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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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues:        
Community base rental income $ 101,468,000 $ 98,336,000 $ 202,244,000 $ 196,433,000
Rental home income 3,598,000 2,786,000 6,992,000 5,367,000
Resort base rental income 33,197,000 30,408,000 73,936,000 67,987,000
Right-to-use annual payments 12,043,000 12,221,000 23,566,000 23,972,000
Right-to-use contracts current period, gross 3,361,000 2,942,000 6,192,000 5,186,000
Right-to-use contracts, deferred, net of prior period amortization (1,550,000) (1,285,000) (2,590,000) (1,891,000)
Utility and other income 15,787,000 17,097,000 32,470,000 33,053,000
Gross revenues from home sales 4,217,000 1,921,000 6,913,000 3,925,000
Brokered resale revenues and ancillary services revenues, net 932,000 482,000 2,727,000 2,225,000
Interest income 2,076,000 1,908,000 3,974,000 4,012,000
Income from other investments, net 1,624,000 1,567,000 4,104,000 3,055,000
Total revenues 176,753,000 168,383,000 360,528,000 343,324,000
Expenses:        
Property operating and maintenance 58,345,000 56,882,000 113,401,000 109,850,000
Rental home operating and maintenance 1,487,000 1,281,000 3,357,000 2,694,000
Real estate taxes 11,888,000 11,510,000 24,290,000 23,367,000
Sales and marketing, gross 3,333,000 2,632,000 5,694,000 4,275,000
Sales and marketing, deferred commissions, net (655,000) (655,000) (1,118,000) (897,000)
Property management 10,170,000 9,312,000 20,303,000 18,947,000
Depreciation on real estate and rental homes 29,313,000 25,523,000 55,333,000 50,947,000
Amortization of Intangible Assets for Continuing Operations 159,000 15,650,000 318,000 31,265,000
Cost of home sales 3,919,000 2,514,000 6,700,000 4,681,000
Home selling expenses 454,000 399,000 981,000 728,000
General and administrative 6,946,000 6,810,000 13,655,000 12,909,000
Payments of Debt Extinguishment Costs 1,381,000 0 1,381,000 0
Rent control initiatives and other 1,624,000 367,000 1,856,000 846,000
Interest and related amortization 30,377,000 30,705,000 60,500,000 61,528,000
Total expenses 158,741,000 162,930,000 306,651,000 321,140,000
Income before equity in income of unconsolidated joint ventures 18,012,000 5,453,000 53,877,000 22,184,000
Equity income from unconsolidated joint ventures 609,000 492,000 1,185,000 1,255,000
Consolidated income from continuing operations 18,621,000 5,945,000 55,062,000 23,439,000
Net income from discontinued operations 3,165,000 353,000 6,233,000 513,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax 0 0 958,000 0
Income allocated to non-controlling interest - discontinued operations 3,165,000 353,000 7,191,000 513,000
(Income) loss allocated to non-controlling interests - Common OP Units (1,597,000) (197,000) 4,730,000 1,388,000
Net income (loss) available for Common Shares – basic 17,860,000 2,063,000 52,883,000 14,495,000
Consolidated net income 21,786,000 6,298,000 62,253,000 23,952,000
Other comprehensive loss:        
Adjustment for fair market value of swap 430,000 (34,000) 872,000 (412,000)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 22,216,000 6,264,000 63,125,000 23,540,000
Comprehensive income (loss) attributable to Common Shareholders 18,254,000 2,031,000 53,683,000 14,118,000
Earnings per Common Share - Basic:        
Income from continuing operations $ 0.18 $ 0.02 $ 0.55 $ 0.17
Income from discontinued operations $ 0.04 $ 0.01 $ 0.09 $ 0.01
Net income (loss) available for Common Shares $ 0.22 $ 0.03 $ 0.64 $ 0.18
Earnings per Common Share - Fully Diluted:        
Income (Loss) from Continuing Operations, Per Diluted Share $ 0.18 $ 0.02 $ 0.55 $ 0.17
Income from discontinued operations $ 0.03 $ 0.00 $ 0.08 $ 0.00
Net income (loss) available for Common Shares $ 0.21 $ 0.02 $ 0.63 $ 0.17
Distributions declared per Common Share outstanding $ 0.25 $ 0.2188 $ 0.50 $ 0.438
Weighted average Common Shares outstanding - basic 83,021 82,262 83,024 82,220
Weighted average Common Shares outstanding - fully diluted 91,128 90,780 91,110 90,774
Cumulative SeriesA Eight Point Zero Three Four Percent Redeemable Perpetual Preferred Stock [Member]
       
Other comprehensive loss:        
Redeemable Preferred Stock Dividends 0 (4,038,000) 0 8,069,000
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
       
Other comprehensive loss:        
Redeemable Preferred Stock Dividends (2,329,000) 0 4,640,000 0
Non-controlling interests - Common OP Units
       
Other comprehensive loss:        
Comprehensive income (loss) allocated to non-controlling interests $ (1,633,000) $ (195,000) $ 4,802,000 $ 1,353,000