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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Community base rental income $ 123,177 $ 117,164 $ 365,833 $ 346,625
Rental home income 3,592 3,484 10,829 10,572
Resort base rental income 58,471 54,486 169,594 154,652
Right-to-use annual payments 11,531 11,349 34,133 33,590
Right-to-use contracts current period, gross 4,208 3,672 11,212 9,290
Right-to-use contract upfront payments, deferred, net (1,670) (1,327) (3,766) (2,427)
Utility and other income 26,295 21,174 69,071 61,490
Gross revenues from home sales 10,012 10,895 24,872 28,239
Brokered resale revenues and ancillary services revenues, net 1,983 920 4,088 2,736
Interest income 1,974 1,767 5,542 5,052
Income from other investments, net 2,052 2,581 3,918 6,574
Total revenues 241,625 226,165 695,326 656,393
Expenses:        
Property operating and maintenance 80,164 73,410 221,119 203,011
Rental home operating and maintenance 1,704 1,768 4,912 4,874
Real estate taxes 14,006 13,467 41,986 39,534
Sales and marketing, gross 3,277 3,100 8,861 8,524
Right-to-use contract commissions, deferred, net (176) (200) (372) (212)
Property management 13,160 11,863 38,743 35,670
Depreciation on real estate assets and rental homes 30,493 29,518 90,849 87,203
Amortization of in-place leases 138 1,376 2,128 2,139
Cost of home sales 10,377 10,745 25,391 28,507
Home selling expenses 1,447 909 3,301 2,548
General and administrative 7,505 7,653 23,339 23,315
Property rights initiatives and other, net 324 855 814 2,036
Interest and related amortization 25,027 25,440 74,728 76,635
Total expenses 187,446 179,904 535,799 513,784
Income before equity in income of unconsolidated joint ventures 54,179 46,261 159,527 142,609
Equity in income of unconsolidated joint ventures 686 496 2,876 2,142
Consolidated net income 54,865 46,757 162,403 144,751
Income allocated to non-controlling interests – Common OP Units (3,286) (3,462) (9,825) (10,770)
Net income available for Common Stockholders 48,525 40,998 144,911 127,071
Other comprehensive income/(loss):        
Adjustment for fair market value of swap (30) 551 227 (93)
Consolidated comprehensive income 54,835 47,308 162,630 144,658
Comprehensive income attributable to Common Stockholders $ 48,544 $ 41,506 $ 145,171 $ 126,986
Earnings per Common Share – Basic:        
Net income available for Common Shares (usd per share) $ 0.56 $ 0.48 $ 1.67 $ 1.50
Earnings per Common Share - Fully Diluted:        
Net income available for Common Shares (usd per share) 0.56 0.48 1.66 1.49
Distributions declared per Common Share outstanding (usd per share) $ 0.488 $ 0.425 $ 1.463 $ 1.275
Weighted average Common Shares outstanding – basic (shares) 87,037 85,105 86,620 84,649
Weighted average Common Shares outstanding – fully diluted (shares) 93,324 92,910 93,135 92,405
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock        
Expenses:        
Series C Redeemable Perpetual preferred stock dividends and original issuance costs $ (3,054) $ (2,297) $ (7,667) $ (6,910)
Non- controlling interests – Common OP Units        
Other comprehensive income/(loss):        
Comprehensive income allocated to non-controlling interests – Common OP Units $ (3,237) $ (3,505) $ (9,792) $ (10,762)