Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	2012		2011
Assets acquired
Land	$	4,410	$	471,500
Depreciable property	18,491		855,200
Manufactured homes	—		24,000
In-place leases	2,099		74,000
Net investment in real estate	25,000		1,424,700
Notes receivable	—		40,000
Other assets	29		18,300
Total Assets acquired	25,029		1,483,000
Liabilities assumed
Mortgage notes payable	—		548,000
Accrued payroll and other operating expenses	376		3,000
Rents and other customer payments received in advance and security deposits	440		5,000
Total Liabilities assumed	816		556,000
Net consideration paid	$	24,213	$	927,000

Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition Determined using Level Two and Level Three Inputs

The following unaudited pro forma consolidated results of operations assumes that the 2011 Acquisition for the 2011 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)

	December 31, 2011
Total revenues	$	676,819
Net income available for Common Shares	$	17,441
Earnings per Common Share – Basic	$	0.45
Earnings per Common Share – Fully Diluted(2)	$	0.44

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1. The following expenses, except for c. below, are not reflected in the Unaudited Pro Forma Results of Operations 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 2011 Acquisition.

b. Annual incremental general and administrative expenses associated with the 2011 Acquisition.

c. For the year ended December 31, 2011, the Company has estimated the amortization expense of an intangible asset for in-place leases to be approximately $73.6 million. The estimated useful life for acquired in-place leases is one year.

2. For the year ended December 31, 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 were excluded from the computation of the Pro Forma Earnings per Common Share—Fully Diluted.