XML 24 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Reportable Segments Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2014
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 June 30, 2014 and 2013 (amounts in thousands):
Quarter Ended June 30, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
173,754

 
$
10,591

 
$
184,345

Operations expenses
(85,810
)
 
(8,422
)
 
(94,232
)
Income from segment operations
87,944

 
2,169

 
90,113

Interest income
774

 
1,045

 
1,819

Depreciation on real estate and rental homes
(24,948
)
 
(2,813
)
 
(27,761
)
Amortization of in-place leases
(1,401
)
 
—

 
(1,401
)
Income from operations
$
62,369

 
$
401

 
$
62,770

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
59

Income from other investments, net
 
 
 
 
2,628

General and administrative
 
 
 
 
(6,795
)
Interest and related amortization
 
 
 
 
(28,265
)
Property rights initiatives
 
 
 
 
(1,001
)
Equity in income of unconsolidated joint ventures
 
 
 
 
644

Consolidated net income
 
 
 
 
$
30,040

 
 
 
 
 
 
Total assets
$
3,143,600

 
$
286,824

 
$
3,430,424

Quarter Ended June 30, 2013
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
164,940

 
$
8,113

 
$
173,053

Operations expenses
(83,081
)
 
(5,860
)
 
(88,941
)
Income from segment operations
81,859

 
2,253

 
84,112

Interest income
932

 
1,025

 
1,957

Depreciation on real estate and rental homes
(27,599
)
 
(1,714
)
 
(29,313
)
Amortization of in-place leases
(159
)
 
—

 
(159
)
Income from operations
$
55,033

 
$
1,564

 
$
56,597

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
119

Income from other investments, net
 
 
 
 
1,624

General and administrative
 
 
 
 
(6,946
)
Interest and related amortization
 
 
 
 
(30,377
)
Early debt retirement
 
 
 
 
(1,381
)
Property rights initiatives
 
 
 
 
(1,624
)
Equity in income of unconsolidated joint ventures
 
 
 
 
609

Discontinued operations
 
 
 
 
3,165

Consolidated net income
 
 
 
 
$
21,786

 
 
 
 
 
 
Assets held for use
$
3,104,484

 
$
296,596

 
$
3,401,080

Assets held for disposition (a)
 
 
 
 
$
120,049

Total assets
 
 
 
 
$
3,521,129

______________________
(a)
Asset balances as of June 30, 2013 for Properties held for disposition, have been reclassified to “Assets held for disposition.”

    
The following tables summarize our segment financial information for the six months ended June 30, 2014 and 2013 (amounts in thousands):
Six Months Ended June 30, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
356,813

 
$
19,820

 
$
376,633

Operations expenses
(169,473
)
 
(16,267
)
 
(185,740
)
Income from segment operations
187,340

 
3,553

 
190,893

Interest income
1,571

 
2,154

 
3,725

Depreciation on real estate and rental homes
(49,806
)
 
(5,597
)
 
(55,403
)
Amortization of in-place leases
(2,716
)
 
—

 
(2,716
)
Income from operations
$
136,389

 
$
110

 
$
136,499

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
851

Income from other investments, net
 
 
 
 
4,229

General and administrative
 
 
 
 
(12,555
)
Interest and related amortization
 
 
 
 
(56,313
)
Property rights initiatives
 
 
 
 
(1,312
)
Equity in income of unconsolidated joint ventures
 
 
 
 
2,531

Consolidated net income
 
 
 
 
$
73,930

 
 
 
 
 
 
Total assets
$
3,143,600

 
$
286,824

 
$
3,430,424

Capital improvements
$
13,519

 
$
13,015

 
$
26,534

Six Months Ended June 30, 2013
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
337,930

 
$
14,520

 
$
352,450

Operations expenses
(162,570
)
 
(11,038
)
 
(173,608
)
Income from segment operations
175,360

 
3,482

 
178,842

Interest income
1,733

 
2,002

 
3,735

Depreciation on real estate and rental homes
(51,975
)
 
(3,358
)
 
(55,333
)
Amortization of in-place leases
(318
)
 
—

 
(318
)
Income from operations
$
124,800

 
$
2,126

 
$
126,926

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
239

Income from other investments, net
 
 
 
 
4,104

General and administrative
 
 
 
 
(13,655
)
Interest and related amortization
 
 
 
 
(60,500
)
Early debt retirement
 
 
 
 
(1,381
)
Property rights initiatives
 
 
 
 
(1,856
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,185

Discontinued operations
 
 
 
 
6,233

Gain on sale of property, net of tax
 
 
 
 
958

Consolidated net income
 
 
 
 
$
62,253

 
 
 
 
 
 
Assets held for use
$
3,104,484

 
$
296,596

 
$
3,401,080

Assets held for disposition (a)
 
 
 
 
$
120,049

Total assets
 
 
 
 
$
3,521,129

Capital improvements
$
13,571

 
$
22,279

 
$
35,850

______________________
(a)
Asset balances as of June 30, 2013 for Properties held for disposition, have been reclassified to “Assets held for disposition.”
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 six months ended June 30, 2014 and 2013 (amounts in thousands):    
 
Quarters Ended
 
Six Months Ended
 
June 30,
2014
 
June 30,
2013
 
June 30,
2014
 
June 30,
2013
Revenues:
 
 
 
 
 
 
 
Community base rental income
$
106,502

 
$
101,468

 
$
212,547

 
$
202,244

Resort base rental income
36,888

 
33,197

 
81,837

 
73,936

Right-to-use annual payments
11,241

 
12,043

 
22,455

 
23,566

Right-to-use contracts current period, gross
3,089

 
3,361

 
6,012

 
6,192

Right-to-use contracts current period, deferred
(1,168
)
 
(1,550
)
 
(2,315
)
 
(2,590
)
Utility income and other
16,919

 
15,787

 
34,490

 
32,470

Ancillary services revenues, net
283

 
634

 
1,787

 
2,112

Total property operations revenues
173,754

 
164,940

 
356,813

 
337,930

Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
61,217

 
58,345

 
119,913

 
113,401

Real estate taxes
12,157

 
11,888

 
24,642

 
24,290

Sales and marketing, gross
2,695

 
3,333

 
5,100

 
5,694

Sales and marketing deferred commissions, net
(710
)
 
(655
)
 
(1,265
)
 
(1,118
)
Property management
10,451

 
10,170

 
21,083

 
20,303

Total property operations expenses
85,810

 
83,081

 
169,473

 
162,570

Income from property operations segment
$
87,944

 
$
81,859

 
$
187,340

 
$
175,360


The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the quarters and six months ended June 30, 2014 and 2013 (amounts in thousands):
 
Quarters Ended
 
Six Months Ended
June 30,
2014
 
June 30,
2013
 
June 30,
2014
 
June 30,
2013
Revenues:
 
 
 
 
 
 
 
Gross revenue from home sales
$
6,560

 
$
4,217

 
$
11,738

 
$
6,913

Brokered resale revenues, net
285

 
298

 
579

 
615

Rental home income (a)
3,746

 
3,598

 
7,503

 
6,992

Total revenues
10,591

 
8,113

 
19,820

 
14,520

Expenses:
 
 
 
 
 
 
 
Cost of home sales
6,155

 
3,919

 
11,523

 
6,700

Home selling expenses
628

 
454

 
1,197

 
981

Rental home operating and maintenance
1,639

 
1,487

 
3,547

 
3,357

Total expenses
8,422

 
5,860

 
16,267

 
11,038

Income from home sales and rentals operations segment
$
2,169

 
$
2,253

 
$
3,553

 
$
3,482

______________________
(a)
Segment information does not include Site rental income included in Community base rental income.