XML 22 R28.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Reportable Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2015
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands): Quarter Ended September 30, 2015
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 194,983 |  |  | $ | 11,581 |  |  | $ | 206,564 |
Operations expenses | (96,152 | ) |  | (10,603 | ) |  | (106,755 | )
Income from segment operations | 98,831 |  |  | 978 |  |  | 99,809 |
Interest income | 692 |  |  | 1,037 |  |  | 1,729 |
Depreciation on real estate assets and rental homes | (25,703 | ) |  | (2,707 | ) |  | (28,410 | )
Amortization of in-place leases | (616 | ) |  | — |  |  | (616 | )
Income (loss) from operations | $ | 73,204 |  |  | $ | (692 | ) |  | 72,512 |
Reconciliation to Consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 29 |
Income from other investments, net |  |  |  |  | 1,822 |
General and administrative |  |  |  |  | (7,225 | )
Property rights initiatives and other |  |  |  |  | (687 | )
Interest and related amortization |  |  |  |  | (26,227 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,882 |
Consolidated net income |  |  |  |  | $ | 42,106 |
Total assets | $ | 3,193,473 |  |  | $ | 249,917 |  |  | $ | 3,443,390 |
Quarter Ended September 30, 2014
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 184,270 |  |  | $ | 12,737 |  |  | $ | 197,007 |
Operations expenses | (91,939 | ) |  | (10,498 | ) |  | (102,437 | )
Income from segment operations | 92,331 |  |  | 2,239 |  |  | 94,570 |
Interest income | 696 |  |  | 1,185 |  |  | 1,881 |
Depreciation on real estate assets and rental homes | (25,010 | ) |  | (2,821 | ) |  | (27,831 | )
Amortization of in-place leases | (1,075 | ) |  | — |  |  | (1,075 | )
Income from operations | $ | 66,942 |  |  | $ | 603 |  |  | 67,545 |
Reconciliation to Consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 21 |
Income from other investments, net |  |  |  |  | 1,869 |
General and administrative |  |  |  |  | (7,623 | )
Property rights initiatives and other |  |  |  |  | (751 | )
Early Debt Retirement |  |  |  |  | (5,087 | )
Interest and related amortization |  |  |  |  | (27,864 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,237 |
Gain on sale of property |  |  |  |  | 929 |
Consolidated net income |  |  |  |  | $ | 30,276 |
Total assets | $ | 3,170,718 |  |  | $ | 280,430 |  |  | $ | 3,451,148 |
Nine Months Ended September 30, 2015
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 573,797 |  |  | $ | 35,808 |  |  | $ | 609,605 |
Operations expenses | (274,109 | ) |  | (31,303 | ) |  | (305,412 | )
Income from segment operations | 299,688 |  |  | 4,505 |  |  | 304,193 |
Interest income | 2,114 |  |  | 3,126 |  |  | 5,240 |
Depreciation on real estate assets and rental homes | (76,668 | ) |  | (8,193 | ) |  | (84,861 | )
Amortization of in-place leases | (1,950 | ) |  | — |  |  | (1,950 | )
Income (loss) from operations | $ | 223,184 |  |  | $ | (562 | ) |  | 222,622 |
Reconciliation to Consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 74 |
Income from other investments, net |  |  |  |  | 5,119 |
General and administrative |  |  |  |  | (22,172 | )
Property rights initiatives and other |  |  |  |  | (1,934 | )
Early debt retirement |  |  |  |  | (16,922 | )
Interest and related amortization |  |  |  |  | (79,648 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 3,606 |
Consolidated net income |  |  |  |  | $ | 110,745 |
Total assets | $ | 3,193,473 |  |  | $ | 249,917 |  |  | $ | 3,443,390 |
Capital improvements | $ | 37,211 |  |  | $ | 30,627 |  |  | $ | 67,838 |
Nine Months Ended September 30, 2014
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 541,415 |  |  | $ | 32,558 |  |  | $ | 573,973 |
Operations expenses | (261,744 | ) |  | (26,765 | ) |  | (288,509 | )
Income from segment operations | 279,671 |  |  | 5,793 |  |  | 285,464 |
Interest income | 2,266 |  |  | 3,339 |  |  | 5,605 |
Depreciation on real estate assets and rental homes | (74,815 | ) |  | (8,419 | ) |  | (83,234 | )
Amortization of in-place leases | (3,791 | ) |  | — |  |  | (3,791 | )
Income from operations | $ | 203,331 |  |  | $ | 713 |  |  | 204,044 |
Reconciliation to Consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 872 |
Income from other investments, net |  |  |  |  | 6,098 |
General and administrative |  |  |  |  | (20,178 | )
Property rights initiatives and other |  |  |  |  | (2,063 | )
Early Debt Retirement |  |  |  |  | (5,087 | )
Interest and related amortization |  |  |  |  | (84,177 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 3,768 |
Gain on sale of property |  |  |  |  | 929 |
Consolidated net income |  |  |  |  | $ | 104,206 |
Total assets | $ | 3,170,718 |  |  | $ | 280,430 |  |  | $ | 3,451,148 |
Capital improvements | $ | 22,111 |  |  | $ | 19,534 |  |  | $ | 41,645 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):
| Quarters Ended |  | Nine Months Ended
| September 30, 2015 |  | September 30, 2014 |  | September 30, 2015 |  | September 30, 2014
Revenues: |  |  |  |  |  |  |
Community base rental income | $ | 110,908 |  |  | $ | 106,967 |  |  | $ | 330,251 |  |  | $ | 319,514 |
Resort base rental income | 49,765 |  |  | 44,351 |  |  | 142,837 |  |  | 126,188 |
Right-to-use annual payments | 11,334 |  |  | 11,404 |  |  | 33,260 |  |  | 33,859 |
Right-to-use contracts current period, gross | 3,889 |  |  | 4,168 |  |  | 10,264 |  |  | 10,512 |
Right-to-use contract upfront payments, deferred, net | (1,701 | ) |  | (1,989 | ) |  | (3,929 | ) |  | (4,303 | )
Utility and other income | 20,027 |  |  | 18,581 |  |  | 58,010 |  |  | 53,070 |
Ancillary services revenues, net | 761 |  |  | 788 |  |  | 3,104 |  |  | 2,575 |
Total property operations revenues | 194,983 |  |  | 184,270 |  |  | 573,797 |  |  | 541,415 |
Expenses: |  |  |  |  |  |  |
Property operating and maintenance | 69,227 |  |  | 66,105 |  |  | 194,522 |  |  | 186,018 |
Real estate taxes | 12,923 |  |  | 12,263 |  |  | 38,169 |  |  | 36,905 |
Sales and marketing, gross | 3,105 |  |  | 3,242 |  |  | 9,139 |  |  | 8,674 |
Right-to-use contract commissions, deferred, net | (464 | ) |  | (757 | ) |  | (1,471 | ) |  | (2,022 | )
Property management | 11,361 |  |  | 11,086 |  |  | 33,750 |  |  | 32,169 |
Total property operations expenses | 96,152 |  |  | 91,939 |  |  | 274,109 |  |  | 261,744 |
Income from property operations segment | $ | 98,831 |  |  | $ | 92,331 |  |  | $ | 299,688 |  |  | $ | 279,671 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):
| Quarters Ended |  | Nine Months Ended
September 30, 2015 |  | September 30, 2014 |  | September 30, 2015 |  | September 30, 2014
Revenues: |  |  |  |  |  |  |
Gross revenue from home sales | $ | 7,878 |  |  | $ | 8,717 |  |  | $ | 24,341 |  |  | $ | 20,455 |
Brokered resale revenues, net | 290 |  |  | 336 |  |  | 941 |  |  | 916 |
Rental home income (a) | 3,413 |  |  | 3,684 |  |  | 10,526 |  |  | 11,187 |
Total revenues | 11,581 |  |  | 12,737 |  |  | 35,808 |  |  | 32,558 |
Expenses: |  |  |  |  |  |  |
Cost of home sales | 7,868 |  |  | 8,156 |  |  | 23,685 |  |  | 19,679 |
Home selling expenses | 861 |  |  | 513 |  |  | 2,386 |  |  | 1,710 |
Rental home operating and maintenance | 1,874 |  |  | 1,829 |  |  | 5,232 |  |  | 5,376 |
Total expenses | 10,603 |  |  | 10,498 |  |  | 31,303 |  |  | 26,765 |
Income from home sales and rentals operations segment | $ | 978 |  |  | $ | 2,239 |  |  | $ | 4,505 |  |  | $ | 5,793 |
______________________
(a) | Segment information does not include Site rental income included in Community base rental income.

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration