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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Rental income $ 1,233,252 $ 1,178,959 $ 1,118,601
Other income 75,354 67,407 56,144
Interest income 9,238 9,037 7,430
Income from other investments, net 8,274 8,703 8,553
Total revenues 1,526,166 1,489,423 1,447,080
Expenses:      
Property operating and maintenance 480,438 469,912 443,157
Real estate taxes 81,966 77,993 74,145
Membership sales and marketing 22,063 20,974 20,317
Depreciation and amortization 203,879 203,738 202,362
Home selling expenses and ancillary operating expenses 27,644 27,453 27,321
General and administrative 38,483 47,280 44,857
Casualty-related charges/(recoveries), net (20,950) 0 0
Other expenses 5,533 5,768 8,646
Early debt retirement 5,833 68 1,156
Interest and related amortization 137,710 132,342 116,562
Total expenses 1,145,484 1,169,366 1,151,618
Income before income taxes and other items 380,682 320,057 295,462
Gain/(Loss) on sale of real estate and impairment, net (2,466) (3,581) 0
Income tax benefit 354 10,488 0
Equity in income of unconsolidated joint ventures 6,248 2,713 3,363
Consolidated net income 384,818 329,677 298,825
Income allocated to non-controlling interests – Common OP Units (17,804) (15,470) (14,198)
Redeemable perpetual preferred stock dividends (16) (16) (16)
Net income available for Common Stockholders 366,998 314,191 284,611
Other comprehensive income (loss):      
Adjustment for fair market value of swap (3,758) (13,058) 15,595
Consolidated comprehensive income 381,060 316,619 314,420
Comprehensive income allocated to non-controlling interests – Common OP Units (17,622) (14,862) (15,005)
Redeemable perpetual preferred stock dividends (16) (16) (16)
Comprehensive income attributable to Common Stockholders $ 363,422 $ 301,741 $ 299,399
Earnings per Common Share – Basic (usd per share) $ 1.96 $ 1.69 $ 1.53
Earnings per Common Share – Fully Diluted (usd per share) $ 1.96 $ 1.69 $ 1.53
Weighted average Common Shares outstanding – Basic (in shares) 187,439 186,061 185,780
Weighted average Common Shares outstanding – Fully Diluted (in shares) 196,636 195,429 195,255
Redeemable Perpetual Preferred  Stock      
Expenses:      
Redeemable perpetual preferred stock dividends $ (16) $ (16) $ (16)
Other comprehensive income (loss):      
Redeemable perpetual preferred stock dividends (16) (16) (16)
Annual membership subscriptions      
Revenues:      
Contract revenue 65,883 65,379 63,215
Membership upgrade sales      
Revenues:      
Contract revenue 16,433 14,719 12,958
Gross revenues from home sales, brokered resales and ancillary services      
Revenues:      
Contract revenue 117,732 145,219 180,179
Expenses:      
Cost of services 84,771 107,668 139,012
Property management      
Expenses:      
Cost of services $ 78,114 $ 76,170 $ 74,083