v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investment in real estate:    
Land $ 2,104,661 $ 2,088,174
Land improvements 4,927,773 4,784,223
Buildings and other depreciable property 1,380,544 1,306,317
Investment in real estate 8,412,978 8,178,714
Accumulated depreciation (2,941,941) (2,838,344)
Net investment in real estate 5,471,037 5,340,370
Cash and restricted cash 35,629 26,132
Notes receivable, net 31,003 93,358
Investment in unconsolidated joint ventures 40,304 85,041
Deferred commission expense 57,374 58,149
Other assets, net 165,328 142,343
Total Assets 5,800,675 5,745,393
Liabilities:    
Mortgage notes payable, net 2,747,378 2,779,158
Term loans, net 437,863 437,455
Unsecured line of credit 127,500 105,000
Accounts payable and other liabilities 182,135 152,536
Deferred membership revenue 217,419 221,498
Accrued interest payable 10,889 11,333
Rents and other customer payments received in advance and security deposits 152,166 120,441
Distributions payable 108,720 103,146
Total Liabilities 3,984,070 3,930,567
Stockholders’ Equity:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding. 0 0
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. 1,988 1,988
Paid-in capital 1,984,545 1,981,540
Distributions in excess of accumulated earnings (231,263) (225,045)
Accumulated other comprehensive income/(loss) 2,900 (2,208)
Total Stockholders’ Equity 1,758,170 1,756,275
Non-controlling interests – Common OP Units 58,435 58,551
Total Equity 1,816,605 1,814,826
Total Liabilities and Equity $ 5,800,675 $ 5,745,393