024

March 28, 2024

April 12, 2024

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. There were no OP units exchanged for Common Stock during the quarter ended March 31, 2024 and 25,496 OP Units exchanged for an equal number of shares of Common Stock during the quarter ended March 31, 2023.

Equity Offering Program

On February 28, 2024, we entered into a new at-the-market (“ATM”) equity offering program, pursuant to which we may sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $500.0 million. As of March 31, 2024, the full capacity of our ATM equity offering program remained available for issuance.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Consolidated net income	$ 115,271	$ 86,459
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net	0	2,632
Depreciation and amortization	52,427	51,860
Amortization of loan costs	1,286	1,208
Debt premium amortization	0	(32)
Equity in income of unconsolidated joint ventures	(283)	(524)
Distributions of income from unconsolidated joint ventures	224	174
Proceeds from insurance claims, net	(12,349)	5,795
Compensation expense related to incentive plans	2,497	3,330
Revenue recognized from membership upgrade sales upfront payments	(3,947)	(3,505)
Commission expense recognized related to membership sales	1,108	1,095
Deferred income tax benefit	(239)	0
Changes in assets and liabilities:
Manufactured homes, net	2,333	(19,574)
Notes receivable, net	539	(1,345)
Deferred commission expense	(1,491)	(1,744)
Other assets, net	11,396	5,856
Accounts payable and other liabilities	15,801	9,553
Deferred membership revenue	9,080	10,074
Rents and other customer payments received in advance and security deposits	5,095	7,668
Net cash provided by operating activities	198,748	158,980
Cash Flows From Investing Activities:
Real estate acquisitions, net	0	(8,803)
Investment in unconsolidated joint ventures	(1,330)	(1,752)
Distributions of capital from unconsolidated joint ventures	1,586	1,012
Proceeds from insurance claims, net	3,158	4,070
Capital improvements	(54,706)	(60,974)
Net cash used in investing activities	(51,292)	(66,447)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	382	363
Distributions:
Common Stockholders	(83,426)	(76,309)
Common OP Unitholders	(4,074)	(3,799)
Share based award tax withholding payments	(1,908)	(1,932)
Principal payments and mortgage debt repayment	(15,929)	(16,443)
Line of credit repayment	(158,000)	(104,000)
Line of credit proceeds	133,000	118,000
Other	(157)	(99)
Net cash used in financing activities	(130,112)	(84,219)
Net increase in cash and restricted cash	17,344	8,314
Cash and restricted cash, beginning of period	29,937	22,347
Cash and restricted cash, end of period	47,281	30,661
Supplemental Information:
Cash paid for interest, net	33,630	31,630
Cash paid for the purchase of manufactured homes	12,927	35,481
Real estate acquisitions:
Investment in real estate	0	(9,535)
Other assets, net	0	14
Rents and other customer payments received in advance and security deposits	0	718
Real estate acquisitions, net	$ 0	$ (8,803)

Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our Investment in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):


						Investment as of				Income/(Loss) for the Quarters Ended
Investment	Location (a)	Number of Sites	Economic Interest (b)			March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
Meadows	Various (2,2)	1,077	50	%		$	611	$	534	$	676	$	374
Lakeshore	Florida (3,3)	721	(c)			3,395		3,387		182		172
Voyager	Arizona (1,1)	—	—	%	(d)	—		—		—		692
ECHO JV	Various	—	50	%		2,786		2,773		13		(190)
RVC	Various	1,283	80	%	(e)	62,401		62,441		(414)		(353)
Mulberry Farms	Arizona	200	50	%		10,255		10,546		(291)		(31)
Hiawassee KOA JV	Georgia	283	50	%		5,541		5,623		117		(140)
		3,564				$	84,989	$	85,304	$	283	$	524

_____________________

(a)The number of Properties are shown parenthetically for the quarters ended March 31, 2024 and 2023, respectively.

(b)The percentages shown approximate our economic interest as of March 31, 2024. Our legal ownership interest may differ.

(c)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.

(d)In March 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

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

Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Fair Value of Mortgage Debt

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


	As of March 31, 2024				As of December 31, 2023
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,412,142	$	3,001,219	$	2,425,384	$	3,017,149

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerators:
Net income available for Common Stockholders – Basic	$ 109,905	$ 82,371
Amounts allocated to non controlling interest (dilutive securities)	5,366	4,088
Net income available for Common Stockholders – Fully Diluted	$ 115,271	$ 86,459
Denominators:
Weighted average Common Shares outstanding – Basic (in shares)	186,287	185,900
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	9,105	9,262
Stock options and restricted stock (in shares)	153	207
Weighted average Common Shares outstanding – Fully Diluted (in shares)	195,545	195,369
Earnings per Common Share – Basic (in usd per share)	$ 0.59	$ 0.44
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.59	$ 0.44

Investments in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024	Mar. 31, 2024 site	Mar. 31, 2024 joint_venture	Mar. 31, 2024 community	Dec. 31, 2023 USD ($)	Feb. 28, 2023
Schedule of Equity Method Investments
Number of Sites				3,564	2
Investment in unconsolidated joint ventures	$ 84,989						$ 85,304
Equity in income of unconsolidated joint ventures	283	$ 524
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	611						534
Equity in income of unconsolidated joint ventures	676	374
Various \| ECHO JV
Schedule of Equity Method Investments
Number of Sites \| site				0
Economic interest			50.00%
Investment in unconsolidated joint ventures	2,786						2,773
Equity in income of unconsolidated joint ventures	13	(190)
Various \| RVC
Schedule of Equity Method Investments
Number of Sites \| site				1,283
Economic interest			80.00%
Investment in unconsolidated joint ventures	62,401						62,441
Equity in income of unconsolidated joint ventures	(414)	(353)
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	3,395						3,387
Equity in income of unconsolidated joint ventures	182	172
Arizona \| Voyager
Schedule of Equity Method Investments
Number of Sites \| site				0
Economic interest			0.00%
Investment in unconsolidated joint ventures	0						0
Equity in income of unconsolidated joint ventures	0	692
Arizona \| Mulberry Farms
Schedule of Equity Method Investments
Number of Sites \| site				200
Economic interest			50.00%
Investment in unconsolidated joint ventures	10,255						10,546
Equity in income of unconsolidated joint ventures	(291)	(31)
Georgia \| Hiawassee KOA JV
Schedule of Equity Method Investments
Number of Sites \| site				283
Economic interest			50.00%
Investment in unconsolidated joint ventures	5,541						$ 5,623
Equity in income of unconsolidated joint ventures	$ 117	$ (140)

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests – Common OP Units
Beginning balance at Dec. 31, 2022	$ 1,517,485	$ 1,916	$ 1,628,618	$ (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	(205,203)	15,141	71,666
Beginning balance at Dec. 31, 2023	1,498,621	1,917	1,644,319	(223,576)	6,061	69,900
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	382		382
Compensation expenses related to restricted stock and stock options	1,716		1,716
Repurchase of Common Stock or Common OP Units	(1,908)		(1,908)
Adjustment for Common OP Unitholders in the Operating Partnership	0		58			(58)
Adjustment for fair market value of swap	(781)				(781)
Consolidated net income	115,271			109,905		5,366
Distributions	(93,398)			(89,050)		(4,348)
Other	(157)		(157)
Ending balance at Mar. 31, 2024	$ 1,519,746	$ 1,917	$ 1,644,410	$ (202,721)	$ 5,280	$ 70,860

Organization and Basis of Presentation (Details)	Mar. 31, 2024
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (percent)	95.30%

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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. Beginning on August 31, 2023 through October 12, 2023, certain private party plaintiffs filed several putative class actions in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc. (“Datacomp”) and several owner/operators of manufactured housing communities, including ELS (the “Datacomp Litigation”), alleging that the community owner/operators used JLT Market Reports produced by Datacomp to conspire to raise manufactured home lot rents in violation of Section 1 of the Sherman Act. ELS purchased Datacomp in connection with the MHVillage/Datacomp acquisition during the year ended December 31, 2021. On December 15, 2023, the plaintiffs filed an amended consolidated complaint captioned, In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-6715. Plaintiffs seek both injunctive relief and monetary damages, including attorneys’ fees. The defendants filed a motion to dismiss on January 29, 2024. We believe that the Datacomp Litigation is without merit, and we intend to vigorously defend our interests in this matter. As of March 31, 2024, we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Derivative Instruments and Hedging - Narratives (Details) - USD ($)	1 Months Ended
	Apr. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2021
Senior Unsecured Term Loan \| Unsecured Debt
Derivative
Debt face amount	$ 200,000,000	$ 300,000,000	$ 300,000,000	$ 200,000,000	$ 300,000,000
Interest Rate Swaps
Derivative
Derivative, notional amount	$ 200,000,000				$ 300,000,000
Derivative fixed interest rate (percent)	3.68%	0.41%
Derivative instrument, effective interest rate (percent)	4.88%
Interest Rate Swaps \| Cash Flow Hedging
Derivative
Amounts expected to be reclassified from AOCI as a decrease to interest expense		$ 2,600,000
Interest Rate Swaps \| SOFR
Derivative
Basis spread on variable rate (percent)	1.20%

Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

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 ended March 31, 2024 and 2023:


	Quarters Ended March 31,
(amounts in thousands, except per share data)	2024		2023
Numerators:
Net income available for Common Stockholders – Basic	$	109,905	$	82,371
Amounts allocated to non controlling interest (dilutive securities)	5,366		4,088
Net income available for Common Stockholders – Fully Diluted	$	115,271	$	86,459
Denominators:
Weighted average Common Shares outstanding – Basic	186,287		185,900
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,105		9,262
Stock options and restricted stock	153		207
Weighted average Common Shares outstanding – Fully Diluted	195,545		195,369

Earnings per Common Share – Basic	$	0.59	$	0.44

Earnings per Common Share – Fully Diluted	$	0.59	$	0.44

Common Stock and Other Equity Related Transactions (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023:

Distribution Amount Per Share

For the Quarter Ended

Stockholder Record Date

Payment Date

$0.4475

March 31, 2023

April 14, 2023

$0.4475

June 30, 2023

July 14, 2023

$0.4475

September 30, 2023

September 29, 2023

October 13, 2023

$0.4475

December 31, 2023

December 29, 2023

January 12, 2024

$0.4775

March 31, 2024

March 28, 2024

April 12, 2024

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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)		186,495,861
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information
Operations revenues	$ 386,568	$ 369,952
Depreciation and amortization	(51,108)	(50,502)
Income before income taxes and other items	114,749	88,567
Reconciliation to consolidated net income:
Income from other investments, net	15,548	17,714
General and administrative	(11,989)	(11,661)
Casualty-related charges/(recoveries), net	14,843	0
Other expenses	(1,331)	(1,468)
Interest and related amortization	(33,543)	(32,588)
Income tax benefit	239	0
Equity in income of unconsolidated joint ventures	283	524
Consolidated net income	115,271	86,459
Total assets	5,630,234	5,519,313	$ 5,613,733
Capital improvements	54,706	60,974
Property Operations
Reconciliation to consolidated net income:
Total assets	5,366,765	5,239,891
Capital improvements	51,408	51,412
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	263,469	279,422
Capital improvements	3,298	9,562
Operating Segments
Segment Reporting Information
Operations revenues	382,362	365,773
Operations expenses	(188,691)	(185,166)
Income from segment operations	193,671	180,607
Interest income	2,129	2,080
Depreciation and amortization	(51,108)	(50,502)
Loss on sale of real estate and impairment, net		(2,632)
Income before income taxes and other items	144,692	129,553
Operating Segments \| Property Operations
Segment Reporting Information
Operations revenues	359,736	341,737
Operations expenses	(169,405)	(165,023)
Income from segment operations	190,331	176,714
Interest income	1,686	1,566
Depreciation and amortization	(48,540)	(47,755)
Loss on sale of real estate and impairment, net		(2,632)
Income before income taxes and other items	143,477	127,893
Reconciliation to consolidated net income:
Income from other investments, net	15,548	17,714
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	22,626	24,036
Operations expenses	(19,286)	(20,143)
Income from segment operations	3,340	3,893
Interest income	443	514
Depreciation and amortization	(2,568)	(2,747)
Loss on sale of real estate and impairment, net		0
Income before income taxes and other items	1,215	1,660
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	39	8
Income from other investments, net	2,038	2,091
General and administrative	(11,989)	(11,661)
Casualty-related charges/(recoveries), net	14,843
Other expenses	(1,331)	(1,468)
Interest and related amortization	(33,543)	(32,588)
Income tax benefit	239
Equity in income of unconsolidated joint ventures	$ 283	$ 524

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental income	$ 316,599	$ 296,451
Other income	15,548	17,714
Total revenues	386,568	369,952
Expenses:
Real estate taxes	20,787	18,316
Membership sales and marketing	5,297	4,838
Property management
Expenses:
Cost of ancillary services	19,710	19,464
Operating Segments
Revenues:
Total revenues	382,362	365,773
Expenses:
Total expenses	188,691	185,166
Income from segment operations	193,671	180,607
Operating Segments \| Property Operations
Revenues:
Rental income	313,083	292,579
Other income	15,548	17,714
Total revenues	359,736	341,737
Expenses:
Property operating and maintenance	113,405	111,524
Real estate taxes	20,787	18,316
Membership sales and marketing	5,297	4,838
Ancillary operating expenses	4,713	5,584
Total expenses	169,405	165,023
Income from segment operations	190,331	176,714
Operating Segments \| Property Operations \| Annual membership subscriptions
Revenues:
Contract revenue	16,215	15,970
Operating Segments \| Property Operations \| Membership upgrade sales
Revenues:
Contract revenue	3,947	3,505
Operating Segments \| Property Operations \| Gross revenues from ancillary services
Revenues:
Contract revenue	10,943	11,969
Expenses:
Cost of ancillary services	5,493	5,297
Operating Segments \| Property Operations \| Property management
Expenses:
Cost of ancillary services	19,710	19,464
Operating Segments \| Home Sales and Rentals Operations
Revenues:
Rental income	3,516	3,872
Total revenues	22,626	24,036
Expenses:
Property operating and maintenance	1,434	1,340
Home selling expenses	16,474	17,844
Total expenses	19,286	20,143
Income from segment operations	3,340	3,893
Operating Segments \| Home Sales and Rentals Operations \| Home sales and brokered resales
Revenues:
Contract revenue	19,110	20,164
Expenses:
Cost of ancillary services	$ 1,378	$ 959

Reportable Segments - Narratives (Details)	3 Months Ended
Reportable Segments - Narratives (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swaps - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative
Amount of (gain)/loss recognized in OCI on derivative	$ (4,057)	$ 523
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (4,838)	$ (3,455)

Leases - Summary of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2024	$ 3,752
2025	4,437
2026	4,077
2027	3,819
2028	3,640
Thereafter	14,584
Total undiscounted rental payments	34,309
Less imputed interest	(6,298)
Total lease liabilities	28,011	$ 25,700
Ground Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2024	550
2025	680
2026	684
2027	689
2028	685
Thereafter	3,840
Total undiscounted rental payments	7,128
Less imputed interest	(1,774)
Total lease liabilities	5,354
Office and Other Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2024	3,202
2025	3,757
2026	3,393
2027	3,130
2028	2,955
Thereafter	10,744
Total undiscounted rental payments	27,181
Less imputed interest	(4,524)
Total lease liabilities	$ 22,657

Subsequent Events (Details)		1 Months Ended
Subsequent Events (Details)	Apr. 01, 2024 USD ($) swapAgreement	Apr. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Senior Unsecured Term Loan \| Unsecured Debt
Subsequent Event [Line Items]
Debt face amount		$ 200,000,000	$ 300,000,000	$ 300,000,000	$ 200,000,000	$ 300,000,000
Interest Rate Swaps
Subsequent Event [Line Items]
Derivative, notional amount		$ 200,000,000				$ 300,000,000
Derivative instrument, effective interest rate (percent)		4.88%
Interest Rate Swaps \| SOFR
Subsequent Event [Line Items]
Basis spread on variable rate (percent)		1.20%
Subsequent Event \| Senior Unsecured Term Loan \| Unsecured Debt
Subsequent Event [Line Items]
Debt face amount	$ 300,000,000
Subsequent Event \| Interest Rate Swaps
Subsequent Event [Line Items]
Number of interest rate swap agreements \| swapAgreement	3
Derivative, notional amount	$ 300,000,000
Weighted average interest rate (percent)	4.65%
Derivative instrument, effective interest rate (percent)	6.05%
Subsequent Event \| Interest Rate Swaps \| SOFR
Subsequent Event [Line Items]
Basis spread on variable rate (percent)	1.40%

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment in real estate:
Land	$ 2,088,657	$ 2,088,657
Land improvements	4,435,288	4,380,649
Buildings and other depreciable property	1,229,374	1,236,985
Investment in real estate	7,753,319	7,706,291
Accumulated depreciation	(2,497,039)	(2,448,876)
Net investment in real estate	5,256,280	5,257,415
Cash and restricted cash	47,281	29,937
Notes receivable, net	49,346	49,937
Investment in unconsolidated joint ventures	84,989	85,304
Deferred commission expense	54,024	53,641
Other assets, net	138,314	137,499
Total Assets	5,630,234	5,613,733
Liabilities:
Mortgage notes payable, net	2,974,728	2,989,959
Term loans, net	497,875	497,648
Unsecured line of credit	6,000	31,000
Accounts payable and other liabilities	171,061	151,567
Deferred membership revenue	223,470	218,337
Accrued interest payable	12,543	12,657
Rents and other customer payments received in advance and security deposits	131,547	126,451
Distributions payable	93,264	87,493
Total Liabilities	4,110,488	4,115,112
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 186,493,598 and 186,426,281 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.	1,917	1,917
Paid-in capital	1,644,410	1,644,319
Distributions in excess of accumulated earnings	(202,721)	(223,576)
Accumulated other comprehensive income	5,280	6,061
Total Stockholders’ Equity	1,448,886	1,428,721
Non-controlling interests – Common OP Units	70,860	69,900
Total Equity	1,519,746	1,498,621
Total Liabilities and Equity	$ 5,630,234	$ 5,613,733