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Consolidated Statements of Income and Comprehensive Income (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues:        
Community base rental income $ 103,668,000 $ 87,149,000 $ 309,819,000 $ 219,740,000
Rental home income 3,711,000 2,311,000 10,112,000 5,262,000
Resort base rental income 36,516,000 36,139,000 104,503,000 101,858,000
Right-to-use annual payments 12,115,000 12,444,000 36,087,000 37,019,000
Right-to-use contracts current period, gross 4,494,000 4,386,000 9,680,000 13,096,000
Right-to-use contracts, deferred, net of prior period amortization (2,788,000) (2,858,000) (4,680,000) (8,768,000)
Utility and other income 16,036,000 14,498,000 50,021,000 40,044,000
Gross revenues from home sales 1,861,000 1,636,000 5,881,000 4,281,000
Brokered resale revenues and ancillary services revenues, net 996,000 1,617,000 3,231,000 3,724,000
Interest income 2,568,000 2,328,000 7,586,000 4,379,000
Income from other investments, net 2,651,000 4,394,000 5,706,000 6,242,000
Total revenues 181,828,000 164,044,000 537,946,000 426,877,000
Expenses:        
Property operating and maintenance 60,378,000 56,451,000 173,147,000 148,417,000
Rental home operating and maintenance 2,009,000 1,417,000 5,155,000 3,084,000
Real estate taxes 11,826,000 10,304,000 36,300,000 26,522,000
Sales and marketing, gross 3,573,000 2,950,000 7,849,000 8,289,000
Sales and marketing, deferred commissions, net (1,277,000) (1,148,000) (2,174,000) (3,495,000)
Property management 9,473,000 9,201,000 28,651,000 25,857,000
Depreciation on real estate and rental homes 26,294,000 22,925,000 78,620,000 59,234,000
Amortization of in-place leases 7,548,000 10,759,000 44,314,000 10,759,000
Cost of home sales 2,051,000 1,552,000 6,869,000 4,020,000
Home selling expenses 334,000 356,000 1,070,000 1,239,000
General and administrative 6,535,000 6,412,000 19,724,000 18,070,000
Acquisition costs 0 15,216,000 0 17,333,000
Rent control initiatives and other 221,000 467,000 1,067,000 1,558,000
Interest and related amortization 31,640,000 26,084,000 93,434,000 68,931,000
Total expenses 160,605,000 162,946,000 494,026,000 389,818,000
Income before equity in income of unconsolidated joint ventures 21,223,000 1,098,000 43,920,000 37,059,000
Equity in income of unconsolidated joint ventures 269,000 257,000 1,524,000 1,582,000
Consolidated net income 21,492,000 1,355,000 45,444,000 38,641,000
(Income) loss allocated to non-controlling interests - Common OP Units (1,503,000) 289,000 (2,891,000) (3,121,000)
Income allocated to non-controlling interests - Perpetual Preferred OP Units 0 0 0 (2,801,000)
Net income (loss) available for Common Shares 16,009,000 (2,853,000) 30,504,000 22,934,000
Consolidated net income 21,492,000 1,355,000 45,444,000 38,641,000
Other comprehensive loss:        
Adjustment for fair market value of swap (54,000) (2,557,000) (466,000) (2,893,000)
Comprehensive income (loss) attributable to Common Shareholders 15,960,000 (5,174,000) 30,078,000 20,311,000
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 21,438,000 (1,202,000) 44,978,000 35,748,000
Earnings per Common Share - Basic:        
Net income (loss) available for Common Shares $ 0.39 $ (0.07) $ 0.74 $ 0.67
Distributions declared per Common Share outstanding $ 0.4375 $ 0.3750 $ 1.3125 $ 1.1250
Weighted average Common Shares outstanding - basic 41,190 38,346 41,137 34,017
Earnings per Common Share - Fully Diluted:        
Net income (loss) available for Common Shares $ 0.39 $ (0.07) $ 0.74 $ 0.67
Weighted average Common Shares outstanding - fully diluted 45,447 43,602 45,418 38,858
Redeemable Preferred Stock [Member]
       
Other comprehensive loss:        
Redeemable Preferred Stock Dividends 0 (466,000) 0 (466,000)
Non-controlling interests - Common OP Units
       
Other comprehensive loss:        
Comprehensive income (loss) allocated to non-controlling interests (1,498,000) 525,000 (2,851,000) (2,851,000)
Non-controlling interests- Perpetual Preferred OP Units
       
Other comprehensive loss:        
Comprehensive income (loss) allocated to non-controlling interests 0 0 0 (2,801,000)
CumulativeSeriesA8.034PercentRedeemablePerpetualPreferredStockMember [Member]
       
Other comprehensive loss:        
Redeemable Preferred Stock Dividends (3,393,000) (4,031,000) (11,462,000) (9,319,000)
CumulativeSeriesC6.75PercentRedeemablePerpetualPreferredStockMember [Member]
       
Other comprehensive loss:        
Redeemable Preferred Stock Dividends $ (587,000) $ 0 $ (587,000) $ 0