XML 43 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Community base rental income $ 110,073 $ 106,502 $ 219,343 $ 212,547
Rental home income 3,559 3,746 7,113 7,503
Resort base rental income 41,427 36,888 93,072 81,837
Right-to-use annual payments 10,945 11,241 21,926 22,455
Right-to-use contracts current period, gross 3,578 3,263 6,375 6,344
Right-to-use contract upfront payments, deferred, net (1,455) (1,168) (2,228) (2,315)
Utility and other income 18,901 16,919 37,983 34,490
Gross revenues from home sales 9,526 6,560 16,463 11,738
Brokered resale revenues and ancillary services revenues, net 1,012 568 2,994 2,367
Interest income 1,736 1,878 3,556 4,575
Income from other investments, net 2,178 2,628 3,297 4,229
Total revenues 201,480 189,025 409,894 385,770
Expenses:        
Property operating and maintenance 64,178 61,217 125,295 119,913
Rental home operating and maintenance 1,689 1,639 3,358 3,547
Real estate taxes 12,652 12,157 25,246 24,642
Sales and marketing, gross 3,512 2,869 6,034 5,432
Right-to-use contract commissions, deferred, net (764) (710) (1,007) (1,265)
Property management 11,099 10,451 22,389 21,083
Depreciation on real estate assets and rental homes 28,335 27,762 56,451 55,403
Amortization of in-place leases 669 1,401 1,334 2,716
Cost of home sales 9,093 6,155 15,817 11,523
Home selling expenses 720 628 1,525 1,197
General and administrative 7,541 6,794 14,947 12,555
Early debt retirement (69) 0 16,922 0
Property rights initiatives and other 694 1,001 1,247 1,312
Interest and related amortization 26,145 28,265 53,421 56,313
Total expenses 165,494 159,629 342,979 314,371
Income before equity in income of unconsolidated joint ventures 35,986 29,396 66,915 71,399
Equity in income of unconsolidated joint ventures 840 644 1,724 2,531
Income allocated to non-controlling interests – Common OP Units (2,724) (2,229) (5,054) (5,710)
Net income available for Common Shares 31,786 25,483 58,972 63,582
Consolidated net income 36,826 30,040 68,639 73,930
Other comprehensive income (loss) (“OCI”):        
Adjustment for fair market value of swap 204 483 (653) 927
Consolidated comprehensive income 37,030 30,523 67,986 74,857
Comprehensive income attributable to Common Stockholders $ 31,974 $ 25,927 $ 58,370 $ 64,433
Earnings per Common Share – Basic:        
Net income available for Common Shares (usd per share) $ 0.38 $ 0.31 $ 0.70 $ 0.76
Earnings per Common Share - Fully Diluted:        
Net income available for Common Shares (usd per share) 0.38 0.30 0.70 0.76
Distributions declared per Common Share outstanding (usd per share) $ 0.375 $ 0.325 $ 0.750 $ 0.650
Weighted average Common Shares outstanding – basic (shares) 84,031 83,234 83,996 83,175
Weighted average Common Shares outstanding – fully diluted (shares) 91,851 91,420 91,829 91,411
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock        
Other comprehensive income (loss) (“OCI”):        
Series C Redeemable Perpetual Preferred Stock Dividends $ (2,316) $ (2,328) $ (4,613) $ (4,638)
Non- controlling interests – Common OP Units        
Other comprehensive income (loss) (“OCI”):        
Comprehensive income allocated to non-controlling interests – Common OP Units $ (2,740) $ (2,268) $ (5,003) $ (5,786)