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Subsequent Events | 12 Months Ended
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Dec. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Equity Incentive Awards On February 9, 2022, the Compensation Committee approved the 2022 Restricted Stock Award Program for certain members of our management team pursuant to the authority set forth in the 2014 Plan. As a result, we awarded 79,078 shares of restricted stock. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 27, 2023, January 26, 2024 and January 31, 2025, respectively, and have a grant date fair value of $3.0 million. The remaining 50% are performance-based awards vesting in equal installments on January 27, 2023, January 26, 2024 and January 31, 2025, respectively, upon meeting performance conditions to be established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 13,178 shares of restricted stock subject to 2022 performance goals have a grant date fair value of $1.0 million. Acquisitions On February 15, 2022, we completed the acquisition of two RV communities located in Gunnison, Colorado and Winterhaven, California collectively containing 632 sites for a purchase price of $15.2 million. Unsecured Financing On January 21, 2022, we entered into a term loan agreement with Wells Fargo Bank, National Association, as the administrative agent, pursuant to which we have entered into a $200.0 million senior unsecured term loan. The maturity date is January 21, 2027. The term loan bears interest at a rate of Secured Overnight Financing Rate (“SOFR”), plus approximately 1.30% to 1.80%, depending on leverage levels. ATM During January 2022, we sold approximately 0.3 million shares of our common stock under our ATM equity offering program with a weighted average price of $86.46 per share for net proceeds of $28.0 million. On February 14, 2022, our Board of Directors approved a new ATM equity offering program with an aggregate offering price of up to $500.0 million. Dividend On January 21, 2022, our Board of Directors approved setting the annual dividend rate for 2022 at $1.64 per share of common stock, an increase of $0.19 over the current $1.45 per share of common stock for 2021. Our Board of Directors, in its sole discretion, will determine the amount of each quarterly dividend in advance of payment.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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