Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investment in real estate:
Land	$ 2,088,463	$ 2,088,682
Land improvements	4,739,532	4,582,815
Buildings and other depreciable property	1,280,579	1,244,193
Investment in real estate	8,108,574	7,915,690
Accumulated depreciation	(2,787,438)	(2,639,538)
Net investment in real estate	5,321,136	5,276,152
Cash and restricted cash	39,291	24,576
Notes receivable, net	96,846	50,726
Investment in unconsolidated joint ventures	87,011	83,772
Deferred commission expense	58,530	56,516
Other assets, net	144,367	153,910
Total Assets	5,747,181	5,645,652
Liabilities:
Mortgage notes payable, net	2,794,804	2,928,292
Term loans, net	437,250	199,344
Unsecured line of credit	45,000	77,000
Accounts payable and other liabilities	196,958	159,225
Deferred membership revenue	224,877	229,301
Accrued interest payable	10,926	10,679
Rents and other customer payments received in advance and security deposits	122,470	122,448
Distributions payable	103,143	95,577
Total Liabilities	3,935,428	3,821,866
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 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 September 30, 2025 and December 31, 2024; 193,825,482 and 191,056,527 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.	1,988	1,962
Paid-in capital	1,979,547	1,951,430
Distributions in excess of accumulated earnings	(225,682)	(214,979)
Accumulated other comprehensive income/(loss)	(2,594)	2,303
Total Stockholders’ Equity	1,753,259	1,740,716
Non-controlling interests – Common OP Units	58,494	83,070
Total Equity	1,811,753	1,823,786
Total Liabilities and Equity	$ 5,747,181	$ 5,645,652