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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Community base rental income $ 130,746 $ 123,177 $ 386,064 $ 365,833
Rental home income 3,507 3,592 10,583 10,829
Resort base rental income 64,351 58,471 183,836 169,594
Interest income 1,846 1,974 5,658 5,542
Income from other investments, net 5,421 2,052 9,774 3,918
Total revenues 256,675 241,625 743,202 695,326
Expenses:        
Property operating and maintenance 84,445 80,164 239,444 221,119
Rental home operating and maintenance 1,904 1,704 4,957 4,912
Real estate taxes 13,240 14,006 40,815 41,986
Sales and marketing, gross 3,568 3,277 9,685 8,861
Right-to-use contract commissions, deferred, net (458) (176) (744) (372)
Depreciation on real estate assets and rental homes 32,856 30,493 96,630 90,849
Amortization of in-place leases 2,124 138 5,069 2,128
Home selling expenses 1,101 1,447 3,149 3,301
General and administrative 8,816 7,505 26,523 23,339
Other expenses 386 324 1,096 814
Interest and related amortization 26,490 25,027 78,478 74,728
Total expenses 197,803 187,446 573,792 535,799
Income before equity in income of unconsolidated joint ventures 58,872 54,179 169,410 159,527
Equity in income of unconsolidated joint ventures 788 686 3,596 2,876
Consolidated net income 59,660 54,865 173,006 162,403
Income allocated to non-controlling interests – Common OP Units (3,590) (3,286) (10,569) (9,825)
Net income available for Common Stockholders 56,070 48,525 162,429 144,911
Other comprehensive income:        
Adjustment for fair market value of swap 380 (30) 3,017 227
Consolidated comprehensive income 60,040 54,835 176,023 162,630
Comprehensive income attributable to Common Stockholders $ 56,427 $ 48,544 $ 165,261 $ 145,171
Earnings per Common Share – Basic:        
Net income available for Common Stockholders (usd per share) $ 0.63 $ 0.56 $ 1.83 $ 1.67
Earnings per Common Share - Fully Diluted:        
Net income available for Common Stockholders (usd per share) $ 0.63 $ 0.56 $ 1.82 $ 1.66
Weighted average Common Shares outstanding – basic (shares) 89,200 87,037 88,760 86,620
Weighted average Common Shares outstanding – fully diluted (shares) 95,263 93,324 94,827 93,135
Non- controlling interests – Common OP Units        
Other comprehensive income:        
Comprehensive income allocated to non-controlling interests – Common OP Units $ (3,613) $ (3,237) $ (10,754) $ (9,792)
Redeemable Perpetual Preferred Stock        
Expenses:        
Redeemable perpetual preferred stock dividends and original issuance costs 0 (3,054) (8) (7,667)
Right-to-use annual payments        
Revenues:        
Contract revenue 12,206 11,531 35,616 34,133
Right-to-use contracts current period, gross        
Revenues:        
Contract revenue 4,863 4,208 11,969 11,212
Right-to-use contract upfront payments, deferred, net        
Revenues:        
Contract revenue (2,883) (1,670) (6,189) (3,766)
Utility and other income        
Revenues:        
Utility and other income 25,917 26,295 75,758 69,071
Gross revenues from home sales        
Revenues:        
Contract revenue 9,339 10,012 26,753 24,872
Expenses:        
Cost of services 9,742 10,377 27,948 25,391
Brokered resale and ancillary services revenues, net        
Revenues:        
Contract revenue 1,362 1,983 3,380 4,088
Property management        
Expenses:        
Cost of services $ 13,589 $ 13,160 $ 40,742 $ 38,743