Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment in real estate:
Land	$ 1,676,636	$ 1,525,407
Land improvements	3,543,479	3,336,070
Buildings and other depreciable property	940,311	881,572
Investment in real estate	6,160,426	5,743,049
Accumulated depreciation	(1,924,585)	(1,776,224)
Net investment in real estate	4,235,841	3,966,825
Cash and restricted cash	24,060	28,860
Notes receivable, net	35,844	37,558
Investment in unconsolidated joint ventures	19,726	20,074
Deferred commission expense	42,472	41,149
Other assets, net	61,026	56,809
Total Assets	4,418,969	4,151,275
Liabilities:
Mortgage notes payable, net	2,444,930	2,049,509
Term loan, net	0	198,949
Unsecured line of credit		160,000
Accounts payable and other liabilities	129,666	124,665
Deferred revenue	138,878	126,814
Accrued interest payable	8,336	8,639
Rents and other customer payments received in advance and security deposits	92,587	91,234
Distributions payable	66,003	58,978
Total Liabilities	3,114,214	2,829,387
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2020 and December 31, 2019; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 and 400,000,000 shares authorized as of December 31, 2020 and December 31, 2019, respectively; 182,230,631 and 182,089,595 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.	1,813	1,812
Paid-in capital	1,411,397	1,402,696
Distributions in excess of accumulated earnings	(179,523)	(154,318)
Accumulated other comprehensive income (loss)	0	(380)
Total Stockholders’ Equity	1,233,687	1,249,810
Non-controlling interests – Common OP Units	71,068	72,078
Total Equity	1,304,755	1,321,888
Total Liabilities and Equity	4,418,969	4,151,275
Membership upgrade sales upfront payments, deferred, net
Liabilities:
Deferred revenue	138,878	126,814
Deferred revenue – annual membership subscriptions
Liabilities:
Deferred revenue	$ 11,814	$ 10,599