Borrowing Arrangements	3 Months Ended
Mar. 31, 2014
Borrowing Arrangements	Borrowing Arrangements Mortgage Notes Payable As of March 31, 2014 and December 31, 2013, we had outstanding mortgage indebtedness of approximately $1,976 million and $1,992 million, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the quarter ended March 31, 2014 was approximately 5.3% 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 144 and 147 of our Properties as of March 31, 2014 and December 31, 2013, respectively, and the carrying value of such Properties was approximately $2,403 million and $2,378 million, respectively, as of such dates. During the quarter ended March 31, 2014, we paid off five mortgages totaling approximately $20.7 million, with a weighted average interest rate of 5.63% per annum. We also assumed approximately $13.3 million of mortgage debt, excluding note premiums of $1.0 million, secured by the Blackhawk and Lakeland resort properties with a weighted average stated interest rate of 6.48% per annum which are set to mature in 2017 and 2018. On April 1, 2014, we completed our $430 million long-term refinancing plan initiated in 2013. We closed on four loans with total proceeds of $54.0 million that are secured by two manufactured home communities and two RV resorts with a weighted average interest rate of 4.54% per annum and are set to mature in 2034 and 2038. These proceeds were used to pay off five mortgages totaling approximately $31.9 million, with a weighted average interest rate of 5.63% 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 March 31, 2014 and December 31, 2013, our unsecured Line of Credit (“LOC”) had availability of $380 million with no amounts outstanding. Our LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility fee and has a maturity date of September 15, 2016. We have a one year extension option under our LOC. As of March 31, 2014, we are in compliance in all material aspects with the covenants in our borrowing arrangements.

Borrowing Arrangements

Mortgage Notes Payable

As of March 31, 2014 and December 31, 2013, we had outstanding mortgage indebtedness of approximately $1,976 million and $1,992 million, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the quarter ended March 31, 2014 was approximately 5.3% 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 144 and 147 of our Properties as of March 31, 2014 and December 31, 2013, respectively, and the carrying value of such Properties was approximately $2,403 million and $2,378 million, respectively, as of such dates.

During the quarter ended March 31, 2014, we paid off five mortgages totaling approximately $20.7 million, with a weighted average interest rate of 5.63% per annum. We also assumed approximately $13.3 million of mortgage debt, excluding note premiums of $1.0 million, secured by the Blackhawk and Lakeland resort properties with a weighted average stated interest rate of 6.48% per annum which are set to mature in 2017 and 2018.

On April 1, 2014, we completed our $430 million long-term refinancing plan initiated in 2013. We closed on four loans with total proceeds of $54.0 million that are secured by two manufactured home communities and two RV resorts with a weighted average interest rate of 4.54% per annum and are set to mature in 2034 and 2038. These proceeds were used to pay off five mortgages totaling approximately $31.9 million, with a weighted average interest rate of 5.63% 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 March 31, 2014 and December 31, 2013, our unsecured Line of Credit (“LOC”) had availability of $380 million with no amounts outstanding. Our LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility fee and has a maturity date of September 15, 2016. We have a one year extension option under our LOC.

As of March 31, 2014, we are in compliance in all material aspects with the covenants in our borrowing arrangements.