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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Investment in real estate:    
Land $ 1,861,574 $ 1,676,636
Land improvements 3,629,258 3,543,479
Buildings and other depreciable property 1,014,906 940,311
Investment in real estate 6,505,738 6,160,426
Accumulated depreciation (1,968,711) (1,924,585)
Net investment in real estate 4,537,027 4,235,841
Cash and restricted cash 91,528 24,060
Notes receivable, net 37,195 35,844
Investment in unconsolidated joint ventures 19,861 19,726
Deferred commission expense 43,880 42,472
Other assets, net 56,224 61,026
Total Assets 4,785,715 4,418,969
Liabilities:    
Mortgage notes payable, net 2,634,643 2,444,930
Term loan, net 299,120 0
Unsecured line of credit 50,000 222,000
Accounts payable and other liabilities 142,614 129,666
Accrued interest payable 8,803 8,336
Rents and other customer payments received in advance and security deposits 115,515 92,587
Distributions payable 69,882 66,003
Total Liabilities 3,481,369 3,114,214
Stockholders' Equity:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of March 31, 2021 and December 31, 2020; none issued and outstanding. 0 0
Common stock, $0.01 par value, 600,000,000 and shares authorized as of March 31, 2021 and December 31, 2020; 182,308,380 and 182,230,631 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively. 1,813 1,813
Paid-in capital 1,411,813 1,411,397
Distributions in excess of accumulated earnings (180,370) (179,523)
Accumulated other comprehensive income (loss) 129 0
Total Stockholders’ Equity 1,233,385 1,233,687
Non-controlling interests – Common OP Units 70,961 71,068
Total Equity 1,304,346 1,304,755
Total Liabilities and Equity 4,785,715 4,418,969
Deferred membership revenue    
Liabilities:    
Deferred revenue $ 160,792 $ 150,692