XML 47 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
Community base rental income $ 489,613 $ 464,745 $ 442,046
Rental home income 14,344 14,107 14,012
Resort base rental income 218,806 201,533 184,760
Right-to-use annual payments 45,798 45,035 44,443
Right-to-use contracts current period, gross 14,132 12,327 12,783
Right-to-use contract upfront payments, deferred, net (4,108) (3,079) (4,231)
Utility and other income 93,252 81,427 76,153
Gross revenues from home sales 36,302 37,191 33,150
Brokered resale revenues and ancillary services revenues, net 3,798 2,994 4,149
Interest income 7,580 6,845 7,030
Income from other investments, net 5,795 7,310 7,359
Total revenues 925,312 870,435 821,654
Expenses:      
Property operating and maintenance 294,119 268,249 254,668
Rental home operating and maintenance 6,610 6,883 7,167
Real estate taxes 55,010 53,036 50,962
Sales and marketing, gross 11,438 11,056 11,751
Right-to-use contract commissions, deferred, net (354) (223) (1,556)
Property management 51,252 47,083 44,528
Depreciation on real estate assets and rental homes 121,455 117,400 113,609
Amortization of in-place leases 2,231 3,373 2,358
Cost of home sales 36,513 37,456 32,279
Home selling expenses 4,186 3,575 3,191
General and administrative 31,737 31,004 30,644
Other expenses, including property rights initiatives 1,148 4,986 2,986
Early debt retirement 2,785 0 16,913
Interest and related amortization 100,570 102,030 105,731
Total property operations expenses 718,700 685,908 675,231
Income before equity in income of unconsolidated joint ventures 206,612 184,527 146,423
Equity in income of unconsolidated joint ventures 3,765 2,605 4,089
Consolidated net income 210,377 187,132 150,512
Income allocated to non-controlling interests – Common OP Units (12,788) (13,869) (11,141)
Perpetual preferred stock dividends and original issuance costs (7,685) (9,226) (9,226)
Net income available for Common Stockholders 189,904 164,037 130,145
Other comprehensive income (loss) (OCI):      
Adjustment for fair market value of swap 1,169 326 (172)
Consolidated comprehensive income 211,546 187,458 150,340
Comprehensive income allocated to non-controlling interests – Common OP Units (12,813) (13,893) (11,126)
Series C Redeemable Perpetual Preferred Stock Dividends (7,685) (9,226) (9,226)
Comprehensive income attributable to Common Stockholders $ 191,048 $ 164,339 $ 129,988
Earnings per Common Share – Basic:      
Net income available for Common Stockholders (usd per share) $ 2.18 $ 1.93 $ 1.55
Earnings per Common Share – Fully Diluted:      
Net income available for Common Stockholders (usd per share) $ 2.17 $ 1.92 $ 1.54
Weighted average Common Shares outstanding – basic (shares) 86,997 84,778 84,031
Weighted average Common Shares outstanding – fully diluted (shares) 93,425 92,569 91,907
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock      
Expenses:      
Perpetual preferred stock dividends and original issuance costs $ (7,685) $ (9,226) $ (9,226)
Other comprehensive income (loss) (OCI):      
Series C Redeemable Perpetual Preferred Stock Dividends $ (7,685) $ (9,226) $ (9,226)