Acquisitions (Tables)

12 Months Ended

Dec. 31, 2011

Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition Determined using Level Two and Level Three Inputs

The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in the Acquisition during the year ended December 31, 2011, which we determined using level two and level three inputs (amounts in thousands). The fair value is a preliminary estimate and may be adjusted within one-year of the Acquisition in accordance with FASB ASC 805.

Assets acquired
Land	$	474,000
Depreciable property		859,000
Manufactured homes		24,000
In-place leases		74,000
Net investment in real estate		1,431,000
Notes receivable		40,000
Other assets		12,000
Total Assets acquired		1,483,000
Liabilities assumed
Mortgage notes payable		548,000
Accrued payroll and other operating expenses		3,000
Rents and other customer payments received in advance and security deposits		5,000
Total Liabilities assumed		556,000
Net consideration paid	$	927,000

Unaudited Pro Forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations assumes that the Acquisition for the 75 Acquisition Properties and related debt and equity issuances had occurred on January 1, 2010. The unaudited pro forma results of operations is based upon historical financial statements. The unaudited pro forma results do not purport to represent what the actual results of operations of the Company would have been, nor do they purport to predict the results of operations of future periods. 

	December 31, 2011		December 31, 2010
Total revenues	$	676,819	$	663,976
Net income available for Common Shares(1)	$	80,265	$	1,819
Earnings per Common Share—Basic	$	2.05	$	0.05
Earnings per Common Share—Fully Diluted (2)	$	1.98	$	0.05

^1.  The following expenses, except for f. below, are not reflected in the Unaudited Pro Forma Results of Operations as they are either short-term in nature or are not reflective of the historical results of the Company or the seller:

a. The Company entered into a property management agreement with the seller for a fee of four percent of property revenues beginning on July 1, 2011 and ending on September 30, 2011 for the Acquisition Properties purchased between July 1, 2011 and September 1, 2011.

b. The Company entered into a loan servicing agreement, effective July 1, 2011, with respect to the Chattel Loans the Company acquired in the Acquisition. The loan servicing fee was $55,000 per month and expired on September 30, 2011.

c. The Company has estimated that its annual incremental property management expenses associated with the Acquisition are approximately $5.5 million.

d. The Company has estimated that its annual incremental general and administrative expenses associated with the Acquisition, including Chattel Loan servicing, are approximately $1.6 million.

e. Transaction costs related to the Acquisition are not expected to have a continuing impact and therefore have been excluded from these pro forma results.

f. For the year ended December 31, 2010, the Company has estimated the amortization expense of an intangible asset for in-place leases to be approximately $73.6 million. The estimated useful life for acquired in-place leases is one year.

^2.  For the year ended December 31, 2010, the Company’s weighted average of approximately 4.7 million common OP Units (which were dilutive to the Company’s historical operations) were anti-dilutive, and therefore were excluded from the computation of the Pro Forma Earnings per Common Share—Fully Diluted.