Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Investment in real estate:
Land	$ 2,088,606	$ 2,088,682
Land improvements	4,680,281	4,582,815
Buildings and other depreciable property	1,259,620	1,244,193
Investment in real estate	8,028,507	7,915,690
Accumulated depreciation	(2,737,656)	(2,639,538)
Net investment in real estate	5,290,851	5,276,152
Cash and restricted cash	33,008	24,576
Notes receivable, net	100,269	50,726
Investment in unconsolidated joint ventures	88,372	83,772
Deferred commission expense	57,847	56,516
Other assets, net	150,536	153,910
Total Assets	5,720,883	5,645,652
Liabilities:
Mortgage notes payable, net	2,810,199	2,928,292
Term loans, net	347,046	199,344
Unsecured line of credit	90,000	77,000
Accounts payable and other liabilities	170,829	159,225
Deferred membership revenue	228,075	229,301
Accrued interest payable	10,636	10,679
Rents and other customer payments received in advance and security deposits	148,006	122,448
Distributions payable	103,140	95,577
Total Liabilities	3,907,931	3,821,866
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 191,211,213 and 191,056,527 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.	1,962	1,962
Paid-in capital	1,953,854	1,951,430
Distributions in excess of accumulated earnings	(222,992)	(214,979)
Accumulated other comprehensive income/(loss)	(2,010)	2,303
Total Stockholders’ Equity	1,730,814	1,740,716
Non-controlling interests – Common OP Units	82,138	83,070
Total Equity	1,812,952	1,823,786
Total Liabilities and Equity	$ 5,720,883	$ 5,645,652