Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ELS | ' |
Entity Registrant Name | 'EQUITY LIFESTYLE PROPERTIES INC | ' |
Entity Central Index Key | '0000895417 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 83,326,410 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in real estate: | ' | ' |
Land | $1,065,368 | $1,025,246 |
Land improvements | 2,685,613 | 2,667,213 |
Buildings and other depreciable property | 545,148 | 535,647 |
Real Estate Investment Property, at Cost, Total | 4,296,129 | 4,228,106 |
Accumulated depreciation | -1,087,380 | -1,058,540 |
Net investment in real estate | 3,208,749 | 3,169,566 |
Cash | 56,427 | 58,427 |
Notes receivable, net | 38,610 | 42,990 |
Investment in joint ventures | 14,477 | 11,583 |
Deferred financing costs, net | 18,984 | 19,873 |
Deferred commission expense | 25,806 | 25,251 |
Escrow deposits and other assets | 47,509 | 63,949 |
Total Assets | 3,410,562 | 3,391,639 |
Liabilities: | ' | ' |
Mortgage notes payable | 1,976,426 | 1,992,368 |
Term loan | 200,000 | 200,000 |
Unsecured lines of credit | 0 | 0 |
Accrued payroll and other operating expenses | 72,585 | 65,157 |
Deferred revenue - upfront payments from right-to-use contracts | 69,820 | 68,673 |
Deferred revenue - right-to-use annual payments | 15,341 | 11,136 |
Accrued interest payable | 9,712 | 9,416 |
Rents and other customer payments received in advance and security deposits | 62,466 | 58,931 |
Distributions payable | 29,478 | 22,753 |
Total Liabilities | 2,435,828 | 2,428,434 |
Stockholders' Equity: | ' | ' |
Preferred stock value | 0 | 0 |
Common stock, $0.01 par value | 834 | 834 |
Paid-in capital | 1,020,925 | 1,021,365 |
Distributions in excess of accumulated earnings | 253,065 | 264,083 |
Accumulated other comprehensive loss | -482 | -927 |
Total Stockholders’ Equity | 904,356 | 893,333 |
Non-controlling interests - Common OP Units | 70,378 | 69,872 |
Total Equity | 974,734 | 963,205 |
Total Liabilities and Equity | 3,410,562 | 3,391,639 |
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Domain] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock value | $136,144 | $136,144 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 9,945,164 | 9,945,164 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Value, Issued | $0 | $0 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 83,324,703 | 83,313,677 |
Common Stock, Shares, Outstanding | 83,324,703 | 83,313,677 |
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 54,461 | 54,461 |
Preferred Stock, Shares Issued | 54,458 | 54,458 |
Preferred Stock, Shares Outstanding | 54,458 | 54,458 |
Cumulative Series D Six Percent Non-Qualified Preferred Stock [Member] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 125 | 125 |
Preferred Stock, Shares Issued | 125 | 125 |
Preferred Stock, Shares Outstanding | 125 | 125 |
Cumulative Series E Eighteen Point Seven Five Percent Nonvoting Preferred Stock [Member] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 250 | 250 |
Preferred Stock, Shares Issued | 250 | 250 |
Preferred Stock, Shares Outstanding | 250 | 250 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Community base rental income | $106,045 | $100,776 |
Rental home income | 3,757 | 3,394 |
Resort base rental income | 44,949 | 40,739 |
Right-to-use annual payments | 11,214 | 11,523 |
Right-to-use contracts current period, gross | 2,923 | 2,831 |
Right-to-use contracts, deferred, net of prior period amortization | -1,147 | -1,040 |
Utility And Other Income | 17,571 | 16,683 |
Gross revenues from home sales | 5,178 | 2,696 |
Brokered resale revenues and ancillary services revenues, net | 1,799 | 1,795 |
Interest income | 2,697 | 1,898 |
Income from other investments, net | 1,601 | 2,480 |
Total revenues | 196,587 | 183,775 |
Expenses: | ' | ' |
Property operating and maintenance | 58,696 | 55,055 |
Rental home operating and maintenance | 1,908 | 1,870 |
Real estate taxes | 12,485 | 12,400 |
Sales and marketing, gross | 2,405 | 2,361 |
Sales and marketing, deferred commissions, net | -555 | -463 |
Property management | 10,632 | 10,133 |
Depreciation on real estate and rental homes | 27,642 | 26,020 |
Amortization of Intangible Assets for Continuing Operations | 1,315 | 159 |
Cost of home sales | 5,368 | 2,781 |
Home selling expenses | 569 | 527 |
General and administrative | 5,760 | 6,711 |
Rent control initiatives and other | 311 | 232 |
Interest and related amortization | 28,048 | 30,123 |
Total expenses | 154,584 | 147,909 |
Income before equity in income of unconsolidated joint ventures | 42,003 | 35,866 |
Equity income from unconsolidated joint ventures | 1,887 | 576 |
Consolidated income from continuing operations | 43,890 | 36,442 |
Net income from discontinued operations | 0 | 3,068 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 958 |
Income allocated to non-controlling interest - discontinued operations | 0 | 4,026 |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | -3,481 | -3,133 |
Net income (loss) available for Common Shares – basic | 38,099 | 35,024 |
Consolidated net income | 43,890 | 40,468 |
Other comprehensive loss: | ' | ' |
Adjustment for fair market value of swap | 445 | 442 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 44,335 | 40,910 |
Comprehensive income (loss) attributable to Common Shareholders | 38,507 | 35,430 |
Earnings per Common Share - Basic: | ' | ' |
Income from continuing operations | $0.46 | $0.38 |
Income from discontinued operations | $0 | $0.04 |
Net income available for Common Shares | $0.46 | $0.42 |
Earnings per Common Share - Fully Diluted: | ' | ' |
Income from continuing operations | $0.46 | $0.38 |
Income from discontinued operations | $0 | $0.04 |
Net income available for Common Shares | $0.46 | $0.42 |
Distributions declared per Common Share outstanding | $0.33 | $0.25 |
Weighted average Common Shares outstanding – basic | 83,116 | 83,026 |
Weighted average Common Shares outstanding – fully diluted | 91,353 | 91,060 |
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member] | ' | ' |
Other comprehensive loss: | ' | ' |
Redeemable Preferred Stock Dividends | -2,310 | -2,311 |
Non-controlling interests - Common OP Units | ' | ' |
Other comprehensive loss: | ' | ' |
Comprehensive income (loss) allocated to non-controlling interests | ($3,518) | ($3,169) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes In Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member] | Distributions in Excess of Accumulated Earnings | Non-controlling interests - Common OP Units | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2013 | $963,205,000 | $834,000 | $1,021,365,000 | $136,144,000 | ($264,083,000) | $69,872,000 | ($927,000) |
Stock Issued During Period, Value, Conversion of Units | 0 | -1,000 | -501,000 | 0 | 0 | -502,000 | 0 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -51,000 | 0 | -51,000 | 0 | 0 | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock through employee stock purchase plan | 311,000 | 0 | 311,000 | 0 | 0 | 0 | 0 |
Compensation expenses related to stock options and restricted stock | 733,000 | 0 | 733,000 | 0 | 0 | 0 | 0 |
Adjustment for fair market value of swap | 445,000 | 0 | 0 | 0 | 0 | 0 | 445,000 |
Release Of Common Shares From Escrow | -1,935,000 | -1,000 | -1,934,000 | 0 | 0 | 0 | 0 |
Net income available to Common Shares | 43,890,000 | 0 | 0 | 2,310,000 | 38,099,000 | 3,481,000 | 0 |
Distributions | -31,864,000 | 0 | 0 | -2,310,000 | -27,081,000 | -2,473,000 | 0 |
Ending Balance at Mar. 31, 2014 | $974,734,000 | $834,000 | $1,020,925,000 | $136,144,000 | ($253,065,000) | $70,378,000 | ($482,000) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Consolidated net income | $43,890 | $40,468 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ' | ' |
Gain on sale of property, net of tax | 0 | -958 |
Depreciation expense | 27,830 | 26,951 |
Amortization of in-place leases | 1,315 | 159 |
Amortization of loan costs | 1,232 | 1,398 |
Debt premium amortization | -1,323 | -1,504 |
Equity in income of unconsolidated joint ventures | -1,887 | -576 |
Distributions from unconsolidated joint ventures | 1,312 | 478 |
Amortization of stock-related compensation | 733 | 1,134 |
Revenue recognized from right-to-use contract upfront payments | -1,776 | -1,791 |
Commission expense recognized related to right-to-use contracts | 684 | 630 |
Accrued long term incentive plan compensation | 475 | 481 |
Provision for uncollectible rents receivable | -606 | -42 |
Changes in assets and liabilities: | ' | ' |
Notes receivable activity, net | -937 | 471 |
Deferred commission expense | -1,239 | -1,093 |
Escrow deposits and other assets | 8,307 | 1,614 |
Accrued payroll and other operating expenses, net | 6,372 | 2,477 |
Deferred revenue - upfront payments from right-to-use contracts | 2,923 | 2,831 |
Deferred revenue - right-to-use annual payments | 4,205 | 4,922 |
Rents received in advance and security deposits | 1,719 | 926 |
Net cash provided by operating activities | 93,229 | 78,976 |
Cash Flows From Investing Activities: | ' | ' |
Real estate acquisition | -44,226 | 0 |
Payments for (Proceeds from) Delayed Tax Exempt Exchange | 10,576 | 0 |
Cash Received from Joint Venture | 116 | 0 |
Payments to Acquire Interest in Joint Venture | -2,500 | 0 |
Proceeds from Collection of Notes Receivable | 7,115 | 3,384 |
Issuance of Notes Receivable | -2,245 | -1,545 |
Capital improvements | -10,000 | -17,037 |
Net cash used in investing activities | -41,164 | -15,198 |
Cash Flows From Financing Activities: | ' | ' |
Net proceeds from stock options and employee stock purchase plan | 311 | 417 |
Payments of Ordinary Dividends, Common Stock | -20,836 | 0 |
Payments of Ordinary Dividends, Noncontrolling Interest | -1,917 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -2,310 | -2,311 |
Principal payments and mortgage debt payoff | -29,184 | -16,926 |
Debt issuance costs | -77 | 0 |
Equity issuance costs | -52 | -277 |
Net cash (used in) provided by financing activities | -54,065 | -19,097 |
Cash, Period Increase (Decrease) | -2,000 | 44,681 |
Cash | 56,427 | 81,821 |
Supplemental Information: | ' | ' |
Cash paid during the period for interest | 27,929 | 30,485 |
Non-cash activities (increase/(decrease)): | ' | ' |
Capital improvements - used homes acquired by repossessions | 446 | 599 |
Net repayments of notes receivable - used homes acquired by repossessions | 446 | 599 |
Building and other depreciable property - reclassification of rental homes | 4,203 | 2,474 |
Escrow deposits and other assets - reclassification of rental homes | -4,203 | -2,474 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 61,781 | 0 |
Noncash or Part Noncash Acquisition, Deferred Finance Costs | -180 | 0 |
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | 1,817 | 0 |
Noncash or Part Noncash Acquisition, Payables Assumed | 941 | 0 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 412 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | $14,564 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Summary of Significant Accounting Policies | ' | |||
Summary of Significant Accounting Policies | ||||
We follow accounting standards set by the Financial Accounting Standards Board, commonly referred to as the “FASB.” The FASB sets GAAP, which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification”). | ||||
(a) | Basis of Consolidation | |||
The accompanying Consolidated Financial Statements include the consolidation of our accounts. We do not have controlling interests in any of our joint ventures (“JV”), which are therefore treated under the equity method of accounting and not consolidated in our financial statements. The holders of limited partnership interests in the Operating Partnership (“Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership which is shown in our Consolidated Financial Statements as Non-controlling interests-Common OP Units. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||
(b) | Real Estate | |||
Our policy is to estimate useful lives or salvage values associated with our real estate assets and to depreciate the assets based on our estimates. We review useful lives periodically to ensure that these estimates accurately reflect the economic use of the assets. In January 2014, we completed a review of the useful lives and salvage values of our manufactured homes. During the first quarter 2014, we prospectively changed the depreciable life of our new manufactured homes to 25 years straight-lined with no residual value and our used manufactured homes to 10-25 years straight-lined. This change in estimate did not have a material impact in our financial statements. | ||||
(c) | Identified Intangibles and Goodwill | |||
We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. In accordance with the Codification Sub-Topic “Impairment or Disposal of Long Lived Assets” (“FASB ASC 360-10-35”), intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. | ||||
The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. In accordance with Codification Topic “Goodwill and Other Intangible Assets” (“FASB ASC 350”), goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. | ||||
As of March 31, 2014 and December 31, 2013, the gross carrying amounts of identified intangible assets and goodwill, a component of “Escrow deposits, goodwill and other assets, net” on our consolidated balance sheets, were approximately $12.1 million. As of March 31, 2014 and December 31, 2013, this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangible assets was approximately $2.0 million and $1.9 million as of March 31, 2014 and December 31, 2013, respectively. For each of the quarters ended March 31, 2014 and 2013, amortization expense for the identified intangible assets was approximately $0.1 million. | ||||
Estimated amortization of identified intangible assets for each of the next five years are as follows (amounts in thousands): | ||||
Year ending December 31, | Amount | |||
2014 | $ | 349 | ||
2015 | 349 | |||
2016 | 251 | |||
2017 | 87 | |||
2018 | 87 | |||
(d) | Restricted Cash | |||
Cash as of March 31, 2014 and December 31, 2013 included approximately $5.2 million of restricted cash for the payment of capital improvements, insurance or real estate taxes. | ||||
(e) | Fair Value of Financial Instruments | |||
Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3). | ||||
Our mortgage notes payable and term loan had a fair value of approximately $2.3 billion and $2.2 billion as of March 31, 2014 and December 31, 2013, respectively, measured using quoted prices and observable inputs from similar liabilities (Level 2). At March 31, 2014 and December 31, 2013, our cash flow hedge of interest rate risk included in accrued payroll and other operating expenses was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values. | ||||
(f) | Deferred Financing Costs, net | |||
Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic “Modifications and Extinguishments” (“FASB ASC 470-50-40”). Accumulated amortization for such costs was $26.5 million and $25.4 million at March 31, 2014 and December 31, 2013, respectively. | ||||
(g) | Reclassifications | |||
Certain 2013 amounts have been reclassified to conform to the 2014 presentation. Income statement amounts for disposed Properties have been reclassified to “Discontinued operations” on the Consolidated Statements of Income and Comprehensive Income for all periods presented. In addition, certain prior period disclosures in the accompanying footnotes have been revised to exclude amounts which have been reclassified to discontinued operations. These reclassifications had no material effect on the Consolidated Statements of Income and Comprehensive Income. | ||||
(h) | Recent Accounting Pronouncements | |||
In April 2014, the FASB issued Accounting Standard Update 2014-08, “Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). Effective on January 1, 2015, the definition of discontinued operations has been revised to limit the criteria for the classification and presentation to disposals of components of a company that represent strategic shifts that have (or will have) a major effect on a company’s operations and financial results. Required expanded disclosures for disposals or disposal groups that qualify for discontinued operations are intended to provide users of financial statements with enhanced information about the assets, liabilities, revenues and expenses of such discontinued operations. While the threshold for a disposal or disposal group to qualify for discontinued operations has been revised, this pronouncement retains the held for sale classification and presentation concepts of previous authoritative literature. Accordingly, under this pronouncement, a disposal or disposal group may qualify for held for sale classification but not meet the threshold for discontinued operations treatment. This pronouncement allows for early adoption permitted January 1, 2014. Pursuant to its terms we have elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have an impact on our consolidated financial statements for the quarter ended March 31, 2014. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share | ' | |||||||
Earnings Per Common Share | ||||||||
Earnings per common share are based on the weighted average number of common shares outstanding during each year. Codification Topic “Earnings Per Share” (“FASB ASC 260”) defines the calculation of basic and fully diluted earnings per share. Basic and fully diluted earnings per share are based on the weighted average shares outstanding during each period and basic earnings per share exclude any dilutive effects of options, unvested restricted shares and convertible securities. The conversion of OP Units has been excluded from the basic earnings per share calculation. The conversion of an OP Unit for a share of common stock has no material effect on earnings per common share on a fully diluted basis. | ||||||||
On June 25, 2013, we announced a two-for-one split, to be effected by and in the form of a stock dividend, to be paid on July 15, 2013. On July 15, 2013, each common shareholder of record on July 5, 2013, received one additional share of common stock for each share held. The incremental par value was recorded as an increase to the common stock account on our balance sheet to reflect the newly issued shares and such amount was offset by a reduction in the paid-in capital account on our balance sheet. Pursuant to the anti-dilution provision in the Operating Partnership’s Agreement of Limited Partnership, the stock split also affected the common OP units. | ||||||||
The following table sets forth the computation of the basic and diluted earnings per common share for the quarters ended March 31, 2014 and 2013 (amounts in thousands, except per share data, prior period adjusted for stock split): | ||||||||
Quarters Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerators: | ||||||||
Income from Continuing Operations: | ||||||||
Income from continuing operations | $ | 43,890 | $ | 36,442 | ||||
Amounts allocated to dilutive securities | (3,481 | ) | (2,802 | ) | ||||
Preferred Stock distributions | (2,310 | ) | (2,311 | ) | ||||
Income from continuing operations available to Common Shares – basic | 38,099 | 31,329 | ||||||
Amounts allocated to dilutive securities | 3,481 | 2,802 | ||||||
Income from continuing operations available to Common Shares – fully diluted | $ | 41,580 | $ | 34,131 | ||||
Income from Discontinued Operations: | ||||||||
Income from discontinued operations, net of amounts allocated to dilutive securities | $ | — | $ | 3,695 | ||||
Net Income Available for Common Shares: | ||||||||
Net income available for Common Shares – basic | $ | 38,099 | $ | 35,024 | ||||
Amounts allocated to dilutive securities | 3,481 | 3,133 | ||||||
Net income available for Common Shares – fully diluted | $ | 41,580 | $ | 38,157 | ||||
Denominator: | ||||||||
Weighted average Common Shares outstanding – basic | 83,116 | 83,026 | ||||||
Effect of dilutive securities: | ||||||||
Redemption of Common OP Units for Common Shares | 7,635 | 7,458 | ||||||
Stock options and restricted shares | 602 | 576 | ||||||
Weighted average Common Shares outstanding – fully diluted | 91,353 | 91,060 | ||||||
Earnings per Common Share – Basic: | ||||||||
Income from continuing operations | $ | 0.46 | $ | 0.38 | ||||
Income from discontinued operations | — | 0.04 | ||||||
Net income available for Common Shares | $ | 0.46 | $ | 0.42 | ||||
Earnings per Common Share – Fully Diluted: | ||||||||
Income from continuing operations | $ | 0.46 | $ | 0.38 | ||||
Income from discontinued operations | — | 0.04 | ||||||
Net income available for Common Shares | $ | 0.46 | $ | 0.42 | ||||
Common_Stock_and_Other_Equity_
Common Stock and Other Equity Related Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Common Stock and Other Equity Related Transactions | ' |
Common Stock and Other Equity Related Transactions | |
On March 31, 2014, we paid a $0.421875 per share distribution on our Depositary Shares (each representing 1/100 of a share of our Series C Preferred Stock) to stockholders of record on March 21, 2014. | |
On April 11, 2014, we paid a $0.325 per share distribution to common stockholders of record on March 28, 2014. |
Investment_in_Real_Estate
Investment in Real Estate | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investment in Real Estate | ' | |||||||
Investment in Real Estate | ||||||||
Land improvements consist primarily of improvements such as grading, landscaping and infrastructure items such as streets, sidewalks or water mains. Buildings and other depreciable property consist of permanent buildings in the Properties such as clubhouses, laundry facilities, maintenance storage facilities, rental units and furniture, fixtures, equipment, and in-place leases. | ||||||||
Acquisitions | ||||||||
All acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with FASB ASC 805 and, accordingly, the results of operations of acquired assets are included in the statements of operations from the dates of acquisition. Certain purchase price adjustments may be made within one year following the acquisition and applied retroactively to the date of acquisition. | ||||||||
In January 2014, we completed the acquisition of two resort properties, Blackhawk Resort, a 490-Site property and Lakeland Resort, a 682-Site property. On December 17, 2013, we closed on the acquisition of Neshonoc Resort, a 284-Site property. The portfolio purchase price of $31.8 million was funded with available cash and the assumption of mortgage debt of approximately $18.7 million, excluding note premiums of $1.3 million. | ||||||||
On March 10, 2014, we exercised a purchase option and purchased the land related to our Colony Cove Property which was part of our 2011 Hometown acquisition. The total purchase price of $35.9 million was funded with available cash. In connection with the acquisition of the land, we terminated the ground lease related to the Property. During the quarter ended March 31, 2014, we received the final distribution of 51,290 shares of our common stock from the escrow funded by the seller. | ||||||||
During the year ended December 31, 2013, we acquired Fiesta Key, a resort Property with 324 Sites for a purchase price of approximately $24.6 million funded with available cash. We also acquired from certain affiliates of Riverside Communities three manufactured home communities (the “Riverside Acquisition”) located in the Chicago metropolitan area collectively containing approximately 1,207 Sites for a stated purchase price of $102.0 million. The purchase price was funded with approximately $9.7 million of limited partnership interests in our Operating Partnership, equivalent to 240,969 OP units, and the remainder was funded with available cash. | ||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended March 31, 2014 and year ended December 31, 2013, which we determined using level two and level three inputs (amounts in thousands): | ||||||||
Quarter Ended March 31, 2014 | Year Ended December 31, 2013 | |||||||
Assets acquired | ||||||||
Land | $ | 40,807 | $ | 41,022 | ||||
Depreciable property | 20,632 | 87,306 | ||||||
Manufactured homes | 769 | 1,155 | ||||||
In-place leases | 773 | 3,910 | ||||||
Net investment in real estate | $ | 62,981 | $ | 133,393 | ||||
Other Assets | $ | 1,197 | $ | 1,025 | ||||
Total Assets acquired | $ | 64,178 | $ | 134,418 | ||||
Liabilities assumed | ||||||||
Mortgage notes payable | 14,230 | 5,382 | ||||||
Other liabilities | 2,757 | 1,777 | ||||||
Total Liabilities assumed | 16,987 | 7,159 | ||||||
Net assets acquired | $ | 47,191 | $ | 127,259 | ||||
Dispositions and real estate held for disposition | ||||||||
During the year ended December 31, 2013, we closed on the sale of 11 manufactured home communities located in Michigan (the “Michigan Properties”) collectively containing approximately 5,344 sites for a net purchase price of approximately $165.0 million. | ||||||||
Results of operations for the Michigan Properties have been presented separately as discontinued operations for the quarter ended March 31, 2013 in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes the components of income and expense relating to discontinued operations for the quarter ended March 31, 2013 (amounts in thousands): | ||||||||
Quarter Ended | ||||||||
March 31, | ||||||||
2013 | ||||||||
Community base rental home income | $ | 5,037 | ||||||
Rental income | 770 | |||||||
Utility and other income | 483 | |||||||
Discontinued property operating revenues | 6,290 | |||||||
Property operating expenses | 2,567 | |||||||
Income from discontinued property operations | 3,723 | |||||||
Loss from home sales operations | (34 | ) | ||||||
Other income and expenses | 272 | |||||||
Interest and amortization | (130 | ) | ||||||
Depreciation and in place lease amortization | (763 | ) | ||||||
Discontinued operations, net | $ | 3,068 | ||||||
During the year ended December 31, 2013, we recognized approximately $1.0 million of gain on the sale of a property as a result of a new U.S. Federal tax law that eliminated a previously accrued built-in-gain tax liability related to the disposition of the Cascade property during 2012. | ||||||||
As of March 31, 2014, we have no properties designated as held for disposition pursuant to FASB ASC 360-10-35. |
Investment_in_Joint_Ventures
Investment in Joint Ventures | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment in Joint Ventures | ' | ||||||||||||||||||||||||
Investment in Unconsolidated Joint Ventures | |||||||||||||||||||||||||
We recorded approximately $1.9 million and $0.6 million (net of approximately $0.2 million and $0.3 million of depreciation expense) of equity in income from unconsolidated joint ventures for each of the quarters ended March 31, 2014 and 2013, respectively. We received approximately $1.4 million and $0.5 million in distributions from such joint ventures for each of the quarters ended March 31, 2014 and 2013, respectively. Approximately $1.1 million of the distributions received exceeded our basis in our joint venture and as such was recorded in income from unconsolidated joint ventures for the quarter ended March 31, 2014. | |||||||||||||||||||||||||
During the year ended December 31, 2013, we entered into an agreement with an unaffiliated third party to create a new joint venture named ECHO Financing, LLC (the “ECHO JV”). We entered into the ECHO JV in order to buy and sell homes, as well as to offer another financing option to purchasers of homes at our Properties. Each party to the venture made an initial contribution of $1.0 million in exchange for a pro rata ownership interest in the joint venture, which resulted in us owning 50% of the ECHO JV. We account for our investment in the ECHO JV using the equity method of accounting, since we do not have a controlling direct or indirect voting interest, but we can exercise significant influence with respect to its operations and major decisions. | |||||||||||||||||||||||||
The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2014 and December 31, 2013): | |||||||||||||||||||||||||
Investment as of | JV Income for the | ||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||
Investment | Location | Number of | Economic | March 31, | December 31, | March 31, | March 31, | ||||||||||||||||||
Sites | Interest (a) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Meadows | Various (2,2) | 1,027 | 50 | % | $ | 1,806 | $ | 1,679 | $ | 277 | $ | 286 | |||||||||||||
Lakeshore | Florida (2,2) | 342 | 65 | % | 46 | 145 | 1,179 | 65 | |||||||||||||||||
Voyager | Arizona (1,1) | 1,706 | 50 | % | (b) | 7,449 | 7,074 | 438 | 413 | ||||||||||||||||
Other | Various (0,0) | — | 20 | % | — | — | — | (188 | ) | ||||||||||||||||
ECHO JV | Various (0,0) | — | 50 | % | 5,176 | 2,685 | (7 | ) | — | ||||||||||||||||
3,075 | $ | 14,477 | $ | 11,583 | $ | 1,887 | $ | 576 | |||||||||||||||||
_____________________ | |||||||||||||||||||||||||
(a) | The percentages shown approximate our economic interest as of March 31, 2014. Our legal ownership interest may differ. | ||||||||||||||||||||||||
(b) | Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility providing water to the Property. |
Notes_Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Notes Receivable | ' |
Notes Receivable | |
Occasionally, we make loans to finance the sale of homes to our customers or purchase loans made by others to finance the sale of homes to our customers (“Chattel Loans”). The Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain of the Properties. As of March 31, 2014 and December 31, 2013, we had approximately $21.3 million and $21.9 million, respectively, of these Chattel Loans included in notes receivable. As of March 31, 2014, the Chattel Loans receivable had a stated per annum average rate of approximately 7.8%, with a yield of 19.6%, and had an average term remaining of approximately 12 years. These Chattel Loans are recorded net of allowances of approximately $0.4 million as of March 31, 2014 and December 31, 2013. | |
We also provide financing for nonrefundable sales of new or upgrades to existing right to use contracts (“Contracts Receivable”). As of March 31, 2014 and December 31, 2013, we had approximately $17.1 million and $17.2 million, respectively, of Contracts Receivable, net of allowances of approximately $0.3 million and $0.6 million, respectively. These Contracts Receivable represent loans to customers who have entered into right-to-use contracts. The Contracts Receivable yield interest at a stated per annum average rate of 16%, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest. |
Borrowing_Arrangements
Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2014 | |
Borrowing Arrangements | ' |
Borrowing Arrangements | |
Mortgage Notes Payable | |
As of March 31, 2014 and December 31, 2013, we had outstanding mortgage indebtedness of approximately $1,976 million and $1,992 million, respectively. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the quarter ended March 31, 2014 was approximately 5.3% per annum. The debt bears interest at stated rates of 3.9% to 8.9% per annum and matures on various dates ranging from 2014 to 2038. The debt encumbered a total of 144 and 147 of our Properties as of March 31, 2014 and December 31, 2013, respectively, and the carrying value of such Properties was approximately $2,403 million and $2,378 million, respectively, as of such dates. | |
During the quarter ended March 31, 2014, we paid off five mortgages totaling approximately $20.7 million, with a weighted average interest rate of 5.63% per annum. We also assumed approximately $13.3 million of mortgage debt, excluding note premiums of $1.0 million, secured by the Blackhawk and Lakeland resort properties with a weighted average stated interest rate of 6.48% per annum which are set to mature in 2017 and 2018. | |
On April 1, 2014, we completed our $430 million long-term refinancing plan initiated in 2013. We closed on four loans with total proceeds of $54.0 million that are secured by two manufactured home communities and two RV resorts with a weighted average interest rate of 4.54% per annum and are set to mature in 2034 and 2038. These proceeds were used to pay off five mortgages totaling approximately $31.9 million, with a weighted average interest rate of 5.63% per annum. | |
Term Loan | |
Our $200.0 million Term Loan (the “Term Loan”) matures on June 30, 2017, has an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty after July 1, 2014. Prior to July 1, 2014, a prepayment penalty of 2% of the amount prepaid would be owed. The spread over LIBOR is variable based on leverage measured quarterly throughout the loan term. The Term Loan contains customary representations, warranties and negative and affirmative covenants, and provides for acceleration of principal and payment of all other amounts payable thereunder upon the occurrence of certain events of default. In connection with the Term Loan, we also entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “Swap”) allowing us to trade our variable interest rate for a fixed interest rate on the Term Loan. (see Note 8 in the Notes to Consolidated Financial Statements contained in this Form 10-Q for further information on the accounting for the Swap.) | |
Unsecured Line of Credit | |
As of March 31, 2014 and December 31, 2013, our unsecured Line of Credit (“LOC”) had availability of $380 million with no amounts outstanding. Our LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility fee and has a maturity date of September 15, 2016. We have a one year extension option under our LOC. | |
As of March 31, 2014, we are in compliance in all material aspects with the covenants in our borrowing arrangements. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||
In connection with the Term Loan, we entered into a Swap (see Note 7 in the Notes to the Consolidated Financial Statements contained in this Form 10-Q for information about the Term Loan related to the Swap) that fixes the underlying LIBOR rate on the Term Loan at 1.11% per annum for the first three years and matures on July 1, 2014. Based on actual leverage as of March 31, 2014, our spread over LIBOR was 1.95%, resulting in an actual all-in interest rate of 3.06% per annum. We have designated the Swap as a cash flow hedge. No gain or loss was recognized in the Consolidated Statements of Income and Comprehensive Income related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedge during the quarter ended March 31, 2014. | ||||||||||||||||||
Amounts reported in accumulated other comprehensive loss on the Consolidated Balance Sheets related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. Through the remaining term of the swap, July 1, 2014, we estimate that an additional $0.5 million will be reclassified as an increase to interest expense. | ||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||
The table below presents the fair value of our derivative financial instrument as well as our classification on our Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (amounts in thousands). | ||||||||||||||||||
Balance Sheet Location | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
Interest Rate Swap | Accrued payroll and other operating expenses | $ | 483 | $ | 928 | |||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement | ||||||||||||||||||
The tables below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the quarters ended March 31, 2014 and 2013 (amounts in thousands). | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of loss recognized | Location of loss | Amount of loss | |||||||||||||||
in OCI on derivative | reclassified from | reclassified from | ||||||||||||||||
(effective portion) | accumulated OCI into income | accumulated OCI into | ||||||||||||||||
(effective portion) | income (effective | |||||||||||||||||
portion) | ||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest Rate Swap | $ | 25 | $ | 7 | Interest Expense | $ | 470 | $ | 449 | |||||||||
We determined that no adjustment was necessary for nonperformance risk on our derivative obligation. As of March 31, 2014, we have not posted any collateral related to this agreement. |
Deferred_RevenueRighttouse_con
Deferred Revenue-Right-to-use contracts and Deferred commission expense | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Revenue Entry Of Right To Use Contracts And Deferred Commission Expense [Text Block] | ' | |||||||
Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense | ||||||||
Upfront payments received upon the entry of right-to-use contracts are recognized in accordance with FASB ASC 605. We recognize the up-front non-refundable payments over the estimated customer life, which, based on historical attrition rates, we have estimated to be between one to 31 years. The commissions paid on the entry of right-to-use contracts are deferred and amortized over the same period as the related revenue. | ||||||||
Components of the change in deferred revenue-right-to-use contracts and deferred commission expense are as follows (amounts in thousands): | ||||||||
Quarters Ended March 31, | ||||||||
2014 | 2013 | |||||||
Deferred revenue – right-to-use contracts, as of January 1, | $ | 68,673 | $ | 62,979 | ||||
Deferral of new right-to-use contracts | 2,923 | 2,831 | ||||||
Deferred revenue recognized | (1,776 | ) | (1,791 | ) | ||||
Net increase in deferred revenue | 1,147 | 1,040 | ||||||
Deferred revenue – right-to-use contracts, as of March 31, | $ | 69,820 | $ | 64,019 | ||||
Deferred commission expense, as of January 1, | $ | 25,251 | $ | 22,842 | ||||
Costs deferred | 1,239 | 1,093 | ||||||
Commission expense recognized | (684 | ) | (630 | ) | ||||
Net increase in deferred commission expense | 555 | 463 | ||||||
Deferred commission expense, as of March 31, | $ | 25,806 | $ | 23,305 | ||||
Stock_Option_Plan_and_Stock_Gr
Stock Option Plan and Stock Grants | 3 Months Ended |
Mar. 31, 2014 | |
Stock Option Plan and Stock Grants | ' |
Stock Option Plan and Stock Grants | |
We account for our stock-based compensation in accordance with the Codification Topic “Compensation – Stock Compensation” (“FASB ASC 718”). | |
Stock-based compensation expense, reported in “General and administrative” on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended March 31, 2014 and 2013 was approximately $0.7 million and $1.1 million, respectively. | |
Our Stock Option and Stock Award Plan (the “Plan”) was adopted in December 1992 and was amended and restated from time to time, most recently effective March 23, 2001 for a ten year term. After March 23, 2011, when the Plan expired, we granted to certain directors, executive officers and a consultant a total of 383,330 shares of restricted stock, net of the number of shares that were subsequently forfeited before vesting, in private placements exempt from registration. All the restricted stock shares issued (the “Restricted Stock Grants”) were approved by our Board of Directors at the recommendation of the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors. The expiration of the Plan did not materially impact the accounting for these awards. At our 2014 Annual Meeting of Stockholders, we are asking our stockholders to ratify the Restricted Stock Grants. | |
During the quarter ended March 31, 2014, there were no restricted stock grants issued. |
LongTerm_Cash_Incentive_Plan
Long-Term Cash Incentive Plan | 3 Months Ended |
Mar. 31, 2014 | |
Long-Term Cash Incentive Plan | ' |
Long-Term Cash Incentive Plan | |
On January 24, 2013, our Compensation, Nominating and Corporate Governance Committee (the “Committee”) approved a Long-Term Cash Incentive Plan Award (the “2013 LTIP”) to provide a long-term cash bonus opportunity to certain members of our management. The 2013 LTIP was approved by the Committee pursuant to the authority set forth in the Long Term Cash Incentive Plan approved by the Board of Directors on May 15, 2007. The total cumulative payment for all participants (the “Eligible Payment”) is based upon certain performance conditions being met over a three year period ending December 31, 2015. | |
The Committee has responsibility for administering the 2013 LTIP and may use its reasonable discretion to adjust the performance criteria or Eligible Payments to take into account the impact of any major or unforeseen transaction or event. Our executive officers are not participants in the 2013 LTIP. The Eligible Payment will be paid in cash upon completion of our annual audit for the 2015 fiscal year and upon satisfaction of the vesting conditions as outlined in the 2013 LTIP and, including employer costs, is currently estimated to be approximately $5.8 million. As of March 31, 2014, we had accrued compensation expense of approximately $2.4 million for the 2013 LTIP, including approximately $0.5 million in the three months ended March 31, 2014 and 2013. | |
The amount accrued for the 2013 LTIP reflects our evaluation of the 2013 LTIP based on forecasts and other available information and is subject to performance in line with forecasts and final evaluation and determination by the Committee. There can be no assurances that our estimates of the probable outcome will be representative of the actual outcome. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
California Rent Control Litigation | |
As part of our effort to realize the value of our Properties subject to rent control, we have previously initiated lawsuits against certain localities in California with the goal of achieving a level of regulatory fairness in California’s rent control jurisdictions, and in particular those jurisdictions that prohibit increasing rents to market upon turnover. Such regulations allow tenants to sell their homes for a price that includes a premium above the intrinsic value of the homes. The premium represents the value of the future discounted rent-controlled rents, which is fully capitalized into the prices of the homes sold. In our view, such regulations result in a transfer to the tenants of the value of our land, which would otherwise be reflected in market rents. We have discovered through the litigation process that certain municipalities considered condemning our Properties at values well below the value of the underlying land. In our view, a failure to articulate market rents for Sites governed by restrictive rent control would put us at risk for condemnation or eminent domain proceedings based on artificially reduced rents. Such a physical taking, should it occur, could represent substantial lost value to stockholders. We are cognizant of the need for affordable housing in the jurisdictions, but assert that restrictive rent regulation does not promote this purpose because tenants pay to their sellers as part of the purchase price of the home all the future rent savings that are expected to result from the rent control regulations, eliminating any supposed improvement in the affordability of housing. In a more well-balanced regulatory environment, we would receive market rents that would eliminate the price premium for homes, which would trade at or near their intrinsic value. Such efforts have included the following matters: | |
City of San Rafael | |
We sued the City of San Rafael on October 13, 2000 in the U.S. District Court for the Northern District of California, challenging its rent control ordinance (the “Ordinance”) on constitutional grounds. We believe the litigation was settled by the City’s agreement to amend the ordinance to permit adjustments to market rent upon turnover. The City subsequently rejected the settlement agreement. The Court refused to enforce the settlement agreement, and submitted to a jury the claim that it had been breached. In October 2002, a jury found no breach of the settlement agreement. | |
Our constitutional claims against the City were tried in a bench trial during April 2007. On April 17, 2009, the Court issued its Order for Entry of Judgment in our favor (the “April 2009 Order”). On June 10, 2009, the Court ordered the City to pay us net fees and costs of approximately $2.1 million. On June 30, 2009, as anticipated by the April 2009 Order, the Court entered final judgment that gradually phased out the City’s Site rent regulation scheme that the Court found unconstitutional. Pursuant to the final judgment, existing residents of our Property in San Rafael would be able to continue to pay Site rent as if the Ordinance were to remain in effect for a period of 10 years, enforcement of the Ordinance was immediately enjoined with respect to new residents of the Property, and the Ordinance would expire entirely ten years from the June 30, 2009 date of judgment. | |
The City and the residents’ association (which intervened in the case) appealed, and we cross-appealed. On April 17, 2013, the United States Court of Appeals for the Ninth Circuit issued an opinion in which, among other rulings, it reversed the trial court’s determinations that the Ordinance had unconstitutionally taken our property and that we were entitled to an award of attorneys’ fees and costs, and affirmed the jury verdict that the City had not breached the settlement agreement and affirmed the award to the City of approximately $1.25 million of attorneys’ fees and costs on the settlement agreement claims. On May 1, 2013, we filed with the Court of Appeals a petition for panel rehearing and rehearing en banc, which was denied on June 3, 2013. On June 26, 2013, the Court of Appeals’ mandate issued. On September 3, 2013, we filed a petition for review by the U.S. Supreme Court. On September 10, 2013, the City and the residents’ association each waived the right to respond to our petition. On October 7, 2013, the Supreme Court requested that a response be filed, which was filed on December 6, 2013. We filed a reply supporting our petition on December 20, 2013. On January 13, 2014, the Supreme Court issued an order denying our petition for review. | |
During the year ended December 31, 2013, we paid approximately $1.4 million related to the ruling of the Court of Appeals. On July 10, 2013, we paid to the City $1.27 million to satisfy, including interest, the attorneys’ fees and costs judgment affirmed by the Court of Appeals. In August 2013, we also paid to the City approximately $0.08 million to satisfy its claim for attorney’s fees on appeal. | |
City of Santee | |
On January 31, 2012, we sued the City of Santee in the United States District for the Southern District of California alleging that the City’s rent control ordinance effectuates a regulatory and private taking of our property and is unconstitutional under the Fifth and Fourteenth Amendments to the United States Constitution. On April 2, 2012, the City filed a motion to dismiss the complaint. On December 21, 2012, the Court entered an order in which it: (a) denied the City’s motion to dismiss our private taking and substantive due process claims; (b) granted the City’s motion to dismiss our procedural due process claim as not cognizable because of the availability of a state remedy of a writ of mandamus; and (c) granted the City’s motion to dismiss our regulatory taking claim as being not ripe. In addition, we also filed in the California Superior Court on February 1, 2012 a petition for a writ of administrative mandamus, and on September 28, 2012 a motion for writ of administrative mandamus, seeking orders directing that a rent increase petition we had filed with the City be granted. On April 5, 2013, the Court denied our petition for writ of administrative mandamus. On June 3, 2013, we filed an appeal to the California Court of Appeal from the denial of our petition for writ of administrative mandamus. | |
On September 26, 2013, we entered a settlement agreement with the City of Santee pursuant to which the City agreed to the entry of a peremptory writ of mandate by the Superior Court directing the City to grant us a special adjustment under the City’s rent control ordinance permitting us, subject to the terms of the agreement, to increase Site rents at the Meadowbrook community through January 1, 2034 as follows: (a) a one-time 2.5% rent increase on all Sites in January 2014; plus (b) annual rent increases of 100% of the consumer price index (CPI) beginning in 2014; and (c) a 10% increase in the rent on a site upon turnover of that site. Absent the settlement, the rent control ordinance limited us to annual rent increases of at most 70% of CPI with no increases on turnover of a site. | |
Colony Park | |
On December 1, 2006, a group of tenants at our Colony Park Property in Ceres, California filed a complaint in the California Superior Court for Stanislaus County alleging that we had failed to properly maintain the Property and had improperly reduced the services provided to the tenants, among other allegations. We answered the complaint by denying all material allegations and filed a counterclaim for declaratory relief and damages. The case proceeded in Superior Court because our motion to compel arbitration was denied and the denial was upheld on appeal. Trial of the case began on July 27, 2010. After just over three months of trial in which the plaintiffs asked the jury to award a total of approximately $6.8 million in damages, the jury rendered verdicts awarding a total of less than $44,000 to six out of the 72 plaintiffs, and awarding nothing to the other 66 plaintiffs. The plaintiff’s who were awarded nothing filed a motion for a new trial or alternatively for judgment notwithstanding the jury’s verdict, which the Court denied on February 14, 2011. All but three of the 66 plaintiffs to whom the jury awarded nothing appealed. Oral argument in the appeal was held on September 19, 2013 and the matter was taken under submission by the California Court of Appeal. | |
By orders entered on December 14, 2011, the Superior Court awarded us approximately $2.0 million in attorneys’ fees and other costs jointly and severally against the plaintiffs to whom the jury awarded nothing, and awarded no attorneys’ fees or costs to either side with respect to the six plaintiffs to whom the jury awarded less than $44,000. Plaintiffs filed an appeal from the approximately $2.0 million award of our attorneys’ fees and other costs. Oral argument in that appeal was also held on September 19, 2013. On December 3, 2013, the Court of Appeal issued a partially published opinion that rejected all of plaintiffs’ claims on appeal except one, relating to whether the park’s rules prohibited the renting of spaces to recreational vehicles. The Court of Appeal reversed the judgment on the recreational vehicle issue and remanded for further proceedings regarding that issue. Because the judgment was reversed, the award of attorney’s fees and other costs was also reversed. Both sides filed rehearing petitions with the Court of Appeal. On December 31, 2013, the Court of Appeal granted the defendants’ rehearing petition and ordered the parties to submit supplemental briefing, which the parties did. On March 10, 2014, the Court of Appeal issued a new partially published opinion in which it again rejected all of plaintiffs’ claims on appeal except the one relating to whether the park’s rules prohibited the renting of spaces to recreational vehicles, reversing the judgment on that issue and remanding it for further proceedings, and accordingly vacating the award of attorney’s fees and other costs. | |
California Hawaiian | |
On April 30, 2009, a group of tenants at our California Hawaiian Property in San Jose, California filed a complaint in the California Superior Court for Santa Clara County, Case No. 109CV140751, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We moved to compel arbitration and stay the proceedings, to dismiss the case, and to strike portions of the complaint. By order dated October 8, 2009, the Court granted our motion to compel arbitration and stayed the court proceedings pending the outcome of the arbitration. The plaintiffs filed with the California Court of Appeal a petition for a writ seeking to overturn the trial court’s arbitration and stay orders. On May 10, 2011, the Court of Appeal granted the petition and ordered the trial court to vacate its order compelling arbitration and to restore the matter to its litigation calendar for further proceedings. On May 24, 2011, we filed a petition for rehearing requesting the Court of Appeal to reconsider its May 10, 2011 decision. On June 8, 2011, the Court of Appeal denied the petition for rehearing. On June 16, 2011, we filed with the California Supreme Court a petition for review of the Court of Appeal’s decision. On August 17, 2011, the California Supreme Court denied the petition for review. | |
The trial commenced on January 27, 2014. On April 14-15, 2014, the jury entered verdicts against our operating partnership of approximately $15.3 million in compensatory damages and approximately $95.8 million in punitive damages. At March 31, 2014, based on the information available to us, a material loss was neither probable nor estimable. We have taken into consideration the events that have occurred after the reporting period and before the financial statements were issued, including the jury verdicts. We will vigorously seek to overturn these verdicts in the trial court or on appeal, including but not limited to asking the trial judge to grant a new trial and to reduce the damages. We anticipate a lengthy time period to achieve resolution of this case. | |
Given the uncertainty related to the ultimate resolution of this case as well as the time period to reach a conclusion, we are unable to provide an estimate of any possible loss. We currently estimate a range of possible outcomes between zero and $111.0 million based on all of the facts presented. At this time, we cannot determine that any amount within the range is a better estimate and therefore we conclude that we should accrue the minimum of zero as of March 31, 2014. We will continue to evaluate the possible outcomes of this case in light of future developments and their potential impact on factors relevant to our assessment of any possible loss. | |
Other | |
In addition to legal matters discussed above, we are involved in various other legal and regulatory proceedings (“Other Proceedings”) arising in the ordinary course of business. The Other Proceedings include, but are not limited to, notices, consent decrees, information requests, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our water and wastewater treatment plants and other waste treatment facilities. Additionally, in the ordinary course of business, our operations are subject to audit by various taxing authorities. Management believes these Other Proceedings taken together do not represent a material liability. In addition, to the extent any such proceedings or audits relate to newly acquired Properties, we consider any potential indemnification obligations of sellers in our favor. |
Reportable_Segments
Reportable Segments | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Reportable Segments | ' | |||||||||||
Reportable Segments | ||||||||||||
Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income, depreciation and amortization of in-place leases. | ||||||||||||
We have two reportable segments which are: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. | ||||||||||||
All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2014 or 2013. | ||||||||||||
The following tables summarize our segment financial information for the quarters ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 183,059 | $ | 9,230 | $ | 192,289 | ||||||
Operations expenses | (83,663 | ) | (7,845 | ) | (91,508 | ) | ||||||
Income from segment operations | 99,396 | 1,385 | 100,781 | |||||||||
Interest income | 797 | 1,109 | 1,906 | |||||||||
Depreciation on real estate and rental homes | (24,858 | ) | (2,784 | ) | (27,642 | ) | ||||||
Amortization of in-place leases | (1,315 | ) | — | (1,315 | ) | |||||||
Income from operations | $ | 74,020 | $ | (290 | ) | 73,730 | ||||||
Reconciliation to Consolidated net income | ||||||||||||
Corporate interest income | 791 | |||||||||||
Income from other investments, net | 1,601 | |||||||||||
General and administrative | (5,760 | ) | ||||||||||
Interest and related amortization | (28,048 | ) | ||||||||||
Property rights initiatives | (311 | ) | ||||||||||
Equity in income of unconsolidated joint ventures | 1,887 | |||||||||||
Consolidated net income | $ | 43,890 | ||||||||||
Total assets | $ | 3,118,684 | $ | 291,878 | $ | 3,410,562 | ||||||
Capital improvements | $ | 4,994 | $ | 5,006 | $ | 10,000 | ||||||
Quarter Ended March 31, 2013 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 172,990 | $ | 6,407 | $ | 179,397 | ||||||
Operations expenses | (79,486 | ) | (5,178 | ) | (84,664 | ) | ||||||
Income from segment operations | 93,504 | 1,229 | 94,733 | |||||||||
Interest income | 801 | 977 | 1,778 | |||||||||
Depreciation on real estate and rental homes | (24,375 | ) | (1,645 | ) | (26,020 | ) | ||||||
Amortization of in-place leases | (159 | ) | — | (159 | ) | |||||||
Income from operations | $ | 69,771 | $ | 561 | 70,332 | |||||||
Reconciliation to Consolidated net income | ||||||||||||
Corporate interest income | 120 | |||||||||||
Income from other investments, net | 2,480 | |||||||||||
General and administrative | (6,711 | ) | ||||||||||
Interest and related amortization | (30,123 | ) | ||||||||||
Property rights initiatives | (232 | ) | ||||||||||
Equity in income of unconsolidated joint ventures | 576 | |||||||||||
Discontinued operations | 3,068 | |||||||||||
Gain on sale of property, net of tax | 958 | |||||||||||
Consolidated net income | $ | 40,468 | ||||||||||
Assets held for use | $ | 3,012,069 | $ | 294,692 | $ | 3,306,761 | ||||||
Assets held for disposition (a) | $ | 119,805 | ||||||||||
Total assets | $ | 3,426,566 | ||||||||||
Capital improvements | $ | 4,311 | $ | 12,726 | $ | 17,037 | ||||||
______________________ | ||||||||||||
(a) | Asset balances as of March 31, 2013 for Properties held for disposition, have been reclassified to “Assets held for disposition.” | |||||||||||
The following table summarizes our financial information for the Property Operations segment, specific to continuing operations, for the quarters ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | |||||||||||
Revenues: | ||||||||||||
Community base rental income | $ | 106,045 | $ | 100,776 | ||||||||
Resort base rental income | 44,949 | 40,739 | ||||||||||
Right-to-use annual payments | 11,214 | 11,523 | ||||||||||
Right-to-use contracts current period, gross | 2,923 | 2,831 | ||||||||||
Right-to-use contracts current period, deferred | (1,147 | ) | (1,040 | ) | ||||||||
Utility income and other | 17,571 | 16,683 | ||||||||||
Ancillary services revenues, net | 1,504 | 1,478 | ||||||||||
Total property operations revenues | 183,059 | 172,990 | ||||||||||
Expenses: | ||||||||||||
Property operating and maintenance | 58,696 | 55,055 | ||||||||||
Real estate taxes | 12,485 | 12,400 | ||||||||||
Sales and marketing, gross | 2,405 | 2,361 | ||||||||||
Sales and marketing deferred commissions, net | (555 | ) | (463 | ) | ||||||||
Property management | 10,632 | 10,133 | ||||||||||
Total property operations expenses | 83,663 | 79,486 | ||||||||||
Income from property operations segment | $ | 99,396 | $ | 93,504 | ||||||||
The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the quarters ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | |||||||||||
Revenues: | ||||||||||||
Gross revenue from home sales | $ | 5,178 | $ | 2,696 | ||||||||
Brokered resale revenues, net | 295 | 317 | ||||||||||
Rental home income (a) | 3,757 | 3,394 | ||||||||||
Total revenues | 9,230 | 6,407 | ||||||||||
Expenses: | ||||||||||||
Cost of home sales | 5,368 | 2,781 | ||||||||||
Home selling expenses | 569 | 527 | ||||||||||
Rental home operating and maintenance | 1,908 | 1,870 | ||||||||||
Total expenses | 7,845 | 5,178 | ||||||||||
Income from home sales and rentals operations segment | $ | 1,385 | $ | 1,229 | ||||||||
______________________ | ||||||||||||
(a) | Segment information does not include Site rental income included in Community base rental income. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Consolidation, Policy [Policy Text Block] | ' | |||
Basis of Consolidation | ||||
The accompanying Consolidated Financial Statements include the consolidation of our accounts. We do not have controlling interests in any of our joint ventures (“JV”), which are therefore treated under the equity method of accounting and not consolidated in our financial statements. The holders of limited partnership interests in the Operating Partnership (“Common OP Unitholders”) receive an allocation of net income that is based on their respective ownership percentage of the Operating Partnership which is shown in our Consolidated Financial Statements as Non-controlling interests-Common OP Units. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||
Real Estate Assets And Depreciation Of Investment In Real Estate Policy [Text Block] | ' | |||
Real Estate | ||||
Our policy is to estimate useful lives or salvage values associated with our real estate assets and to depreciate the assets based on our estimates. We review useful lives periodically to ensure that these estimates accurately reflect the economic use of the assets. In January 2014, we completed a review of the useful lives and salvage values of our manufactured homes. During the first quarter 2014, we prospectively changed the depreciable life of our new manufactured homes to 25 years straight-lined with no residual value and our used manufactured homes to 10-25 years straight-lined. This change in estimate did not have a material impact in our financial statements. | ||||
Reclassifications Policy [Text Block] | ' | |||
Reclassifications | ||||
Certain 2013 amounts have been reclassified to conform to the 2014 presentation. Income statement amounts for disposed Properties have been reclassified to “Discontinued operations” on the Consolidated Statements of Income and Comprehensive Income for all periods presented. In addition, certain prior period disclosures in the accompanying footnotes have been revised to exclude amounts which have been reclassified to discontinued operations. These reclassifications had no material effect on the Consolidated Statements of Income and Comprehensive Income. | ||||
Identified Intangibles and Goodwill | ' | |||
Identified Intangibles and Goodwill | ||||
We record acquired intangible assets at their estimated fair value separate and apart from goodwill. We amortize identified intangible assets and liabilities that are determined to have finite lives over the period the assets and liabilities are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. In accordance with the Codification Sub-Topic “Impairment or Disposal of Long Lived Assets” (“FASB ASC 360-10-35”), intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. | ||||
The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. In accordance with Codification Topic “Goodwill and Other Intangible Assets” (“FASB ASC 350”), goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. | ||||
As of March 31, 2014 and December 31, 2013, the gross carrying amounts of identified intangible assets and goodwill, a component of “Escrow deposits, goodwill and other assets, net” on our consolidated balance sheets, were approximately $12.1 million. As of March 31, 2014 and December 31, 2013, this amount was comprised of approximately $4.3 million of identified intangible assets and approximately $7.8 million of goodwill. Accumulated amortization of identified intangible assets was approximately $2.0 million and $1.9 million as of March 31, 2014 and December 31, 2013, respectively. For each of the quarters ended March 31, 2014 and 2013, amortization expense for the identified intangible assets was approximately $0.1 million. | ||||
Estimated amortization of identified intangible assets for each of the next five years are as follows (amounts in thousands): | ||||
Year ending December 31, | Amount | |||
2014 | $ | 349 | ||
2015 | 349 | |||
2016 | 251 | |||
2017 | 87 | |||
2018 | 87 | |||
Cash and Cash Equivalents | ' | |||
Restricted Cash | ||||
Cash as of March 31, 2014 and December 31, 2013 included approximately $5.2 million of restricted cash for the payment of capital improvements, insurance or real estate taxes. | ||||
Fair Value of Financial Instruments | ' | |||
Fair Value of Financial Instruments | ||||
Our financial instruments include notes receivable, accounts receivable, accounts payable, other accrued expenses, interest rate swaps and mortgage notes payable. We disclose the estimated fair value of our financial instruments according to a fair value hierarchy (Level 1, 2 and 3). | ||||
Our mortgage notes payable and term loan had a fair value of approximately $2.3 billion and $2.2 billion as of March 31, 2014 and December 31, 2013, respectively, measured using quoted prices and observable inputs from similar liabilities (Level 2). At March 31, 2014 and December 31, 2013, our cash flow hedge of interest rate risk included in accrued payroll and other operating expenses was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values | ||||
Deferred Financing Costs, net | ' | |||
Deferred Financing Costs, net | ||||
Deferred financing costs, net include fees and costs incurred to obtain long-term financing. The costs are being amortized over the terms of the respective loans on a basis that approximates level yield. Unamortized deferred financing fees are written-off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with Codification Sub-Topic “Modifications and Extinguishments” (“FASB ASC 470-50-40”). Accumulated amortization for such costs was $26.5 million and $25.4 million at March 31, 2014 and December 31, 2013, respectively | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||
Recent Accounting Pronouncements | ||||
In April 2014, the FASB issued Accounting Standard Update 2014-08, “Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). Effective on January 1, 2015, the definition of discontinued operations has been revised to limit the criteria for the classification and presentation to disposals of components of a company that represent strategic shifts that have (or will have) a major effect on a company’s operations and financial results. Required expanded disclosures for disposals or disposal groups that qualify for discontinued operations are intended to provide users of financial statements with enhanced information about the assets, liabilities, revenues and expenses of such discontinued operations. While the threshold for a disposal or disposal group to qualify for discontinued operations has been revised, this pronouncement retains the held for sale classification and presentation concepts of previous authoritative literature. Accordingly, under this pronouncement, a disposal or disposal group may qualify for held for sale classification but not meet the threshold for discontinued operations treatment. This pronouncement allows for early adoption permitted January 1, 2014. Pursuant to its terms we have elected to early adopt this pronouncement effective January 1, 2014. The adoption of this pronouncement did not have an impact on our consolidated financial statements for the quarter ended March 31, 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Estimated Amortization of Identified Intangible Assets for Next Five Years | ' | |||
Estimated amortization of identified intangible assets for each of the next five years are as follows (amounts in thousands): | ||||
Year ending December 31, | Amount | |||
2014 | $ | 349 | ||
2015 | 349 | |||
2016 | 251 | |||
2017 | 87 | |||
2018 | 87 | |||
Earnings_Per_Common_Share_Earn
Earnings Per Common Share Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||
The following table sets forth the computation of the basic and diluted earnings per common share for the quarters ended March 31, 2014 and 2013 (amounts in thousands, except per share data, prior period adjusted for stock split): | ||||||||
Quarters Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerators: | ||||||||
Income from Continuing Operations: | ||||||||
Income from continuing operations | $ | 43,890 | $ | 36,442 | ||||
Amounts allocated to dilutive securities | (3,481 | ) | (2,802 | ) | ||||
Preferred Stock distributions | (2,310 | ) | (2,311 | ) | ||||
Income from continuing operations available to Common Shares – basic | 38,099 | 31,329 | ||||||
Amounts allocated to dilutive securities | 3,481 | 2,802 | ||||||
Income from continuing operations available to Common Shares – fully diluted | $ | 41,580 | $ | 34,131 | ||||
Income from Discontinued Operations: | ||||||||
Income from discontinued operations, net of amounts allocated to dilutive securities | $ | — | $ | 3,695 | ||||
Net Income Available for Common Shares: | ||||||||
Net income available for Common Shares – basic | $ | 38,099 | $ | 35,024 | ||||
Amounts allocated to dilutive securities | 3,481 | 3,133 | ||||||
Net income available for Common Shares – fully diluted | $ | 41,580 | $ | 38,157 | ||||
Denominator: | ||||||||
Weighted average Common Shares outstanding – basic | 83,116 | 83,026 | ||||||
Effect of dilutive securities: | ||||||||
Redemption of Common OP Units for Common Shares | 7,635 | 7,458 | ||||||
Stock options and restricted shares | 602 | 576 | ||||||
Weighted average Common Shares outstanding – fully diluted | 91,353 | 91,060 | ||||||
Earnings per Common Share – Basic: | ||||||||
Income from continuing operations | $ | 0.46 | $ | 0.38 | ||||
Income from discontinued operations | — | 0.04 | ||||||
Net income available for Common Shares | $ | 0.46 | $ | 0.42 | ||||
Earnings per Common Share – Fully Diluted: | ||||||||
Income from continuing operations | $ | 0.46 | $ | 0.38 | ||||
Income from discontinued operations | — | 0.04 | ||||||
Net income available for Common Shares | $ | 0.46 | $ | 0.42 | ||||
Investment_in_Real_Estate_Prop
Investment in Real Estate Properties Disposed (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||
Results of operations for the Michigan Properties have been presented separately as discontinued operations for the quarter ended March 31, 2013 in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes the components of income and expense relating to discontinued operations for the quarter ended March 31, 2013 (amounts in thousands): | ||||
Quarter Ended | ||||
March 31, | ||||
2013 | ||||
Community base rental home income | $ | 5,037 | ||
Rental income | 770 | |||
Utility and other income | 483 | |||
Discontinued property operating revenues | 6,290 | |||
Property operating expenses | 2,567 | |||
Income from discontinued property operations | 3,723 | |||
Loss from home sales operations | (34 | ) | ||
Other income and expenses | 272 | |||
Interest and amortization | (130 | ) | ||
Depreciation and in place lease amortization | (763 | ) | ||
Discontinued operations, net | $ | 3,068 | ||
Investment_in_Real_Estate_Sche
Investment in Real Estate Schedule of Identified Assets Acquired and Liabilities Assumed (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended March 31, 2014 and year ended December 31, 2013, which we determined using level two and level three inputs (amounts in thousands): | ||||||||
Quarter Ended March 31, 2014 | Year Ended December 31, 2013 | |||||||
Assets acquired | ||||||||
Land | $ | 40,807 | $ | 41,022 | ||||
Depreciable property | 20,632 | 87,306 | ||||||
Manufactured homes | 769 | 1,155 | ||||||
In-place leases | 773 | 3,910 | ||||||
Net investment in real estate | $ | 62,981 | $ | 133,393 | ||||
Other Assets | $ | 1,197 | $ | 1,025 | ||||
Total Assets acquired | $ | 64,178 | $ | 134,418 | ||||
Liabilities assumed | ||||||||
Mortgage notes payable | 14,230 | 5,382 | ||||||
Other liabilities | 2,757 | 1,777 | ||||||
Total Liabilities assumed | 16,987 | 7,159 | ||||||
Net assets acquired | $ | 47,191 | $ | 127,259 | ||||
Investment_in_Joint_Ventures_T
Investment in Joint Ventures (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2014 and December 31, 2013): | |||||||||||||||||||||||||
Investment as of | JV Income for the | ||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||
Investment | Location | Number of | Economic | March 31, | December 31, | March 31, | March 31, | ||||||||||||||||||
Sites | Interest (a) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Meadows | Various (2,2) | 1,027 | 50 | % | $ | 1,806 | $ | 1,679 | $ | 277 | $ | 286 | |||||||||||||
Lakeshore | Florida (2,2) | 342 | 65 | % | 46 | 145 | 1,179 | 65 | |||||||||||||||||
Voyager | Arizona (1,1) | 1,706 | 50 | % | (b) | 7,449 | 7,074 | 438 | 413 | ||||||||||||||||
Other | Various (0,0) | — | 20 | % | — | — | — | (188 | ) | ||||||||||||||||
ECHO JV | Various (0,0) | — | 50 | % | 5,176 | 2,685 | (7 | ) | — | ||||||||||||||||
3,075 | $ | 14,477 | $ | 11,583 | $ | 1,887 | $ | 576 | |||||||||||||||||
_____________________ | |||||||||||||||||||||||||
(a) | The percentages shown approximate our economic interest as of March 31, 2014. Our legal ownership interest may differ. | ||||||||||||||||||||||||
(b) | Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility providing water to the Property. |
Effect_of_Derivative_Financial
Effect of Derivative Financial Instruments on Consolidated Statements of Income and Comprehensive Income schedule of derivative instruments in statement of financial position (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Schedule of derivative instruments in statement of financial position [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||
The table below presents the fair value of our derivative financial instrument as well as our classification on our Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (amounts in thousands). | ||||||||||||||||||
Balance Sheet Location | March 31, | December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||
Interest Rate Swap | Accrued payroll and other operating expenses | $ | 483 | $ | 928 | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||
The tables below present the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income for the quarters ended March 31, 2014 and 2013 (amounts in thousands). | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Amount of loss recognized | Location of loss | Amount of loss | |||||||||||||||
in OCI on derivative | reclassified from | reclassified from | ||||||||||||||||
(effective portion) | accumulated OCI into income | accumulated OCI into | ||||||||||||||||
(effective portion) | income (effective | |||||||||||||||||
portion) | ||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Interest Rate Swap | $ | 25 | $ | 7 | Interest Expense | $ | 470 | $ | 449 | |||||||||
Deferred_RevenueRighttouse_con1
Deferred Revenue-Right-to-use contracts and Deferred commission expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Components of Change in Deferred Revenue-Right-to-Use Contracts and Deferred Commission Expense | ' | |||||||
Components of the change in deferred revenue-right-to-use contracts and deferred commission expense are as follows (amounts in thousands): | ||||||||
Quarters Ended March 31, | ||||||||
2014 | 2013 | |||||||
Deferred revenue – right-to-use contracts, as of January 1, | $ | 68,673 | $ | 62,979 | ||||
Deferral of new right-to-use contracts | 2,923 | 2,831 | ||||||
Deferred revenue recognized | (1,776 | ) | (1,791 | ) | ||||
Net increase in deferred revenue | 1,147 | 1,040 | ||||||
Deferred revenue – right-to-use contracts, as of March 31, | $ | 69,820 | $ | 64,019 | ||||
Deferred commission expense, as of January 1, | $ | 25,251 | $ | 22,842 | ||||
Costs deferred | 1,239 | 1,093 | ||||||
Commission expense recognized | (684 | ) | (630 | ) | ||||
Net increase in deferred commission expense | 555 | 463 | ||||||
Deferred commission expense, as of March 31, | $ | 25,806 | $ | 23,305 | ||||
Reportable_Segments_Reportable
Reportable Segments Reportable Segments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Schedule of Segment Reporting Information by Segment [Abstract] | ' | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||
The following tables summarize our segment financial information for the quarters ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 183,059 | $ | 9,230 | $ | 192,289 | ||||||
Operations expenses | (83,663 | ) | (7,845 | ) | (91,508 | ) | ||||||
Income from segment operations | 99,396 | 1,385 | 100,781 | |||||||||
Interest income | 797 | 1,109 | 1,906 | |||||||||
Depreciation on real estate and rental homes | (24,858 | ) | (2,784 | ) | (27,642 | ) | ||||||
Amortization of in-place leases | (1,315 | ) | — | (1,315 | ) | |||||||
Income from operations | $ | 74,020 | $ | (290 | ) | 73,730 | ||||||
Reconciliation to Consolidated net income | ||||||||||||
Corporate interest income | 791 | |||||||||||
Income from other investments, net | 1,601 | |||||||||||
General and administrative | (5,760 | ) | ||||||||||
Interest and related amortization | (28,048 | ) | ||||||||||
Property rights initiatives | (311 | ) | ||||||||||
Equity in income of unconsolidated joint ventures | 1,887 | |||||||||||
Consolidated net income | $ | 43,890 | ||||||||||
Total assets | $ | 3,118,684 | $ | 291,878 | $ | 3,410,562 | ||||||
Capital improvements | $ | 4,994 | $ | 5,006 | $ | 10,000 | ||||||
Quarter Ended March 31, 2013 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 172,990 | $ | 6,407 | $ | 179,397 | ||||||
Operations expenses | (79,486 | ) | (5,178 | ) | (84,664 | ) | ||||||
Income from segment operations | 93,504 | 1,229 | 94,733 | |||||||||
Interest income | 801 | 977 | 1,778 | |||||||||
Depreciation on real estate and rental homes | (24,375 | ) | (1,645 | ) | (26,020 | ) | ||||||
Amortization of in-place leases | (159 | ) | — | (159 | ) | |||||||
Income from operations | $ | 69,771 | $ | 561 | 70,332 | |||||||
Reconciliation to Consolidated net income | ||||||||||||
Corporate interest income | 120 | |||||||||||
Income from other investments, net | 2,480 | |||||||||||
General and administrative | (6,711 | ) | ||||||||||
Interest and related amortization | (30,123 | ) | ||||||||||
Property rights initiatives | (232 | ) | ||||||||||
Equity in income of unconsolidated joint ventures | 576 | |||||||||||
Discontinued operations | 3,068 | |||||||||||
Gain on sale of property, net of tax | 958 | |||||||||||
Consolidated net income | $ | 40,468 | ||||||||||
Assets held for use | $ | 3,012,069 | $ | 294,692 | $ | 3,306,761 | ||||||
Assets held for disposition (a) | $ | 119,805 | ||||||||||
Total assets | $ | 3,426,566 | ||||||||||
Capital improvements | $ | 4,311 | $ | 12,726 | $ | 17,037 | ||||||
______________________ | ||||||||||||
(a) | Asset balances as of March 31, 2013 for Properties held for disposition, have been reclassified to “Assets held for disposition.” | |||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||
The following table summarizes our financial information for the Property Operations segment, specific to continuing operations, for the quarters ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | |||||||||||
Revenues: | ||||||||||||
Community base rental income | $ | 106,045 | $ | 100,776 | ||||||||
Resort base rental income | 44,949 | 40,739 | ||||||||||
Right-to-use annual payments | 11,214 | 11,523 | ||||||||||
Right-to-use contracts current period, gross | 2,923 | 2,831 | ||||||||||
Right-to-use contracts current period, deferred | (1,147 | ) | (1,040 | ) | ||||||||
Utility income and other | 17,571 | 16,683 | ||||||||||
Ancillary services revenues, net | 1,504 | 1,478 | ||||||||||
Total property operations revenues | 183,059 | 172,990 | ||||||||||
Expenses: | ||||||||||||
Property operating and maintenance | 58,696 | 55,055 | ||||||||||
Real estate taxes | 12,485 | 12,400 | ||||||||||
Sales and marketing, gross | 2,405 | 2,361 | ||||||||||
Sales and marketing deferred commissions, net | (555 | ) | (463 | ) | ||||||||
Property management | 10,632 | 10,133 | ||||||||||
Total property operations expenses | 83,663 | 79,486 | ||||||||||
Income from property operations segment | $ | 99,396 | $ | 93,504 | ||||||||
The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the quarters ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | |||||||||||
Revenues: | ||||||||||||
Gross revenue from home sales | $ | 5,178 | $ | 2,696 | ||||||||
Brokered resale revenues, net | 295 | 317 | ||||||||||
Rental home income (a) | 3,757 | 3,394 | ||||||||||
Total revenues | 9,230 | 6,407 | ||||||||||
Expenses: | ||||||||||||
Cost of home sales | 5,368 | 2,781 | ||||||||||
Home selling expenses | 569 | 527 | ||||||||||
Rental home operating and maintenance | 1,908 | 1,870 | ||||||||||
Total expenses | 7,845 | 5,178 | ||||||||||
Income from home sales and rentals operations segment | $ | 1,385 | $ | 1,229 | ||||||||
______________________ | ||||||||||||
(a) | Segment information does not include Site rental income included in Community base rental income. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets and goodwill | $12,100,000 | ' | $12,100,000 |
Intangible assets | 4,300,000 | ' | 4,300,000 |
Goodwill | 7,800,000 | ' | 7,800,000 |
Accumulated amortization of identified intangible assets | 2,000,000 | ' | 1,900,000 |
Amortization expense for identified intangible assets | 1,315,000 | 159,000 | ' |
Cash and cash equivalents, restricted cash | 5,200,000 | ' | 5,200,000 |
Accumulated amortization for deferred financing costs | 26,500,000 | ' | 25,400,000 |
Fair Value, Inputs, Level 2 | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Mortgage notes payable fair value | 2,300,000,000 | ' | 2,200,000,000 |
Identified Intangible Assets | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Amortization expense for identified intangible assets | $100,000 | $100,000 | ' |
New Manufactured Home [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '25 years | ' | ' |
Minimum [Member] | Used Manufactured Home [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Maximum [Member] | Used Manufactured Home [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '25 years | ' | ' |
Estimated_Amortization_of_Iden
Estimated Amortization of Identified Intangible Assets for Next Five Years (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Expected Amortization Expense [Line Items] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year One | $349 |
Estimated amortization of identified intangible assets, year ending December 31, 2013 | 349 |
Estimated amortization of identified intangible assets, year ending December 31, 2014 | 251 |
Estimated amortization of identified intangible assets, year ending December 31, 2015 | 87 |
Estimated amortization of identified intangible assets, year ending December 31, 2016 | $87 |
Earnings_Per_Common_Share_Calc
Earnings Per Common Share Calculation of numerator and denominator in eps table (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Stockholders' Equity Note, Stock Split | 'On June 25, 2013, we announced a two-for-one split, to be effected by and in the form of a stock dividend, to be paid on July 15, 2013. On July 15, 2013, each common shareholder of record on July 5, 2013, received one additional share of common stock for each share held. | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $43,890 | $36,442 |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | -3,481 | -3,133 |
Net Income (Loss) Available to Common Stockholders, Basic | 38,099 | 35,024 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 3,695 |
Amounts allocated to dilutive securities | 3,481 | 3,133 |
Net income (loss) available for Common Shares – fully diluted | 41,580 | 38,157 |
Weighted average Common Shares outstanding – basic | 83,116 | 83,026 |
Employee stock options and restricted shares | 602 | 576 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 7,635 | 7,458 |
Weighted average Common Shares outstanding - fully diluted | 91,353 | 91,060 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.46 | $0.38 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.04 |
Net income available for Common Shares | $0.46 | $0.42 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.46 | $0.38 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0.04 |
Net income available for Common Shares | $0.46 | $0.42 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ' |
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member] | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Redeemable Preferred Stock Dividends | -2,310 | -2,311 |
Segment, Continuing Operations [Member] | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | -3,481 | -2,802 |
Net Income (Loss) Available to Common Stockholders, Basic | 38,099 | 31,329 |
Amounts allocated to dilutive securities | 3,481 | 2,802 |
Net income (loss) available for Common Shares – fully diluted | $41,580 | $34,131 |
Common_Stock_and_Other_Equity_1
Common Stock and Other Equity Related Transactions - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Common Stock | ' |
Class of Stock [Line Items] | ' |
Dividends Payable, Date to be Paid | 11-Apr-14 |
Common Stock, Dividends, Per Share, Cash Paid | $0.33 |
Dividends Payable, Date of Record | 28-Mar-14 |
Cumulative Series C Six Point Seven Five Percent Redeemable Perpetual Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Dividends Payable, Date to be Paid | 31-Mar-14 |
Preferred Stock, Dividends, Per Share, Cash Paid | $0.42 |
Dividends Payable, Date of Record | 21-Mar-14 |
Investment_in_Real_Estate_Addi
Investment in Real Estate - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Aug. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 10, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jan. 24, 2014 | Jan. 07, 2014 | Dec. 17, 2013 | Sep. 16, 2013 | Mar. 31, 2014 | Aug. 30, 2013 | Dec. 31, 2013 | Aug. 01, 2013 | 8-May-13 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Purchase Price Allocation Adjustments | Colony Cove [Member] | Cascade [Member] | Segment, Discontinued Operations [Member] | R V Resort [Member] | R V Resort [Member] | R V Resort [Member] | R V Resort [Member] | R V Resort [Member] | Manufactured Home [Member] | Manufactured Home [Member] | Manufactured Home [Member] | Manufactured Home [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Manufactured Home [Member] | Manufactured Home [Member] | Depreciable Assets [Member] | Depreciable Assets [Member] | Land [Member] | Land [Member] | New Credit Facilities [Member] | New Credit Facilities [Member] | |||||
site | site | Diversified Portfolio [Member] | integer | Property | integer | R V Resort [Member] | R V Resort [Member] | ||||||||||||||||||||
site | Diversified Portfolio [Member] | ||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | $62,981,000 | $133,393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $773,000 | $3,910,000 | $769,000 | $1,155,000 | $20,632,000 | $87,306,000 | $40,807,000 | $41,022,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | 1,197,000 | 1,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, Net | ' | 3,208,749,000 | ' | 3,169,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset acquisition price adjustments period | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | 0 | 958,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow Share Distribution | ' | 51,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Properties Disposed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Sites Disposed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price For Disposed Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | 1,065,368,000 | ' | 1,025,246,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buildings and Improvements, Gross | ' | 545,148,000 | ' | 535,647,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, Accumulated Depreciation | ' | 1,087,380,000 | ' | 1,058,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets | ' | 47,509,000 | ' | 63,949,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | 1,976,426,000 | ' | 1,992,368,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Community Base Rental Income | ' | 106,045,000 | 100,776,000 | ' | ' | ' | ' | 5,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Home Income | ' | 3,757,000 | 3,394,000 | ' | ' | ' | ' | 770,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utility And Other Income | ' | 17,571,000 | 16,683,000 | ' | ' | ' | ' | 483,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | ' | ' | 6,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Operating Expense | ' | ' | 2,567,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | ' | ' | 3,723,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Sales of Other Real Estate | ' | ' | ' | ' | ' | ' | ' | -34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group Including Discontinued Operation Other Income and Expenses | ' | ' | 272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Interest Expense | ' | ' | -130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | ' | ' | -763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | 0 | 4,026,000 | ' | ' | ' | ' | 3,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Acquired Sites | ' | ' | ' | ' | ' | ' | ' | ' | 682 | 490 | 284 | 324 | ' | ' | ' | 1,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price | ' | ' | ' | ' | ' | 35,900,000 | ' | ' | ' | ' | ' | 24,600,000 | 31,800,000 | ' | ' | 102,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of manufactured home communities acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,300,000 | 18,700,000 |
Debt Instrument, Unamortized Discount (Premium), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,300,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | 64,178,000 | 134,418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | ' | 14,230,000 | 5,382,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | ' | 2,757,000 | 1,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | 16,987,000 | 7,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | 47,191,000 | 127,259,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units Issued During Period, Value, Acquisition | $9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units Issued During Period, Shares, Acquisition | 240,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Joint_Ventures_A
Investment in Joint Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 19, 2013 | |
site | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from unconsolidated joint ventures | $1,887,000 | $576,000 | ' | ' |
Adjustment Depreciation | 200,000 | 300,000 | ' | ' |
Distributions from Unconsolidated Joint Ventures, net | 1,400,000 | ' | ' | ' |
Distributions from equity unconsolidated joint ventures | 1,312,000 | 478,000 | ' | ' |
Unconsolidated Joint Venture Distribution in Excess of Basis | 1,100,000 | ' | ' | ' |
Number Of Joint Venture Sites | 3,075 | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 14,477,000 | ' | 11,583,000 | ' |
Arizona | Voyager Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from unconsolidated joint ventures | 438,000 | 413,000 | ' | ' |
Number Of Joint Venture Sites | 1,706 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 7,449,000 | ' | 7,074,000 | ' |
Other Regions | ECHO Financing [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from unconsolidated joint ventures | -7,000 | 0 | ' | ' |
Number Of Joint Venture Sites | 0 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5,176,000 | ' | 2,685,000 | 1,000,000 |
Other Regions | Meadows Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from unconsolidated joint ventures | 277,000 | 286,000 | ' | ' |
Number Of Joint Venture Sites | 1,027 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,806,000 | ' | 1,679,000 | ' |
Other Regions | Other Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from unconsolidated joint ventures | 0 | -188,000 | ' | ' |
Number Of Joint Venture Sites | 0 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' |
Florida | Lakeshore Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity income from unconsolidated joint ventures | 1,179,000 | 65,000 | ' | ' |
Number Of Joint Venture Sites | 342 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 65.00% | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $46,000 | ' | $145,000 | ' |
Servicing Assets | Voyager Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 33.00% | ' | ' | ' |
Recreational Vehicle Resort [Member] | Voyager Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans Receivable, Net | $21,300,000 | ' | $21,900,000 |
Home loans repossessed | 446,000 | 599,000 | ' |
Contract receivables | 17,100,000 | ' | 17,200,000 |
Contract Receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans receivable, amortization term | '4 years | ' | ' |
Provision for uncollectible receivable | 300,000 | ' | 600,000 |
Contracts Receivable, yield interest at a stated per annum average | 16.00% | ' | ' |
Chattel Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans receivable, stated interest yield per annum | 7.80% | ' | ' |
Notes Receivable Yield Rate | 19.60% | ' | ' |
Loans receivable, amortization term | '12 years | ' | ' |
Notes receivable, allowance | $400,000 | ' | $400,000 |
Borrowing_Arrangements_Additio
Borrowing Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | Apr. 30, 2014 | Apr. 02, 2014 | Apr. 30, 2014 | Apr. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Rate | Property | Old Credit Facilities [Member] | Amended Line of Credit Facility | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Term Loans | Term Loans | Term Loans | R V Resort [Member] | R V Resort [Member] | R V Resort [Member] | |
Property | Property | Old Credit Facilities [Member] | Old Credit Facilities [Member] | New Credit Facilities [Member] | New Credit Facilities [Member] | Amended Line of Credit Facility | Subsequent Event [Member] | Amended Line of Credit Facility | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | New Credit Facilities [Member] | Minimum [Member] | Maximum [Member] | |||||||
Property | Property | Rate | New Credit Facilities [Member] | Rate | New Credit Facilities [Member] | Rate | Rate | New Credit Facilities [Member] | New Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Debt | $200,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-17 | ' | ' | ' | ' | ' |
Mortgage notes payable | 1,976,426,000 | 1,992,368,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 5.30% | ' | ' | ' | ' | ' | ' | ' | 4.54% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, minimum interest rate | 3.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, maximum interest rate | 8.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | ' | '2034 | '2038 | ' | '2038 | ' | ' | ' | ' | '2017 | '2018 |
Secured Debt Refinancing Plan | ' | ' | ' | ' | 430,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pledge properties | 144 | 147 | 5 | ' | ' | ' | 5 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying values of properties encumbered | 2,403,000,000 | 2,378,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 20,700,000 | ' | ' | 31,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 5.63% | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.48% | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,300,000 | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Debt instrument, interest rate based on margin over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | ' | 2.00% | ' | ' | 1.85% | 2.80% | ' | ' | ' |
Start date to repay debt without penalty on prepayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-14 | ' | ' | ' | ' | ' |
Debt, percentage of prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Derivative, Maturity Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Lines of credit, borrowing capacity | $380,000,000 | $380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lines of credit, maturity date | ' | ' | ' | 15-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate based on margin over LIBOR | 'Our LOC bears a LIBOR rate plus a maximum of 1.40% to 2.00%, contains a 0.25% to 0.40% facility fee and has a maturity date of September 15, 2016. We have a one year extension option under our LOC. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lines of credit, extension option | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, facility rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.40% | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Term Loans | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||
Rate | Interest Expense [Member] | Interest Expense [Member] | |||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | ' | ' | ' | $483,000 | $928,000 | ' | ' |
Swap, fixed interest rate | ' | ' | 1.11% | ' | ' | ' | ' |
Derivative, Maturity Years | ' | ' | '3 years | ' | ' | ' | ' |
Derivative, Maturity Date | 1-Jul-14 | ' | ' | ' | ' | ' | ' |
Spread over LIBOR | ' | ' | 1.95% | ' | ' | ' | ' |
Actual interest rate | ' | ' | 3.06% | ' | ' | ' | ' |
Amount to be reclassified from accumulated other comprehensive loss to interest expense | 500,000 | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion | 25,000 | 7,000 | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | $470,000 | $449,000 |
Effect_of_Derivative_Financial1
Effect of Derivative Financial Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative [Line Items] | ' | ' |
Amount of loss recognized in OCI on derivative (effective portion) | $25 | $7 |
Derivatives in Cash Flow Hedging Relationships | Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Amount of loss reclassified from accumulated OCI into income (effective portion) | $470 | $449 |
Deferred_RevenueRighttouse_con2
Deferred Revenue-Right-to-use contracts and Deferred commission expense - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred revenue - right-to-use contracts, as of January 1 | $68,673 | $62,979 |
Right-to-use contracts current period, gross | 2,923 | 2,831 |
Recognition of Deferred Revenue | -1,776 | -1,791 |
Deferred Revenue, Period Increase (Decrease) | 1,147 | 1,040 |
Deferred revenue - right-to-use contracts, as of June 30 | 69,820 | 64,019 |
Deferred commission expense, as of January 1 | 25,251 | 22,842 |
Increase (Decrease) in Deferred Charges | 1,239 | 1,093 |
Commission expense recognized related to right-to-use contracts | -684 | -630 |
Sales And Marketing Deferred Commissions Net | 555 | 463 |
Deferred commission expense, as of June 30 | $25,806 | $23,305 |
Minimum [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue Estimated Period Of Recognition | '1 year | ' |
Maximum [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Deferred Revenue Estimated Period Of Recognition | '31 years | ' |
Stock_Option_Plan_and_Stock_Gr1
Stock Option Plan and Stock Grants - Additional Information (Detail) (USD $) | 3 Months Ended | 25 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | 31-May-13 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Amortization of stock-related compensation | $733 | $1,134 | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 383,330 |
LongTerm_Cash_Incentive_Plan_A
Long-Term Cash Incentive Plan - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Long Term Incentive Plan Twenty Thirteen [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Estimated Payments For Employee Long Term Incentive Plan | ' | ' | ' | $5.80 |
Accrued compensation expense | $0.50 | $2.40 | $0.50 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 31, 2014 | Jun. 30, 2009 | Jul. 31, 2013 | Dec. 31, 2010 | Aug. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Mar. 31, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | |
Attorney Fees [Member] | San Rafael [Member] | San Rafael [Member] | San Rafael [Member] | San Rafael [Member] | Colony Park [Member] | Colony Park [Member] | Colony Park [Member] | California Hawaiian [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
California Rent Control Litigation | Attorney Fees [Member] | Attorney Fees [Member] | integer | Maximum [Member] | Attorney Fees [Member] | Compensatory Damages [Member] | Punitive Damages [Member] | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award for costs and attorney fee claimed | ' | $2,100,000 | $1,270,000 | ' | $80,000 | $1,250,000 | ' | ' | $2,000,000 | ' | ' | ' |
Loss Contingency, Damages Awarded, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | 95,800,000 |
Expiration period of Ordinance from June 30, 2009 date of judgment | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss award claimed by plaintiffs | ' | ' | ' | 1,400,000 | ' | ' | 6,800,000 | ' | ' | ' | ' | ' |
Loss awarded to plaintiffs | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' | ' | ' | ' |
Number of plaintiff | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' |
Number of plaintiff the jury rendered verdicts | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Number of plaintiffs dismissed | ' | ' | ' | ' | ' | ' | 66 | ' | ' | ' | ' | ' |
Loss Contingency Claims Dismissed And Not Appealed Number | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss | 'Given the uncertainty related to the ultimate resolution of this case as well as the time period to reach a conclusion, we are unable to provide an estimate of any possible loss. We currently estimate a range of possible outcomes between zero and $111.0 million based on all of the facts presented.  At this time, we cannot determine that any amount within the range is a better estimate and therefore we conclude that we should accrue the minimum of zero as of March 31, 2014. We will continue to evaluate the possible outcomes of this case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,000,000 | ' | ' |
Loss Contingency Accrual | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Reportable_Segments_Additional
Reportable Segments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Revenue for Reportable Segment | $192,289 | $179,397 | ' |
Operating Costs and Expenses | -91,508 | -84,664 | ' |
Operating Income Loss Before Depreciation And Other | 100,781 | 94,733 | ' |
Interest Income | 1,906 | 1,778 | ' |
Real Estate Depreciation Expense and Rental Homes | -27,642 | -26,020 | ' |
Amortization of Intangible Assets for Continuing Operations | -1,315 | -159 | ' |
Operating Income (Loss) | 73,730 | 70,332 | ' |
Major customers description | 'All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2014 or 2013. | ' | ' |
Corporate Interest Income | 791 | 120 | ' |
Income from other investments, net | 1,601 | 2,480 | ' |
General and Administrative Expense | -5,760 | -6,711 | ' |
Interest Expense, Debt | -28,048 | -30,123 | ' |
Rent Control Initiatives Expenses and Other | -311 | -232 | ' |
Equity income from unconsolidated joint ventures | 1,887 | 576 | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 3,068 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 958 | ' |
Consolidated net income | 43,890 | 40,468 | ' |
Total Assets | 3,410,562 | 3,426,566 | 3,391,639 |
Capital improvements | 10,000 | 17,037 | ' |
Assets of Disposal Group, Including Discontinued Operation | ' | 119,805 | ' |
Maximum [Member] | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Property Operations Segment [Member] | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Revenue for Reportable Segment | 183,059 | 172,990 | ' |
Operating Costs and Expenses | -83,663 | -79,486 | ' |
Operating Income Loss Before Depreciation And Other | 99,396 | 93,504 | ' |
Interest Income | 797 | 801 | ' |
Real Estate Depreciation Expense and Rental Homes | -24,858 | -24,375 | ' |
Amortization of Intangible Assets for Continuing Operations | -1,315 | -159 | ' |
Operating Income (Loss) | 74,020 | 69,771 | ' |
Total Assets | 3,118,684 | ' | ' |
Capital improvements | 4,994 | 4,311 | ' |
Home Sales And Rentals [Member] | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Revenue for Reportable Segment | 9,230 | 6,407 | ' |
Operating Costs and Expenses | -7,845 | -5,178 | ' |
Operating Income Loss Before Depreciation And Other | 1,385 | 1,229 | ' |
Interest Income | 1,109 | 977 | ' |
Real Estate Depreciation Expense and Rental Homes | -2,784 | -1,645 | ' |
Amortization of Intangible Assets for Continuing Operations | 0 | 0 | ' |
Operating Income (Loss) | -290 | 561 | ' |
Total Assets | 291,878 | ' | ' |
Capital improvements | 5,006 | 12,726 | ' |
Segment, Continuing Operations [Member] | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Total Assets | ' | 3,306,761 | ' |
Segment, Continuing Operations [Member] | Property Operations Segment [Member] | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Total Assets | ' | 3,012,069 | ' |
Segment, Continuing Operations [Member] | Home Sales And Rentals [Member] | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Total Assets | ' | $294,692 | ' |
Financial_Information_for_Oper
Financial Information for Operation Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Community base rental income | $106,045 | $100,776 |
Resort base rental income | 44,949 | 40,739 |
Right-to-use annual payments | 11,214 | 11,523 |
Right-to-use contracts current period, gross | 2,923 | 2,831 |
Right-to-use contracts current period, deferred | -1,147 | -1,040 |
Utility And Other Income | 17,571 | 16,683 |
Gross revenue from home sales | 5,178 | 2,696 |
Brokered resale revenues, net | 1,799 | 1,795 |
Rental home income | 3,757 | 3,394 |
Total revenues | 196,587 | 183,775 |
Expenses: | ' | ' |
Property operating and maintenance | 58,696 | 55,055 |
Real estate taxes | 12,485 | 12,400 |
Sales and marketing, gross | 2,405 | 2,361 |
Sales and marketing, deferred commissions, net | -555 | -463 |
Property management | 10,632 | 10,133 |
Cost of home sales | 5,368 | 2,781 |
Home selling expenses | 569 | 527 |
Rental home operating and maintenance | 1,908 | 1,870 |
Total expenses | 154,584 | 147,909 |
Income from operations | 42,003 | 35,866 |
Property Operations Segment [Member] | ' | ' |
Revenues: | ' | ' |
Community base rental income | 106,045 | 100,776 |
Resort base rental income | 44,949 | 40,739 |
Right-to-use annual payments | 11,214 | 11,523 |
Right-to-use contracts current period, gross | 2,923 | 2,831 |
Right-to-use contracts current period, deferred | -1,147 | -1,040 |
Utility And Other Income | 17,571 | 16,683 |
Ancillary services revenues, net | 1,504 | 1,478 |
Total revenues | 183,059 | 172,990 |
Expenses: | ' | ' |
Property operating and maintenance | 58,696 | 55,055 |
Real estate taxes | 12,485 | 12,400 |
Sales and marketing, gross | 2,405 | 2,361 |
Sales and marketing, deferred commissions, net | -555 | -463 |
Property management | 10,632 | 10,133 |
Total expenses | 83,663 | 79,486 |
Income from operations | 99,396 | 93,504 |
Home Sales and Rentals Operations segment | ' | ' |
Revenues: | ' | ' |
Gross revenue from home sales | 5,178 | 2,696 |
Brokered resale revenues, net | 295 | 317 |
Rental home income | 3,757 | 3,394 |
Total revenues | 9,230 | 6,407 |
Expenses: | ' | ' |
Cost of home sales | 5,368 | 2,781 |
Home selling expenses | 569 | 527 |
Rental home operating and maintenance | 1,908 | 1,870 |
Total expenses | 7,845 | 5,178 |
Income from operations | $1,385 | $1,229 |