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Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues:      
Community base rental income $ 518,252 $ 489,613 $ 464,745
Rental home income 14,329 14,344 14,107
Resort base rental income 239,906 218,806 201,533
Revenue from contract with customer   14,132  
Utility and other income 100,562 93,252 81,427
Interest income 7,525 7,580 6,845
Income from other investments, net 10,842 5,795 7,310
Total revenues 986,653 925,312 870,435
Expenses:      
Property operating and maintenance 313,003 294,119 268,249
Rental home operating and maintenance 6,836 6,610 6,883
Real estate taxes 55,892 55,010 53,036
Sales and marketing, gross 12,542 11,438 11,056
Right-to-use contract commissions, deferred, net (813) (354) (223)
Depreciation on real estate assets and rental homes 130,022 121,455 117,400
Amortization of in-place leases 7,187 2,231 3,373
Home selling expenses 4,095 4,186 3,575
General and administrative 37,684 31,737 31,004
Other expenses 1,483 1,148 4,986
Early debt retirement 1,071 2,785 0
Interest and related amortization 104,993 100,570 102,030
Total expenses 765,206 718,700 685,908
Income before equity in income of unconsolidated joint ventures 221,447 206,612 184,527
Equity in income of unconsolidated joint ventures 4,939 3,765 2,605
Consolidated net income 226,386 210,377 187,132
Income allocated to non-controlling interests – Common OP Units (13,774) (12,788) (13,869)
Redeemable perpetual preferred stock dividends and original issuance costs (16) (7,685) (9,226)
Net income available for Common Stockholders 212,596 189,904 164,037
Other comprehensive income (loss):      
Adjustment for fair market value of swap 1,357 1,169 326
Consolidated comprehensive income 227,743 211,546 187,458
Comprehensive income allocated to non-controlling interests – Common OP Units (13,861) (12,813) (13,893)
Redeemable perpetual preferred stock dividends and original issuance costs (16) (7,685) (9,226)
Comprehensive income attributable to Common Stockholders $ 213,866 $ 191,048 $ 164,339
Earnings per Common Share – Basic (usd per share) $ 2.39 $ 2.18 $ 1.93
Earnings per Common Share – Fully Diluted (usd per share) $ 2.38 $ 2.17 $ 1.92
Weighted average Common Shares outstanding – Basic (shares) 88,964 86,997 84,778
Weighted average Common Shares outstanding – Fully Diluted (shares) 95,055 93,425 92,569
Redeemable Perpetual Preferred Stock      
Expenses:      
Redeemable perpetual preferred stock dividends and original issuance costs $ (16) $ (7,685) $ (9,226)
Other comprehensive income (loss):      
Redeemable perpetual preferred stock dividends and original issuance costs (16) (7,685) (9,226)
Right-to-use annual payments      
Revenues:      
Revenue from contract with customer 47,778 45,798 45,035
Right-to-use contracts current period, gross      
Revenues:      
Revenue from contract with customer 15,191 14,132 12,327
Right-to-use contract upfront payments, deferred, net      
Revenues:      
Right-to-use contract upfront payments, deferred, net (7,380) (4,108) (3,079)
Gross revenues from home sales      
Revenues:      
Revenue from contract with customer 36,064 36,302 37,191
Expenses:      
Cost of goods and services sold 37,475 36,513 37,456
Brokered resale and ancillary services revenues, net      
Revenues:      
Revenue from contract with customer 3,584 3,798 2,994
Property management      
Expenses:      
Cost of goods and services sold $ 53,736 $ 51,252 $ 47,083