Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment in real estate:
Land	$ 1,877,023	$ 1,676,636
Land improvements	3,702,696	3,543,479
Buildings and other depreciable property	1,027,716	940,311
Investment in real estate	6,607,435	6,160,426
Accumulated depreciation	(2,014,797)	(1,924,585)
Net investment in real estate	4,592,638	4,235,841
Cash and restricted cash	44,753	24,060
Notes receivable, net	38,072	35,844
Investment in unconsolidated joint ventures	20,496	19,726
Deferred commission expense	45,288	42,472
Other assets, net	82,760	61,026
Total Assets	4,824,007	4,418,969
Liabilities:
Mortgage notes payable, net	2,621,130	2,444,930
Term loan, net	297,261	0
Unsecured line of credit	62,000	222,000
Accounts payable and other liabilities	164,331	129,666
Accrued interest payable	8,753	8,336
Rents and other customer payments received in advance and security deposits	130,903	92,587
Distributions payable	70,007	66,003
Total Liabilities	3,522,016	3,114,214
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2021 and December 31, 2020; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 and shares authorized as of June 30, 2021 and December 31, 2020; 183,754,301 and 182,230,631 shares issued and outstanding as of June 30, 2021, and December 31, 2020, respectively.	1,827	1,813
Paid-in capital	1,424,350	1,411,397
Distributions in excess of accumulated earnings	(185,930)	(179,523)
Accumulated other comprehensive income (loss)	239	0
Total Stockholders’ Equity	1,240,486	1,233,687
Non-controlling interests – Common OP Units	61,505	71,068
Total Equity	1,301,991	1,304,755
Total Liabilities and Equity	4,824,007	4,418,969
Deferred membership revenue
Liabilities:
Deferred membership revenue	$ 167,631	$ 150,692