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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, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Community base rental income $ 128,579 $ 121,964 $ 255,318 $ 242,656
Rental home income 3,561 3,632 7,076 7,237
Resort base rental income 55,231 50,055 119,485 111,123
Interest income 1,862 1,798 3,812 3,568
Income from other investments, net 3,413 1,109 4,353 1,866
Total revenues 240,502 221,312 486,527 453,701
Expenses:        
Property operating and maintenance 80,091 72,901 154,999 140,955
Rental home operating and maintenance 1,629 1,657 3,053 3,208
Real estate taxes 13,440 13,943 27,575 27,980
Sales and marketing, gross 3,305 2,894 6,117 5,584
Right-to-use contract commissions, deferred, net (262) (112) (286) (196)
Depreciation on real estate assets and rental homes 32,452 30,247 63,774 60,357
Amortization of in-place leases 1,893 958 2,945 1,990
Home selling expenses 973 929 2,048 1,854
General and administrative 9,669 8,461 17,707 15,834
Other expenses 367 271 710 490
Interest and related amortization 26,285 24,822 51,988 49,701
Total expenses 192,946 177,889 375,989 348,354
Income before equity in income of unconsolidated joint ventures 47,556 43,423 110,538 105,347
Equity in income of unconsolidated joint ventures 1,613 1,040 2,808 2,190
Consolidated net income 49,169 44,463 113,346 107,537
Income allocated to non-controlling interests – Common OP Units (3,024) (2,649) (6,979) (6,539)
Net income available for Common Stockholders 46,137 39,498 106,359 96,385
Other comprehensive income:        
Adjustment for fair market value of swap 764 30 2,637 257
Consolidated comprehensive income 49,933 44,493 115,983 107,794
Comprehensive income attributable to Common Stockholders $ 46,854 $ 39,526 $ 108,834 $ 96,626
Earnings per Common Share – Basic:        
Net income available for Common Stockholders (usd per share) $ 0.52 $ 0.46 $ 1.20 $ 1.12
Earnings per Common Share - Fully Diluted:        
Net income available for Common Stockholders (usd per share) 0.52 0.45 1.20 1.11
Distributions declared per Common Share outstanding (usd per share) $ 0.5500 $ 0.4875 $ 1.1 $ 0.975
Weighted average Common Shares outstanding – basic (shares) 88,549 86,763 88,537 86,408
Weighted average Common Shares outstanding – fully diluted (shares) 94,623 93,063 94,600 93,041
Redeemable Perpetual Preferred Stock        
Expenses:        
Redeemable perpetual preferred stock dividends $ (8) $ (2,316) $ (8) $ (4,613)
Non- controlling interests – Common OP Units        
Other comprehensive income:        
Comprehensive income allocated to non-controlling interests – Common OP Units (3,071) (2,651) (7,141) (6,555)
Right-to-use annual payments        
Revenues:        
Contract revenue 11,891 11,350 23,410 22,602
Right-to-use contracts current period, gross        
Revenues:        
Contract revenue 3,944 3,798 7,106 7,004
Right-to-use contract upfront payments, deferred, net        
Revenues:        
Contract revenue (2,021) (1,321) (3,306) (2,096)
Utility and other income        
Revenues:        
Utility and other income 24,320 20,650 49,841 42,776
Gross revenues from home sales        
Revenues:        
Contract revenue 9,105 7,833 17,414 14,860
Expenses:        
Cost of services 9,632 7,895 18,206 15,014
Brokered resale revenues and ancillary services revenues, net        
Revenues:        
Contract revenue 617 444 2,018 2,105
Property management        
Expenses:        
Cost of services $ 13,472 $ 13,023 $ 27,153 $ 25,583