v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Investment in real estate:    
Land $ 2,104,661 $ 2,088,174
Land improvements 4,970,718 4,784,223
Buildings and other depreciable property 1,408,004 1,306,317
Investment in real estate 8,483,383 8,178,714
Accumulated depreciation (2,995,030) (2,838,344)
Net investment in real estate 5,488,353 5,340,370
Cash and restricted cash 24,334 26,132
Notes receivable, net 28,403 93,358
Investment in unconsolidated joint ventures 40,202 85,041
Deferred commission expense 57,119 58,149
Other assets, net 126,595 142,343
Total Assets 5,765,006 5,745,393
Liabilities:    
Mortgage notes payable, net 2,731,331 2,779,158
Term loans, net 438,067 437,455
Unsecured line of credit 138,000 105,000
Accounts payable and other liabilities 192,124 152,536
Deferred membership revenue 213,644 221,498
Accrued interest payable 10,971 11,333
Rents and other customer payments received in advance and security deposits 126,005 120,441
Distributions payable 108,723 103,146
Total Liabilities 3,958,865 3,930,567
Stockholders’ Equity:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 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 September 30, 2026 and December 31, 2025; 194,068,205 and 193,835,561 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. 1,989 1,988
Paid-in capital 1,987,638 1,981,540
Distributions in excess of accumulated earnings (250,120) (225,045)
Accumulated other comprehensive income/(loss) 9,351 (2,208)
Total Stockholders’ Equity 1,748,858 1,756,275
Non-controlling interests – Common OP Units 57,283 58,551
Total Equity 1,806,141 1,814,826
Total Liabilities and Equity $ 5,765,006 $ 5,745,393