Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Commission File Number | 1-11718 | |
Entity Registrant Name | EQUITY LIFESTYLE PROPERTIES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 36-3857664 | |
Entity Address, Street Name | Two North Riverside Plaza, Suite 800 | |
Entity Address, City | Chicago, | |
Entity Address, State | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 279-1400 | |
Title of each class | Common Stock, $0.01 Par Value | |
Trading Symbol(s) | ELS | |
Name of each exchange on which registered | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 182,146,987 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000895417 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment in real estate: | ||
Land | $ 1,526,225 | $ 1,525,407 |
Land improvements | 3,362,287 | 3,336,070 |
Buildings and other depreciable property | 892,816 | 881,572 |
Investment in real estate | 5,781,328 | 5,743,049 |
Accumulated depreciation | (1,812,822) | (1,776,224) |
Net investment in real estate | 3,968,506 | 3,966,825 |
Cash and restricted cash | 96,921 | 28,860 |
Notes receivable, net | 35,227 | 37,558 |
Investment in unconsolidated joint ventures | 20,130 | 20,074 |
Deferred commission expense | 41,230 | 41,149 |
Other assets, net | 50,450 | 56,809 |
Total Assets | 4,212,464 | 4,151,275 |
Liabilities: | ||
Mortgage notes payable, net | 2,260,819 | 2,049,509 |
Term loan, net | 199,030 | 198,949 |
Unsecured line of credit | 0 | 160,000 |
Accounts payable and other liabilities | 124,396 | 124,665 |
Accrued interest payable | 8,627 | 8,639 |
Rents and other customer payments received in advance and security deposits | 91,152 | 91,234 |
Distributions payable | 65,858 | 58,978 |
Total Liabilities | 2,891,557 | 2,829,387 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2020 and December 31, 2019; none issued and outstanding. | 0 | 0 |
Common stock, $0.01 par value, 400,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 182,144,559 and 182,089,595 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively. | 1,812 | 1,812 |
Paid-in capital | 1,402,514 | 1,402,696 |
Distributions in excess of accumulated earnings | (153,703) | (154,318) |
Accumulated other comprehensive income (loss) | (1,713) | (380) |
Total Stockholders’ Equity | 1,248,910 | 1,249,810 |
Non-controlling interests – Common OP Units | 71,997 | 72,078 |
Total Equity | 1,320,907 | 1,321,888 |
Total Liabilities and Equity | 4,212,464 | 4,151,275 |
Deferred revenue – upfront payments from membership upgrade sales | ||
Liabilities: | ||
Deferred revenue | 129,356 | 126,814 |
Deferred revenue – annual membership subscriptions | ||
Liabilities: | ||
Deferred revenue | $ 12,319 | $ 10,599 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 182,144,559 | 182,089,595 |
Common stock, shares outstanding (in shares) | 182,144,559 | 182,089,595 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Rental income | $ 239,346 | $ 223,566 |
Other income | 11,059 | 10,370 |
Interest income | 1,807 | 1,751 |
Income from other investments, net | 643 | 986 |
Total revenues | 280,476 | 259,090 |
Expenses: | ||
Property operating and maintenance | 83,634 | 77,948 |
Real estate taxes | 16,841 | 15,323 |
Sales and marketing, gross | 3,978 | 3,409 |
Membership sales commissions, deferred, net | (216) | (191) |
Depreciation and amortization | 39,024 | 37,977 |
Home selling expenses | 1,213 | 1,083 |
General and administrative | 10,855 | 9,909 |
Other expenses | 588 | 427 |
Early debt retirement | 1,054 | 0 |
Interest and related amortization | 26,073 | 26,393 |
Total expenses | 209,959 | 192,595 |
Gain on sale of real estate, net | 0 | 52,507 |
Income before equity in income of unconsolidated joint ventures | 70,517 | 119,002 |
Equity in income of unconsolidated joint ventures | 207 | 1,533 |
Consolidated net income | 70,724 | 120,535 |
Income allocated to non-controlling interests – Common OP Units | (3,849) | (7,226) |
Net income available for Common Stockholders | 66,875 | 113,309 |
Other comprehensive income (loss): | ||
Adjustment for fair market value of swap | (1,333) | (931) |
Consolidated comprehensive income | 69,391 | 119,604 |
Comprehensive income allocated to non-controlling interests – Common OP Units | (3,776) | (7,170) |
Comprehensive income attributable to Common Stockholders | $ 65,615 | $ 112,434 |
Earnings per common share – basic (usd per share) | $ 0.37 | $ 0.63 |
Earnings per common share – fully diluted (usd per share) | $ 0.37 | $ 0.63 |
Weighted average common shares outstanding – basic (in shares) | 181,729 | 179,560 |
Weighted average number of shares outstanding, diluted (in shares) | 192,564 | 191,248 |
Annual membership subscriptions | ||
Revenues: | ||
Contract revenue | $ 13,073 | $ 12,316 |
Membership upgrade sales current period, gross | ||
Revenues: | ||
Contract revenue | 4,843 | 3,838 |
Membership upgrade sales upfront payments, deferred, net | ||
Revenues: | ||
Contract revenue | (2,542) | (1,771) |
Gross revenues from home sales | ||
Revenues: | ||
Contract revenue | 11,309 | 6,475 |
Expenses: | ||
Cost of services | 11,911 | 6,632 |
Brokered resale and ancillary services revenues, net | ||
Revenues: | ||
Contract revenue | 938 | 1,559 |
Property management | ||
Expenses: | ||
Cost of services | $ 15,004 | $ 13,685 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling interests – Common OP Units |
Beginning balance at Dec. 31, 2018 | $ 1,193,344 | $ 1,792 | $ 1,328,495 | $ (211,034) | $ 2,299 | $ 71,792 |
Increase (Decrease) in Stockholders' Equity | ||||||
Exchange of Common OP Units for Common Stock | 0 | 66 | (66) | |||
Issuance of Common Stock through exercise of options | 53 | 53 | ||||
Issuance of Common Stock through employee stock purchase plan | 652 | 652 | ||||
Compensation expenses related to restricted stock and stock options | 2,420 | 2,420 | ||||
Repurchase of Common Stock or Common OP Units | (53) | (53) | ||||
Adjustment for Common OP Unitholders in the Operating Partnership | 0 | (56) | 56 | |||
Adjustment for fair market value of swap | (931) | (931) | ||||
Consolidated net income | 120,535 | 113,309 | 7,226 | |||
Distributions | (58,639) | (55,123) | (3,516) | |||
Other | (63) | (63) | ||||
Ending balance at Mar. 31, 2019 | 1,257,318 | 1,792 | 1,331,514 | (152,848) | 1,368 | 75,492 |
Beginning balance at Dec. 31, 2019 | 1,321,888 | 1,812 | 1,402,696 | (154,318) | (380) | 72,078 |
Increase (Decrease) in Stockholders' Equity | ||||||
Adjustment for fair market value of swap | (1,333) | |||||
Ending balance at Mar. 31, 2020 | 1,320,907 | 1,812 | 1,402,514 | (153,703) | (1,713) | 71,997 |
Increase (Decrease) in Stockholders' Equity | ||||||
Cumulative effect of change in accounting principle (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326)) | (3,875) | (3,875) | ||||
Beginning balance at Jan. 01, 2020 | 1,318,013 | 1,812 | 1,402,696 | (158,193) | (380) | 72,078 |
Increase (Decrease) in Stockholders' Equity | ||||||
Exchange of Common OP Units for Common Stock | 0 | 63 | (63) | |||
Issuance of Common Stock through employee stock purchase plan | 619 | 619 | ||||
Compensation expenses related to restricted stock and stock options | 2,964 | 2,964 | ||||
Repurchase of Common Stock or Common OP Units | (3,962) | (3,962) | ||||
Adjustment for Common OP Unitholders in the Operating Partnership | 0 | 277 | (277) | |||
Adjustment for fair market value of swap | (1,333) | (1,333) | ||||
Consolidated net income | 70,724 | 66,875 | 3,849 | |||
Distributions | (65,975) | (62,385) | (3,590) | |||
Other | (143) | (143) | ||||
Ending balance at Mar. 31, 2020 | $ 1,320,907 | $ 1,812 | $ 1,402,514 | $ (153,703) | $ (1,713) | $ 71,997 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Consolidated net income | $ 70,724 | $ 120,535 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Gain on sale of real estate, net | 0 | (52,507) |
Early debt retirement | 1,054 | 0 |
Depreciation and amortization | 39,628 | 38,404 |
Amortization of loan costs | 872 | 887 |
Debt premium amortization | (114) | (101) |
Equity in income of unconsolidated joint ventures | (207) | (1,533) |
Distributions of income from unconsolidated joint ventures | 0 | 677 |
Proceeds from insurance claims, net | 756 | 4,150 |
Compensation expense related to restricted stock and stock options | 2,964 | 2,420 |
Revenue recognized from membership upgrade sales upfront payments | (2,301) | (2,067) |
Commission expense recognized related to membership sales | 940 | 938 |
Long-term incentive plan compensation | 383 | (3,987) |
Changes in assets and liabilities: | ||
Notes receivable, net | (317) | 122 |
Deferred commission expense | (1,020) | (1,035) |
Other assets, net | 13,324 | (9,238) |
Accounts payable and other liabilities | (2,096) | 20,402 |
Rents and other customer payments received in advance and security deposits | (261) | 3,202 |
Net cash provided by operating activities | 130,892 | 128,098 |
Cash Flows From Investing Activities: | ||
Real estate acquisitions, net | (1,352) | (13,012) |
Proceeds from disposition of properties, net | 0 | 77,746 |
Distributions of capital from unconsolidated joint ventures | 150 | 58 |
Proceeds from insurance claims | 0 | 761 |
Capital improvements | (48,959) | (52,441) |
Net cash provided by (used in) investing activities | (50,161) | 13,112 |
Cash Flows From Financing Activities: | ||
Proceeds from stock options and employee stock purchase plan | 619 | 652 |
Distributions: | ||
Common Stockholders | (55,765) | (49,457) |
Common OP Unitholders | (3,213) | (3,161) |
Share based award tax withholding payments | (3,962) | 0 |
Principal payments and mortgage debt repayment | (61,791) | (13,683) |
Mortgage notes payable financing proceeds | 275,385 | 0 |
Line of Credit repayment | (222,500) | 0 |
Line of Credit proceeds | 62,500 | 0 |
Debt issuance and defeasance costs | (3,800) | (250) |
Other | (143) | (63) |
Net cash used in financing activities | (12,670) | (65,962) |
Net increase (decrease) in cash and restricted cash | 68,061 | 75,248 |
Cash and restricted cash, beginning of period | 28,860 | 68,974 |
Cash and restricted cash, end of period | 96,921 | 144,222 |
Supplemental Information: | ||
Cash paid for interest | 25,518 | 25,729 |
Net investment in real estate – reclassification of rental homes | 9,319 | 5,520 |
Other assets, net – reclassification of rental homes | (9,319) | (5,520) |
Real estate acquisitions: | ||
Investment in real estate | (1,531) | (25,797) |
Debt assumed | 0 | 11,208 |
Other liabilities | 179 | 1,577 |
Real estate acquisitions, net | 1,352 | 13,012 |
Real estate dispositions: | ||
Investment in real estate | 0 | 35,572 |
Notes receivable, net | 0 | 295 |
Other assets, net | 0 | 97 |
Mortgage notes payable, net | 0 | (11,175) |
Other liabilities | 0 | 450 |
Gain on sale of real estate, net | 0 | 52,507 |
Proceeds from disposition of properties, net | 0 | 77,746 |
Deferred revenue – upfront payments from membership upgrade sales | ||
Changes in assets and liabilities: | ||
Deferred revenue | 4,843 | 3,838 |
Deferred revenue – annual membership subscriptions | ||
Changes in assets and liabilities: | ||
Deferred revenue | $ 1,720 | $ 2,991 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of March 31, 2020 . 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, 2019 . Intercompany balances and transactions have been eliminated. All adjustments to the interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. On October 15, 2019, we effected a two -for-one stock split of our common stock. Pursuant to the anti-dilution provision in the Operating Partnership's Agreement of Limited Partnership, the stock split also effected a two-for one split of the outstanding Operating Partnership units ("OP units"). All shares of common stock and OP units and per share data in the consolidated financial statements and accompanying notes, for all periods presented, have been adjusted to reflect the stock split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Recently Adopted Accounting Pronouncements On January 1, 2020, we prospectively adopted FASB ("ASU 2018-15") Intangibles - Goodwill and Other - Internal-Use Software (ASC 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides guidance on accounting for fees paid when the arrangement includes a software license and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The adoption of this guidance did not have a material impact on our consolidated financial statements. On January 1, 2020 we adopted FASB (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) using the modified retrospective approach. ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities should use forward-looking information to better form their credit loss estimates. We are exposed to credit losses primarily through sales of annual membership subscriptions and membership upgrades and home sales. We have developed an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of our receivables considering current market conditions and estimates for forecasts when appropriate. The estimate is a result of our ongoing assessments and evaluations of collectability, historical loss experience and future expectations in estimating credit losses in each of our receivable portfolios. We recognized a cumulative-effect adjustment of $3.9 million , which decreased opening retained earnings as of January 1, 2020. The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows: Balance net of allowance Balance Sheet Location Balance at December 31, 2019 Adjustment due to ASU 2016-13 Adoption Balance at January 1, 2020 Balance at March 31, 2020 (amounts in thousands) Annual membership subscriptions Other assets, net $ 2,394 $ (1,361 ) $ 1,033 $ 1,232 Membership upgrades Notes receivable, net $ 25,236 $ (2,514 ) $ 22,722 $ 23,149 (b) Revenue Recognition Rental income is accounted for in accordance with the ASC 842, Leases , and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. Expected credit losses related to the collectability of lease receivables are presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of expected credit losses. See Note 3. Leases for additional information. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. 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. (c) Restricted Cash As of March 31, 2020 and December 31, 2019 , restricted cash consists of $27.6 million and $25.1 million |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases , and is recognized over the term of the respective operating 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. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months . Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of March 31, 2020 2020 $ 63,393 2021 85,220 2022 53,423 2023 20,119 2024 20,144 Thereafter 79,241 Total $ 321,540 Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 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 2026 . For the quarters ended March 31, 2020 and 2019 , total operating lease payments were $2.4 million and $2.3 million , respectively. The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2020 : As of March 31, 2020 (amounts in thousands) Ground Leases Office and Other Leases Total 2020 $ 1,462 $ 2,444 $ 3,906 2021 1,949 2,602 4,551 2022 1,479 916 2,395 2023 534 687 1,221 2024 534 505 1,039 Thereafter 4,984 484 5,468 Total undiscounted rental payments 10,942 7,638 18,580 Less imputed interest (2,300 ) (558 ) (2,858 ) Total lease liabilities $ 8,642 $ 7,080 $ 15,722 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 $14.7 million and $15.7 million , respectively, as of March 31, 2020 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.3% at March 31, 2020 . ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $15.1 million and $16.2 million , respectively, as of December 31, 2019 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019 . |
Leases | Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases , and is recognized over the term of the respective operating 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. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months . Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of March 31, 2020 2020 $ 63,393 2021 85,220 2022 53,423 2023 20,119 2024 20,144 Thereafter 79,241 Total $ 321,540 Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 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 2026 . For the quarters ended March 31, 2020 and 2019 , total operating lease payments were $2.4 million and $2.3 million , respectively. The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2020 : As of March 31, 2020 (amounts in thousands) Ground Leases Office and Other Leases Total 2020 $ 1,462 $ 2,444 $ 3,906 2021 1,949 2,602 4,551 2022 1,479 916 2,395 2023 534 687 1,221 2024 534 505 1,039 Thereafter 4,984 484 5,468 Total undiscounted rental payments 10,942 7,638 18,580 Less imputed interest (2,300 ) (558 ) (2,858 ) Total lease liabilities $ 8,642 $ 7,080 $ 15,722 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 $14.7 million and $15.7 million , respectively, as of March 31, 2020 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.3% at March 31, 2020 . ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $15.1 million and $16.2 million , respectively, as of December 31, 2019 . The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.4% at December 31, 2019 . |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share of common stock, as adjusted for the stock split, for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands, except per share data) 2020 2019 Numerators: Net income available for Common Stockholders – Basic $ 66,875 $ 113,309 Amounts allocated to dilutive securities 3,849 7,226 Net income available for Common Stockholders – Fully Diluted $ 70,724 $ 120,535 Denominators: Weighted average Common Shares outstanding – Basic 181,729 179,560 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 10,491 11,482 Stock options and restricted stock 344 206 Weighted average Common Shares outstanding – Fully Diluted 192,564 191,248 Earnings per Common Share – Basic $ 0.37 $ 0.63 Earnings per Common Share – Fully Diluted $ 0.37 $ 0.63 |
Common Stock and Other Equity R
Common Stock and Other Equity Related Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions Two-for-One Common Stock and OP Units Split On October 15, 2019, a two -for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019. In connection with our stock split, the OP Units of our Operating Partnership were also split on a two -for-one basis. Common Stockholder Distribution Activity The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019. Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.3063 March 31, 2019 March 29, 2019 April 12, 2019 $0.3063 June 30, 2019 June 28, 2019 July 12, 2019 $0.3063 September 30, 2019 September 27, 2019 October 11, 2019 $0.3063 December 31, 2019 December 27, 2019 January 10, 2020 $0.3425 March 31, 2020 March 27, 2020 April 10, 2020 Equity Offering Program Our at-the-market (“ATM”) equity offering program allows us to sell, from time-to-time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million . As of March 31, 2020 , we have $140.7 million of common stock available under the ATM offering program for issuance. Exchanges Subject to certain limitations, OP Unit holders can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the quarters ended March 31, 2020 and 2019 , 9,228 and 10,650 OP Units, respectively, were exchanged for an equal number of shares of Common Stock |
Investment in Real Estate
Investment in Real Estate | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions On March 25, 2019, we completed the acquisitions of Drummer Boy Camping Resort, a 465 -site RV community located in Gettysburg, Pennsylvania, and Lake of the Woods Campground, a 303 -site RV community located in Wautoma, Wisconsin, for a total purchase price of $25.4 million . These acquisitions were funded with available cash and a loan assumption of approximately $10.8 million , excluding mortgage premium of $0.4 million . Dispositions On January 23, 2019 , we closed on the sale of five all-age MH communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million and recognized a gain of $52.5 million |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2020 and December 31, 2019 , respectively ) : Investment as of Income/(Loss) for Investment Location Number of Sites Economic (a) March 31, December 31, March 31, March 31, Meadows Various (2,2) 1,077 50 % $ 146 $ 146 $ — $ 397 Lakeshore Florida (3,3) 721 (b) 2,408 2,467 90 69 Voyager Arizona (1,1) 1,801 50 % (c) 588 599 (10 ) 604 Loggerhead Florida 2,343 — % (d) — — — 321 ECHO JV Various — 50 % 16,988 16,862 127 142 5,942 $ 20,130 $ 20,074 $ 207 $ 1,533 _____________________ (a) The percentages shown approximate our economic interest as of March 31, 2020 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and the Crosswinds joint venture in which we own a 49% interest. (c) Primarily consists of a 50% interest in Voyager RV Resort and a 33% interest in the utility plant servicing this Property. (d) On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture. Loggerhead sites represent marina slip count. We received approximately $0.2 million and $0.7 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2020 and 2019 , respectively. Approximately $0.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarter ended March 31, 2020 , and as such, were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceeded our basis in joint ventures for the quarter ended March 31, 2019 . |
Borrowing Arrangements
Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | Notes Payable Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of March 31, 2020 As of December 31, 2019 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,414,922 $ 2,285,847 $ 2,227,185 $ 2,072,416 The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of March 31, 2020 , was approximately 4.3% per annum. The debt bears interest at stated rates ranging from 2.7% to 8.9% per annum and matures on various dates ranging from 2021 to 2041 . The debt encumbered a total of 125 and 116 of our Properties as of March 31, 2020 and December 31, 2019 , respectively, and the gross carrying value of such Properties was approximately $2,634.2 million and $2,524.7 million , as of March 31, 2020 and December 31, 2019 , respectively. 2020 Activity During the quarter ended March 31, 2020 , we entered into a $275.4 million secured credit facility with Fannie Mae, maturing in 10 years and bearing a 2.7% interest rate. The facility is secured by eight MH and four RV communities. We also repaid $48.1 million of principal on three mortgage loans that were due to mature in 2020, incurring $1.0 million of prepayment penalties. These mortgage loans had a weighted average interest rate of 5.2% per annum and were secured by three MH communities. 2019 Activity During the quarter ended March 31, 2019, we defeased mortgage debt of $11.2 million in conjunction with the disposition of five all-age MH communities as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.0% per annum. We also assumed mortgage debt of $10.8 million , excluding mortgage note premium of $0.4 million , as a result of the acquisitions that were closed during the quarter. This loan carries an interest rate of 5.5% per annum and matures in 2024. Unsecured Line of Credit During the quarter ended March 31, 2020 , we borrowed and paid off amounts on our unsecured Line of Credit ("LOC"), leaving no balance outstanding as of March 31, 2020 . As of March 31, 2020 , our LOC has a remaining borrowing capacity of $400 million with the option to increase the borrowing capacity by $200 million , subject to certain conditions. The LOC had $160 million outstanding at December 31, 2019 . As of March 31, 2020 , we were in compliance in all material respects with the covenants in all our borrowing arrangements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk We record all derivatives at fair value. Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes. In connection with our $200.0 million senior unsecured term loan (the “Term Loan”), which has an interest rate of LIBOR plus 1.20% to 1.90% per annum, we entered into a three -year LIBOR Swap Agreement (the "Swap") allowing us to trade the variable interest rate on the Term Loan for a fixed interest rate. The Swap has a notional amount of $200.0 million of outstanding principal with an underlying LIBOR of 1.85% per annum for the first three years and matures on November 1, 2020. Based on the leverage as of March 31, 2020 , our spread over LIBOR was 1.20% resulting in an estimated all-in interest rate of 3.05% per annum. Our derivative financial instrument is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument: As of March 31, As of December 31, (amounts in thousands) Balance Sheet Location 2020 2019 Interest Rate Swap Accounts payable and other liabilities $ 1,713 $ 380 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 Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2020 2019 (amounts in thousands) 2020 2019 Interest Rate Swap $ 1,424 $ 606 Interest Expense $ 91 $ (325 ) During the next seven months through the maturity date of November 1, 2020, we estimate that $1.7 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of March 31, 2020 , we had not posted any collateral related to this Swap. |
Equity Incentive Awards
Equity Incentive Awards | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020, 90,933 shares of restricted stock were awarded to certain members of our management team. Of these shares, 50% are time-based awards, vesting in equal installments over a three -year period on January 29, 2021, January 31, 2022, and January 27, 2023, respectively, and have a grant date fair value of $3.3 million . The remaining 50% are performance-based awards vesting in equal installments on January 29, 2021, January 31, 2022, and January 27, 2023, 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 15,154 shares of restricted stock subject to 2020 performance goals have a grant date fair value of $1.1 million . Stock based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended March 31, 2020 and 2019 , was $3.0 million and $2.4 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved in various legal and regulatory proceedings ("Proceedings") arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and notices, consent decrees, information requests, additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Proceedings taken together do not represent a material liability. In addition, to the extent any such Proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. The Operating Partnership operates and manages Westwinds, a 720 site mobilehome community, and Nicholson Plaza, an adjacent shopping center, both located in San Jose, California pursuant to ground leases that expire on August 31, 2022 and do not contain extension options. The master lessor of these ground leases, The Nicholson Family Partnership (the “Nicholsons”), has expressed a desire to redevelop Westwinds, and in a written communication, they claimed that we were obligated to deliver the property free and clear of any and all subtenancies upon the expiration of the ground leases on August 31, 2022. In connection with any redevelopment, the City of San Jose’s conversion ordinance requires, among other things, that the landowner provide relocation, rental and purchase assistance to the impacted residents. We believe the Nicholsons’ demand is unlawful, and on December 30, 2019, the Operating Partnership filed a complaint in California Superior Court for Santa Clara County, seeking declaratory relief pursuant to which it requested that the Court determine, among other things, that the Operating Partnership has no obligation to deliver the property free and clear of the mobilehome residents upon the expiration of the ground leases. The Operating Partnership filed an amended complaint on January 29, 2020. The Nicholsons filed a demand for arbitration on January 28, 2020, which they subsequently amended, pursuant to which they request a declaration that the Operating Partnership, as the “owner and manager” of Westwinds, is “required by the Ground Leases, and State and local law to deliver the Property free of any encumbrances or third-party claims at the expiration of the lease terms.” On February 3, 2020, the Nicholsons filed a motion in California Superior Court to compel arbitration and to stay the litigation, which motion is currently scheduled to be heard on June 25, 2020. We intend to continue to vigorously defend our interests in this matter. As of March 31, 2020 we have not made an accrual, as we are unable to predict the outcome of this matter or reasonably estimate any possible loss. |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | dentified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences. All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2020 or 2019 . The following tables summarize our segment financial information for the quarters ended March 31, 2020 and 2019 : Quarter Ended March 31, 2020 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 262,474 $ 15,552 $ 278,026 Operations expenses (117,898 ) (14,467 ) (132,365 ) Income from segment operations 144,576 1,085 145,661 Interest income 1,075 727 1,802 Depreciation and amortization (36,220 ) (2,804 ) (39,024 ) Income (loss) from operations $ 109,431 $ (992 ) $ 108,439 Reconciliation to consolidated net income: Corporate interest income 5 Income from other investments, net 643 General and administrative (10,855 ) Other expenses (588 ) Interest and related amortization (26,073 ) Equity in income of unconsolidated joint ventures 207 Early debt retirement (1,054 ) Consolidated net income $ 70,724 Total assets $ 3,936,862 $ 275,602 $ 4,212,464 Capital improvements $ 32,605 $ 16,354 $ 48,959 Quarter Ended March 31, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 246,016 $ 10,337 $ 256,353 Operations expenses (108,970 ) (8,919 ) (117,889 ) Income from segment operations 137,046 1,418 138,464 Interest income 894 850 1,744 Depreciation and amortization (35,543 ) (2,434 ) (37,977 ) Gain on sale of real estate, net 52,507 — 52,507 Income (loss) from operations $ 154,904 $ (166 ) $ 154,738 Reconciliation to consolidated net income: Corporate interest income 7 Income from other investments, net 986 General and administrative (9,909 ) Other expenses (427 ) Interest and related amortization (26,393 ) Equity in income of unconsolidated joint ventures 1,533 Consolidated net income $ 120,535 Total assets $ 3,771,453 $ 237,424 $ 4,008,877 Capital improvements $ 24,406 $ 28,035 $ 52,441 The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income $ 235,364 $ 219,982 Annual membership subscriptions 13,073 12,316 Membership upgrade sales current period, gross 4,843 3,838 Membership upgrade sales upfront payments, deferred, net (2,542 ) (1,771 ) Other income 11,059 10,370 Ancillary services revenues, net 677 1,281 Total property operations revenues 262,474 246,016 Expenses: Property operating and maintenance 82,291 76,744 Real estate taxes 16,841 15,323 Sales and marketing, gross 3,978 3,409 Membership sales commissions, deferred, net (216 ) (191 ) Property management 15,004 13,685 Total property operations expenses 117,898 108,970 Income from property operations segment $ 144,576 $ 137,046 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income (a) $ 3,982 $ 3,584 Gross revenue from home sales 11,309 6,475 Brokered resale revenues, net 261 278 Ancillary services revenues, net — — Total revenues 15,552 10,337 Expenses: Rental home operating and maintenance 1,343 1,204 Cost of home sales 11,911 6,632 Home selling expenses 1,213 1,083 Total expenses 14,467 8,919 Income from home sales and rentals operations segment $ 1,085 $ 1,418 ______________________ (a) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We are actively monitoring the rapidly evolving situation related to the novel coronavirus (COVID-19) pandemic. On April 1, 2020, we borrowed $100.0 million on our line of credit as a precautionary measure to increase liquidity and preserve financial flexibility. Our line of credit has remaining availability of $300 million , subject to certain conditions. On April 28, 2020, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 400,000,000 to 600,000,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. We provide our customers the opportunity to place manufactured homes, cottages or RVs on our Properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Our Properties are owned primarily by the Operating Partnership and managed internally by affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.6% interest as of March 31, 2020 . As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. |
Consolidation | Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2020, we prospectively adopted FASB ("ASU 2018-15") Intangibles - Goodwill and Other - Internal-Use Software (ASC 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides guidance on accounting for fees paid when the arrangement includes a software license and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The adoption of this guidance did not have a material impact on our consolidated financial statements. On January 1, 2020 we adopted FASB (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) using the modified retrospective approach. ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities should use forward-looking information to better form their credit loss estimates. We are exposed to credit losses primarily through sales of annual membership subscriptions and membership upgrades and home sales. We have developed an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of our receivables considering current market conditions and estimates for forecasts when appropriate. The estimate is a result of our ongoing assessments and evaluations of collectability, historical loss experience and future expectations in estimating credit losses in each of our receivable portfolios. We recognized a cumulative-effect adjustment of $3.9 million , which decreased opening retained earnings as of January 1, 2020. The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows: Balance net of allowance Balance Sheet Location Balance at December 31, 2019 Adjustment due to ASU 2016-13 Adoption Balance at January 1, 2020 Balance at March 31, 2020 (amounts in thousands) Annual membership subscriptions Other assets, net $ 2,394 $ (1,361 ) $ 1,033 $ 1,232 Membership upgrades Notes receivable, net $ 25,236 $ (2,514 ) $ 22,722 $ 23,149 (b) Revenue Recognition Rental income is accounted for in accordance with the ASC 842, Leases , and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. Expected credit losses related to the collectability of lease receivables are presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of expected credit losses. See Note 3. Leases for additional information. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. 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. (c) Restricted Cash As of March 31, 2020 and December 31, 2019 , restricted cash consists of $27.6 million and $25.1 million , respectively, primarily related to cash reserved for customer deposits and amounts escrowed for insurance and real estate taxes. |
Revenue Recognition | Revenue Recognition Rental income is accounted for in accordance with the ASC 842, Leases , and is recognized over the term of the respective lease or the length of a customer's stay. Utility recoveries are presented within Rental income on the Consolidated Statements of Income and Comprehensive Income. Expected credit losses related to the collectability of lease receivables are presented as a reduction to Rental Income. Lease receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of expected credit losses. See Note 3. Leases for additional information. Annual membership subscriptions and membership upgrade sales are accounted for in accordance with ASC 606, Revenue from Contracts with Customers. Membership subscriptions provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis over the one-year period during which access to Sites at certain Properties is provided. Membership subscription receivables are presented within Other assets, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Membership upgrades grant certain additional access rights to the customer and require non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. Financed upgrade sales (also known as contract receivables) are presented within Notes receivable, net on the Consolidated Balance Sheets and are net of an allowance for credit losses. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative-effect adjustment resulting from the adoption of ASU 2016-13 as of January 1, 2020 was as follows: Balance net of allowance Balance Sheet Location Balance at December 31, 2019 Adjustment due to ASU 2016-13 Adoption Balance at January 1, 2020 Balance at March 31, 2020 (amounts in thousands) Annual membership subscriptions Other assets, net $ 2,394 $ (1,361 ) $ 1,033 $ 1,232 Membership upgrades Notes receivable, net $ 25,236 $ (2,514 ) $ 22,722 $ 23,149 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessor Operating Lease, Payments to be Received | The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of March 31, 2020 2020 $ 63,393 2021 85,220 2022 53,423 2023 20,119 2024 20,144 Thereafter 79,241 Total $ 321,540 |
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 March 31, 2020 : As of March 31, 2020 (amounts in thousands) Ground Leases Office and Other Leases Total 2020 $ 1,462 $ 2,444 $ 3,906 2021 1,949 2,602 4,551 2022 1,479 916 2,395 2023 534 687 1,221 2024 534 505 1,039 Thereafter 4,984 484 5,468 Total undiscounted rental payments 10,942 7,638 18,580 Less imputed interest (2,300 ) (558 ) (2,858 ) Total lease liabilities $ 8,642 $ 7,080 $ 15,722 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per share of common stock, as adjusted for the stock split, for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands, except per share data) 2020 2019 Numerators: Net income available for Common Stockholders – Basic $ 66,875 $ 113,309 Amounts allocated to dilutive securities 3,849 7,226 Net income available for Common Stockholders – Fully Diluted $ 70,724 $ 120,535 Denominators: Weighted average Common Shares outstanding – Basic 181,729 179,560 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 10,491 11,482 Stock options and restricted stock 344 206 Weighted average Common Shares outstanding – Fully Diluted 192,564 191,248 Earnings per Common Share – Basic $ 0.37 $ 0.63 Earnings per Common Share – Fully Diluted $ 0.37 $ 0.63 |
Common Stock and Other Equity_2
Common Stock and Other Equity Related Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Dividends declared | The following quarterly distributions, as adjusted for the stock split, have been declared and paid to Common Stockholders and the OP Unit holders since January 1, 2019. Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.3063 March 31, 2019 March 29, 2019 April 12, 2019 $0.3063 June 30, 2019 June 28, 2019 July 12, 2019 $0.3063 September 30, 2019 September 27, 2019 October 11, 2019 $0.3063 December 31, 2019 December 27, 2019 January 10, 2020 $0.3425 March 31, 2020 March 27, 2020 April 10, 2020 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of our investment in unconsolidated joint ventures | The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2020 and December 31, 2019 , respectively ) : Investment as of Income/(Loss) for Investment Location Number of Sites Economic (a) March 31, December 31, March 31, March 31, Meadows Various (2,2) 1,077 50 % $ 146 $ 146 $ — $ 397 Lakeshore Florida (3,3) 721 (b) 2,408 2,467 90 69 Voyager Arizona (1,1) 1,801 50 % (c) 588 599 (10 ) 604 Loggerhead Florida 2,343 — % (d) — — — 321 ECHO JV Various — 50 % 16,988 16,862 127 142 5,942 $ 20,130 $ 20,074 $ 207 $ 1,533 _____________________ (a) The percentages shown approximate our economic interest as of March 31, 2020 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and the Crosswinds joint venture in which we own a 49% interest. (c) Primarily consists of a 50% interest in Voyager RV Resort and a 33% interest in the utility plant servicing this Property. (d) On September 10, 2019, we completed the acquisition of the remaining interest in the Loggerhead joint venture. Loggerhead sites represent marina slip count. |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Fair Value of Mortgage Debt | Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of March 31, 2020 As of December 31, 2019 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,414,922 $ 2,285,847 $ 2,227,185 $ 2,072,416 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instrument: As of March 31, As of December 31, (amounts in thousands) Balance Sheet Location 2020 2019 Interest Rate Swap Accounts payable and other liabilities $ 1,713 $ 380 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2020 2019 (amounts in thousands) 2020 2019 Interest Rate Swap $ 1,424 $ 606 Interest Expense $ 91 $ (325 ) |
Derivative Instruments, Gain (Loss) | The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2020 2019 (amounts in thousands) 2020 2019 Interest Rate Swap $ 1,424 $ 606 Interest Expense $ 91 $ (325 ) |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of segment financial information | The following tables summarize our segment financial information for the quarters ended March 31, 2020 and 2019 : Quarter Ended March 31, 2020 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 262,474 $ 15,552 $ 278,026 Operations expenses (117,898 ) (14,467 ) (132,365 ) Income from segment operations 144,576 1,085 145,661 Interest income 1,075 727 1,802 Depreciation and amortization (36,220 ) (2,804 ) (39,024 ) Income (loss) from operations $ 109,431 $ (992 ) $ 108,439 Reconciliation to consolidated net income: Corporate interest income 5 Income from other investments, net 643 General and administrative (10,855 ) Other expenses (588 ) Interest and related amortization (26,073 ) Equity in income of unconsolidated joint ventures 207 Early debt retirement (1,054 ) Consolidated net income $ 70,724 Total assets $ 3,936,862 $ 275,602 $ 4,212,464 Capital improvements $ 32,605 $ 16,354 $ 48,959 Quarter Ended March 31, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 246,016 $ 10,337 $ 256,353 Operations expenses (108,970 ) (8,919 ) (117,889 ) Income from segment operations 137,046 1,418 138,464 Interest income 894 850 1,744 Depreciation and amortization (35,543 ) (2,434 ) (37,977 ) Gain on sale of real estate, net 52,507 — 52,507 Income (loss) from operations $ 154,904 $ (166 ) $ 154,738 Reconciliation to consolidated net income: Corporate interest income 7 Income from other investments, net 986 General and administrative (9,909 ) Other expenses (427 ) Interest and related amortization (26,393 ) Equity in income of unconsolidated joint ventures 1,533 Consolidated net income $ 120,535 Total assets $ 3,771,453 $ 237,424 $ 4,008,877 Capital improvements $ 24,406 $ 28,035 $ 52,441 |
Financial information for the property operations segment | The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income $ 235,364 $ 219,982 Annual membership subscriptions 13,073 12,316 Membership upgrade sales current period, gross 4,843 3,838 Membership upgrade sales upfront payments, deferred, net (2,542 ) (1,771 ) Other income 11,059 10,370 Ancillary services revenues, net 677 1,281 Total property operations revenues 262,474 246,016 Expenses: Property operating and maintenance 82,291 76,744 Real estate taxes 16,841 15,323 Sales and marketing, gross 3,978 3,409 Membership sales commissions, deferred, net (216 ) (191 ) Property management 15,004 13,685 Total property operations expenses 117,898 108,970 Income from property operations segment $ 144,576 $ 137,046 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2020 and 2019 : Quarters Ended March 31, (amounts in thousands) 2020 2019 Revenues: Rental income (a) $ 3,982 $ 3,584 Gross revenue from home sales 11,309 6,475 Brokered resale revenues, net 261 278 Ancillary services revenues, net — — Total revenues 15,552 10,337 Expenses: Rental home operating and maintenance 1,343 1,204 Cost of home sales 11,911 6,632 Home selling expenses 1,213 1,083 Total expenses 14,467 8,919 Income from home sales and rentals operations segment $ 1,085 $ 1,418 ______________________ (a) Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | Oct. 15, 2019 | Dec. 31, 2019 |
Other Ownership Interests | ||
Stock split ratio | 2 | |
Operating Partnership | ||
Other Ownership Interests | ||
Ownership interest (percent) | 94.60% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of change in accounting principle | $ (3,875) | ||
Cash and cash equivalents, restricted cash | $ 27,600 | $ 25,100 | |
ASU 2016-13 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of change in accounting principle | $ 3,900 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets, net | $ 50,450 | $ 56,809 | |
Financing receivable, after allowance for credit loss | 35,227 | 37,558 | |
Annual membership subscriptions | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets, net | 2,394 | ||
Membership upgrades | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing receivable, after allowance for credit loss | $ 25,236 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Annual membership subscriptions | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets, net | 1,232 | $ 1,033 | |
Cumulative Effect, Period Of Adoption, Adjusted Balance | Membership upgrades | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing receivable, after allowance for credit loss | $ 23,149 | 22,722 | |
Cumulative Effect, Period Of Adoption, Adjustment | Annual membership subscriptions | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets, net | (1,361) | ||
Cumulative Effect, Period Of Adoption, Adjustment | Membership upgrades | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing receivable, after allowance for credit loss | $ (2,514) |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)lease | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Number of non-cancelable operating leases, lessee (leases) | lease | 13 | ||
Operating lease payments | $ 2,400 | $ 2,300 | |
Right of use asset | 14,700 | $ 15,100 | |
Operating lease liability | $ 15,722 | $ 16,200 | |
Weighted average operating lease term | 7 years | 7 years | |
Operating lease weighted average interest rate (percent) | 4.30% | 4.40% | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessor operating lease term | 1 month | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessor operating lease term | 6 months |
Leases - Operating Lease Future
Leases - Operating Lease Future Proceeds (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity | |
2020 | $ 63,393 |
2021 | 85,220 |
2022 | 53,423 |
2023 | 20,119 |
2024 | 20,144 |
Thereafter | 79,241 |
Total | $ 321,540 |
Leases - Operating Lease Minimu
Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
2020 | $ 3,906 | |
2021 | 4,551 | |
2022 | 2,395 | |
2023 | 1,221 | |
2024 | 1,039 | |
Thereafter | 5,468 | |
Total undiscounted rental payments | 18,580 | |
Less imputed interest | (2,858) | |
Total lease liabilities | 15,722 | $ 16,200 |
Ground Lease | ||
Lessee, Lease, Description [Line Items] | ||
2020 | 1,462 | |
2021 | 1,949 | |
2022 | 1,479 | |
2023 | 534 | |
2024 | 534 | |
Thereafter | 4,984 | |
Total undiscounted rental payments | 10,942 | |
Less imputed interest | (2,300) | |
Total lease liabilities | 8,642 | |
Office And Other Leases | ||
Lessee, Lease, Description [Line Items] | ||
2020 | 2,444 | |
2021 | 2,602 | |
2022 | 916 | |
2023 | 687 | |
2024 | 505 | |
Thereafter | 484 | |
Total undiscounted rental payments | 7,638 | |
Less imputed interest | (558) | |
Total lease liabilities | $ 7,080 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation of numerator and denominator in eps table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerators: | ||
Net income available for common stockholders | $ 66,875 | $ 113,309 |
Amounts allocated to dilutive securities | 3,849 | 7,226 |
Net income available for common stockholders – fully diluted | $ 70,724 | $ 120,535 |
Denominators: | ||
Weighted average common shares outstanding – basic (in shares) | 181,729 | 179,560 |
Effect of dilutive securities: | ||
Exchange of common OP units for common shares (in shares) | 10,491 | 11,482 |
Restricted stock and options (in shares) | 344 | 206 |
Weighted average common shares outstanding – fully diluted (in shares) | 192,564 | 191,248 |
Earnings per common share – basic (usd per share) | $ 0.37 | $ 0.63 |
Earnings per common share – fully diluted (usd per share) | $ 0.37 | $ 0.63 |
Common Stock and Other Equity_3
Common Stock and Other Equity Related Transactions - Additional Information (Details) $ / shares in Units, $ in Millions | Oct. 15, 2019 | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019shares | Dec. 31, 2019$ / shares |
Class of Stock | ||||
Stock split ratio | 2 | |||
Common stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||
OP units were exchanged for an equal number of shares of common stock (OP Units) | shares | 9,228 | 10,650 | ||
ATM | ||||
Class of Stock | ||||
Common stock, par value (usd per share) | $ / shares | $ 0.01 | |||
Aggregate offering price | $ | $ 200 | |||
Remaining authorized shares (shares) | $ | $ 140.7 |
Common Stock and Other Equity_4
Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares | Apr. 10, 2020 | Jan. 10, 2020 | Oct. 11, 2019 | Jul. 12, 2019 | Apr. 12, 2019 |
Class of Stock | |||||
Common stock, dividends paid (usd per share) | $ 0.3063 | $ 0.3063 | $ 0.3063 | $ 0.3063 | |
Subsequent Event | |||||
Class of Stock | |||||
Common stock, dividends paid (usd per share) | $ 0.3425 |
Common Stock and Other Equity_5
Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Class of Stock | ||
Commissions paid to sales agents | $ 143 | $ 63 |
Investment in Real Estate (Deta
Investment in Real Estate (Details) $ in Thousands | Mar. 25, 2019USD ($)site | Jan. 23, 2019USD ($)property | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Business Acquisition | ||||
Gain on sale of real estate, net | $ 0 | $ 52,507 | ||
Disposed of by Sale | Manufactured Homes in Indiana and Michigan | ||||
Business Acquisition | ||||
Number of properties sold | property | 5 | |||
Number of sites, sold | 1,463 | |||
Proceeds from sale of property held-for-sale | $ 89,700 | |||
Gain on sale of real estate, net | $ 52,500 | |||
Drummer Boy | ||||
Business Acquisition | ||||
Purchase price of acquisitions | $ 25,400 | |||
Liabilities incurred | 10,800 | |||
Mortgage premium transferred | $ 400 | |||
Gettysburg, Pennsylvania and Lake of the Woods Campground | Drummer Boy | ||||
Business Acquisition | ||||
Number of acquired sites (sites) | site | 465 | |||
Wautoma, Wisconsin | Drummer Boy | ||||
Business Acquisition | ||||
Number of acquired sites (sites) | site | 303 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020joint_venture_site | Mar. 31, 2020 | Mar. 31, 2020site | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments | ||||||
Number of sites | 2 | 5,942 | ||||
Economic interest | 65.00% | |||||
Investment in unconsolidated joint ventures | $ 20,130 | $ 20,074 | ||||
Equity in income of unconsolidated joint ventures | 207 | $ 1,533 | ||||
Meadows | Various | ||||||
Schedule of Equity Method Investments | ||||||
Number of sites | site | 1,077 | |||||
Economic interest | 50.00% | |||||
Investment in unconsolidated joint ventures | 146 | 146 | ||||
Equity in income of unconsolidated joint ventures | 0 | 397 | ||||
Lakeshore | Florida | ||||||
Schedule of Equity Method Investments | ||||||
Number of sites | site | 721 | |||||
Investment in unconsolidated joint ventures | 2,408 | 2,467 | ||||
Equity in income of unconsolidated joint ventures | 90 | 69 | ||||
Voyager | Arizona | ||||||
Schedule of Equity Method Investments | ||||||
Number of sites | site | 1,801 | |||||
Economic interest | 50.00% | |||||
Investment in unconsolidated joint ventures | 588 | 599 | ||||
Equity in income of unconsolidated joint ventures | (10) | 604 | ||||
Loggerhead | Florida | ||||||
Schedule of Equity Method Investments | ||||||
Number of sites | site | 2,343 | |||||
Economic interest | 0.00% | |||||
Investment in unconsolidated joint ventures | 0 | 0 | ||||
Equity in income of unconsolidated joint ventures | 0 | 321 | ||||
ECHO JV | Various | ||||||
Schedule of Equity Method Investments | ||||||
Number of sites | site | 0 | |||||
Economic interest | 50.00% | |||||
Investment in unconsolidated joint ventures | 16,988 | $ 16,862 | ||||
Equity in income of unconsolidated joint ventures | $ 127 | $ 142 |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020USD ($)joint_venture_site | Mar. 31, 2019USD ($) | Mar. 31, 2020 | Mar. 31, 2020site | |
Schedule of Equity Method Investments | ||||
Number of sites | 2 | 5,942 | ||
Economic interest | 65.00% | |||
Income (Loss) from Equity Method Investments | $ 207 | $ 1,533 | ||
Income from distribution made to us | 200 | $ 700 | ||
Distributions, including those in excess of basis | $ 100 | |||
Crosswinds | ||||
Schedule of Equity Method Investments | ||||
Economic interest | 49.00% | |||
Voyager | Recreational Vehicle Resort | ||||
Schedule of Equity Method Investments | ||||
Economic interest | 50.00% | |||
Voyager | Servicing Assets | ||||
Schedule of Equity Method Investments | ||||
Economic interest | 33.00% |
Borrowing Arrangements - Fair V
Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value | ||
Debt Instrument | ||
Mortgage notes payable, excluding deferred financing costs | $ 2,414,922 | $ 2,227,185 |
Carrying Value | ||
Debt Instrument | ||
Mortgage notes payable, excluding deferred financing costs | $ 2,285,847 | $ 2,072,416 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)loanproperty | Mar. 31, 2019USD ($)property | Dec. 31, 2019USD ($)property | |
Debt Instrument | |||
Number of pledged properties | property | 125 | 116 | |
Pledged assets, not separately reported | $ 2,634,200 | $ 2,524,700 | |
Unsecured line of credit | 0 | 160,000 | |
Line of credit, remaining borrowing amount | 400,000 | ||
Unsecured debt | 199,030 | $ 198,949 | |
Line of credit facility, potential increase in borrowing capacity | $ 200,000 | ||
Mortgage | 2019 Asset Acquisition | |||
Debt Instrument | |||
Weighted average interest rate | 5.50% | ||
Liabilities incurred | $ 10,800 | ||
Mortgage premium transferred | $ 400 | ||
Mortgage | Prepaid Loans | |||
Debt Instrument | |||
Weighted average interest rate | 5.20% | ||
Repayments of debt | $ 48,100 | ||
Number of loans | loan | 3 | ||
Payments of prepayment penalties | $ 1,000 | ||
Mortgage | Disposed of by Sale | |||
Debt Instrument | |||
Weighted average interest rate | 5.00% | ||
Defeasance of debt | $ 11,200 | ||
Mortgage | Disposed of by Sale | Manufactured Homes in Indiana and Michigan | |||
Debt Instrument | |||
Number of properties sold | property | 5 | ||
Secured Debt | |||
Debt Instrument | |||
Weighted average interest rate | 4.30% | ||
Line of Credit | Prepaid Loans | |||
Debt Instrument | |||
Stated interest rate | 2.70% | ||
Proceeds from loans | $ 275,400 | ||
Debt instrument, term | 10 years | ||
Minimum | Secured Debt | |||
Debt Instrument | |||
Stated interest rate | 2.70% | ||
Maximum | Secured Debt | |||
Debt Instrument | |||
Stated interest rate | 8.90% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures | ||
Amount of interest rate risk expected to be reclassified in the next 12 months | $ 1,700,000 | |
Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Notional amount | $ 200,000,000 | |
Derivative instrument, underlying rate (percentage) | 1.85% | |
Derivative instrument, effective rate (percentage) | 3.05% | |
LIBOR | Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Derivative instrument, variable rate (percentage) | 1.20% | |
Term Loan | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Debt instrument face amount | $ 200,000,000 | |
Loans Payable | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Derivative, contract term (years) | 3 years | |
Loans Payable | LIBOR | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Debt instrument, variable rate on spread | 1.20% | |
Loans Payable | LIBOR | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Debt instrument, variable rate on spread | 1.90% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instrument (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Designated as Hedging Instrument | Interest Rate Swap | Accounts payable and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability | $ 1,713 | $ 380 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures | ||
Amount of (gain)/loss recognized in OCI on derivative | $ 1,424 | $ 606 |
Cash Flow Hedging | Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Amount of (gain)/loss reclassified from accumulated OCI into income | $ 91 | $ (325) |
Equity Incentive Awards - Addit
Equity Incentive Awards - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
General and Administrative Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 3 | $ 2.4 |
Restricted Stock | 2014 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued (shares) | 90,933 | |
Shares categorized as vesting (percent) | 50.00% | |
Vesting period | 3 years | |
Fair value of shares issued | $ 3.3 | |
Shares categorized as performance based (percent) | 50.00% | |
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 33.33% | |
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 33.33% | |
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 33.33% | |
Performance Shares | 2014 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of shares issued | $ 1.1 | |
Grants in period (in shares) | 15,154 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reportable Segments - Consolida
Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ (39,024) | $ (37,977) | |
Gain on sale of real estate, net | 0 | 52,507 | |
Reconciliation to Consolidated net income: | |||
Income from other investments, net | 11,059 | 10,370 | |
General and administrative | (10,855) | (9,909) | |
Other expenses | (588) | (427) | |
Interest and related amortization | (26,073) | (26,393) | |
Equity in income of unconsolidated joint ventures | 207 | 1,533 | |
Early debt retirement | (1,054) | 0 | |
Consolidated net income | 70,724 | 120,535 | |
Total assets | 4,212,464 | 4,008,877 | $ 4,151,275 |
Capital improvements | 48,959 | 52,441 | |
Property Operations | |||
Reconciliation to Consolidated net income: | |||
Income from other investments, net | 11,059 | 10,370 | |
Total assets | 3,936,862 | 3,771,453 | |
Capital improvements | 32,605 | 24,406 | |
Home Sales and Rentals Operations | |||
Reconciliation to Consolidated net income: | |||
Total assets | 275,602 | 237,424 | |
Capital improvements | 16,354 | 28,035 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operations revenues | 278,026 | 256,353 | |
Operations expenses | (132,365) | (117,889) | |
Income from segment operations | 145,661 | 138,464 | |
Interest income | 1,802 | 1,744 | |
Depreciation and amortization | (39,024) | (37,977) | |
Gain on sale of real estate, net | 52,507 | ||
Income (loss) from operations | 108,439 | 154,738 | |
Operating Segments | Property Operations | |||
Segment Reporting Information [Line Items] | |||
Operations revenues | 262,474 | 246,016 | |
Operations expenses | (117,898) | (108,970) | |
Income from segment operations | 144,576 | 137,046 | |
Interest income | 1,075 | 894 | |
Depreciation and amortization | (36,220) | (35,543) | |
Gain on sale of real estate, net | 52,507 | ||
Income (loss) from operations | 109,431 | 154,904 | |
Operating Segments | Home Sales and Rentals Operations | |||
Segment Reporting Information [Line Items] | |||
Operations revenues | 15,552 | 10,337 | |
Operations expenses | (14,467) | (8,919) | |
Income from segment operations | 1,085 | 1,418 | |
Interest income | 727 | 850 | |
Depreciation and amortization | (2,804) | (2,434) | |
Gain on sale of real estate, net | 0 | ||
Income (loss) from operations | (992) | (166) | |
Segment Reconciling Items | |||
Reconciliation to Consolidated net income: | |||
Corporate interest income | 5 | 7 | |
Income from other investments, net | 643 | 986 | |
General and administrative | (10,855) | (9,909) | |
Other expenses | (588) | (427) | |
Interest and related amortization | (26,073) | (26,393) | |
Equity in income of unconsolidated joint ventures | 207 | $ 1,533 | |
Early debt retirement | $ (1,054) |
Reportable Segments - Income fr
Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Other income | $ 11,059 | $ 10,370 |
Total revenues | 280,476 | 259,090 |
Expenses: | ||
Real estate taxes | 16,841 | 15,323 |
Sales and marketing, gross | 3,978 | 3,409 |
Membership sales commissions, deferred, net | (216) | (191) |
Total expenses | 209,959 | 192,595 |
Income before equity in income of unconsolidated joint ventures | 70,517 | 119,002 |
Property Operations | ||
Revenues: | ||
Rental income | 235,364 | 219,982 |
Other income | 11,059 | 10,370 |
Total revenues | 262,474 | 246,016 |
Expenses: | ||
Property operating and maintenance | 82,291 | 76,744 |
Real estate taxes | 16,841 | 15,323 |
Sales and marketing, gross | 3,978 | 3,409 |
Membership sales commissions, deferred, net | (216) | (191) |
Total expenses | 117,898 | 108,970 |
Income before equity in income of unconsolidated joint ventures | 144,576 | 137,046 |
Home Sales and Rentals Operations | ||
Revenues: | ||
Rental home income | 3,982 | 3,584 |
Total revenues | 15,552 | 10,337 |
Expenses: | ||
Property operating and maintenance | 1,343 | 1,204 |
Home selling expenses | 1,213 | 1,083 |
Total expenses | 14,467 | 8,919 |
Income before equity in income of unconsolidated joint ventures | 1,085 | 1,418 |
Annual membership subscriptions | ||
Revenues: | ||
Contract revenue | 13,073 | 12,316 |
Annual membership subscriptions | Property Operations | ||
Revenues: | ||
Contract revenue | 13,073 | 12,316 |
Membership upgrade sales current period, gross | ||
Revenues: | ||
Contract revenue | 4,843 | 3,838 |
Membership upgrade sales current period, gross | Property Operations | ||
Revenues: | ||
Contract revenue | 4,843 | 3,838 |
Membership upgrade sales upfront payments, deferred, net | ||
Revenues: | ||
Contract revenue | (2,542) | (1,771) |
Membership upgrade sales upfront payments, deferred, net | Property Operations | ||
Revenues: | ||
Contract revenue | (2,542) | (1,771) |
Gross revenues from home sales | ||
Revenues: | ||
Contract revenue | 11,309 | 6,475 |
Expenses: | ||
Cost of home sales | 11,911 | 6,632 |
Gross revenues from home sales | Home Sales and Rentals Operations | ||
Revenues: | ||
Contract revenue | 11,309 | 6,475 |
Expenses: | ||
Cost of home sales | 11,911 | 6,632 |
Brokered resale revenues, net | Home Sales and Rentals Operations | ||
Revenues: | ||
Contract revenue | 261 | 278 |
Ancillary services | Property Operations | ||
Revenues: | ||
Contract revenue | 677 | 1,281 |
Ancillary services | Home Sales and Rentals Operations | ||
Revenues: | ||
Contract revenue | 0 | 0 |
Property management | ||
Expenses: | ||
Cost of home sales | 15,004 | 13,685 |
Property management | Property Operations | ||
Expenses: | ||
Cost of home sales | $ 15,004 | $ 13,685 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Apr. 28, 2020 | Apr. 27, 2020 | Apr. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Subsequent Event | |||||
Line of credit | $ 0 | $ 160,000 | |||
Line of credit, remaining borrowing amount | $ 400,000 | ||||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | |||
Subsequent Event | |||||
Subsequent Event | |||||
Line of credit | $ 100,000 | ||||
Line of credit, remaining borrowing amount | $ 300,000 | ||||
Common stock, shares authorized (in shares) | 600,000,000 | 400,000,000 |