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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Rental income $ 1,282,532 $ 1,233,252 $ 1,178,959
Other income 62,794 75,354 67,407
Interest income 9,572 9,238 9,037
Income from other investments, net 8,772 8,274 8,703
Total revenues 1,531,382 1,526,166 1,489,423
Expenses:      
Property operating and maintenance 493,412 480,438 469,912
Real estate taxes 85,148 81,966 77,993
Membership sales and marketing 16,069 22,063 20,974
Depreciation and amortization 208,895 203,879 203,738
Home selling expenses and ancillary operating expenses 26,512 27,644 27,453
General and administrative 37,510 38,483 47,280
Casualty-related charges/(recoveries), net (4,487) (20,950) 0
Other expenses 4,850 5,533 5,768
Early debt retirement 0 5,833 68
Interest and related amortization 131,005 137,710 132,342
Total expenses 1,140,033 1,145,484 1,169,366
Income before taxes and other items 391,349 380,682 320,057
Gain/(Loss) on sale of real estate and impairment, net 919 (2,466) (3,581)
Income tax benefit 3,273 354 10,488
Equity in income/(loss) of unconsolidated joint ventures 6,520 6,248 2,713
Consolidated net income 402,061 384,818 329,677
Income allocated to non-controlling interests – Common OP Units (15,553) (17,804) (15,470)
Redeemable perpetual preferred stock dividends (16) (16) (16)
Net income available for Common Stockholders 386,492 366,998 314,191
Other comprehensive income/(loss):      
Adjustment for fair market value of swap (4,511) (3,758) (13,058)
Consolidated comprehensive income 397,550 381,060 316,619
Comprehensive income allocated to non-controlling interests – Common OP Units (15,353) (17,622) (14,862)
Redeemable perpetual preferred stock dividends (16) (16) (16)
Comprehensive income attributable to Common Stockholders $ 382,181 $ 363,422 $ 301,741
Earnings per Common Share – Basic (usd per share) $ 2.01 $ 1.96 $ 1.69
Earnings per Common Share – Fully Diluted (usd per share) $ 2.01 $ 1.96 $ 1.69
Weighted average Common Shares outstanding – Basic (in shares) 192,137 187,439 186,061
Weighted average Common Shares outstanding – Fully Diluted (in shares) 200,114 196,636 195,429
Annual membership subscriptions      
Revenues:      
Contract revenue $ 69,266 $ 65,883 $ 65,379
Membership upgrade revenue      
Revenues:      
Contract revenue 12,412 16,433 14,719
Gross revenues from home sales, brokered resales and ancillary services      
Revenues:      
Contract revenue 86,034 117,732 145,219
Expenses:      
Cost of services 60,335 84,771 107,668
Property management      
Expenses:      
Cost of services $ 80,784 $ 78,114 $ 76,170