XML 33 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Reportable Segments Reportable Segments (Tables)
9 Months Ended
Sep. 30, 2013
Schedule of Segment Reporting Information by Segment [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
The following tables summarize our segment financial information for the quarters ended September 30, 2013 and 2012 (amounts in thousands):
Quarter Ended September 30, 2013
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
174,657

 
$
9,224

 
$
183,881

Operations expenses
(86,579
)
 
(7,650
)
 
(94,229
)
Income from segment operations
88,078

 
1,574

 
89,652

Interest income
856

 
1,216

 
2,072

Depreciation on real estate and rental homes
(24,730
)
 
(1,730
)
 
(26,460
)
Amortization of in-place leases
(485
)
 

 
(485
)
Income from operations
$
63,719

 
$
1,060

 
64,779

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
128

Other revenues
 
 
 
 
1,885

General and administrative
 
 
 
 
(7,606
)
Interest and related amortization
 
 
 
 
(29,206
)
Early debt retirement
 
 
 
 
(36,530
)
Rent control initiatives and other
 
 
 
 
(521
)
Equity in income of unconsolidated joint ventures
 
 
 
 
439

Discontinued operations
 
 
 
 
982

Gain on sale of property, net of tax
 
 
 
 
40,586

Consolidated net income
 
 
 
 
$
34,936

 
 
 
 
 
 
Total assets as of September 30, 2013
$
3,099,625

 
$
297,505

 
$
3,397,130


Quarter Ended September 30, 2012

 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
165,320

 
$
4,973

 
$
170,293

Operations expenses
(81,602
)
 
(3,842
)
 
(85,444
)
Income from segment operations
83,718

 
1,131

 
84,849

Interest income
750

 
1,256

 
2,006

Depreciation on real estate and rental homes
(24,130
)
 
(1,449
)
 
(25,579
)
Amortization of in-place leases
(7,247
)
 
(147
)
 
(7,394
)
Income from operations
$
53,091

 
$
791

 
53,882

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
114

Other revenues
 
 
 
 
2,651

General and administrative
 
 
 
 
(6,402
)
Interest and related amortization
 
 
 
 
(31,508
)
Rent control initiatives and other
 
 
 
 
(221
)
Equity in income of unconsolidated joint ventures
 
 
 
 
269

Discontinued operations
 
 
 
 
2,707

Consolidated net income
 
 
 
 
$
21,492

 
 
 
 
 
 
Assets held for use
$
3,165,456

 
$
213,259

 
$
3,378,715

Assets held for disposition
 
 
 
 
$
118,410

Total assets as of September 30, 2012
 
 
 
 
$
3,497,125

The following tables summarize our segment financial information for the nine months ended September 30, 2013 and 2012 (amounts in thousands):
Nine Months Ended September 30, 2013
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
512,587

 
$
23,744

 
$
536,331

Operations expenses
(249,148
)
 
(18,688
)
 
(267,836
)
Income from segment operations
263,439

 
5,056

 
268,495

Interest income
2,589

 
3,220

 
5,809

Depreciation on real estate and rental homes
(76,704
)
 
(5,089
)
 
(81,793
)
Amortization of in-place leases
(803
)
 

 
(803
)
Income from operations
$
188,521

 
$
3,187

 
191,708

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
364

Other revenues
 
 
 
 
5,989

General and administrative
 
 
 
 
(21,261
)
Interest and related amortization
 
 
 
 
(89,706
)
Early debt retirement
 
 
 
 
(37,911
)
Rent control initiatives and other
 
 
 
 
(2,377
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,624

Discontinued operations
 
 
 
 
7,215

Gain on sale of property, net of tax
 
 
 
 
41,544

Consolidated net income
 
 
 
 
$
97,189

 
 
 
 
 
 
Total assets
$
3,099,625

 
$
297,505

 
$
3,397,130

Capital improvements
$
17,787

 
$
30,784

 
$
48,571


Nine Months Ended September 30, 2012

 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
491,628

 
$
14,924

 
$
506,552

Operations expenses
(237,152
)
 
(11,943
)
 
(249,095
)
Income from segment operations
254,476

 
2,981

 
257,457

Interest income
2,387

 
3,412

 
5,799

Depreciation on real estate and rental homes
(72,386
)
 
(4,139
)
 
(76,525
)
Amortization of in-place leases
(37,904
)
 
(755
)
 
(38,659
)
Income from operations
$
146,573

 
$
1,499

 
148,072

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
333

Other revenues
 
 
 
 
5,708

General and administrative
 
 
 
 
(19,317
)
Interest and related amortization
 
 
 
 
(93,035
)
Rent control initiatives and other
 
 
 
 
(1,067
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,524

Discontinued operations
 
 
 
 
3,226

Consolidated net income
 
 
 
 
$
45,444

 
 
 
 
 
 
Assets held for use
$
3,165,456

 
$
213,259

 
$
3,378,715

Assets held for disposition
 
 
 
 
$
118,410

Total assets
 
 
 
 
$
3,497,125

Capital improvements
$
21,459

 
$
31,705

 
$
53,164

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
The following table summarizes our financial information for the Property Operations segment, specific to continuing operations, for the quarters and nine months ended September 30, 2013 and 2012 (amounts in thousands):    
 
Quarters Ended
 
Nine Months Ended
 
September 30,
2013
 
September 30,
2012
 
September 30,
2013
 
September 30,
2012
Revenues:
 
 
 
 
 
 
 
Community base rental income
$
103,157

 
$
98,752

 
$
305,401

 
$
295,185

Resort base rental income
39,932

 
36,516

 
113,868

 
104,503

Right-to-use annual payments
12,323

 
12,115

 
35,889

 
36,087

Right-to-use contracts current period, gross
3,707

 
4,494

 
9,899

 
9,680

Right-to-use contracts current period, deferred
(1,856
)
 
(2,788
)
 
(4,446
)
 
(4,680
)
Utility income and other
16,224

 
15,499

 
48,694

 
48,559

Ancillary services revenues, net
1,170

 
732

 
3,282

 
2,294

Total property operations revenues
174,657

 
165,320

 
512,587

 
491,628

Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
61,782

 
58,586

 
175,183

 
168,444

Real estate taxes
11,584

 
11,362

 
35,873

 
34,729

Sales and marketing, gross
3,842

 
3,573

 
9,536

 
7,848

Sales and marketing deferred commissions, net
(706
)
 
(1,277
)
 
(1,824
)
 
(2,174
)
Property management
10,077

 
9,358

 
30,380

 
28,305

Total property operations expenses
86,579

 
81,602

 
249,148

 
237,152

Income from property operations segment
$
88,078

 
$
83,718

 
$
263,439

 
$
254,476

The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the quarters and nine months ended September 30, 2013 and 2012 (amounts in thousands):
 
Quarters Ended
 
Nine Months Ended
September 30,
2013
 
September 30,
2012
 
September 30,
2013
 
September 30,
2012
Revenues:
 
 
 
 
 
 
 
Gross revenue from home sales
$
5,415

 
$
1,660

 
$
12,328

 
$
5,585

Brokered resale revenues, net
225

 
258

 
840

 
917

Rental home income (a)
3,584

 
3,055

 
10,576

 
8,422

Total revenues
9,224

 
4,973

 
23,744

 
14,924

Expenses:
 
 
 
 
 
 
 
Cost of home sales
5,137

 
1,804

 
11,837

 
6,485

Home selling expenses
563

 
325

 
1,544

 
1,051

Rental home operating and maintenance
1,950

 
1,713

 
5,307

 
4,407

Total expenses
7,650

 
3,842

 
18,688

 
11,943

Income from home sales and rentals operations segment
$
1,574

 
$
1,131

 
$
5,056

 
$
2,981

______________________
(a)
Does not include approximately $9.7 million and $8.4 million for the quarters ended September 30, 2013 and 2012, respectively, and approximately $28.9 million and $23.7 million for the nine months ended September 30, 2013 and 2012, respectively, of site rental income included in Community base rental income.