Acquisitions (Tables)

9 Months Ended

Sep. 30, 2012

Recognized Identified Assets Acquired and Liabilties Assumed

Assets acquired
Land	$	471,500
Depreciable property	855,200
Manufactured homes	24,000
In-place leases	74,000
Net investment in real estate	1,424,700
Notes receivable	40,000
Other assets	18,300
Total Assets acquired	1,483,000
Liabilities assumed
Mortgage notes payable	548,000
Accrued payroll and other operating expenses	3,000
Rents and other customer payments received in advance and security deposits	5,000
Total Liabilities assumed	556,000
Net consideration paid	$	927,000

Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations assumes that the Acquisition for the 75 Acquisition Properties and related debt and equity issuances had occurred on January 1, 2011. The unaudited pro forma results of operations are based upon historical financial statements. The unaudited pro forma results do not purport to represent what the actual results of operations of the Company would have been, nor do they purport to predict the results of operations of future periods.

Unaudited Pro Forma Results of Operations⁽¹⁾ 

(amounts in thousands, except per share data)

	Three Months Ended				Nine Months Ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Total revenues	$	181,828	$	179,044	$	537,946	$	520,484
Net income available for Common Shares	$	22,909	$	4,143	$	70,957	$	21,398
Earnings per Common Share – Basic	$	0.56	$	0.10	$	1.72	$	0.53
Earnings per Common Share – Fully Diluted(2)	$	0.55	$	0.10	$	1.71	$	0.53

______________________

1. The following expenses, except for c. below, are not reflected in the Unaudited Pro Forma Results of Operations for the three and nine months ended September 30, 2011 as they are either short-term in nature or are not reflective of the historical results of the Company or the seller:

a. Annual incremental property management expenses associated with the Acquisition.

b. Annual incremental general and administrative expenses associated with the Acquisition, including Chattel Loan servicing.

c. For the three and nine months ended September 30, 2011, the Company has estimated the amortization expense of an intangible asset for in-place leases to be approximately $18.3 million and $55.1 million, respectively. The estimated useful life for acquired in-place leases is one year.

2. For the nine months ended September 30, 2011, the Company’s weighted average of approximately 4.6 million common OP units (which were dilutive to the Company’s historical operations) were anti-dilutive, and therefore are excluded from the computation of the Pro Forma Earnings per Common Share – Fully Diluted.