Borrowing Arrangements	6 Months Ended
Jun. 30, 2013
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable As of June 30, 2013 and December 31, 2012, we had outstanding mortgage indebtedness on Properties held for long term investment of approximately $2,123 million and $2,062 million, respectively, and approximately $8.2 million and $8.3 million, respectively, on Properties held for disposition (including $0.4 million of debt premium adjustment). The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the six months ended June 30, 2013 was approximately 5.5% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2013 to 2023. The debt encumbered a total of 177 and 170 of our Properties as of June 30, 2013 and December 31, 2012, respectively, and the carrying value of such Properties was approximately $2,547 million and $2,485 million, respectively, as of such dates. Note 7 – Borrowing Arrangements (continued) During the six months ended June 30, 2013, we paid off four mortgages totaling approximately $29.8 million, with a weighted average interest rate of 5.7% per annum. In connection with two of these transactions, we incurred an aggregate of $1.4 million in defeasance costs associated with the early retirement of those mortgages. During the quarter ended June 30, 2013, we closed on a $110.0 million loan. This loan is secured by a portfolio of RV properties, matures in 2023 and bears a stated interest rate of 4.87% per annum. During the term of the loan, we will be subject to customary affirmative and negative covenants. On July 1, 2013, the proceeds from the new loan, along with available cash, were used to pay off six mortgages with maturity dates in 2015. The retired loans had an outstanding principal balance of approximately $120.0 million, with a weighted average interest rate of 5.7% per annum. In connection with these mortgage payoffs, we incurred an aggregate of $15.0 million in defeasance costs associated with the early retirement of these mortgages. On July 18, 2013, in connection with the disposition of our Michigan Properties (see Note 4 in the Notes to Consolidated Financial Statements in this Form 10-Q), we paid off the mortgage on one manufactured home community, which was scheduled to mature in 2020, for approximately $7.8 million with a stated interest rate of 7.2% per annum. In addition, we paid a prepayment fee of $1.45 million to be reimbursed upon closing of the remaining Michigan Property during the third quarter of 2013. On July 30, 2013, we closed on a loan of $70.5 million secured by two manufactured home communities and bears a stated interest rate of 4.35% per annum maturing in 2038. During the term of the loan, we will be subject to customary affirmative and negative covenants. The loan proceeds and available cash were used to defease approximately $20.9 million of debt maturing in 2015, with a weighted average rate of 6.3% per annum, which was secured by three manufactured home communities. We paid approximately $2.8 million in defeasance costs associated with the early retirement of these mortgages. On August 1, 2013, we closed five loans totaling approximately $166.6 million in proceeds, which are secured by seven manufactured home communities and have a weighted average interest rate of 4.25% per annum, with $115.0 million maturing in 2028 and the remainder maturing in 2038. During the term of the loans, we will be subject to customary affirmative and negative covenants. We also used loan proceeds and available cash to defease $154.5 million of debt maturing in 2015, which was secured by 18 manufactured home communities and had a weighted average interest rate of 5.56% per annum. We paid an aggregate of approximately $18.9 million in defeasance costs associated with the early retirement of that debt. We also repaid $60.7 million of debt maturing in 2013, which had a weighted average interest rate of 6.02% per annum and constituted the remainder of our 2013 maturities. Term Loan Our $200.0 million Term Loan (the “Term Loan”) matures on June 30, 2017 and has a one-year extension option, an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty after July 1, 2014. Prior to July 1, 2014, a prepayment penalty of 2% of the amount prepaid would be owed. The spread over LIBOR is variable based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, we also entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “Swap”) allowing us to trade our variable interest rate for a fixed interest rate on the Term Loan. (see Note 8 in the Notes to Consolidated Financial Statements contained in this Form 10-Q for further information on the accounting for the Swap.) Unsecured Line of Credit As of June 30, 2013 and December 31, 2012, our unsecured Line of Credit (“LOC”) had an availability of $380 million of which no amounts were outstanding. Our amended LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility rate and has a maturity date of September 15, 2016. We have a one year extension option under our LOC. We incurred commitment and arrangement fees of approximately $1.3 million to enter into the amended LOC in 2012, subject to payment of certain administrative fees and the satisfaction of certain other enumerated conditions. As of June 30, 2013, we are in compliance with covenants in our borrowing arrangements.

Borrowing Arrangements

Mortgage Notes Payable

As of June 30, 2013 and December 31, 2012, we had outstanding mortgage indebtedness on Properties held for long term investment of approximately $2,123 million and $2,062 million, respectively, and approximately $8.2 million and $8.3 million, respectively, on Properties held for disposition (including $0.4 million of debt premium adjustment). The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the six months ended June 30, 2013 was approximately 5.5% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2013 to 2023. The debt encumbered a total of 177 and 170 of our Properties as of June 30, 2013 and December 31, 2012, respectively, and the carrying value of such Properties was approximately $2,547 million and $2,485 million, respectively, as of such dates.

Note 7 – Borrowing Arrangements (continued)

During the six months ended June 30, 2013, we paid off four mortgages totaling approximately $29.8 million, with a weighted average interest rate of 5.7% per annum. In connection with two of these transactions, we incurred an aggregate of $1.4 million in defeasance costs associated with the early retirement of those mortgages.

During the quarter ended June 30, 2013, we closed on a $110.0 million loan. This loan is secured by a portfolio of RV properties, matures in 2023 and bears a stated interest rate of 4.87% per annum. During the term of the loan, we will be subject to customary affirmative and negative covenants.

On July 1, 2013, the proceeds from the new loan, along with available cash, were used to pay off six mortgages with maturity dates in 2015. The retired loans had an outstanding principal balance of approximately $120.0 million, with a weighted average interest rate of 5.7% per annum. In connection with these mortgage payoffs, we incurred an aggregate of $15.0 million in defeasance costs associated with the early retirement of these mortgages.

On July 18, 2013, in connection with the disposition of our Michigan Properties (see Note 4 in the Notes to Consolidated Financial Statements in this Form 10-Q), we paid off the mortgage on one manufactured home community, which was scheduled to mature in 2020, for approximately $7.8 million with a stated interest rate of 7.2% per annum. In addition, we paid a prepayment fee of $1.45 million to be reimbursed upon closing of the remaining Michigan Property during the third quarter of 2013.

On July 30, 2013, we closed on a loan of $70.5 million secured by two manufactured home communities and bears a stated interest rate of 4.35% per annum maturing in 2038. During the term of the loan, we will be subject to customary affirmative and negative covenants. The loan proceeds and available cash were used to defease approximately $20.9 million of debt maturing in 2015, with a weighted average rate of 6.3% per annum, which was secured by three manufactured home communities. We paid approximately $2.8 million in defeasance costs associated with the early retirement of these mortgages.

On August 1, 2013, we closed five loans totaling approximately $166.6 million in proceeds, which are secured by seven manufactured home communities and have a weighted average interest rate of 4.25% per annum, with $115.0 million maturing in 2028 and the remainder maturing in 2038. During the term of the loans, we will be subject to customary affirmative and negative covenants. We also used loan proceeds and available cash to defease $154.5 million of debt maturing in 2015, which was secured by 18 manufactured home communities and had a weighted average interest rate of 5.56% per annum. We paid an aggregate of approximately $18.9 million in defeasance costs associated with the early retirement of that debt. We also repaid $60.7 million of debt maturing in 2013, which had a weighted average interest rate of 6.02% per annum and constituted the remainder of our 2013 maturities.

Term Loan

Our $200.0 million Term Loan (the “Term Loan”) matures on June 30, 2017 and has a one-year extension option, an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty after July 1, 2014. Prior to July 1, 2014, a prepayment penalty of 2% of the amount prepaid would be owed. The spread over LIBOR is variable based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, we also entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “Swap”) allowing us to trade our variable interest rate for a fixed interest rate on the Term Loan. (see Note 8 in the Notes to Consolidated Financial Statements contained in this Form 10-Q for further information on the accounting for the Swap.)

Unsecured Line of Credit

As of June 30, 2013 and December 31, 2012, our unsecured Line of Credit (“LOC”) had an availability of $380 million of which no amounts were outstanding. Our amended LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility rate and has a maturity date of September 15, 2016. We have a one year extension option under our LOC. We incurred commitment and arrangement fees of approximately $1.3 million to enter into the amended LOC in 2012, subject to payment of certain administrative fees and the satisfaction of certain other enumerated conditions.

As of June 30, 2013, we are in compliance with covenants in our borrowing arrangements.