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v2.4.1.9

Consolidated Statements of Income and Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified | 3 Months Ended
--- | ---
Mar. 31, 2015 | Mar. 31, 2014
Revenues: |  |
Community base rental income | $ 109,270els_CommunityBaseRentalIncome | $ 106,045els_CommunityBaseRentalIncome
Rental home income | 3,554els_RentalHomeIncome | 3,757els_RentalHomeIncome
Resort base rental income | 51,645els_ResortBaseRentalIncome | 44,949els_ResortBaseRentalIncome
Right-to-use annual payments | 10,981els_RightToUseAnnualPayments | 11,214els_RightToUseAnnualPayments
Right-to-use contracts current period, gross | 2,797els_RightToUseContractsCurrentPeriodGross | 3,081els_RightToUseContractsCurrentPeriodGross
Right-to-use contract upfront payments, deferred, net | (773)els_RightToUseContractsDeferredNetOfPriorPeriodAmortization | (1,147)els_RightToUseContractsDeferredNetOfPriorPeriodAmortization
Utility and other income | 19,082els_UtilityAndOtherIncome | 17,571els_UtilityAndOtherIncome
Gross revenues from home sales | 6,937us-gaap_SalesOfRealEstate | 5,178us-gaap_SalesOfRealEstate
Brokered resale revenues and ancillary services revenues, net | 1,982us-gaap_SalesRevenueServicesNet | 1,799us-gaap_SalesRevenueServicesNet
Interest income | 1,820us-gaap_InterestIncomeOperating | 2,697us-gaap_InterestIncomeOperating
Income from other investments, net | 1,119us-gaap_OtherIncome | 1,601us-gaap_OtherIncome
Total revenues | 208,414us-gaap_Revenues | 196,745us-gaap_Revenues
Expenses: |  |
Property operating and maintenance | 61,117us-gaap_CostOfOtherPropertyOperatingExpense | 58,696us-gaap_CostOfOtherPropertyOperatingExpense
Rental home operating and maintenance | 1,669els_RentalHomeOperatingAndMaintenanceExpenses | 1,908els_RentalHomeOperatingAndMaintenanceExpenses
Real estate taxes | 12,594us-gaap_RealEstateTaxExpense | 12,485us-gaap_RealEstateTaxExpense
Sales and marketing, gross | 2,522us-gaap_SellingAndMarketingExpense | 2,563us-gaap_SellingAndMarketingExpense
Right-to-use contract commissions, deferred, net | (243)els_SalesAndMarketingDeferredCommissionsNet | (555)els_SalesAndMarketingDeferredCommissionsNet
Property management | 11,290us-gaap_OwnedPropertyManagementCosts | 10,632us-gaap_OwnedPropertyManagementCosts
Depreciation on real estate assets and rental homes | 28,116els_RealEstateDepreciationExpenseAndRentalHomes | 27,642els_RealEstateDepreciationExpenseAndRentalHomes
Amortization of in-place leases | 665us-gaap_AmortizationOfIntangibleAssets | 1,315us-gaap_AmortizationOfIntangibleAssets
Cost of home sales | 6,724us-gaap_CostOfRealEstateSales | 5,368us-gaap_CostOfRealEstateSales
Home selling expenses | 805us-gaap_SellingExpense | 569us-gaap_SellingExpense
General and administrative | 7,406us-gaap_GeneralAndAdministrativeExpense | 5,760us-gaap_GeneralAndAdministrativeExpense
Early debt retirement | 16,991us-gaap_ExtinguishmentOfDebtAmount | 0us-gaap_ExtinguishmentOfDebtAmount
Property rights initiatives | 553els_RentControlInitiativesExpensesAndOther | 311els_RentControlInitiativesExpensesAndOther
Interest and related amortization | 27,276us-gaap_InterestExpenseDebt | 28,048us-gaap_InterestExpenseDebt
Total expenses | 177,485us-gaap_CostsAndExpenses | 154,742us-gaap_CostsAndExpenses
Income before equity in income of unconsolidated joint ventures | 30,929us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | 42,003us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Equity in income of unconsolidated joint ventures | 884us-gaap_IncomeLossFromEquityMethodInvestments | 1,887us-gaap_IncomeLossFromEquityMethodInvestments
Income allocated to non-controlling interests – Common OP Units | (2,331)us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable | (3,481)us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
Net income available for Common Shares | 27,185us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | 38,099us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Consolidated net income | 31,813us-gaap_ProfitLoss | 43,890us-gaap_ProfitLoss
Other comprehensive (loss) income (“OCI”): |  |
Adjustment for fair market value of swap | (857)us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax | 445us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
Consolidated comprehensive income | 30,956us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest | 44,335us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
Comprehensive income attributable to Common Stockholders | 26,396us-gaap_ComprehensiveIncomeNetOfTax | 38,507us-gaap_ComprehensiveIncomeNetOfTax
Earnings per Common Share – Basic: |  |
Net income available for Common Shares (usd per share) | $ 0.32us-gaap_EarningsPerShareBasic | $ 0.46us-gaap_EarningsPerShareBasic
Earnings per Common Share - Fully Diluted: |  |
Net income available for Common Shares (usd per share) | $ 0.32us-gaap_EarningsPerShareDiluted | $ 0.46us-gaap_EarningsPerShareDiluted
Distributions declared per Common Share outstanding (usd per share) | $ 0.375us-gaap_CommonStockDividendsPerShareDeclared | $ 0.325us-gaap_CommonStockDividendsPerShareDeclared
Weighted average Common Shares outstanding – basic (shares) | 83,961us-gaap_WeightedAverageNumberOfSharesOutstandingBasic | 83,116us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average Common Shares outstanding – fully diluted (shares) | 91,777us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding | 91,353us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock |  |
Other comprehensive (loss) income (“OCI”): |  |
Series C Redeemable Perpetual Preferred Stock Dividends | (2,297)us-gaap_RedeemablePreferredStockDividends / us-gaap_StatementClassOfStockAxis = els_CumulativeSeriesCSixPointSevenFivePercentRedeemablePerpetualPreferredStockMember | (2,310)us-gaap_RedeemablePreferredStockDividends / us-gaap_StatementClassOfStockAxis = els_CumulativeSeriesCSixPointSevenFivePercentRedeemablePerpetualPreferredStockMember
Non- controlling interests – Common OP Units |  |
Other comprehensive (loss) income (“OCI”): |  |
Comprehensive income allocated to non-controlling interests – Common OP Units | $ (2,263)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest / us-gaap_StatementClassOfStockAxis = els_NoncontrollingInterestOfCommonUnitsMember | $ (3,518)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest / us-gaap_StatementClassOfStockAxis = els_NoncontrollingInterestOfCommonUnitsMember

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