Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment in real estate:
Land	$ 2,019,787	$ 1,676,636
Land improvements	3,912,062	3,543,479
Buildings and other depreciable property	1,057,215	940,311
Investment in real estate	6,989,064	6,160,426
Accumulated depreciation	(2,103,774)	(1,924,585)
Net investment in real estate	4,885,290	4,235,841
Cash and restricted cash	123,398	24,060
Notes receivable, net	39,955	35,844
Investment in unconsolidated joint ventures	70,312	19,726
Deferred commission expense	47,349	42,472
Other assets, net	141,567	61,026
Total Assets	5,307,871	4,418,969
Liabilities:
Mortgage notes payable, net	2,627,783	2,444,930
Term loan, net	297,436	0
Accounts payable and other liabilities	172,285	129,666
Accrued interest payable	9,293	8,336
Rents and other customer payments received in advance and security deposits	118,696	92,587
Distributions payable	70,768	66,003
Total Liabilities	3,821,700	3,114,214
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2021 and December 31, 2020; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively; 185,640,379 and 182,230,631 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.	1,913	1,813
Paid-in capital	1,593,362	1,411,397
Distributions in excess of accumulated earnings	(183,689)	(179,523)
Accumulated other comprehensive income	3,524	0
Total Stockholders’ Equity	1,415,110	1,233,687
Non-controlling interests – Common OP Units	71,061	71,068
Total Equity	1,486,171	1,304,755
Total Liabilities and Equity	5,307,871	4,418,969
Membership upgrade sales upfront payments, deferred, net
Liabilities:
Deferred membership revenue	$ 176,439	$ 150,692