XML 43 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Community base rental income $ 106,502 $ 101,468 $ 212,547 $ 202,244
Rental home income 3,746 3,598 7,503 6,992
Resort base rental income 36,888 33,197 81,837 73,936
Right-to-use annual payments 11,241 12,043 22,455 23,566
Right-to-use contracts current period, gross 3,089 3,361 6,012 6,192
Right-to-use contracts, deferred, net of prior period amortization (1,168) (1,550) (2,315) (2,590)
Utility And Other Income 16,919 15,787 34,490 32,470
Gross revenues from home sales 6,560 4,217 11,738 6,913
Brokered resale revenues and ancillary services revenues, net 568 932 2,367 2,727
Interest income 1,878 2,076 4,575 3,974
Income from other investments, net 2,628 1,624 4,229 4,104
Total revenues 188,851 176,753 385,438 360,528
Expenses:        
Property operating and maintenance 61,217 58,345 119,913 113,401
Rental home operating and maintenance 1,639 1,487 3,547 3,357
Real estate taxes 12,157 11,888 24,642 24,290
Sales and marketing, gross 2,695 3,333 5,100 5,694
Sales and marketing, deferred commissions, net (710) (655) (1,265) (1,118)
Property management 10,451 10,170 21,083 20,303
Depreciation on real estate and rental homes 27,761 29,313 55,403 55,333
Amortization of Intangible Assets for Continuing Operations 1,401 159 2,716 318
Cost of home sales 6,155 3,919 11,523 6,700
Home selling expenses 628 454 1,197 981
General and administrative 6,795 6,946 12,555 13,655
Extinguishment of Debt, Amount 0 1,381 0 1,381
Rent control initiatives and other 1,001 1,624 1,312 1,856
Interest and related amortization 28,265 30,377 56,313 60,500
Total expenses 159,455 158,741 314,039 306,651
Income before equity in income of unconsolidated joint ventures 29,396 18,012 71,399 53,877
Equity income from unconsolidated joint ventures 644 609 2,531 1,185
Consolidated income from continuing operations 30,040 18,621 73,930 55,062
Net income from discontinued operations 0 3,165 0 6,233
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax 0 0 0 958
Income allocated to non-controlling interest - discontinued operations 0 3,165 0 7,191
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable (2,229) (1,597) 5,710 4,730
Net income (loss) available for Common Shares – basic 25,483 17,860 63,582 52,883
Consolidated net income 30,040 21,786 73,930 62,253
Other comprehensive loss:        
Adjustment for fair market value of swap 483 430 927 872
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 30,523 22,216 74,857 63,125
Comprehensive income (loss) attributable to Common Shareholders 25,927 18,254 64,433 53,683
Earnings per Common Share - Basic:        
Income from continuing operations $ 0.31 $ 0.18 $ 0.76 $ 0.55
Income from discontinued operations $ 0.00 $ 0.04 $ 0.00 $ 0.09
Net income available for Common Shares $ 0.31 $ 0.22 $ 0.76 $ 0.64
Earnings per Common Share - Fully Diluted:        
Income from continuing operations $ 0.30 $ 0.18 $ 0.76 $ 0.55
Income from discontinued operations $ 0.00 $ 0.03 $ 0.00 $ 0.08
Net income available for Common Shares $ 0.30 $ 0.21 $ 0.76 $ 0.63
Distributions declared per Common Share outstanding $ 0.325 $ 0.25 $ 0.65 $ 0.50
Weighted average Common Shares outstanding – basic 83,234 83,021 83,175 83,024
Weighted average Common Shares outstanding – fully diluted 91,420 91,128 91,411 91,110
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member]
       
Other comprehensive loss:        
Redeemable Preferred Stock Dividends (2,328) (2,329) (4,638) (4,640)
Non-controlling interests - Common OP Units
       
Other comprehensive loss:        
Comprehensive income (loss) allocated to non-controlling interests $ (2,268) $ (1,633) $ 5,786 $ 4,802