Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment in real estate:
Land	$ 1,418,353	$ 1,408,832
Land improvements	3,236,899	3,143,745
Buildings and other depreciable property	781,671	720,900
Investment in real estate	5,436,923	5,273,477
Accumulated depreciation	(1,704,091)	(1,631,888)
Net investment in real estate	3,732,832	3,641,589
Cash and restricted cash	90,457	68,974
Notes receivable, net	36,010	35,041
Investment in unconsolidated joint ventures	55,195	57,755
Deferred commission expense	40,710	40,308
Other assets, net	59,274	46,227
Assets held for sale, net	0	35,914
Total Assets	4,014,478	3,925,808
Liabilities:
Mortgage notes payable, net	2,075,689	2,149,726
Term loan, net	198,787	198,626
Accounts payable and other liabilities	127,051	102,854
Accrued interest payable	8,187	8,759
Rents and other customer payments received in advance and security deposits	104,249	81,114
Distributions payable	58,972	52,617
Liabilities related to assets held for sale	0	12,350
Total Liabilities	2,707,004	2,732,464
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2019 and December 31, 2018; none issued and outstanding.	0	0
Common stock, $0.01 par value, 400,000,000 and 200,000,000 shares authorized as of June 30, 2019 and December 31, 2018, respectively; 91,032,007 and 89,921,018 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively.	906	896
Paid-in capital	1,397,613	1,329,391
Distributions in excess of accumulated earnings	(162,204)	(211,034)
Accumulated other comprehensive income (loss)	(242)	2,299
Total Stockholders’ Equity	1,236,073	1,121,552
Non-controlling interests – Common OP Units	71,401	71,792
Total Equity	1,307,474	1,193,344
Total Liabilities and Equity	4,014,478	3,925,808
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales)
Liabilities:
Deferred revenue	121,047	116,363
Deferred revenue – right-to-use annual payments (membership subscriptions)
Liabilities:
Deferred revenue	$ 13,022	$ 10,055