Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows From Operating Activities:
Consolidated net income	$ 298,249	$ 284,261
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate and impairment, net	652	1,798
Early debt retirement	0	30
Depreciation and amortization	159,562	157,492
Amortization of loan costs	3,811	3,989
Equity in (income)/loss of unconsolidated joint ventures	(6,562)	(6,736)
Distributions of income from unconsolidated joint ventures	252	1,331
Proceeds from insurance claims, net	(4,010)	(18,971)
Compensation expense related to incentive plans	7,550	7,226
Revenue recognized from membership upgrade sales upfront payments	(10,054)	(12,170)
Commission expense related to memberships	3,549	3,397
Changes in assets and liabilities:
Manufactured homes, net	(29,623)	11,379
Notes receivable, net	9,898	(5,152)
Deferred commission expense	(5,563)	(5,806)
Other assets, net	5,065	(3,914)
Accounts payable and other liabilities	33,259	44,659
Deferred membership revenue	5,630	26,697
Rents and other customer payments received in advance and security deposits	22	1,894
Net cash provided by operating activities	471,687	491,404
Cash Flows From Investing Activities:
Real estate acquisitions, net	0	(24)
Investment in unconsolidated joint ventures	(9,494)	(9,299)
Distributions of capital from unconsolidated joint ventures	11,943	14,113
Proceeds from insurance claims, net	5,874	18,933
Issuance of notes receivable	(56,110)	0
Capital improvements	(175,933)	(175,629)
Net cash used in investing activities	(223,720)	(151,906)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,135	1,158
Distributions:
Common Stockholders	(288,143)	(261,538)
Common OP Unitholders	(13,702)	(12,769)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(2,258)	(1,908)
Principal payments and mortgage debt repayment	(135,513)	(48,055)
Term loan proceeds	240,000	0
Line of credit repayment	(694,500)	(382,000)
Line of credit proceeds	662,500	383,500
Debt issuance and defeasance costs	(2,494)	(6,857)
Other	(269)	(560)
Net cash used in financing activities	(233,252)	(329,037)
Net increase in cash and restricted cash	14,715	10,461
Cash and restricted cash, beginning of period	24,576	29,937
Cash and restricted cash, end of period	39,291	40,398
Supplemental Information:
Cash paid for interest, net	96,639	106,715
Cash paid for the purchase of manufactured homes	55,034	36,003
Real estate acquisitions:
Investment in real estate	0	(24)
Real estate acquisitions, net	$ 0	$ (24)