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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Community base rental income $ 66,408 $ 64,601 $ 132,591 $ 129,023
Resort base rental income 29,251 28,504 65,719 65,449
Right-to-use annual payments 12,563 12,889 24,575 25,074
Right-to-use contracts current period, gross 4,857 5,681 8,710 10,618
Right-to-use contracts, deferred, net of prior period amortization (3,414) (4,551) (5,910) (8,499)
Utility and other income 12,484 11,918 25,546 24,807
Gross revenues from home sales 1,288 1,947 2,645 2,994
Brokered resale revenues, net 214 242 467 481
Ancillary services revenues, net 102 133 1,127 1,196
Interest income 1,012 997 2,051 2,189
Income from other investments, net 1,149 1,484 1,848 2,661
Total revenues 125,914 123,845 259,369 255,993
Expenses:        
Property operating and maintenance 47,655 46,998 91,966 90,452
Real estate taxes 8,161 8,326 16,218 16,640
Sales and marketing, gross 3,083 3,585 5,339 6,848
Sales and marketing, deferred commissions, net (1,347) (1,657) (2,347) (3,069)
Property management 8,193 7,793 16,656 16,533
Depreciation on real estate and other costs 17,285 16,940 34,512 33,863
Cost of home sales 1,049 1,728 2,468 2,887
Home selling expenses 406 455 883 932
General and administrative 6,011 5,548 11,658 11,224
Acquisition costs 2,117   2,117  
Rent control initiatives 476 299 588 1,013
Depreciation on corporate assets 254 379 503 589
Interest and related amortization 21,458 22,989 42,847 46,756
Total expenses 114,801 113,383 223,408 224,668
Income before equity in income of unconsolidated joint ventures 11,113 10,462 35,961 31,325
Equity in income of unconsolidated joint ventures 541 559 1,325 1,400
Consolidated income from continuing operations 11,654 11,021 37,286 32,725
Discontinued Operations:        
Loss from discontinued operations   (54)   (231)
Consolidated net income 11,654 10,967 37,286 32,494
Income allocated to non-controlling interests - Common OP Units (789) (928) (3,410) (3,360)
Income allocated to non-controlling interests - Perpetual Preferred OP Units   (4,039) (2,801) (8,070)
Redeemable Perpetual Preferred Stock Dividends (4,038)   (5,288)  
Net income available for Common Shares $ 6,827 $ 6,000 $ 25,787 $ 21,064
Earnings per Common Share - Basic:        
Income from continuing operations $ 0.21 $ 0.20 $ 0.81 $ 0.70
Loss from discontinued operations       $ (0.01)
Net income available for Common Shares $ 0.21 $ 0.20 $ 0.81 $ 0.69
Earnings per Common Share - Fully Diluted:        
Income from continuing operations $ 0.20 $ 0.20 $ 0.80 $ 0.70
Loss from discontinued operations       $ (0.01)
Net income available for Common Shares $ 0.20 $ 0.20 $ 0.80 $ 0.69
Distributions declared per Common Share outstanding $ 0.375 $ 0.300 $ 0.750 $ 0.600
Weighted average Common Shares outstanding - basic 32,629 30,412 31,817 30,358
Weighted average Common Shares outstanding - fully diluted 37,262 35,506 36,441 35,471