XML 42 R2.htm IDEA: XBRL DOCUMENT v3.22.4
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]



Year
Summary Compensation Table Total for PEO (1)
Compensation Actually Paid to PEO (2)
Average Summary Compensation Table Total for Non-PEO NEOs ($) (3)
Average Compensation Actually Paid to Non-PEO NEOs (4)
Value of Initial Fixed $100 Investment Based on:
Net Income (millions)(7)
Normalized Funds From Operations (millions)(8)
Total Stockholder Return (5)
FTSE NAREIT All Equity REITs Index (6)
2022$4,063,301 $3,280,347 $2,554,239 $2,012,288 $98 $101 $284.6 $531.6 
2021$4,138,489 $5,513,408 $2,400,219 $3,227,093 $130 $134 $262.5 $489.0 
2020$3,856,959 $3,425,510 $2,413,795 $2,128,993 $92 $95 $228.3 $418.7 
    
Named Executive Officers, Footnote [Text Block] These dollar amounts are the amounts of total compensation reported for Ms. Nader, our CEO, for each corresponding year in the "Total" column of the Summary Compensation Table. Refer to "Executive Compensation - Summary Compensation Table" of this Proxy Statement.These dollar amounts represent the average of the amounts reported for the Company's NEOs as a group, excluding Ms. Nader, in the "Total" column of the Summary Compensation Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Mr. Seavey, Mr. Waite and Mr. Eldersveld; (ii) for 2021, Mr. Seavey, Mr. Waite, Mr. Maynard and Mr. Eldersveld; and (iii) for 2020, Mr. Seavey, Mr. Waite and Mr. Maynard.    
Peer Group Issuers, Footnote [Text Block] FTSE NAREIT All Equity REITs Index    
PEO Total Compensation Amount $ 4,063,301 $ 4,138,489 $ 3,856,959
PEO Actually Paid Compensation Amount $ 3,280,347 5,513,408 3,425,510
Adjustment To PEO Compensation, Footnote [Text Block] These dollar amounts represent the amount of "compensation actually paid" to Ms. Nader, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Nader during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Ms. Nader's total compensation for each year to determine the compensation actually paid:



Year
Reported Summary Compensation Table Total for PEO
Reported Value of Equity Awards (a)
Equity Award Adjustments (b)
Compensation Actually Paid to PEO
2022$4,063,301 $(1,887,308)$1,104,354 $3,280,347 
2021$4,138,489 $(1,826,474)$3,201,393 $5,513,408 
2020$3,856,959 $(2,093,977)$1,662,528 $3,425,510 
(a)    The grant date fair value of equity awards represents the total of the amounts reported in the "Stock Awards" column in the Summary Compensation Table for the applicable year.
(b)    The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (iv) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (v) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:



Year
Year End Fair Value of Equity Awards
Year over Year Change in Fair Value of Outstanding and Unvested Equity AwardsChange in Fair Value of Equity Awards Granted in Prior Years that Vested in the YearFair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Condition in the YearValue of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total CompensationTotal Equity Award Adjustments
2022$1,604,212 $(314,377)$(269,444)$— $83,963 $1,104,354 
2021$2,510,232 $721,856 $(81,275)$(30,652)$81,232 $3,201,393 
2020$1,806,077 $(312,737)$87,320 $— $81,868 $1,662,528 
    
Non-PEO NEO Average Total Compensation Amount $ 2,554,239 2,400,219 2,413,795
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,012,288 3,227,093 2,128,993
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] These amounts represent the average amount of "compensation actually paid" to the NEOs as a group, excluding Ms. Nader, as computed in accordance with Item 402(v) of Regulation S-K. The amounts do not reflect the actual average amount of compensation earned or paid to the NEOs as a group, excluding Ms. Nader, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group, excluding Ms. Nader for each year to determine the compensation actually paid, using the same methodology described above in footnote 2:



Year
Average Reported Summary Compensation Table Total for Non-PEO NEOs
Average Reported Value of Equity Awards
Average Equity Award Adjustments (a)
Average Compensation Actually Paid to Non-PEO NEOs
2022$2,554,239 $(1,324,933)$782,982 $2,012,288 
2021$2,400,219 $(1,143,444)$1,970,318 $3,227,093 
2020$2,413,795 $(1,430,682)$1,145,880 $2,128,993 



Year
Average Year End Fair Value of Equity Awards
Year over Year Average Change in Fair Value of Outstanding and Unvested Equity AwardsYear over year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the YearAverage Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the YearAverage Value of Dividend or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total CompensationTotal Average Equity Award Adjustments
2022$1,126,150 $(216,157)$(185,623)$— $58,612 $782,982 
2021$1,571,547 $416,144 $(50,347)$(17,882)$50,856 $1,970,318 
2020$1,233,978 $(205,367)$60,941 $— $56,328 $1,145,880 
    
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Compensation Actually Paid and Cumulative TSR of the Company:
As demonstrated by the following graph, the amount of compensation actually paid to Ms. Nader and the average amount of compensation actually paid to the Company's NEOs as a group, excluding Ms. Nader, is aligned with the Company's cumulative TSR over the three years presented in the table. The alignment of compensation actually paid with the Company's cumulative TSR over the period presented is because a significant portion of the compensation actually paid to Ms. Nader and to the other NEOs is comprised of equity awards. As described in more detail in the CD&A section of this Proxy Statement, the Company targets that approximately 58% of the value of total compensation awarded to the NEOs is comprised of equity awards with 50% being time-based and 50% being performance-based.
els-20230315_g28.jpg
    
Compensation Actually Paid vs. Net Income [Text Block]
Compensation Actually Paid and Net Income:
The following chart shows the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to Net Income. As described in more detail in the CD&A section of this Proxy Statement, the Company targets that approximately 25% of the value of total compensation awarded to the NEOs consists of amounts determined under the Company's short-term incentive compensation program.
els-20230315_g29.jpg
    
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Compensation Actually Paid and Normalized Funds From Operations:
The following chart shows the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to Normalized Funds From Operations. See Appendix A to this Proxy Statement for a discussion and reconciliation of Normalized Funds From Operations to the most directly comparable GAAP measure. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company's compensation programs, the Company has determined that Normalized Funds From Operations is the financial measure that, in the Company's assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company's NEOs, for the year ended December 31, 2022, to Company performance. The Company utilizes Normalized Funds From Operations when setting goals in the Company's short-term incentive compensation program, as well as for setting goals for performance-based Restricted Stock that are awarded to the NEOs. As described in more detail in the CD&A section of this Proxy Statement, the Company targets that approximately 25% of the value of total compensation awarded to the NEOs consists of amounts determined under the Company short-term incentive compensation program and approximately 58% of the value of total compensation awarded to the NEOs is to be comprised of equity awards of which 50% of the equity awards are performance-based Restricted Stock.
els-20230315_g30.jpg
    
Total Shareholder Return Vs Peer Group [Text Block]
Cumulative TSR of the Company and FTSE NAREIT All Equity REITs Index:
As demonstrated by the following graph, the Company's cumulative TSR over the three-year period presented in the table was $98, which was aligned with the FTSE NAREIT All Equity REITs Index over the three years presented in the table.
els-20230315_g31.jpg
    
Tabular List [Table Text Block]
l Normalized Funds From Operations
l Core Community Base Rental Income
l Core Resort Base Rental Income
l Core Net Operating Income
    
Total Shareholder Return Amount $ 98 130 92
Peer Group Total Shareholder Return Amount 101 134 95
Net Income (Loss) $ 284,600,000 $ 262,500,000 $ 228,300,000
Company Selected Measure Amount 531,600,000 489,000,000.0 418,700,000
PEO Name Ms. Nader    
Additional 402(v) Disclosure [Text Block] As described in more detail in the CD&A section of this Proxy Statement, the Company's executive compensation program reflects a variable pay-for-performance philosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not present in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company's performance measures with compensation that is actually paid (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relations between information presented in the Pay versus Performance table.    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Normalized Funds From Operations    
Non-GAAP Measure Description [Text Block] While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company's compensation programs, the Company has determined that Normalized Funds From Operations is the financial performance measure that, in the Company's assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company's NEOs, for the most recently completed fiscal year, to Company performance. See Appendix A to this Proxy Statement for a discussion and reconciliation of Normalized Funds From Operations to the most directly comparable GAAP measure    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Core Community Base Rental Income    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Core Resort Base Rental Income    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Core Net Operating Income    
PEO [Member] | Grant Date Fair Value Of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (1,887,308) $ (1,826,474) $ (2,093,977)
PEO [Member] | Equity Award Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,104,354 3,201,393 1,662,528
PEO [Member] | Year End Fair Value of Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards 1,604,212 2,510,232 1,806,077
PEO [Member] | Year Over Year Change In Fair Value Of Outstanding and Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards (314,377) 721,856 (312,737)
PEO [Member] | Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards (269,444) (81,275) 87,320
PEO [Member] | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Condition in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards 0 (30,652) 0
PEO [Member] | Value of Dividends or other earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards 83,963 81,232 81,868
Non-PEO NEO [Member] | Average Reported Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,324,933) (1,143,444) (1,430,682)
Non-PEO NEO [Member] | Average Equity Award Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 782,982 1,970,318 1,145,880
Non-PEO NEO [Member] | Average Year End Fair Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards 1,126,150 1,571,547 1,233,978
Non-PEO NEO [Member] | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards (216,157) 416,144 (205,367)
Non-PEO NEO [Member] | Year over year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards (185,623) (50,347) 60,941
Non-PEO NEO [Member] | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards 0 (17,882) 0
Non-PEO NEO [Member] | Average Value of Dividend or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount, Equity Awards $ 58,612 $ 50,856 $ 56,328