0000895417-24-000102 | 10-Q | XBRL Viewer | Equity Lifestyle Properties INC

Derivative Instruments and Hedging

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 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 September 30, 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 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 8. 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 September 30, 2024, our spread over SOFR was 1.40% resulting in an estimated weighted average all-in fixed interest rate of 6.05% per annum. On October 3, 2024, we terminated the 2024 Swaps in connection with the repayment of the $300 million Term Loan. See Note 14. 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 September 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2024		2023
Interest Rate Swaps	Other assets, net	$	—	$	6,061
Interest Rate Swaps	Accounts payable and other liabilities	(4,764)		—

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


Derivatives in Cash Flow Hedging Relationship	Amount of (gain)/loss recognized in OCI on derivative for the nine months ended September 30,				Location of (gain)/ loss reclassified from Accumulated OCI into income	Amount of (gain)/loss reclassified from Accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2024		2023		(amounts in thousands)	2024		2023
Interest Rate Swaps	$	2,168	$	(9,364)	Interest Expense	$	(8,657)	$	(12,919)

During the next twelve months, we estimate that $0.4 million will be reclassified from Accumulated other comprehensive income (loss) as a decrease to interest expense related to the 2023 Swap. This estimate may be subject to change as the underlying SOFR changes. On October 3, 2024, we terminated the 2024 Swaps and will reclassify $4.4 million from Accumulated other comprehensive income (loss) as an increase to early debt termination expense. See Note 14. Subsequent Events for additional information. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of September 30, 2024, we had not posted any collateral related to the 2023 Swap or 2024 Swaps.

Leases (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024
2024	$	33,925
2025	136,950
2026	40,424
2027	39,173
2028	26,010
Thereafter	52,669
Total	$	329,151

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 September 30, 2024:


	As of September 30, 2024
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2024	$	153	$	1,888	$	2,041
2025	680		3,749		4,429
2026	684		3,456		4,140
2027	689		3,195		3,884
2028	685		3,022		3,707
Thereafter	3,840		10,885		14,725
Total undiscounted rental payments	6,731		26,195		32,926
Less imputed interest	(1,661)		(3,647)		(5,308)
Total lease liabilities	$	5,070	$	22,548	$	27,618

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Consolidated net income	$ 284,261	$ 233,249
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net	1,798	3,581
Early debt retirement	30	68
Depreciation and amortization	157,492	156,967
Amortization of loan costs	3,989	3,637
Debt premium amortization	0	(62)
Equity in income of unconsolidated joint ventures	(6,736)	(2,158)
Distributions of income from unconsolidated joint ventures	1,331	1,155
Proceeds from insurance claims, net	(18,971)	21,770
Compensation expense related to incentive plans	7,226	15,275
Revenue recognized from membership upgrade sales upfront payments	(12,170)	(10,863)
Commission expense recognized related to membership sales	3,397	3,122
Deferred income tax benefit	(239)	0
Changes in assets and liabilities:
Manufactured homes, net	11,379	(31,980)
Notes receivable, net	(5,152)	(4,365)
Deferred commission expense	(5,806)	(5,861)
Other assets, net	(3,675)	(5,076)
Accounts payable and other liabilities	44,659	12,165
Deferred membership revenue	26,697	29,140
Rents and other customer payments received in advance and security deposits	1,894	(1,106)
Net cash provided by operating activities	491,404	418,658
Cash Flows From Investing Activities:
Real estate acquisitions, net	(24)	(9,326)
Investment in unconsolidated joint ventures	(9,299)	(6,060)
Distributions of capital from unconsolidated joint ventures	14,113	3,730
Proceeds from insurance claims, net	18,933	5,309
Capital improvements	(175,629)	(231,172)
Net cash used in investing activities	(151,906)	(237,519)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,158	1,604
Distributions:
Common Stockholders	(261,538)	(242,994)
Common OP Unitholders	(12,769)	(12,069)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(1,908)	(1,932)
Principal payments and mortgage debt repayment	(48,055)	(148,811)
Mortgage notes payable financing proceeds	0	463,753
Line of credit repayment	(382,000)	(605,000)
Line of credit proceeds	383,500	407,000
Debt issuance and defeasance costs	(6,857)	(5,033)
Other	(560)	(316)
Net cash used in financing activities	(329,037)	(143,806)
Net increase in cash and restricted cash	10,461	37,333
Cash and restricted cash, beginning of period	29,937	22,347
Cash and restricted cash, end of period	40,398	59,680
Supplemental Information:
Cash paid for interest, net	106,715	97,297
Cash paid for the purchase of manufactured homes	36,003	90,477
Real estate acquisitions:
Investment in real estate	(24)	(10,057)
Other assets, net	0	13
Rents and other customer payments received in advance and security deposits	0	718
Real estate acquisitions, net	$ (24)	$ (9,326)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Consolidated net income	$ 86,863	$ 82,127	$ 115,271	$ 80,741	$ 66,049	$ 86,459

- Definition

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

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+ Details

Leases - Schedule of Future Minimum Rents Expected to be Received (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2024	$ 33,925
2025	136,950
2026	40,424
2027	39,173
2028	26,010
Thereafter	52,669
Total	$ 329,151

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 December 4, 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 September 30, 2024, we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss.

Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024	Sep. 30, 2024 site	Sep. 30, 2024 joint_venture	Dec. 31, 2023 USD ($)	Mar. 31, 2023
Schedule of Equity Method Investments
Number of Sites						3,770	2
Investment in unconsolidated joint ventures	$ 84,834		$ 84,834					$ 85,304
Equity in income of unconsolidated joint ventures	5,874	$ 661	6,736	$ 2,158
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	407		407					534
Equity in income of unconsolidated joint ventures			7,360	1,649
Various \| ECHO JV
Schedule of Equity Method Investments
Number of Sites \| site						0
Economic interest					50.00%
Investment in unconsolidated joint ventures	2,797		2,797					2,773
Equity in income of unconsolidated joint ventures			24	(199)
Various \| RVC
Schedule of Equity Method Investments
Number of Sites \| site						1,489
Economic interest					80.00%
Investment in unconsolidated joint ventures	62,534		62,534					62,441
Equity in income of unconsolidated joint ventures			(801)	(297)
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 \| joint_venture							8
Various \| RV Property Under Development
Schedule of Equity Method Investments
Number of Sites \| joint_venture							1
Florida \| Lakeshore
Schedule of Equity Method Investments
Number of Sites \| site						721
Investment in unconsolidated joint ventures	3,764		3,764					3,387
Equity in income of unconsolidated joint ventures			665	487
Arizona \| Voyager
Schedule of Equity Method Investments
Number of Sites \| site						0
Economic interest					0.00%
Investment in unconsolidated joint ventures	0		0					0
Equity in income of unconsolidated joint ventures			0	694
Arizona \| Mulberry Farms
Schedule of Equity Method Investments
Number of Sites \| site						200
Economic interest					50.00%
Investment in unconsolidated joint ventures	9,795		9,795					10,546
Equity in income of unconsolidated joint ventures			(625)	96
Georgia \| Hiawassee KOA JV
Schedule of Equity Method Investments
Number of Sites \| site						283
Economic interest					50.00%
Investment in unconsolidated joint ventures	$ 5,537		5,537					$ 5,623
Equity in income of unconsolidated joint ventures			$ 113	$ (272)

Borrowing Arrangements

9 Months Ended

Sep. 30, 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 September 30, 2024				As of December 31, 2023
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,554,898	$	2,969,092	$	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 September 30, 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 September 30, 2024 and December 31, 2023, and the gross carrying value of such Properties was approximately $3,245.6 million and $3,194.1 million, as of September 30, 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 unsecured 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 the Secured Overnight Financing Rate (“SOFR”) plus 0.10% 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 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. On July 18, 2024, we entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the LOC maturity date was extended to July 18, 2028, and this term can be extended for two additional six-month terms, subject to certain conditions. We also have an option to extend the maturity date on the $300 million Term Loan to April 16, 2027. All other material terms, including interest rate terms, remain the same. On October 3, 2024, we repaid the $300 million Term Loan. See Note 14. Subsequent Events for additional information.

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 $32.5 million and $31.0 million outstanding as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, our LOC had a remaining borrowing capacity of $467.4 million.

As of September 30, 2024, we were in compliance in all material respects with the covenants in all our borrowing arrangements.

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended
	Oct. 03, 2024	Oct. 31, 2024
Senior Unsecured Term Loan \| Unsecured Debt
Subsequent Event [Line Items]
Repayments of debt	$ 300.0	$ 300.0
Stated interest rate (percent)		6.05%
Deferred debt issuance cost, writeoff		$ 5.8
At-The-Market ("ATM") Offering Program
Subsequent Event [Line Items]
Common stock sold (in shares)		4.5
Sale of stock, price (in usd per share)		$ 70.00
Net proceeds		$ 314.2

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

9 Months Ended

Sep. 30, 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)	Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Deferred revenue - upfront payments from membership upgrade sales, beginning	$	206,625	$	185,660
Membership upgrade sales	26,404		28,041
Revenue recognized from membership upgrade sales upfront payments	(12,170)		(10,863)
Net increase in deferred revenue - upfront payments from membership grade sales	14,234		17,178
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	$	220,859	$	202,838

Deferred commission expense, beginning	$	53,641	$	50,441
Deferred commission expense	5,806		5,850
Commission expense recognized	(3,397)		(3,122)
Net increase in deferred commission expense	2,409		2,728
Deferred commission expense, ending	$	56,050	$	53,169

_____________________

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

Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 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 Nine Months Ended
Investment	Location	Number of Sites	Economic Interest (a)			September 30, 2024		December 31, 2023		September 30, 2024		September 30, 2023
Meadows	Various	1,077	50	%		$	407	$	534	$	7,360	$	1,649
Lakeshore	Florida	721			(b)	3,764		3,387		665		487
Voyager	Arizona	—	—	%	(c)	—		—		—		694
ECHO JV	Various	—	50	%		2,797		2,773		24		(199)
RVC	Various	1,489	80	%	(d)	62,534		62,441		(801)		(297)
Mulberry Farms	Arizona	200	50	%		9,795		10,546		(625)		96
Hiawassee KOA JV	Georgia	283	50	%		5,537		5,623		113		(272)
		3,770				$	84,834	$	85,304	$	6,736	$	2,158

_____________________

(a)The percentages shown approximate our economic interest as of September 30, 2024. 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 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)Includes three joint ventures which include eight operating RV communities and one RV property under development.

Leases

9 Months Ended

Sep. 30, 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 September 30, 2024
2024	$	33,925
2025	136,950
2026	40,424
2027	39,173
2028	26,010
Thereafter	52,669
Total	$	329,151

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 September 30, 2024 and 2023, total operating lease payments were $1.8 million and $1.6 million, respectively. For the nine months ended September 30, 2024 and 2023, total operating lease payments were $5.1 million and $4.9 million, respectively.


	As of September 30, 2024
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2024	$	153	$	1,888	$	2,041
2025	680		3,749		4,429
2026	684		3,456		4,140
2027	689		3,195		3,884
2028	685		3,022		3,707
Thereafter	3,840		10,885		14,725
Total undiscounted rental payments	6,731		26,195		32,926
Less imputed interest	(1,661)		(3,647)		(5,308)
Total lease liabilities	$	5,070	$	22,548	$	27,618

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 $24.4 million and $27.6 million, respectively, as of September 30, 2024. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.1% as of September 30, 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 September 30, 2024
2024	$	33,925
2025	136,950
2026	40,424
2027	39,173
2028	26,010
Thereafter	52,669
Total	$	329,151

Lessee


	As of September 30, 2024
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2024	$	153	$	1,888	$	2,041
2025	680		3,749		4,429
2026	684		3,456		4,140
2027	689		3,195		3,884
2028	685		3,022		3,707
Thereafter	3,840		10,885		14,725
Total undiscounted rental payments	6,731		26,195		32,926
Less imputed interest	(1,661)		(3,647)		(5,308)
Total lease liabilities	$	5,070	$	22,548	$	27,618

Borrowing Arrangements - Narratives (Details)			1 Months Ended	9 Months Ended	12 Months Ended
Borrowing Arrangements - Narratives (Details)	Oct. 03, 2024 USD ($)	Jul. 18, 2024 extension	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Dec. 31, 2022 USD ($)	Apr. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument
Investment in real estate				$ 5,263,611,000			$ 5,257,415,000
Unsecured line of credit				32,500,000			31,000,000
Asset Pledged as Collateral
Debt Instrument
Investment in real estate				3,245,600,000			3,194,100,000
Line of Credit \| Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity				500,000,000
Option to increase borrowing capacity				$ 200,000,000
Variable rate basis adjustment (percent)				0.10%
Number of extension periods (extension) \| extension		2
Extension period (months)		6 months
Unsecured line of credit				$ 32,500,000			$ 31,000,000.0
Line of credit, remaining borrowing amount				$ 467,400,000
Minimum \| Line of Credit \| Revolving Credit Facility
Debt Instrument
Debt instrument, variable rate (percent)				1.25%
Annual facility fee (percent)				0.20%
Maximum \| Line of Credit \| Revolving Credit Facility
Debt Instrument
Debt instrument, variable rate (percent)				1.65%
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	$ 300,000,000.0		$ 200,000,000	$ 300,000,000	$ 300,000,000
Variable rate basis adjustment (percent)				0.10%	0.10%
Senior Unsecured Term Loan \| Unsecured Debt \| Subsequent Event
Debt Instrument
Stated interest rate (percent)			6.05%
Repayments of debt	$ 300,000,000		$ 300,000,000
Senior Unsecured Term Loan \| Minimum \| Unsecured Debt
Debt Instrument
Debt instrument, variable rate (percent)				1.40%	1.20%
Senior Unsecured Term Loan \| Maximum \| Unsecured Debt
Debt Instrument
Debt instrument, variable rate (percent)				1.95%	1.70%

Leases - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narratives (Details) $ in Thousands	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Leases [Abstract]
Number of non-cancelable operating leases, lessee (leases) \| property	10		10
Operating lease payments	$ 1,800	$ 1,600	$ 5,100	$ 4,900
Right of use asset	24,400		24,400		$ 23,600
Operating lease liability	$ 27,618		$ 27,618		$ 25,700
Weighted average operating lease term	8 years		8 years		8 years
Operating lease weighted average interest rate (percent)	4.10%		4.10%		3.90%
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

Investment in Unconsolidated Joint Ventures - Narratives (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Distributions from joint ventures, including those in excess of basis	$ 15.4	$ 4.9
Distributions from joint ventures	$ 7.0	$ 1.4

Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024				As of December 31, 2023
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,554,898	$	2,969,092	$	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

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+ Details

Investment in Real Estate	9 Months Ended
Investment in Real Estate	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Investment in Real Estate	Investment in Real Estate Impairment Following Hurricane Helene, which made landfall in Florida on September 26, 2024, we recorded a $1.8 million reduction in the carrying value of certain assets, which is included in Loss on sale of real estate and impairment, net in the Consolidated Statements of Income for the quarter and nine months ended September 30, 2024. During the quarter and nine months ended September 30, 2023, we recorded impairment charges of approximately $0.9 million related to storm events at certain properties in Florida and $3.6 million related to flooding events in California, respectively.

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Financial Information

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2024 and 2023:

Quarter Ended September 30, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	362,304	$	20,330	$	382,634
Operations expenses	(188,217)		(17,524)		(205,741)
Income from segment operations	174,087		2,806		176,893
Interest income	1,916		474		2,390
Depreciation and amortization	(48,528)		(2,406)		(50,934)
Loss on sale of real estate and impairment, net	(1,798)		—		(1,798)
Income from operations	$	125,677	$	874	$	126,551
Reconciliation to consolidated net income:
Corporate interest income					40
Income from other investments, net					2,192
General and administrative					(9,274)
Casualty-related charges/(recoveries), net					(591)
Other expenses					(1,402)
Interest and related amortization					(36,497)

Equity in income of unconsolidated joint ventures					5,874
Early debt retirement					(30)
Consolidated net income					$	86,863

Total assets	$	5,397,984	$	246,135	$	5,644,119
Capital improvements	$	55,690	$	2,708	$	58,398

Quarter Ended September 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	351,243	$	32,961	$	384,204
Operations expenses	(183,579)		(28,502)		(212,081)
Income from segment operations	167,664		4,459		172,123
Interest income	1,637		631		2,268
Depreciation and amortization	(48,242)		(2,726)		(50,968)
Loss on sale of real estate and impairment, net	(949)		—		(949)
Income from operations	$	120,110	$	2,364	$	122,474
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,333
General and administrative					(9,895)
Other expenses					(1,338)
Interest and related amortization					(33,434)
Equity in income of unconsolidated joint ventures					661
Early debt retirement					(68)
Consolidated net income					$	80,741

Total assets	$	5,351,993	$	274,298	$	5,626,291
Capital improvements	$	79,750	$	2,420	$	82,170

Nine Months Ended September 30, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,069,027	$	70,938	$	1,139,965
Operations expenses	(540,673)		(60,647)		(601,320)
Income from segment operations	528,354		10,291		538,645
Interest income	5,361		1,487		6,848
Depreciation and amortization	(145,920)		(7,466)		(153,386)
Loss on sale of real estate and impairment, net	(1,798)		—		(1,798)
Income from operations	$	385,997	$	4,312	$	390,309
Reconciliation to consolidated net income:
Corporate interest income					170
Income from other investments, net					6,860
General and administrative					(30,248)
Casualty-related charges/(recoveries), net					20,422
Other expenses					(4,120)
Interest and related amortization					(106,077)
Income tax benefit					239
Equity in income of unconsolidated joint ventures					6,736
Early debt retirement					(30)
Consolidated net income					$	284,261

Total assets	$	5,397,984	$	246,135	$	5,644,119
Capital improvements	$	165,791	$	9,838	$	175,629

Nine Months Ended September 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,029,609	$	85,650	$	1,115,259
Operations expenses	(526,052)		(73,559)		(599,611)
Income from segment operations	503,557		12,091		515,648
Interest income	4,819		1,782		6,601
Depreciation and amortization	(144,659)		(8,275)		(152,934)
Loss on sale of real estate and impairment, net	(3,581)		—		(3,581)
Income from operations	$	360,136	$	5,598	$	365,734
Reconciliation to consolidated net income:
Corporate interest income					22
Income from other investments, net					6,897
General and administrative					(38,163)
Other expenses					(4,187)
Interest and related amortization					(99,144)
Equity in income of unconsolidated joint ventures					2,158
Early debt retirement					(68)
Consolidated net income					$	233,249

Total assets	$	5,351,993	$	274,298	$	5,626,291
Capital improvements	$	208,576	$	22,596	$	231,172

Schedule of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2024 and 2023:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2024		2023		2024		2023
Revenues:
Rental income	$	311,072	$	299,781	$	921,555	$	877,310
Annual membership subscriptions	16,714		16,673		49,298		48,832
Membership upgrade sales	4,173		3,744		12,170		10,863
Other income	16,440		15,658		48,186		51,283
Gross revenues from ancillary services	13,905		15,387		37,818		41,321
Total property operations revenues	362,304		351,243		1,069,027		1,029,609
Expenses:
Property operating and maintenance	127,616		125,081		365,563		357,660
Real estate taxes	20,731		19,017		61,617		56,165
Membership sales and marketing	6,448		5,696		17,871		16,055

Cost of ancillary services	7,520		8,226		20,021		20,562
Ancillary operating expenses	5,737		5,672		16,290		16,900
Property management	20,165		19,887		59,311		58,710
Total property operations expenses	188,217		183,579		540,673		526,052
Income from property operations segment	$	174,087	$	167,664	$	528,354	$	503,557

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2024 and 2023:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2024		2023		2024		2023
Revenues:
Rental income (1)	$	3,396	$	3,553	$	10,299	$	11,130
Gross revenue from home sales and brokered resales	16,934		29,408		60,639		74,520
Total revenues	20,330		32,961		70,938		85,650
Expenses:
Rental home operating and maintenance	1,394		1,765		4,335		3,883
Cost of home sales and brokered resales	14,531		25,245		51,647		65,318
Home selling expenses	1,599		1,492		4,665		4,358
Total expenses	17,524		28,502		60,647		73,559
Income from home sales and rentals operations segment	$	2,806	$	4,459	$	10,291	$	12,091

______________________

(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.

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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	(12,170)	$ (10,863)
Net increase in deferred revenue - upfront payments from membership grade sales	26,697	29,140
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	232,862
Deferred Commissions Expense
Movement in Deferred Sales Inducements [Roll Forward]
Deferred commission expense, beginning	53,641	50,441
Deferred commission expense	5,806	5,850
Commission expense recognized	(3,397)	(3,122)
Net increase in deferred commission expense	2,409	2,728
Deferred commission expense, ending	56,050	53,169
Membership Subscription
Movement in Deferred Revenue [Roll Forward]
Deferred revenue - upfront payments from membership upgrade sales, beginning	206,625	185,660
Membership upgrade sales	26,404	28,041
Revenue recognized from membership upgrade sales upfront payments	(12,170)	(10,863)
Net increase in deferred revenue - upfront payments from membership grade sales	14,234	17,178
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	$ 220,859	$ 202,838

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	186,512,609	186,426,281
Common stock, shares outstanding (in shares)	186,512,609	186,426,281

Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information
Operations revenues	$ 387,256	$ 388,813	$ 1,153,843	$ 1,128,779
Depreciation and amortization	(50,934)	(50,968)	(153,386)	(152,934)
Income before income taxes and other items	82,787	81,029	279,084	234,672
Reconciliation to consolidated net income:
Income from other investments, net	16,440	15,658	48,186	51,283
General and administrative	(9,274)	(9,895)	(30,248)	(38,163)
Casualty-related charges/(recoveries), net	(591)	0	20,422	0
Other expenses	(1,402)	(1,338)	(4,120)	(4,187)
Interest and related amortization	(36,497)	(33,434)	(106,077)	(99,144)
Income tax benefit	0	0	(239)	0
Equity in income of unconsolidated joint ventures	5,874	661	6,736	2,158
Early debt retirement	(30)	(68)	(30)	(68)
Consolidated net income	86,863	80,741	284,261	233,249
Total assets	5,644,119	5,626,291	5,644,119	5,626,291	$ 5,613,733
Capital improvements	58,398	82,170	175,629	231,172
Property Operations
Reconciliation to consolidated net income:
Total assets	5,397,984	5,351,993	5,397,984	5,351,993
Capital improvements	55,690	79,750	165,791	208,576
Home Sales and Rentals Operations
Reconciliation to consolidated net income:
Total assets	246,135	274,298	246,135	274,298
Capital improvements	2,708	2,420	9,838	22,596
Operating Segments
Segment Reporting Information
Operations revenues	382,634	384,204	1,139,965	1,115,259
Operations expenses	(205,741)	(212,081)	(601,320)	(599,611)
Income from segment operations	176,893	172,123	538,645	515,648
Interest income	2,390	2,268	6,848	6,601
Depreciation and amortization	(50,934)	(50,968)	(153,386)	(152,934)
Loss on sale of real estate and impairment, net		(949)	(1,798)	(3,581)
Income before income taxes and other items	126,551	122,474	390,309	365,734
Operating Segments \| Property Operations
Segment Reporting Information
Operations revenues	362,304	351,243	1,069,027	1,029,609
Operations expenses	(188,217)	(183,579)	(540,673)	(526,052)
Income from segment operations	174,087	167,664	528,354	503,557
Interest income	1,916	1,637	5,361	4,819
Depreciation and amortization	(48,528)	(48,242)	(145,920)	(144,659)
Loss on sale of real estate and impairment, net		(949)	(1,798)	(3,581)
Income before income taxes and other items	125,677	120,110	385,997	360,136
Reconciliation to consolidated net income:
Income from other investments, net	16,440	15,658	48,186	51,283
Operating Segments \| Home Sales and Rentals Operations
Segment Reporting Information
Operations revenues	20,330	32,961	70,938	85,650
Operations expenses	(17,524)	(28,502)	(60,647)	(73,559)
Income from segment operations	2,806	4,459	10,291	12,091
Interest income	474	631	1,487	1,782
Depreciation and amortization	(2,406)	(2,726)	(7,466)	(8,275)
Loss on sale of real estate and impairment, net		0	0	0
Income before income taxes and other items	874	2,364	4,312	5,598
Segment Reconciling Items
Reconciliation to consolidated net income:
Corporate interest income	40	8	170	22
Income from other investments, net	2,192	2,333	6,860	6,897
General and administrative	(9,274)	(9,895)	(30,248)	(38,163)
Casualty-related charges/(recoveries), net	(591)		20,422
Other expenses	(1,402)	(1,338)	(4,120)	(4,187)
Interest and related amortization	(36,497)	(33,434)	(106,077)	(99,144)
Income tax benefit			239
Equity in income of unconsolidated joint ventures	$ 5,874	661	6,736	$ 2,158
Early debt retirement		$ (68)	$ (30)

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental income	$ 314,468	$ 303,334	$ 931,854	$ 888,440
Other income	16,440	15,658	48,186	51,283
Interest income	2,430	2,276	7,018	6,623
Income from other investments, net	2,192	2,333	6,860	6,897
Total revenues	387,256	388,813	1,153,843	1,128,779
Expenses:
Property operating and maintenance	129,010	126,846	369,898	361,543
Real estate taxes	20,731	19,017	61,617	56,165
Membership sales and marketing	6,448	5,696	17,871	16,055
Depreciation and amortization	50,934	50,968	153,386	152,934
Home selling expenses and ancillary operating expenses	7,336	7,164	20,955	21,258
General and administrative	9,274	9,895	30,248	38,163
Casualty-related charges/(recoveries), net	591	0	(20,422)	0
Other expenses	1,402	1,338	4,120	4,187
Early debt retirement	30	68	30	68
Interest and related amortization	36,497	33,434	106,077	99,144
Total expenses	304,469	307,784	874,759	894,107
Income before income taxes and other items	82,787	81,029	279,084	234,672
Loss on sale of real estate and impairment, net	(1,798)	(949)	(1,798)	(3,581)
Income tax benefit	0	0	239	0
Equity in income of unconsolidated joint ventures	5,874	661	6,736	2,158
Consolidated net income	86,863	80,741	284,261	233,249
Income allocated to non-controlling interests – Common OP Units	(4,042)	(3,772)	(13,230)	(10,981)
Redeemable perpetual preferred stock dividends	0	0	(8)	(8)
Net income available for Common Stockholders	82,821	76,969	271,023	222,260
Other comprehensive income (loss):
Adjustment for fair market value of swap	(10,056)	(1,763)	(10,825)	(3,555)
Consolidated comprehensive income	76,807	78,978	273,436	229,694
Comprehensive income allocated to non-controlling interests – Common OP Units	(3,575)	(3,690)	(12,727)	(10,814)
Comprehensive income attributable to Common Stockholders	$ 73,232	$ 75,288	$ 260,701	$ 218,872
Earnings per Common Share – Basic (in usd per share)	$ 0.44	$ 0.41	$ 1.45	$ 1.19
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.44	$ 0.41	$ 1.45	$ 1.19
Weighted average Common Shares outstanding – Basic (in shares)	186,327	186,100	186,311	186,008
Weighted average Common Shares outstanding – Fully Diluted (in shares)	195,510	195,440	195,507	195,414
Annual membership subscriptions
Revenues:
Contract revenue	$ 16,714	$ 16,673	$ 49,298	$ 48,832
Membership upgrade sales
Revenues:
Contract revenue	4,173	3,744	12,170	10,863
Home sales, brokered resales and ancillary services
Revenues:
Contract revenue	30,839	44,795	98,457	115,841
Expenses:
Cost of services	22,051	33,471	71,668	85,880
Property management
Expenses:
Cost of services	$ 20,165	$ 19,887	$ 59,311	$ 58,710

Derivative Instruments and Hedging - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swaps - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative
Amount of (gain)/loss recognized in OCI on derivative	$ 2,168	$ (9,364)
Cash Flow Hedging \| Interest Expense
Derivative
Amount of (gain)/loss reclassified from accumulated OCI into income	$ (8,657)	$ (12,919)

Organization and Basis of Presentation (Details)	Sep. 30, 2024
Operating Partnership
Other Ownership Interests [Line Items]
Ownership interest (percent)	95.30%

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerators:
Net income available for Common Stockholders – Basic	$ 82,821	$ 76,969	$ 271,023	$ 222,260
Amounts allocated to non controlling interest (dilutive securities)	4,042	3,772	13,230	10,981
Net income available for Common Stockholders – Fully Diluted	$ 86,863	$ 80,741	$ 284,253	$ 233,241
Denominators:
Weighted average Common Shares outstanding – Basic (in shares)	186,327	186,100	186,311	186,008
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares (in shares)	9,105	9,235	9,105	9,246
Stock options and restricted stock (in shares)	78	105	91	160
Weighted average Common Shares outstanding and OP Units – Fully Diluted (in shares)	195,510	195,440	195,507	195,414
Earnings per Common Share – Basic (in usd per share)	$ 0.44	$ 0.41	$ 1.45	$ 1.19
Earnings per Common Share – Fully Diluted (in usd per share)	$ 0.44	$ 0.41	$ 1.45	$ 1.19

Reportable Segments - Narratives (Details)	9 Months Ended
Reportable Segments - Narratives (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		191,049,227
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895417
Current Fiscal Year End Date	--12-31

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2024, we sold approximately 4.5 million shares of our common stock at a price of $70.00 from our at-the-market (“ATM”) offering program. The net proceeds of $314.2 million were used to repay our $300.0 million unsecured term loan and to terminate the interest rate swaps, which fixed the interest rate of the term loan at 6.05% until maturity in April 2026. The total expense to terminate the swaps and write off unamortized loan costs is $5.8 million. Following Hurricane Milton, which made landfall on October 9, 2024, we have continued cleanup efforts at impacted properties. We believe that we have adequate insurance, subject to deductibles, including business interruption coverage, and at this time, we do not believe that Hurricane Milton will have a significant adverse impact on our results of operations or our financial condition on a consolidated basis.

Deferred Revenue from Membership Upgrade Sales and Deferred Commission Expense

9 Months Ended

Sep. 30, 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)	Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Deferred revenue - upfront payments from membership upgrade sales, beginning	$	206,625	$	185,660
Membership upgrade sales	26,404		28,041
Revenue recognized from membership upgrade sales upfront payments	(12,170)		(10,863)
Net increase in deferred revenue - upfront payments from membership grade sales	14,234		17,178
Deferred revenue - upfront payments from membership upgrade sales, ending (a)	$	220,859	$	202,838

Deferred commission expense, beginning	$	53,641	$	50,441
Deferred commission expense	5,806		5,850
Commission expense recognized	(3,397)		(3,122)
Net increase in deferred commission expense	2,409		2,728
Deferred commission expense, ending	$	56,050	$	53,169

_____________________

(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.

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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 September 30, 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 September 30, 2024 and December 31, 2023, restricted cash consisted of $21.9 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 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 September 30, 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 ($) $ / shares in Units, $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to incentive plans	$ 1.5			$ 1.8		$ 5.0	$ 12.9
Accelerated vesting of stock-based compensation expense					$ 6.3
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued (in shares)		29,855
Options issued (in usd per share)		$ 60.29
2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	3,766,336					3,766,336
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%
Restricted Stock \| 2014 Awards \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		16,626
Fair value of shares issued		$ 1.0
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

Derivative Instruments and Hedging - Narratives (Details)		1 Months Ended	9 Months Ended
	Oct. 03, 2024 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Apr. 30, 2024 USD ($) swap	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Senior Unsecured Term Loan \| Unsecured Debt
Derivative
Debt face amount			$ 300,000,000	$ 300,000,000.0	$ 200,000,000	$ 300,000,000	$ 200,000,000	$ 300,000,000
Senior Unsecured Term Loan \| Unsecured Debt \| Subsequent Event
Derivative
Repayments of debt	$ 300,000,000	$ 300,000,000
Interest Rate Swaps
Derivative
Derivative, notional amount								$ 300,000,000
Derivative fixed interest rate (percent)								0.41%
Number of interest rate swap agreements \| swap				3
Interest Rate Swaps \| Cash Flow Hedging
Derivative
Estimated accumulated other comprehensive income (loss) expected to be reclassified to expenses			$ (400,000)
Interest Rate Swaps \| Cash Flow Hedging \| Subsequent Event
Derivative
Estimated accumulated other comprehensive income (loss) expected to be reclassified to expenses	$ 4,400,000
2023 Interest Rate Swaps
Derivative
Derivative, notional amount					$ 200,000,000
Derivative fixed interest rate (percent)					3.68%
Basis spread on variable rate (percent)			1.20%
Derivative instrument, effective interest rate (percent)			4.88%
2024 Interest Rate Swaps
Derivative
Derivative, notional amount				$ 300,000,000.0
Derivative fixed interest rate (percent)				4.65%
Basis spread on variable rate (percent)			1.40%
Derivative instrument, effective interest rate (percent)			6.05%

Leases - Schedule of Minimum Future Operating Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2024	$ 2,041
2025	4,429
2026	4,140
2027	3,884
2028	3,707
Thereafter	14,725
Total undiscounted rental payments	32,926
Less imputed interest	(5,308)
Total lease liabilities	27,618	$ 25,700
Ground Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2024	153
2025	680
2026	684
2027	689
2028	685
Thereafter	3,840
Total undiscounted rental payments	6,731
Less imputed interest	(1,661)
Total lease liabilities	5,070
Office and Other Leases
Future Minimum Lease Payments Under Noncancelable Operating Leases [Line Items]
2024	1,888
2025	3,749
2026	3,456
2027	3,195
2028	3,022
Thereafter	10,885
Total undiscounted rental payments	26,195
Less imputed interest	(3,647)
Total lease liabilities	$ 22,548

Summary of Significant Accounting Policies - Narratives (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	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	$ 21,900,000		$ 25,700,000
Hurricane Ian
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expenses related to removal and cleanup	3,500,000	$ 12,100,000
Offsetting insurance recovery	2,500,000	12,100,000
Insurance recoveries	$ 21,500,000	$ 0
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

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment in real estate:
Land	$ 2,088,682	$ 2,088,657
Land improvements	4,536,573	4,380,649
Buildings and other depreciable property	1,230,614	1,236,985
Investment in real estate	7,855,869	7,706,291
Accumulated depreciation	(2,592,258)	(2,448,876)
Net investment in real estate	5,263,611	5,257,415
Cash and restricted cash	40,398	29,937
Notes receivable, net	55,037	49,937
Investment in unconsolidated joint ventures	84,834	85,304
Deferred commission expense	56,050	53,641
Other assets, net	144,189	137,499
Total Assets	5,644,119	5,613,733
Liabilities:
Mortgage notes payable, net	2,943,999	2,989,959
Term loans, net	497,873	497,648
Unsecured line of credit	32,500	31,000
Accounts payable and other liabilities	207,603	151,567
Deferred membership revenue	232,862	218,337
Accrued interest payable	11,991	12,657
Rents and other customer payments received in advance and security deposits	128,345	126,451
Distributions payable	93,407	87,493
Total Liabilities	4,148,580	4,115,112
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 186,512,609 and 186,426,281 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.	1,917	1,917
Paid-in capital	1,648,384	1,644,319
Distributions in excess of accumulated earnings	(219,724)	(223,576)
Accumulated other comprehensive income	(4,764)	6,061
Total Stockholders’ Equity	1,425,813	1,428,721
Non-controlling interests – Common OP Units	69,726	69,900
Total Equity	1,495,539	1,498,621
Total Liabilities and Equity	$ 5,644,119	$ 5,613,733

Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,554,898	$ 2,425,384
Carrying Value
Debt Instrument
Mortgage notes payable, excluding deferred financing costs	$ 2,969,092	$ 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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Common Stock and Other Equity Related Transactions - Distributions (Details) - $ / shares	Oct. 11, 2024	Jul. 12, 2024	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)		$ 0.4775	$ 0.4775	$ 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

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Derivative Instruments and Hedging - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities
Designated as Hedging Instrument \| Interest Rate Swaps
Derivative
Derivative asset	$ 0	$ 6,061
Derivative liability	$ (4,764)	$ 0

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or 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 liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Investment in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

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 Nine Months Ended
Investment	Location	Number of Sites	Economic Interest (a)			September 30, 2024		December 31, 2023		September 30, 2024		September 30, 2023
Meadows	Various	1,077	50	%		$	407	$	534	$	7,360	$	1,649
Lakeshore	Florida	721			(b)	3,764		3,387		665		487
Voyager	Arizona	—	—	%	(c)	—		—		—		694
ECHO JV	Various	—	50	%		2,797		2,773		24		(199)
RVC	Various	1,489	80	%	(d)	62,534		62,441		(801)		(297)
Mulberry Farms	Arizona	200	50	%		9,795		10,546		(625)		96
Hiawassee KOA JV	Georgia	283	50	%		5,537		5,623		113		(272)
		3,770				$	84,834	$	85,304	$	6,736	$	2,158

_____________________

(a)The percentages shown approximate our economic interest as of September 30, 2024. 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 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)Includes three joint ventures which include eight operating RV communities and one RV property under development.

We received approximately $15.4 million and $4.9 million in distributions from our unconsolidated joint ventures for the nine months ended September 30, 2024 and 2023, respectively. Approximately $7.0 million and $1.4 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the nine months ended September 30, 2024 and 2023, respectively, and as such, were recorded as income from unconsolidated joint ventures.

Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental income	$ 314,468	$ 303,334	$ 931,854	$ 888,440
Other income	16,440	15,658	48,186	51,283
Total revenues	387,256	388,813	1,153,843	1,128,779
Expenses:
Real estate taxes	20,731	19,017	61,617	56,165
Membership sales and marketing	6,448	5,696	17,871	16,055
Property management
Expenses:
Cost of ancillary services	20,165	19,887	59,311	58,710
Operating Segments
Revenues:
Total revenues	382,634	384,204	1,139,965	1,115,259
Expenses:
Total expenses	205,741	212,081	601,320	599,611
Income from segment operations	176,893	172,123	538,645	515,648
Operating Segments \| Property Operations
Revenues:
Rental income	311,072	299,781	921,555	877,310
Other income	16,440	15,658	48,186	51,283
Total revenues	362,304	351,243	1,069,027	1,029,609
Expenses:
Property operating and maintenance	127,616	125,081	365,563	357,660
Real estate taxes	20,731	19,017	61,617	56,165
Membership sales and marketing	6,448	5,696	17,871	16,055
Ancillary operating expenses	5,737	5,672	16,290	16,900
Total expenses	188,217	183,579	540,673	526,052
Income from segment operations	174,087	167,664	528,354	503,557
Operating Segments \| Property Operations \| Annual membership subscriptions
Revenues:
Contract revenue	16,714	16,673	49,298	48,832
Operating Segments \| Property Operations \| Membership upgrade sales
Revenues:
Contract revenue	4,173	3,744	12,170	10,863
Operating Segments \| Property Operations \| Gross revenues from ancillary services
Revenues:
Contract revenue	13,905	15,387	37,818	41,321
Expenses:
Cost of ancillary services	7,520	8,226	20,021	20,562
Operating Segments \| Property Operations \| Property management
Expenses:
Cost of ancillary services	20,165	19,887	59,311	58,710
Operating Segments \| Home Sales and Rentals Operations
Revenues:
Rental income	3,396	3,553	10,299	11,130
Total revenues	20,330	32,961	70,938	85,650
Expenses:
Property operating and maintenance	1,394	1,765	4,335	3,883
Home selling expenses	1,599	1,492	4,665	4,358
Total expenses	17,524	28,502	60,647	73,559
Income from segment operations	2,806	4,459	10,291	12,091
Operating Segments \| Home Sales and Rentals Operations \| Home sales and brokered resales
Revenues:
Contract revenue	16,934	29,408	60,639	74,520
Expenses:
Cost of ancillary services	$ 14,531	$ 25,245	$ 51,647	$ 65,318

Common Stock and Other Equity Related Transactions (Tables)

9 Months Ended

Sep. 30, 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

$0.4775

June 30, 2024

June 28, 2024

July 12, 2024

$0.4775

September 30, 2024

September 27, 2024

October 11, 2024

Common Stock and Other Equity Related Transactions - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 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	131,192
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
At-The-Market ("ATM") Offering Program \| Subsequent Event
Class of Stock [Line Items]
Common stock sold (in shares)	4,500,000
Sale of stock, price (in usd per share)	$ 70.00

- 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

Investment in Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition
Loss on sale of real estate and impairment, net	$ 1,798	$ 949	$ 1,798	$ 3,581
Florida \| Storm Events
Business Acquisition
Impairment		900		900
CALIFORNIA \| Flooding Events
Business Acquisition
Impairment		$ 3,600		$ 3,600

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 September 30, 2024 and December 31, 2023, restricted cash consisted of $21.9 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 nine months ended September 30, 2024 and September 30, 2023, we recognized approximately $3.5 million and $12.1 million, respectively, of expense related to debris removal and cleanup related to Hurricane Ian and Hurricane Helene. We recorded an offsetting insurance recovery revenue accrual for Hurricane Ian of $2.5 million and $12.1 million, respectively, to offset the expenses incurred during the same period. During the nine months ended September 30, 2024 and September 30, 2023, we also recorded $21.5 million and zero, respectively, of insurance recovery revenue in excess of expenses and business interruption proceeds 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.

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2024		2023		2024		2023
Numerators:
Net income available for Common Stockholders – Basic	$	82,821	$	76,969	$	271,023	$	222,260
Amounts allocated to non controlling interest (dilutive securities)	4,042		3,772		13,230		10,981
Net income available for Common Stockholders – Fully Diluted	$	86,863	$	80,741	$	284,253	$	233,241
Denominators:
Weighted average Common Shares outstanding – Basic	186,327		186,100		186,311		186,008
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,105		9,235		9,105		9,246
Stock options and restricted stock	78		105		91		160
Weighted average Common Shares outstanding and OP Units – Fully Diluted	195,510		195,440		195,507		195,414

Earnings per Common Share – Basic	$	0.44	$	0.41	$	1.45	$	1.19

Earnings per Common Share – Fully Diluted	$	0.44	$	0.41	$	1.45	$	1.19

Reportable Segments

9 Months Ended

Sep. 30, 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 or nine months ended September 30, 2024 or 2023.

The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2024 and 2023:

Quarter Ended September 30, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	362,304	$	20,330	$	382,634
Operations expenses	(188,217)		(17,524)		(205,741)
Income from segment operations	174,087		2,806		176,893
Interest income	1,916		474		2,390
Depreciation and amortization	(48,528)		(2,406)		(50,934)
Loss on sale of real estate and impairment, net	(1,798)		—		(1,798)
Income from operations	$	125,677	$	874	$	126,551
Reconciliation to consolidated net income:
Corporate interest income					40
Income from other investments, net					2,192
General and administrative					(9,274)
Casualty-related charges/(recoveries), net					(591)
Other expenses					(1,402)
Interest and related amortization					(36,497)

Equity in income of unconsolidated joint ventures					5,874
Early debt retirement					(30)
Consolidated net income					$	86,863

Total assets	$	5,397,984	$	246,135	$	5,644,119
Capital improvements	$	55,690	$	2,708	$	58,398

Quarter Ended September 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	351,243	$	32,961	$	384,204
Operations expenses	(183,579)		(28,502)		(212,081)
Income from segment operations	167,664		4,459		172,123
Interest income	1,637		631		2,268
Depreciation and amortization	(48,242)		(2,726)		(50,968)
Loss on sale of real estate and impairment, net	(949)		—		(949)
Income from operations	$	120,110	$	2,364	$	122,474
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,333
General and administrative					(9,895)
Other expenses					(1,338)
Interest and related amortization					(33,434)
Equity in income of unconsolidated joint ventures					661
Early debt retirement					(68)
Consolidated net income					$	80,741

Total assets	$	5,351,993	$	274,298	$	5,626,291
Capital improvements	$	79,750	$	2,420	$	82,170

Nine Months Ended September 30, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,069,027	$	70,938	$	1,139,965
Operations expenses	(540,673)		(60,647)		(601,320)
Income from segment operations	528,354		10,291		538,645
Interest income	5,361		1,487		6,848
Depreciation and amortization	(145,920)		(7,466)		(153,386)
Loss on sale of real estate and impairment, net	(1,798)		—		(1,798)
Income from operations	$	385,997	$	4,312	$	390,309
Reconciliation to consolidated net income:
Corporate interest income					170
Income from other investments, net					6,860
General and administrative					(30,248)
Casualty-related charges/(recoveries), net					20,422
Other expenses					(4,120)
Interest and related amortization					(106,077)
Income tax benefit					239
Equity in income of unconsolidated joint ventures					6,736
Early debt retirement					(30)
Consolidated net income					$	284,261

Total assets	$	5,397,984	$	246,135	$	5,644,119
Capital improvements	$	165,791	$	9,838	$	175,629

Nine Months Ended September 30, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,029,609	$	85,650	$	1,115,259
Operations expenses	(526,052)		(73,559)		(599,611)
Income from segment operations	503,557		12,091		515,648
Interest income	4,819		1,782		6,601
Depreciation and amortization	(144,659)		(8,275)		(152,934)
Loss on sale of real estate and impairment, net	(3,581)		—		(3,581)
Income from operations	$	360,136	$	5,598	$	365,734
Reconciliation to consolidated net income:
Corporate interest income					22
Income from other investments, net					6,897
General and administrative					(38,163)
Other expenses					(4,187)
Interest and related amortization					(99,144)
Equity in income of unconsolidated joint ventures					2,158
Early debt retirement					(68)
Consolidated net income					$	233,249

Total assets	$	5,351,993	$	274,298	$	5,626,291
Capital improvements	$	208,576	$	22,596	$	231,172

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2024 and 2023:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2024		2023		2024		2023
Revenues:
Rental income	$	311,072	$	299,781	$	921,555	$	877,310
Annual membership subscriptions	16,714		16,673		49,298		48,832
Membership upgrade sales	4,173		3,744		12,170		10,863
Other income	16,440		15,658		48,186		51,283
Gross revenues from ancillary services	13,905		15,387		37,818		41,321
Total property operations revenues	362,304		351,243		1,069,027		1,029,609
Expenses:
Property operating and maintenance	127,616		125,081		365,563		357,660
Real estate taxes	20,731		19,017		61,617		56,165
Membership sales and marketing	6,448		5,696		17,871		16,055

Cost of ancillary services	7,520		8,226		20,021		20,562
Ancillary operating expenses	5,737		5,672		16,290		16,900
Property management	20,165		19,887		59,311		58,710
Total property operations expenses	188,217		183,579		540,673		526,052
Income from property operations segment	$	174,087	$	167,664	$	528,354	$	503,557

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2024 and 2023:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2024		2023		2024		2023
Revenues:
Rental income (1)	$	3,396	$	3,553	$	10,299	$	11,130
Gross revenue from home sales and brokered resales	16,934		29,408		60,639		74,520
Total revenues	20,330		32,961		70,938		85,650
Expenses:
Rental home operating and maintenance	1,394		1,765		4,335		3,883
Cost of home sales and brokered resales	14,531		25,245		51,647		65,318
Home selling expenses	1,599		1,492		4,665		4,358
Total expenses	17,524		28,502		60,647		73,559
Income from home sales and rentals operations segment	$	2,806	$	4,459	$	10,291	$	12,091

______________________

(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.

+ References

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+ Details

Derivative Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 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 September 30,		As of December 31,
(amounts in thousands)	Balance Sheet Location	2024		2023
Interest Rate Swaps	Other assets, net	$	—	$	6,061
Interest Rate Swaps	Accounts payable and other liabilities	(4,764)		—

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 nine months ended September 30,				Location of (gain)/ loss reclassified from Accumulated OCI into income	Amount of (gain)/loss reclassified from Accumulated OCI into income for the nine months ended September 30,
(amounts in thousands)	2024		2023		(amounts in thousands)	2024		2023
Interest Rate Swaps	$	2,168	$	(9,364)	Interest Expense	$	(8,657)	$	(12,919)

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, 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	(3,555)
Ending balance at Sep. 30, 2023	1,497,007	1,917	1,641,553	0	(232,081)	15,564	70,054
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
Increase (Decrease) in Stockholders' Equity
Exchange of Common OP Units for Common Stock	0	1	812				(813)
Issuance of Common Stock through employee stock purchase plan	736		736
Compensation expenses related to restricted stock and stock options	1,799		1,799
Adjustment for Common OP Unitholders in the Operating Partnership	0		(27)				27
Adjustment for fair market value of swap	(1,763)					(1,763)
Consolidated net income	80,741				76,969		3,772
Distributions	(87,497)				(83,410)		(4,087)
Other	(121)		(121)
Ending balance at Sep. 30, 2023	1,497,007	1,917	1,641,553	0	(232,081)	15,564	70,054
Beginning balance at Dec. 31, 2023	1,498,621	1,917	1,644,319	0	(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	0	(202,721)	5,280	70,860
Beginning balance at Dec. 31, 2023	1,498,621	1,917	1,644,319	0	(223,576)	6,061	69,900
Increase (Decrease) in Stockholders' Equity
Adjustment for fair market value of swap	(10,825)
Ending balance at Sep. 30, 2024	1,495,539	1,917	1,648,384	0	(219,724)	(4,764)	69,726
Beginning balance at Mar. 31, 2024	1,519,746	1,917	1,644,410	0	(202,721)	5,280	70,860
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	1,767		1,767
Adjustment for Common OP Unitholders in the Operating Partnership	0		(76)				76
Adjustment for fair market value of swap	12					12
Consolidated net income	82,127			8	78,297		3,822
Distributions	(93,417)			(8)	(89,062)		(4,347)
Other	(323)		(323)
Ending balance at Jun. 30, 2024	1,510,294	1,917	1,646,160	0	(213,486)	5,292	70,411
Increase (Decrease) in Stockholders' Equity
Issuance of Common Stock through employee stock purchase plan	394		394
Compensation expenses related to restricted stock and stock options	1,535		1,535
Adjustment for Common OP Unitholders in the Operating Partnership	0		380				(380)
Adjustment for fair market value of swap	(10,056)					(10,056)
Consolidated net income	86,863				82,821	0	4,042
Distributions	(93,406)				(89,059)		(4,347)
Other	(85)		(85)
Ending balance at Sep. 30, 2024	$ 1,495,539	$ 1,917	$ 1,648,384	$ 0	$ (219,724)	$ (4,764)	$ 69,726

Earnings Per Common Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:


	Quarters Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2024		2023		2024		2023
Numerators:
Net income available for Common Stockholders – Basic	$	82,821	$	76,969	$	271,023	$	222,260
Amounts allocated to non controlling interest (dilutive securities)	4,042		3,772		13,230		10,981
Net income available for Common Stockholders – Fully Diluted	$	86,863	$	80,741	$	284,253	$	233,241
Denominators:
Weighted average Common Shares outstanding – Basic	186,327		186,100		186,311		186,008
Effect of dilutive securities:
Exchange of Common OP Units for Common Shares	9,105		9,235		9,105		9,246
Stock options and restricted stock	78		105		91		160
Weighted average Common Shares outstanding and OP Units – Fully Diluted	195,510		195,440		195,507		195,414

Earnings per Common Share – Basic	$	0.44	$	0.41	$	1.45	$	1.19

Earnings per Common Share – Fully Diluted	$	0.44	$	0.41	$	1.45	$	1.19

Equity Incentive Awards	9 Months Ended
Equity Incentive Awards	Sep. 30, 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. Our 2024 Equity Incentive Plan (the “2024 Plan”) was adopted by our Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024. The 2024 Plan replaces the 2014 Plan and is the sole plan available to us to provide equity incentive compensation to eligible participants as of its adoption. No further awards will be granted under the 2014 Plan. The 2024 Plan authorizes grants of options, restricted stock, and other forms of equity-based compensation, subject to conditions and restrictions determined by the Compensation Committee. Our Compensation Committee (or our Board of Directors with respect to awards made to our independent directors) determines the terms and conditions of each award at the time of grant, including whether payment of awards may be subject to the achievement of performance goals, consistent with the provisions of the 2024 Plan. A maximum of 3,766,336 shares of common stock are available for grant under the 2024 Plan. During the quarter ended June 30, 2024, we awarded to certain members of our Board of Directors 16,626 shares of restricted stock at a fair value of approximately $1.0 million and options to purchase 29,855 shares of common stock with an exercise price of $60.29. These are time-based awards subject to various vesting dates between November 1, 2024 and April 30, 2027. Stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, was $1.5 million and $1.8 million for the quarters ended September 30, 2024 and 2023, respectively, and $5.0 million and $12.9 million for the nine months ended September 30, 2024 and 2023, respectively. Stock-based compensation expense of $12.9 million for the nine months ended September 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.

Common Stock and Other Equity Related Transactions

9 Months Ended

Sep. 30, 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

$0.4775

June 30, 2024

June 28, 2024

July 12, 2024

$0.4775

September 30, 2024

September 27, 2024

October 11, 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 nine months ended September 30, 2024 and 131,192 OP Units exchanged for an equal number of shares of Common Stock during the nine months ended September 30, 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 September 30, 2024, the full capacity of our ATM equity offering program remained available for issuance. In October 2024, we sold approximately 4.5 million shares of our common stock at a price of $70.00 from our at-the-market (“ATM”) offering program. See Note 14. Subsequent Events for additional information.

- Definition

The entire disclosure for equity.

+ References

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+ Details