Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investment in real estate:
Land	$ 2,088,175	$ 2,088,174
Land improvements	4,825,758	4,784,223
Buildings and other depreciable property	1,320,369	1,306,317
Investment in real estate	8,234,302	8,178,714
Accumulated depreciation	(2,889,944)	(2,838,344)
Net investment in real estate	5,344,358	5,340,370
Cash and restricted cash	39,236	26,132
Notes receivable, net	90,252	93,358
Investment in unconsolidated joint ventures	83,069	85,041
Deferred commission expense	57,689	58,149
Other assets, net	134,064	142,343
Total Assets	5,748,668	5,745,393
Liabilities:
Mortgage notes payable, net	2,763,260	2,779,158
Term loans, net	437,659	437,455
Unsecured line of credit	89,500	105,000
Accounts payable and other liabilities	169,735	152,536
Deferred membership revenue	220,318	221,498
Accrued interest payable	11,076	11,333
Rents and other customer payments received in advance and security deposits	128,257	120,441
Distributions payable	108,574	103,146
Total Liabilities	3,928,379	3,930,567
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; none issued and outstanding.	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 193,931,077 and 193,835,561 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	1,988	1,988
Paid-in capital	1,982,024	1,981,540
Distributions in excess of accumulated earnings	(222,349)	(225,045)
Accumulated other comprehensive income/(loss)	(56)	(2,208)
Total Stockholders’ Equity	1,761,607	1,756,275
Non-controlling interests – Common OP Units	58,682	58,551
Total Equity	1,820,289	1,814,826
Total Liabilities and Equity	$ 5,748,668	$ 5,745,393