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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Community base rental income $ 115,385 $ 110,073 $ 229,461 $ 219,343
Rental home income 3,543 3,559 7,088 7,113
Resort base rental income 44,732 41,427 100,166 93,072
Right-to-use annual payments 11,187 10,945 22,241 21,926
Right-to-use contracts current period, gross 3,086 3,578 5,618 6,375
Right-to-use contract upfront payments, deferred, net (798) (1,455) (1,100) (2,228)
Utility and other income 19,523 18,901 40,316 37,983
Gross revenues from home sales 9,130 9,526 17,344 16,463
Brokered resale revenues and ancillary services revenues, net 398 1,012 1,816 2,994
Interest income 1,625 1,736 3,285 3,556
Income from other investments, net 2,270 2,178 3,993 3,297
Total revenues 210,081 201,480 430,228 409,894
Expenses:        
Property operating and maintenance 66,647 64,178 129,601 125,295
Rental home operating and maintenance 1,581 1,689 3,106 3,358
Real estate taxes 12,869 12,652 26,067 25,246
Sales and marketing, gross 2,931 3,512 5,424 6,034
Right-to-use contract commissions, deferred, net (116) (764) (12) (1,007)
Property management 12,044 11,099 23,807 22,389
Depreciation on real estate assets and rental homes 29,029 28,335 57,684 56,451
Amortization of in-place leases 428 669 763 1,334
Cost of home sales 9,481 9,093 17,762 15,817
Home selling expenses 805 720 1,639 1,525
General and administrative 8,255 7,541 15,663 14,947
Property rights initiatives and other 527 694 1,181 1,247
Early debt retirement 0 (69) 0 16,922
Interest and related amortization 25,561 26,145 51,195 53,421
Total expenses 170,042 165,494 333,880 342,979
Income before equity in income of unconsolidated joint ventures 40,039 35,986 96,348 66,915
Equity in income of unconsolidated joint ventures 765 840 1,646 1,724
Consolidated net income 40,804 36,826 97,994 68,639
Income allocated to non-controlling interests – Common OP Units (2,998) (2,724) (7,308) (5,054)
Net income available for Common Stockholders 35,490 31,786 86,073 58,972
Other comprehensive (loss) income (“OCI”):        
Adjustment for fair market value of swap (36) 204 (644) (653)
Consolidated comprehensive income 40,768 37,030 97,350 67,986
Comprehensive income attributable to Common Stockholders $ 35,457 $ 31,974 $ 85,480 $ 58,370
Earnings per Common Share – Basic:        
Net income available for Common Shares (usd per share) $ 0.42 $ 0.38 $ 1.02 $ 0.70
Earnings per Common Share - Fully Diluted:        
Net income available for Common Shares (usd per share) 0.42 0.38 1.01 0.70
Distributions declared per Common Share outstanding (usd per share) $ 0.425 $ 0.375 $ 0.85 $ 0.75
Weighted average Common Shares outstanding – basic (shares) 84,516 84,031 84,419 83,996
Weighted average Common Shares outstanding – fully diluted (shares) 92,264 91,851 92,163 91,829
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock        
Expenses:        
Series C Redeemable Perpetual Preferred Stock Dividends $ (2,316) $ (2,316) $ (4,613) $ (4,613)
Non- controlling interests – Common OP Units        
Other comprehensive (loss) income (“OCI”):        
Comprehensive income allocated to non-controlling interests – Common OP Units $ (2,995) $ (2,740) $ (7,257) $ (5,003)