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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Community base rental income $ 464,745 $ 442,046 $ 426,886
Rental home income 14,107 14,012 14,827
Resort base rental income 201,533 184,760 163,968
Right-to-use annual payments 45,035 44,443 44,860
Right-to-use contracts current period, gross 12,327 12,783 13,892
Right-to-use contract upfront payments, deferred, net (3,079) (4,231) (5,501)
Utility and other income 81,427 76,153 70,209
Gross revenues from home sales 37,191 33,150 28,418
Brokered resale revenues and ancillary services revenues, net 2,994 4,149 3,850
Interest income 6,845 7,030 8,347
Income from other investments, net 7,310 7,359 7,053
Total revenues 870,435 821,654 776,809
Expenses:      
Property operating and maintenance 268,249 254,668 243,914
Rental home operating and maintenance 6,883 7,167 7,441
Real estate taxes 53,036 50,962 48,714
Sales and marketing, gross 11,056 11,751 12,418
Right-to-use contract commissions, deferred, net (223) (1,556) (2,617)
Property management 47,083 44,528 42,638
Depreciation on real estate assets and rental homes 117,400 113,609 111,065
Amortization of in-place leases 3,373 2,358 3,999
Cost of home sales 37,456 32,279 26,747
Home selling expenses 3,575 3,191 2,342
General and administrative 31,004 30,644 27,410
Property rights initiatives and other, net 4,986 2,986 2,923
Early debt retirement 0 16,913 5,087
Interest and related amortization 102,030 105,731 112,295
Total property operations expenses 685,908 675,231 644,376
Income from continuing operations before equity in income of unconsolidated joint ventures and gain on sale of property 184,527 146,423 132,433
Equity in income of unconsolidated joint ventures 2,605 4,089 4,578
Gain on sale of property 0 0 1,457
Consolidated net income 187,132 150,512 138,468
Income allocated to non-controlling interests – Common OP Units (13,869) (11,141) (10,463)
Series C Redeemable Perpetual Preferred Stock Dividends (9,226) (9,226) (9,274)
Net income available for Common Stockholders 164,037 130,145 118,731
Other comprehensive income (loss) (OCI):      
Adjustment for fair market value of swap 326 (172) 546
Consolidated comprehensive income 187,458 150,340 139,014
Comprehensive income allocated to non-controlling interests – Common OP Units (13,893) (11,126) (10,506)
Series C Redeemable Perpetual Preferred Stock Dividends (9,226) (9,226) (9,274)
Comprehensive income attributable to Common Stockholders $ 164,339 $ 129,988 $ 119,234
Earnings per Common Share – Basic:      
Net income available for Common Stockholders (usd per share) $ 1.93 $ 1.55 $ 1.42
Earnings per Common Share – Fully Diluted:      
Net income available for Common Stockholders (usd per share) $ 1.92 $ 1.54 $ 1.41
Weighted average Common Shares outstanding – basic (shares) 84,778 84,031 83,362
Weighted average Common Shares outstanding – fully diluted (shares) 92,569 91,907 91,511
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock      
Expenses:      
Series C Redeemable Perpetual Preferred Stock Dividends $ (9,226) $ (9,226) $ (9,274)
Other comprehensive income (loss) (OCI):      
Series C Redeemable Perpetual Preferred Stock Dividends $ (9,226) $ (9,226) $ (9,274)