Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment in real estate:
Land	$ 1,516,956	$ 1,408,832
Land improvements	3,291,463	3,143,745
Buildings and other depreciable property	869,360	720,900
Investment in real estate	5,677,779	5,273,477
Accumulated depreciation	(1,739,285)	(1,631,888)
Net investment in real estate	3,938,494	3,641,589
Cash and restricted cash	42,386	68,974
Notes receivable, net	37,228	35,041
Investment in unconsolidated joint ventures	20,339	57,755
Deferred commission expense	40,953	40,308
Other assets, net	58,071	46,227
Assets held for sale, net	0	35,914
Total Assets	4,137,471	3,925,808
Liabilities:
Mortgage notes payable, net	2,062,736	2,149,726
Term loan, net	198,868	198,626
Accounts payable and other liabilities	144,622	102,854
Accrued interest payable	8,410	8,759
Rents and other customer payments received in advance and security deposits	88,094	81,114
Distributions payable	58,976	52,617
Liabilities related to assets held for sale	0	12,350
Total Liabilities	2,817,678	2,732,464
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 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 September 30, 2019 and December 31, 2018, respectively; 182,080,186 and 179,842,036 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.	1,812	1,792
Paid-in capital	1,399,951	1,328,495
Distributions in excess of accumulated earnings	(153,505)	(211,034)
Accumulated other comprehensive income (loss)	(499)	2,299
Total Stockholders’ Equity	1,247,759	1,121,552
Non-controlling interests – Common OP Units	72,034	71,792
Total Equity	1,319,793	1,193,344
Total Liabilities and Equity	4,137,471	3,925,808
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales)
Liabilities:
Deferred revenue	124,577	116,363
Deferred revenue – right-to-use annual payments (membership subscriptions)
Liabilities:
Deferred revenue	$ 11,395	$ 10,055