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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Community base rental income $ 110,908 $ 106,967 $ 330,251 $ 319,514
Rental home income 3,413 3,684 10,526 11,187
Resort base rental income 49,765 44,351 142,837 126,188
Right-to-use annual payments 11,334 11,404 33,260 33,859
Right-to-use contracts current period, gross 3,889 4,168 10,264 10,512
Right-to-use contract upfront payments, deferred, net (1,701) (1,989) (3,929) (4,303)
Utility and other income 20,027 18,581 58,010 53,070
Gross revenues from home sales 7,878 8,717 24,341 20,455
Brokered resale revenues and ancillary services revenues, net 1,051 1,124 4,045 3,491
Interest income 1,758 1,902 5,314 6,477
Income from other investments, net 1,822 1,869 5,119 6,098
Total revenues 210,144 200,778 620,038 586,548
Expenses:        
Property operating and maintenance 69,227 66,105 194,522 186,018
Rental home operating and maintenance 1,874 1,829 5,232 5,376
Real estate taxes 12,923 12,263 38,169 36,905
Sales and marketing, gross 3,105 3,242 9,139 8,674
Right-to-use contract commissions, deferred, net (464) (757) (1,471) (2,022)
Property management 11,361 11,086 33,750 32,169
Depreciation on real estate assets and rental homes 28,410 27,831 84,861 83,234
Amortization of in-place leases 616 1,075 1,950 3,791
Cost of home sales 7,868 8,156 23,685 19,679
Home selling expenses 861 513 2,386 1,710
General and administrative 7,225 7,623 22,172 20,178
Property rights initiatives and other 687 751 1,934 2,063
Early debt retirement 0 5,087 16,922 5,087
Interest and related amortization 26,227 27,864 79,648 84,177
Total expenses 169,920 172,668 512,899 487,039
Income before equity in income of unconsolidated joint ventures and gain on sale of property 40,224 28,110 107,139 99,509
Equity in income of unconsolidated joint ventures 1,882 1,237 3,606 3,768
Gain (Loss) on Condemnation 0 929 0 929
Income allocated to non-controlling interests – Common OP Units (3,136) (2,219) (8,191) (7,929)
Net income available for Common Shares 36,673 25,746 95,644 89,328
Consolidated net income 42,106 30,276 110,745 104,206
Other comprehensive (loss) income (“OCI”):        
Adjustment for fair market value of swap (578) 141 (1,231) 1,068
Consolidated comprehensive income 41,528 30,417 109,514 105,274
Comprehensive income attributable to Common Stockholders $ 36,141 $ 25,876 $ 94,511 $ 90,309
Earnings per Common Share – Basic:        
Net income available for Common Shares (usd per share) $ 0.44 $ 0.31 $ 1.14 $ 1.07
Earnings per Common Share - Fully Diluted:        
Net income available for Common Shares (usd per share) 0.43 0.31 1.13 1.06
Distributions declared per Common Share outstanding (usd per share) $ 0.375 $ 0.325 $ 1.125 $ 0.975
Weighted average Common Shares outstanding – basic (shares) 84,057 83,531 84,016 83,295
Weighted average Common Shares outstanding – fully diluted (shares) 91,940 91,528 91,877 91,471
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock        
Other comprehensive (loss) income (“OCI”):        
Series C Redeemable Perpetual Preferred Stock Dividends $ (2,297) $ (2,311) $ (6,910) $ (6,949)
Non- controlling interests – Common OP Units        
Other comprehensive (loss) income (“OCI”):        
Comprehensive income allocated to non-controlling interests – Common OP Units $ (3,090) $ (2,230) $ (8,093) $ (8,016)