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