Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Investment in real estate:
Land	$ 2,088,682	$ 2,088,682
Land improvements	4,630,575	4,582,815
Buildings and other depreciable property	1,241,287	1,244,193
Investment in real estate	7,960,544	7,915,690
Accumulated depreciation	(2,688,159)	(2,639,538)
Net investment in real estate	5,272,385	5,276,152
Cash and restricted cash	47,476	24,576
Notes receivable, net	47,730	50,726
Investment in unconsolidated joint ventures	89,553	83,772
Deferred commission expense	57,144	56,516
Other assets, net	128,076	153,910
Total Assets	5,642,364	5,645,652
Liabilities:
Mortgage notes payable, net	2,912,325	2,928,292
Term loans, net	199,423	199,344
Unsecured line of credit	63,000	77,000
Accounts payable and other liabilities	161,751	159,225
Deferred membership revenue	230,455	229,301
Accrued interest payable	10,489	10,679
Rents and other customer payments received in advance and security deposits	128,673	122,448
Distributions payable	102,983	95,577
Total Liabilities	3,809,099	3,821,866
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2025 and December 31, 2024; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 191,144,217 and 191,056,527 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.	1,962	1,962
Paid-in capital	1,951,391	1,951,430
Distributions in excess of accumulated earnings	(204,226)	(214,979)
Accumulated other comprehensive income	674	2,303
Total Stockholders’ Equity	1,749,801	1,740,716
Non-controlling interests – Common OP Units	83,464	83,070
Total Equity	1,833,265	1,823,786
Total Liabilities and Equity	$ 5,642,364	$ 5,645,652