XML 26 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Financial Information Level 3 (Tables)
 9 Months Ended
Sep. 30, 2012
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
The following tables summarize the Company’s segment financial information for the three months ended September 30, 2012 and 2011 (amounts in thousands):
Three Months Ended September 30, 2012
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
170,776

 
$
5,833

 
$
176,609

Operations expenses
(83,973
)
 
(4,394
)
 
(88,367
)
Income from segment operations
86,803

 
1,439

 
88,242

Interest income
750

 
1,704

 
2,454

Depreciation on real estate and rental homes
(24,703
)
 
(1,591
)
 
(26,294
)
Amortization of in-place leases
(7,396
)
 
(152
)
 
(7,548
)
Income from operations
$
55,454

 
$
1,400

 
56,854

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
2,765

General and administrative
 
 
 
 
(6,535
)
Interest and related amortization
 
 
 
 
(31,640
)
Rent control initiatives and other
 
 
 
 
(221
)
Equity in income of unconsolidated joint ventures
 
 
 
 
269

Consolidated net income
 
 
 
 
$
21,492

Total assets
$
3,260,654

 
$
236,471

 
$
3,497,125

Three Months Ended September 30, 2011
 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
153,234

 
$
4,088

 
$
157,322

Operations expenses
(77,758
)
 
(3,325
)
 
(81,083
)
Income from segment operations
75,476

 
763

 
76,239

Interest income
919

 
1,269

 
2,188

Depreciation on real estate and rental homes
(21,675
)
 
(1,250
)
 
(22,925
)
Amortization of in-place leases
(10,759
)
 
—

 
(10,759
)
Income from operations
$
43,961

 
$
782

 
44,743

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
4,534

General and administrative
 
 
 
 
(6,412
)
Acquisition Costs
 
 
 
 
(15,216
)
Interest and related amortization
 
 
 
 
(26,084
)
Rent control initiatives and other
 
 
 
 
(467
)
Equity in income of unconsolidated joint ventures
 
 
 
 
257

Consolidated net income
 
 
 
 
$
1,355

Total assets
$
3,091,731

 
$
201,074

 
$
3,292,805

Note 14 – Reportable Segments (continued)
The following tables summarize the Company’s segment financial information for the nine months ended September 30, 2012 and 2011 (amounts in thousands):
Nine Months Ended September 30, 2012
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
507,739

 
$
16,915

 
$
524,654

Operations expenses
(243,773
)
 
(13,094
)
 
(256,867
)
Income from segment operations
263,966

 
3,821

 
267,787

Interest income
2,387

 
4,866

 
7,253

Depreciation on real estate and rental homes
(74,101
)
 
(4,519
)
 
(78,620
)
Amortization of in-place leases
(43,220
)
 
(1,094
)
 
(44,314
)
Income from operations
$
149,032

 
$
3,074

 
152,106

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
6,039

General and administrative
 
 
 
 
(19,724
)
Interest and related amortization
 
 
 
 
(93,434
)
Rent control initiatives and other
 
 
 
 
(1,067
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,524

Consolidated net income
 
 
 
 
$
45,444

Total assets
$
3,260,654

 
$
236,471

 
$
3,497,125

Capital improvements
$
21,459

 
$
31,705

 
$
53,164

Nine Months Ended September 30, 2011
 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
406,105

 
$
10,151

 
$
416,256

Operations expenses
(205,590
)
 
(8,343
)
 
(213,933
)
Income from segment operations
200,515

 
1,808

 
202,323

Interest income
2,500

 
1,673

 
4,173

Depreciation on real estate and rental homes
(56,158
)
 
(3,076
)
 
(59,234
)
Amortization of in-place leases
(10,759
)
 
—

 
(10,759
)
Income from operations
$
136,098

 
$
405

 
136,503

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
6,448

General and administrative
 
 
 
 
(18,070
)
Acquisition Costs
 
 
 
 
(17,333
)
Interest and related amortization
 
 
 
 
(68,931
)
Rent control initiatives and other
 
 
 
 
(1,558
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,582

Consolidated net income
 
 
 
 
$
38,641

Total assets
$
3,091,731

 
$
201,074

 
$
3,292,805

Capital improvements
$
16,728

 
$
24,668

 
$
41,396