Borrowing Arrangements	9 Months Ended
Sep. 30, 2013
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable As of September 30, 2013 and December 31, 2012, we had outstanding mortgage indebtedness of approximately $1,994 million and $2,062 million, respectively, excluding $8.3 million as of December 31, 2012, on liabilities 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 nine months ended September 30, 2013 was approximately 5.1% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2014 to 2038. The debt encumbered a total of 152 and 170 of our Properties as of September 30, 2013 and December 31, 2012, respectively, and the carrying value of such Properties was approximately $2,390 million and $2,485 million, respectively, as of such dates. During the nine months ended September 30, 2013, we paid off nine mortgages totaling approximately $73.7 million, with a weighted average interest rate of 6.0% per annum that constituted the remainder of our 2013 maturities. During the nine months ended September 30, 2013, we closed on ten loans with total proceeds of $347.1 million which were secured by manufactured home communities and carried a weighted average interest rate of 4.5% per annum. The loan proceeds and available cash were used to defease approximately $312.2 million of debt with a weighted average interest rate of 5.7% per annum, secured by 29 manufactured home communities which were set to mature in 2014 and 2015. During the quarter and nine months ended September 30, 2013, we paid approximately $36.5 million and $37.9 million, respectively, in defeasance costs associated with the early retirement of the 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 $7.9 million with a stated interest rate of 7.2% per annum. Term Loan Our $200.0 million Term Loan (the “Term Loan”) matures on June 30, 2017, has 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 September 30, 2013 and December 31, 2012, our unsecured Line of Credit (“LOC”) had availability of $380 million with no amounts outstanding. During the quarter ended September 30, 2013, we had proceeds of $20.0 million from the LOC and repayments of $20.0 million on the LOC. 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 September 30, 2013, we are in compliance in all material aspects with the covenants in our borrowing arrangements.

Borrowing Arrangements

Mortgage Notes Payable

As of September 30, 2013 and December 31, 2012, we had outstanding mortgage indebtedness of approximately $1,994 million and $2,062 million, respectively, excluding $8.3 million as of December 31, 2012, on liabilities 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 nine months ended September 30, 2013 was approximately 5.1% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2014 to 2038. The debt encumbered a total of 152 and 170 of our Properties as of September 30, 2013 and December 31, 2012, respectively, and the carrying value of such Properties was approximately $2,390 million and $2,485 million, respectively, as of such dates.

During the nine months ended September 30, 2013, we paid off nine mortgages totaling approximately $73.7 million, with a weighted average interest rate of 6.0% per annum that constituted the remainder of our 2013 maturities.

During the nine months ended September 30, 2013, we closed on ten loans with total proceeds of $347.1 million which were secured by manufactured home communities and carried a weighted average interest rate of 4.5% per annum. The loan proceeds and available cash were used to defease approximately $312.2 million of debt with a weighted average interest rate of 5.7% per annum, secured by 29 manufactured home communities which were set to mature in 2014 and 2015. During the quarter and nine months ended September 30, 2013, we paid approximately $36.5 million and $37.9 million, respectively, in defeasance costs associated with the early retirement of the 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 $7.9 million with a stated interest rate of 7.2% per annum.

Term Loan

Our $200.0 million Term Loan (the “Term Loan”) matures on June 30, 2017, has 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 September 30, 2013 and December 31, 2012, our unsecured Line of Credit (“LOC”) had availability of $380 million with no amounts outstanding. During the quarter ended September 30, 2013, we had proceeds of $20.0 million from the LOC and repayments of $20.0 million on the LOC. 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 September 30, 2013, we are in compliance in all material aspects with the covenants in our borrowing arrangements.