Pay vs Performance Disclosure - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Year | Summary Compensation Table Total for PEO (1) | Compensation Actually Paid to PEO (2) | Average Summary Compensation Table Total for Non-PEO NEOs ($) (3) | Average Compensation Actually Paid to Non-PEO NEOs (4) | Value of Initial Fixed $100 Investment Based on: | Net Income (millions)(7) | Normalized Funds From Operations (millions)(8) | |||||||||||||||||||
Total Stockholder Return (5) | Dow Jones Equity All REIT Index (6) | |||||||||||||||||||||||||
| 2025 | $ | 4,003,917 | $ | 3,871,749 | $ | 2,631,571 | $ | 2,537,730 | $ | 109 | $ | 127 | $ | 386.5 | $ | 612.4 | ||||||||||
| 2024 | $ | 4,238,421 | $ | 4,208,452 | $ | 2,642,293 | $ | 2,621,579 | $ | 116 | $ | 124 | $ | 367.0 | $ | 572.9 | ||||||||||
| 2023 | $ | 4,260,466 | $ | 4,561,177 | $ | 2,655,967 | $ | 2,865,811 | $ | 119 | $ | 118 | $ | 314.2 | $ | 537.5 | ||||||||||
| 2022 | $ | 4,063,301 | $ | 3,280,347 | $ | 2,554,239 | $ | 2,012,288 | $ | 106 | $ | 106 | $ | 284.6 | $ | 513.1 | ||||||||||
| 2021 | $ | 4,138,489 | $ | 5,513,408 | $ | 2,400,219 | $ | 3,227,093 | $ | 141 | $ | 141 | $ | 262.5 | $ | 469.0 | ||||||||||
Year | Reported Summary Compensation Table Total for PEO | Reported Value of Equity Awards (a) | Equity Award Adjustments (b) | Compensation Actually Paid to PEO | ||||||||||
| 2025 | $ | 4,003,917 | $ | (1,814,222) | $ | 1,682,054 | $ | 3,871,749 | ||||||
| 2024 | $ | 4,238,421 | $ | (1,760,264) | $ | 1,730,295 | $ | 4,208,452 | ||||||
| 2023 | $ | 4,260,466 | $ | (1,846,322) | $ | 2,147,033 | $ | 4,561,177 | ||||||
| 2022 | $ | 4,063,301 | $ | (1,887,308) | $ | 1,104,354 | $ | 3,280,347 | ||||||
| 2021 | $ | 4,138,489 | $ | (1,826,474) | $ | 3,201,393 | $ | 5,513,408 | ||||||
(a) The Grant Date Fair Value of equity awards represents the total of the amounts reported in the "Stock Awards" column in the Summary Compensation Table for the applicable year.
(b) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (iv) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (v) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year | Year End Fair Value of Equity Awards | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Condition in the Year | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Equity Award Adjustments | |||||||||||||||||
| 2025 | $ | 1,692,474 | $ | (79,206) | $ | (41,369) | $ | — | $ | 110,155 | $ | 1,682,054 | |||||||||||
| 2024 | $ | 1,748,450 | $ | (48,659) | $ | (68,484) | $ | — | $ | 98,988 | $ | 1,730,295 | |||||||||||
| 2023 | $ | 1,796,160 | $ | 75,616 | $ | 184,784 | $ | — | $ | 90,473 | $ | 2,147,033 | |||||||||||
| 2022 | $ | 1,604,212 | $ | (314,377) | $ | (269,444) | $ | — | $ | 83,963 | $ | 1,104,354 | |||||||||||
| 2021 | $ | 2,510,232 | $ | 721,856 | $ | (81,275) | $ | (30,652) | $ | 81,232 | $ | 3,201,393 | |||||||||||
Year | Average Reported Summary Compensation Table Total for Non-PEO NEOs | Average Reported Value of Equity Awards | Average Equity Award Adjustments (a) | Average Compensation Actually Paid to Non-PEO NEOs | ||||||||||
| 2025 | $ | 2,631,571 | $ | (1,288,160) | $ | 1,194,319 | $ | 2,537,730 | ||||||
| 2024 | $ | 2,642,293 | $ | (1,249,812) | $ | 1,229,098 | $ | 2,621,579 | ||||||
| 2023 | $ | 2,655,967 | $ | (1,303,222) | $ | 1,513,066 | $ | 2,865,811 | ||||||
| 2022 | $ | 2,554,239 | $ | (1,324,933) | $ | 782,982 | $ | 2,012,288 | ||||||
| 2021 | $ | 2,400,219 | $ | (1,143,444) | $ | 1,970,318 | $ | 3,227,093 | ||||||
Year | Average Year End Fair Value of Equity Awards | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards | Year over year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Average Value of Dividend or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Average Equity Award Adjustments | ||||||||||||||
| 2025 | $ | 1,201,714 | $ | (56,236) | $ | (29,373) | $ | — | $ | 78,214 | $ | 1,194,319 | ||||||||
| 2024 | $ | 1,241,424 | $ | (34,549) | $ | (48,062) | $ | — | $ | 70,285 | $ | 1,229,098 | ||||||||
| 2023 | $ | 1,267,815 | $ | 53,058 | $ | 128,335 | $ | — | $ | 63,858 | $ | 1,513,066 | ||||||||
| 2022 | $ | 1,126,150 | $ | (216,157) | $ | (185,623) | $ | — | $ | 58,612 | $ | 782,982 | ||||||||
| 2021 | $ | 1,571,547 | $ | 416,144 | $ | (50,347) | $ | (17,882) | $ | 50,856 | $ | 1,970,318 | ||||||||
l Normalized FFO
l Core MH Revenues
l Core RV Revenues
l Core Net Operating Income
As described in more detail in the CD&A section of this Proxy Statement, the Company's executive compensation program reflects a variable pay-for-performance philosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not present in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company's performance measures with compensation that is actually paid (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relations between information presented in the Pay versus Performance table.
Compensation Actually Paid and Cumulative TSR of the Company:
As demonstrated by the following graph, the amount of compensation actually paid to Ms. Nader and the average amount of compensation actually paid to the Company's NEOs as a group, excluding Ms. Nader, is aligned with the Company's cumulative TSR over the five years presented in the table. The alignment of compensation actually paid with the Company's cumulative TSR over the period presented is because a significant portion of the compensation actually paid to Ms. Nader and to the other NEOs is comprised of equity awards. As described in more detail in the CD&A section of this Proxy Statement, the Company targets that approximately 48% of the value of total compensation awarded to the NEOs is comprised of equity awards with 50% being time-based and 50% being performance-based.
Compensation Actually Paid and Net Income:
The following chart shows the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to Net Income. As described in more detail in the CD&A section of this Proxy Statement, the Company targets that approximately 35% of the value of total compensation awarded to the NEOs consists of amounts determined under the Company's short-term incentive compensation program.
Compensation Actually Paid and Normalized FFO:
The following chart shows the relationship of the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs as compared to Normalized FFO. See Appendix A to this Proxy Statement for a discussion and reconciliation of Normalized FFO to the most directly comparable GAAP measure. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company's compensation programs, the Company has determined that Normalized FFO is the financial measure that, in the Company's assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company's NEOs, for the year ended December 31, 2025, to Company performance. The Company utilizes Normalized FFO when setting goals in the Company's short-term incentive compensation program, as well as for setting goals for performance-based Restricted Stock that are awarded to the NEOs. As described in more detail in the CD&A section of this Proxy Statement, the Company targets that approximately 35% of the value of total compensation awarded to the NEOs consists of amounts determined under the Company short-term incentive compensation program and approximately 48% of the value of total compensation awarded to the NEOs is to be comprised of equity awards of which 50% of the equity awards are performance-based Restricted Stock.