Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 08, 2015 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ELS | |
Entity Registrant Name | EQUITY LIFESTYLE PROPERTIES INC | |
Entity Central Index Key | 895417 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 84,240,728 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in real estate: | ||
Land | $1,095,365 | $1,091,550 |
Land improvements | 2,745,749 | 2,734,304 |
Buildings and other depreciable property | 569,610 | 562,059 |
Investment in real estate | 4,410,724 | 4,387,913 |
Accumulated depreciation | -1,197,782 | -1,169,492 |
Net investment in real estate | 3,212,942 | 3,218,421 |
Cash | 102,703 | 73,714 |
Notes receivable, net | 36,313 | 37,137 |
Investment in unconsolidated joint ventures | 17,889 | 13,512 |
Deferred financing costs, net | 25,511 | 21,833 |
Deferred commission expense | 28,902 | 28,589 |
Escrow deposits, goodwill, and other assets, net | 44,534 | 53,133 |
Total Assets | 3,468,794 | 3,446,339 |
Liabilities: | ||
Mortgage notes payable | 2,011,738 | 2,012,246 |
Term loan | 200,000 | 200,000 |
Unsecured lines of credit | 0 | 0 |
Accrued payroll and other operating expenses | 76,608 | 64,520 |
Deferred revenue – upfront payments from right-to-use contracts | 74,947 | 74,174 |
Deferred revenue – right-to-use annual payments | 13,693 | 9,790 |
Accrued interest payable | 8,424 | 9,496 |
Rents and other customer payments received in advance and security deposits | 69,994 | 67,463 |
Distributions payable | 34,298 | 29,623 |
Total Liabilities | 2,489,702 | 2,467,312 |
Stockholders’ Equity: | ||
Preferred stock value | 0 | 0 |
Common stock, $0.01 par value | 840 | 838 |
Paid-in capital | 1,035,275 | 1,029,601 |
Distributions in excess of accumulated earnings | -258,642 | -254,209 |
Accumulated other comprehensive loss | -1,238 | -381 |
Total Stockholders’ Equity | 912,379 | 911,993 |
Non-controlling interests – Common OP Units | 66,713 | 67,034 |
Total Equity | 979,092 | 979,027 |
Total Liabilities and Equity | 3,468,794 | 3,446,339 |
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | ||
Stockholders’ Equity: | ||
Preferred stock value | $136,144 | $136,144 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Par or Stated Value Per Share (usd per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 9,945,539 | 9,765,900 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share (usd per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 84,240,161 | 83,879,779 |
Common Stock, Shares, Outstanding | 84,240,161 | 83,879,779 |
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share (usd 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 6% Non-Qualified Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share (usd per share) | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 0 | 179,639 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
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, 2015 | Mar. 31, 2014 |
Revenues: | ||
Community base rental income | $109,270 | $106,045 |
Rental home income | 3,554 | 3,757 |
Resort base rental income | 51,645 | 44,949 |
Right-to-use annual payments | 10,981 | 11,214 |
Right-to-use contracts current period, gross | 2,797 | 3,081 |
Right-to-use contract upfront payments, deferred, net | -773 | -1,147 |
Utility and other income | 19,082 | 17,571 |
Gross revenues from home sales | 6,937 | 5,178 |
Brokered resale revenues and ancillary services revenues, net | 1,982 | 1,799 |
Interest income | 1,820 | 2,697 |
Income from other investments, net | 1,119 | 1,601 |
Total revenues | 208,414 | 196,745 |
Expenses: | ||
Property operating and maintenance | 61,117 | 58,696 |
Rental home operating and maintenance | 1,669 | 1,908 |
Real estate taxes | 12,594 | 12,485 |
Sales and marketing, gross | 2,522 | 2,563 |
Right-to-use contract commissions, deferred, net | -243 | -555 |
Property management | 11,290 | 10,632 |
Depreciation on real estate assets and rental homes | 28,116 | 27,642 |
Amortization of in-place leases | 665 | 1,315 |
Cost of home sales | 6,724 | 5,368 |
Home selling expenses | 805 | 569 |
General and administrative | 7,406 | 5,760 |
Early debt retirement | 16,991 | 0 |
Property rights initiatives | 553 | 311 |
Interest and related amortization | 27,276 | 28,048 |
Total expenses | 177,485 | 154,742 |
Income before equity in income of unconsolidated joint ventures | 30,929 | 42,003 |
Equity in income of unconsolidated joint ventures | 884 | 1,887 |
Income allocated to non-controlling interests – Common OP Units | -2,331 | -3,481 |
Net income available for Common Shares | 27,185 | 38,099 |
Consolidated net income | 31,813 | 43,890 |
Other comprehensive (loss) income (“OCIâ€): | ||
Adjustment for fair market value of swap | -857 | 445 |
Consolidated comprehensive income | 30,956 | 44,335 |
Comprehensive income attributable to Common Stockholders | 26,396 | 38,507 |
Earnings per Common Share – Basic: | ||
Net income available for Common Shares (usd per share) | $0.32 | $0.46 |
Earnings per Common Share - Fully Diluted: | ||
Net income available for Common Shares (usd per share) | $0.32 | $0.46 |
Distributions declared per Common Share outstanding (usd per share) | $0.38 | $0.33 |
Weighted average Common Shares outstanding – basic (shares) | 83,961 | 83,116 |
Weighted average Common Shares outstanding – fully diluted (shares) | 91,777 | 91,353 |
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | ||
Other comprehensive (loss) income (“OCIâ€): | ||
Series C Redeemable Perpetual Preferred Stock Dividends | -2,297 | -2,310 |
Non- controlling interests – Common OP Units | ||
Other comprehensive (loss) income (“OCIâ€): | ||
Comprehensive income allocated to non-controlling interests – Common OP Units | ($2,263) | ($3,518) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes In Equity (USD $) | Total | Common Stock | Paid-in Capital | 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Non- controlling interests – Common OP Units | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2014 | $979,027 | $838 | $1,029,601 | $136,144 | ($254,209) | $67,034 | ($381) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to common stock | 0 | 0 | 95 | 0 | 0 | -95 | 0 |
Issuance of common stock through exercise of options | 3,816 | 2 | 3,814 | 0 | 0 | 0 | 0 |
Issuance of common stock through employee stock purchase plan | 253 | 0 | 253 | 0 | 0 | 0 | 0 |
Compensation expenses related to stock options and restricted stock | 1,716 | 0 | 1,716 | 0 | 0 | 0 | 0 |
Adjustment for Common OP Unitholders in the Operating Partnership | 0 | 0 | -153 | 0 | 0 | 153 | 0 |
Adjustment for fair market value of swap | -857 | 0 | 0 | 0 | 0 | 0 | -857 |
Net income | 31,813 | 0 | 0 | 2,297 | 27,185 | 2,331 | 0 |
Distributions | -36,597 | 0 | 0 | -2,297 | -31,590 | -2,710 | 0 |
Other | -79 | 0 | -51 | 0 | -28 | 0 | 0 |
Balance at Mar. 31, 2015 | $979,092 | $840 | $1,035,275 | $136,144 | ($258,642) | $66,713 | ($1,238) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities: | ||
Consolidated net income | $31,813 | $43,890 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Early debt retirement | 16,991 | 0 |
Depreciation | 28,364 | 27,830 |
Amortization of in-place leases | 665 | 1,315 |
Amortization of loan costs | 1,083 | 1,232 |
Debt premium amortization | -1,202 | -1,323 |
Equity in income of unconsolidated joint ventures | -884 | -1,887 |
Distributions of income from unconsolidated joint ventures | 443 | 1,312 |
Amortization of stock-related compensation | 1,716 | 733 |
Revenue recognized from right-to-use contract upfront payments | -2,024 | -1,934 |
Commission expense recognized related to right-to-use contracts | 829 | 684 |
Long term incentive plan compensation | 360 | 475 |
Recovery of uncollectible rents receivable | -505 | -606 |
Changes in assets and liabilities: | ||
Notes receivable activity, net | -284 | -937 |
Deferred commission expense | -1,142 | -1,239 |
Escrow deposits, goodwill and other assets | 15,046 | 7,990 |
Accrued payroll and other operating expenses | 8,715 | 6,372 |
Deferred revenue – upfront payments from right-to-use contracts | 2,797 | 3,081 |
Deferred revenue – right-to-use annual payments | 3,903 | 4,205 |
Rents received in advance and security deposits | 2,531 | 2,036 |
Net cash provided by operating activities | 109,215 | 93,229 |
Cash Flows From Investing Activities: | ||
Real estate acquisition | -12,195 | -44,226 |
Tax-deferred exchange deposit | 0 | 10,576 |
Investment in unconsolidated joint ventures | -4,000 | -2,500 |
Distributions of capital from unconsolidated joint ventures | 0 | 116 |
Repayments of notes receivable | 2,604 | 7,115 |
Issuance of notes receivable | -1,728 | -2,245 |
Capital improvements | -16,260 | -10,000 |
Net cash used in investing activities | -31,579 | -41,164 |
Cash Flows From Financing Activities: | ||
Proceeds from stock options and employee stock purchase plan | 4,069 | 311 |
Distributions: | ||
Common Stockholders | -27,272 | -20,836 |
Common OP Unitholders | -2,351 | -1,917 |
Preferred Stockholders | -2,297 | -2,310 |
Principal payments and mortgage debt payoff | -392,949 | -29,184 |
New mortgage notes payable financing proceeds | 395,323 | 0 |
Debt issuance and defeasance costs | -23,091 | -77 |
Other | -79 | -52 |
Net cash used in financing activities | -48,647 | -54,065 |
Net increase (decrease) in cash and cash equivalents | 28,989 | -2,000 |
Cash, beginning of period | 73,714 | 58,427 |
Cash, end of period | 102,703 | 56,427 |
Supplemental Information: | ||
Cash paid during the period for interest | 28,553 | 27,929 |
Capital improvements – used homes acquired by repossessions | 232 | 446 |
Net repayments of notes receivable – used homes acquired by repossessions | -232 | -446 |
Building and other depreciable property – reclassification of rental homes | 5,966 | 4,203 |
Escrow deposits and other assets – reclassification of rental homes | -5,966 | -4,203 |
Real estate acquisitions: | ||
Investment in real estate | -12,300 | -61,781 |
Deferred financing costs, net | 0 | -180 |
Rents and other customer payments received in advance and security deposits | 0 | 1,817 |
Accrued payroll and other operating expenses | 109 | 942 |
Escrow deposits and other assets | -4 | 412 |
Debt assumed and financed on acquisition | 0 | 14,564 |
Real estate acquisition | ($12,195) | ($44,226) |
Definition_of_Terms_and_Basis_
Definition of Terms and Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Definition of Terms and Basis of Presentation | Definition of Terms |
Equity LifeStyle Properties, Inc., a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and other consolidated subsidiaries (“Subsidiaries”) are referred to herein as “we,” “us,” and “our.” Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K (“2014 Form 10-K”) for the year ended December 31, 2014. | |
Basis of Presentation | |
These unaudited Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2014 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2014 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
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) | Identified Intangibles and Goodwill | |
As of March 31, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, 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 $2.3 million and $2.2 million as of March 31, 2015 and December 31, 2014, respectively. For each of the quarters ended March 31, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.1 million. | ||
(c) | Restricted Cash | |
Cash as of March 31, 2015 and December 31, 2014, included approximately $5.0 million of restricted cash for the payment of capital improvements, insurance or real estate taxes. | ||
(d) | 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 carrying value of approximately $2.2 billion as of March 31, 2015 and December 31, 2014, and a fair value of approximately $2.4 billion and $2.3 billion as of March 31, 2015 and December 31, 2014, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At March 31, 2015 and December 31, 2014, 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, accounts receivable, accounts payable, other accrued expenses and interest rate swaps approximate their carrying or contract values. | ||
(e) | 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 $30.8 million and $29.8 million at March 31, 2015 and December 31, 2014, respectively. | ||
(f) | Reclassifications | |
Certain 2014 amounts have been reclassified to conform to the 2015 presentation. These reclassifications had no material effect on our Consolidated Balance Sheets or Consolidated Statements of Income and Comprehensive Income. | ||
(g) | Recent Accounting Pronouncements | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact, if any, the adoption of this standard will have on our consolidated financial statements. | ||
In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively, with early adoption permitted. We are currently evaluating the impact, if any, of the adoption of ASU 2015-02 on our consolidated financial statements. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | Earnings Per Common Share | |||||||
The following table sets forth the computation of the basic and diluted earnings per common share for the quarters ended March 31, 2015 and 2014 (amounts in thousands, except per share data): | ||||||||
Quarters Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerators: | ||||||||
Net Income Available for Common Shares: | ||||||||
Net income available for Common Shares – basic | $ | 27,185 | $ | 38,099 | ||||
Amounts allocated to dilutive securities | 2,331 | 3,481 | ||||||
Net income available for Common Shares – fully diluted | $ | 29,516 | $ | 41,580 | ||||
Denominator: | ||||||||
Weighted average Common Shares outstanding – basic | 83,961 | 83,116 | ||||||
Effect of dilutive securities: | ||||||||
Redemption of Common OP Units for Common Shares | 7,225 | 7,635 | ||||||
Stock options and restricted shares | 591 | 602 | ||||||
Weighted average Common Shares outstanding – fully diluted | 91,777 | 91,353 | ||||||
Earnings per Common Share – Basic: | ||||||||
Net income available for Common Shares | $ | 0.32 | $ | 0.46 | ||||
Earnings per Common Share – Fully Diluted: | ||||||||
Net income available for Common Shares | $ | 0.32 | $ | 0.46 | ||||
Common_Stock_and_Other_Equity_
Common Stock and Other Equity Related Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions |
On March 31, 2015, 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 20, 2015. | |
On April 10, 2015, we paid a $0.375 per share distribution to common stockholders of record on March 27, 2015. |
Investment_in_Real_Estate
Investment in Real Estate | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Investment in Real Estate | Investment in Real Estate | |||||||
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 Consolidated Statements of Income and Comprehensive Income 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. | ||||||||
On February 9, 2015, we completed the acquisition of two properties, Bogue Pines, a 150-Site manufactured home property, and Whispering Pines, a 278-Site RV Resort, located in coastal North Carolina. The total purchase price of approximately $12.3 million was funded with available cash. | ||||||||
During the year ended December 31, 2014, we acquired seven RV resorts collectively containing 3,868 Sites for a combined purchase price of approximately $85.7 million. As a result of these acquisitions, we assumed approximately $32.3 million of mortgage debt, excluding note premiums of approximately $2.3 million. The remaining purchase price was funded with available cash. We also exercised a purchase option and purchased land comprising a portion of our Colony Cove Property which was part of the portfolio of Properties acquired in 2011. 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. | ||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended ended March 31, 2015 and year ended December 31, 2014, which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands): | ||||||||
Quarter Ended March 31, 2015 | Year Ended December 31, 2014 | |||||||
Assets acquired | ||||||||
Land | $ | 3,623 | $ | 66,390 | ||||
Buildings and other depreciable property | 8,002 | 52,329 | ||||||
Manufactured homes | 53 | 1,086 | ||||||
In-place leases | 622 | 2,561 | ||||||
Net investment in real estate | 12,300 | 122,366 | ||||||
Other assets | 4 | 1,197 | ||||||
Total Assets acquired | $ | 12,304 | $ | 123,563 | ||||
Liabilities assumed | ||||||||
Mortgage notes payable | $ | — | $ | 34,559 | ||||
Other liabilities | 109 | 6,712 | ||||||
Total Liabilities assumed | $ | 109 | $ | 41,271 | ||||
Net assets acquired | $ | 12,195 | $ | 82,292 | ||||
Dispositions and real estate held for disposition | ||||||||
As of March 31, 2015, 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, 2015 | |||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures | ||||||||||||||||||||||||
We recorded approximately $0.9 million and $1.9 million (each net of approximately $0.2 million of depreciation expense) of equity in income from unconsolidated joint ventures for each of the quarters ended March 31, 2015 and 2014, respectively. We received approximately $0.4 million and $1.4 million in distributions from these joint ventures for the quarters ended March 31, 2015 and 2014, respectively. Approximately $1.1 million of the distributions received exceeded our basis in a joint venture and as such were recorded as income from unconsolidated joint ventures for the quarter ended March 31, 2014. | |||||||||||||||||||||||||
On February 12, 2015, we contributed approximately $4.0 million to the ECHO JV, which brought our total investment in this joint venture to approximately $10.4 million. | |||||||||||||||||||||||||
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, 2015 and December 31, 2014, respectively): | |||||||||||||||||||||||||
Investment as of | JV Income (loss) for the | ||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||
Investment | Location | Number of | Economic | March 31, | December 31, | March 31, | March 31, | ||||||||||||||||||
Sites | Interest (a) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Meadows | Various (2,2) | 1,077 | 50 | % | $ | 73 | $ | — | $ | 273 | $ | 277 | |||||||||||||
Lakeshore | Florida (2,2) | 342 | 65 | % | 51 | 9 | 96 | 1,179 | |||||||||||||||||
Voyager | Arizona (1,1) | 1,706 | 50 | % | (b) | 7,400 | 7,201 | 452 | 438 | ||||||||||||||||
ECHO JV | Various | — | 50 | % | 10,365 | 6,302 | 63 | (7 | ) | ||||||||||||||||
3,125 | $ | 17,889 | $ | 13,512 | $ | 884 | $ | 1,887 | |||||||||||||||||
_____________________ | |||||||||||||||||||||||||
(a) | The percentages shown approximate our economic interest as of March 31, 2015. 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 plant servicing the Property. |
Notes_Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Notes Receivable | Notes Receivable |
In certain cases, we purchase loans made by others to finance the sales of homes to our customers (“Chattel Loans”). Our Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain of the Properties. As of March 31, 2015 and December 31, 2014, we had approximately $18.5 million and $18.9 million, respectively, of these Chattel Loans included in notes receivable. As of March 31, 2015, the Chattel Loans receivable had a stated per annum average rate of approximately 7.8%, with a yield of 21.9%, and had an average term remaining of approximately 11 years. These Chattel Loans are recorded net of allowances of approximately $0.3 million as of March 31, 2015 and $0.4 million as of December 31, 2014. | |
We also provide financing for non-refundable upgrades to existing right-to-use contracts (“Contracts Receivable”). As of March 31, 2015 and December 31, 2014, we had approximately $17.8 million and $18.2 million, respectively, of Contracts Receivable, net of allowances of approximately $0.4 million and $0.6 million, respectively. The Contracts Receivable have an average stated interest rate of 16.0% per annum, 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, 2015 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements |
Mortgage Notes Payable | |
As of March 31, 2015 and December 31, 2014, we had outstanding mortgage indebtedness of approximately $2,012 million. The weighted average interest rate including the impact of premium/discount amortization on this mortgage indebtedness for the quarter ended March 31, 2015 was approximately 5.1% per annum. The debt bears interest at stated rates of 3.5% to 8.9% per annum and matures on various dates ranging from 2015 to 2040. The debt encumbered a total of 130 and 137 of our Properties as of March 31, 2015 and December 31, 2014, respectively, and the carrying value of such Properties was approximately $2,269 million and $2,382 million, respectively, as of such dates. | |
During the quarter ended March 31, 2015, as part of our previously announced refinancing plan, we closed on loans with total gross proceeds of $395.3 million. The loans have a weighted average maturity of 21 years, are secured by 26 manufactured home properties and RV resorts and carry a weighted average interest rate of 3.93% per annum. Proceeds from the financings were used to retire by defeasance and prepayment approximately $370.2 million of loans maturing at various times throughout 2015 and 2016, which were secured by 32 manufactured home properties and RV resorts with a weighted average interest rate of 5.58% per annum. We incurred approximately $17.0 million in early debt retirement expense related to these loans. We also paid off one maturing mortgage loan of approximately $13.3 million secured by a manufactured home property with a stated average interest rate of 5.20% per annum. | |
On April 8, 2015, we paid off a maturing mortgage loan of approximately $35.4 million secured by three RV resorts with a stated interest rate of 5.93% per annum. | |
Term Loan | |
As of March 31, 2015, our amended $200.0 million Term Loan (the “Term Loan”) matures on January 10, 2020 and has an interest rate of LIBOR plus 1.35% to 1.95% per annum and, subject to certain conditions, may be prepaid at any time without premium or penalty. The spread over LIBOR is variable quarterly 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 amendment of the Term Loan in 2014, we also entered into a three year LIBOR Swap Agreement (the “2014 Swap”) allowing us to trade the 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 2014 Swap). | |
As of March 31, 2014, our Term Loan, which had a maturity date of June 30, 2017, had an interest rate of LIBOR plus 1.85% to 2.80% per annum and, subject to certain conditions, was prepayable without premium or penalty at any time after July 1, 2014. In connection with the original Term Loan, we entered into a three year, $200.0 million LIBOR notional Swap Agreement (the “2011 Swap”), which allowed us to trade the variable interest rate for a fixed interest rate on the Term Loan and matured July 1, 2014. | |
Unsecured Line of Credit | |
As of March 31, 2015, our amended, unsecured Line of Credit (“LOC”) had a borrowing capacity of $400.0 million, with the option to increase the borrowing capacity by $100.0 million, subject to certain conditions, with no amounts outstanding. The amended LOC bears interest at a rate of LIBOR plus 1.20% to 1.65%, requires an annual facility fee of 0.20% to 0.35% and matures on July 17, 2018, with an option to extend for one additional year, subject to certain conditions. The spread over LIBOR is variable quarterly based on leverage throughout the loan term. In 2014, we incurred commitment and arrangement fees of approximately $3.5 million to enter into the amended LOC and Term Loan extension. | |
As of March 31, 2015, we are in compliance in all material respects with the covenants in our borrowing arrangements. | |
As of March 31, 2014, our LOC had availability of $380.0 million with no amounts outstanding. Our LOC bore a LIBOR rate plus 1.40% to 2.00%, contained a 0.25% to 0.40% facility fee and had a maturity date of September 15, 2016, with the option to extend for one year, subject to certain conditions. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | |||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||
In connection with our amended Term Loan, we entered into the 2014 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 2014 Swap) allowing us to trade the variable interest rate for a fixed interest rate on the Term Loan. The 2014 Swap fixes the underlying LIBOR rate on the Term Loan at 1.04% per annum for the first three years and matures on August 1, 2017. Based on the leverage as of March 31, 2015, our spread over LIBOR is 1.35% resulting in an estimated all-in interest rate of 2.39% per annum. | ||||||||||||||||||
In connection with the original Term Loan in 2011, we entered into the 2011 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 2011 Swap) that fixed the underlying LIBOR rate on the Term Loan at 1.11% per annum for the first three years and matured on July 1, 2014. | ||||||||||||||||||
We have designated the 2014 Swap and 2011 Swap as cash flow hedges. 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 quarters ended March 31, 2015 and 2014. | ||||||||||||||||||
Amounts reported in accumulated other comprehensive loss on the Consolidated Balance Sheets related to derivatives are reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $1.4 million will be reclassified as an increase to interest expense. This estimate may be subject to change as the underlying LIBOR rate changes. | ||||||||||||||||||
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, 2015 and December 31, 2014 (amounts in thousands). | ||||||||||||||||||
Balance Sheet Location | March 31, | December 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||||
Interest Rate Swap | Accrued payroll and other operating expenses | $ | 1,238 | $ | 381 | |||||||||||||
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, 2015 and 2014 (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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Interest Rate Swap | $ | 1,292 | $ | 25 | Interest Expense | $ | 435 | $ | 470 | |||||||||
We determined that no adjustment was necessary for nonperformance risk on our derivative obligation. As of March 31, 2015, 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, 2015 | ||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||
Deferred Revenue - Entry Of Right To Use Contracts and Deferred Commission Expense | Deferred Revenue-entry of right-to-use contracts and Deferred Commission Expense | |||||||
Components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands): | ||||||||
Quarters Ended March 31, | ||||||||
2015 | 2014 | |||||||
Deferred revenue–upfront payments from right-to-use contracts, as of January 1, | $ | 74,174 | $ | 68,673 | ||||
Right-to-use contracts current period, gross | 2,797 | 3,081 | ||||||
Revenue recognized from right-to-use contract upfront payments | (2,024 | ) | (1,934 | ) | ||||
Right-to-use contract upfront payments, deferred, net | 773 | 1,147 | ||||||
Deferred revenue–upfront payments from right-to-use contracts, as of March 31, | $ | 74,947 | $ | 69,820 | ||||
Deferred commission expense, as of January 1, | $ | 28,589 | $ | 25,251 | ||||
Deferred commission expense | 1,142 | 1,239 | ||||||
Commission expense recognized | (829 | ) | (684 | ) | ||||
Net increase in deferred commission expense | 313 | 555 | ||||||
Deferred commission expense, as of March 31, | $ | 28,902 | $ | 25,806 | ||||
Equity_Incentive_Awards
Equity Incentive Awards | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Awards | Equity Incentive Awards |
Stock-based compensation expense, reported in “General and administrative” on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended March 31, 2015 and 2014 was approximately $1.7 million and $0.7 million, respectively. | |
Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by our Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Pursuant to the 2014 Plan, our officers, directors, employees and consultants may be awarded (i) shares of common stock (“Restricted Stock Grants”), (ii) options to acquire shares of common stock (“Options”), including non-qualified stock options and incentive stock options within the meaning of Section 422 of the Internal Revenue Code, and (iii) other forms of equity awards, subject to conditions and restrictions determined by the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors (the “Compensation Committee”). The Compensation Committee will determine the vesting schedule, if any, of each Restricted Stock Grant or Option and the term of each Option, which term shall not exceed ten years from the date of grant. Shares that do not vest are forfeited. Dividends paid on restricted stock are not returnable, even if the underlying stock does not entirely vest. A maximum of 3,750,000 shares of common stock are available for grant under the 2014 Plan. As of March 31, 2015, 3,438,234 shares remained available for grant. | |
Grants under the 2014 Plan are made by the Compensation Committee, which determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award. | |
Grants Issued | |
On February 2, 2015, we awarded Restricted Stock Grants for 78,000 shares of common stock at a fair market value of approximately $4.3 million to certain members of our senior management. These Restricted Stock Grants will vest on December 31, 2015. | |
On February 2, 2015, we awarded Restricted Stock Grants for 47,100 shares of common stock at a fair market value of approximately $2.6 million to certain members of the Board of Directors for services to be rendered in 2015. One-third of the shares of restricted common stock covered by these awards will vest on each of December 31, 2015, December 31, 2016, and December 31, 2017. | |
The fair market value of our restricted stock grants is recorded as compensation expense and paid in capital over the vesting period. |
LongTerm_Cash_Incentive_Plan
Long-Term Cash Incentive Plan | 3 Months Ended |
Mar. 31, 2015 | |
Cash incentive Program Disclosure [Abstract] | |
Long-Term Cash Incentive Plan | Long-Term Cash Incentive Plan |
On January 24, 2013, our Compensation 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 Compensation 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 Compensation 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 $5.1 million. As of March 31, 2015, we had accrued compensation expense of approximately $4.2 million for the 2013 LTIP, including approximately $0.4 million and $0.5 million in the quarters ended ended March 31, 2015 and 2014, respectively. | |
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 Compensation 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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies |
California Rent Control Litigation | |
As part of our effort to realize the value of our Properties subject to rent control, we 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 was 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 plaintiffs 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 the 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. A case management conference is scheduled for September 28, 2015 for purposes of setting a schedule and procedure for resolving the RV issue. | |
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. On October 6, 2014, we filed a motion for a new trial and a motion for partial judgment notwithstanding the jury’s verdict. On December 5, 2014, after briefing and a hearing on those motions, the trial court entered an order granting us a new trial on the issue of damages while upholding the jury's determination of liability. As grounds for the ruling, the court cited excessive damages and insufficiency of the evidence to support the verdict as to the amount of damages awarded by the jury. The Court's ruling overturned the April 2014 verdicts of $15.3 million in compensatory damages and $95.8 million in punitive damages. On January 28, 2015, we and the plaintiffs each served notices of appeal from the trial court's December 5, 2014, order. We intend to continue to vigorously defend ourselves in this litigation. | |
At March 31, 2015, 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. We anticipate a lengthy time period to achieve resolution of this case. | |
Monte del Lago | |
On February 13, 2015, a group of tenants at our Monte del Lago Property in Castroville, California filed a complaint in the California Superior Court for Monterey County, Case No. M131016, alleging that we have failed to properly maintain the Property and have improperly reduced the services provided to the tenants, among other allegations. We believe the allegations are without merit and intend to vigorously defend ourselves in the lawsuit. | |
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, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
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, 2015 or 2014. | ||||||||||||
The following tables summarize our segment financial information for the quarters ended March 31, 2015 and 2014 (amounts in thousands): | ||||||||||||
Quarter Ended March 31, 2015 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 194,689 | $ | 10,786 | $ | 205,475 | ||||||
Operations expenses | (87,280 | ) | (9,198 | ) | (96,478 | ) | ||||||
Income from segment operations | 107,409 | 1,588 | 108,997 | |||||||||
Interest income | 709 | 1,089 | 1,798 | |||||||||
Depreciation on real estate assets and rental homes | (25,356 | ) | (2,760 | ) | (28,116 | ) | ||||||
Amortization of in-place leases | (665 | ) | — | (665 | ) | |||||||
Income from operations | $ | 82,097 | $ | (83 | ) | 82,014 | ||||||
Reconciliation to Consolidated net income: | ||||||||||||
Corporate interest income | 22 | |||||||||||
Income from other investments, net | 1,119 | |||||||||||
General and administrative | (7,406 | ) | ||||||||||
Property rights initiatives | (553 | ) | ||||||||||
Early debt retirement | (16,991 | ) | ||||||||||
Interest and related amortization | (27,276 | ) | ||||||||||
Equity in income of unconsolidated joint ventures | 884 | |||||||||||
Consolidated net income | $ | 31,813 | ||||||||||
Total assets | $ | 3,207,091 | $ | 261,703 | $ | 3,468,794 | ||||||
Capital improvements | $ | 8,887 | $ | 7,373 | $ | 16,260 | ||||||
Quarter Ended March 31, 2014 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 183,217 | $ | 9,230 | $ | 192,447 | ||||||
Operations expenses | (83,821 | ) | (7,845 | ) | (91,666 | ) | ||||||
Income from segment operations | 99,396 | 1,385 | 100,781 | |||||||||
Interest income | 797 | 1,109 | 1,906 | |||||||||
Depreciation on real estate assets 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 | ||||||
The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2015 and 2014 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Revenues: | ||||||||||||
Community base rental income | $ | 109,270 | $ | 106,045 | ||||||||
Resort base rental income | 51,645 | 44,949 | ||||||||||
Right-to-use annual payments | 10,981 | 11,214 | ||||||||||
Right-to-use contracts current period, gross | 2,797 | 3,081 | ||||||||||
Right-to-use contract upfront payments, deferred, net | (773 | ) | (1,147 | ) | ||||||||
Utility and other income | 19,082 | 17,571 | ||||||||||
Ancillary services revenues, net | 1,687 | 1,504 | ||||||||||
Total property operations revenues | 194,689 | 183,217 | ||||||||||
Expenses: | ||||||||||||
Property operating and maintenance | 61,117 | 58,696 | ||||||||||
Real estate taxes | 12,594 | 12,485 | ||||||||||
Sales and marketing, gross | 2,522 | 2,563 | ||||||||||
Right-to-use contract commissions, deferred, net | (243 | ) | (555 | ) | ||||||||
Property management | 11,290 | 10,632 | ||||||||||
Total property operations expenses | 87,280 | 83,821 | ||||||||||
Income from property operations segment | $ | 107,409 | $ | 99,396 | ||||||||
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2015 and 2014 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Revenues: | ||||||||||||
Gross revenue from home sales | $ | 6,937 | $ | 5,178 | ||||||||
Brokered resale revenues, net | 295 | 295 | ||||||||||
Rental home income (a) | 3,554 | 3,757 | ||||||||||
Total revenues | 10,786 | 9,230 | ||||||||||
Expenses: | ||||||||||||
Cost of home sales | 6,724 | 5,368 | ||||||||||
Home selling expenses | 805 | 569 | ||||||||||
Rental home operating and maintenance | 1,669 | 1,908 | ||||||||||
Total expenses | 9,198 | 7,845 | ||||||||||
Income from home sales and rentals operations segment | $ | 1,588 | $ | 1,385 | ||||||||
______________________ | ||||||||||||
(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, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
These unaudited Consolidated Financial Statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in the 2014 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2014 Form 10-K and present interim disclosures as required by the SEC. The accompanying Consolidated Financial Statements reflect, in the opinion of management, all adjustments and estimates necessary for a fair presentation of the interim financial statements, which are of a normal, recurring nature. Revenues are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. | |
Basis of Consolidation | 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. | |
Identified Intangibles and Goodwill | Identified Intangibles and Goodwill |
As of March 31, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, 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 $2.3 million and $2.2 million as of March 31, 2015 and December 31, 2014, respectively. For each of the quarters ended March 31, 2015 and 2014, amortization expense for the identified intangible assets was approximately $0.1 million. | |
Restricted Cash | Restricted Cash |
Cash as of March 31, 2015 and December 31, 2014, included approximately $5.0 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 carrying value of approximately $2.2 billion as of March 31, 2015 and December 31, 2014, and a fair value of approximately $2.4 billion and $2.3 billion as of March 31, 2015 and December 31, 2014, respectively. The fair value is measured using quoted prices and observable inputs from similar liabilities (Level 2). At March 31, 2015 and December 31, 2014, 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, accounts receivable, accounts payable, other accrued expenses and interest rate swaps 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 $30.8 million and $29.8 million at March 31, 2015 and December 31, 2014, respectively. | |
Reclassifications | Reclassifications |
Certain 2014 amounts have been reclassified to conform to the 2015 presentation. These reclassifications had no material effect on our Consolidated Balance Sheets or Consolidated Statements of Income and Comprehensive Income. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact, if any, the adoption of this standard will have on our consolidated financial statements. | |
In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively, with early adoption permitted. We are currently evaluating the impact, if any, of the adoption of ASU 2015-02 on our consolidated financial statements. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table sets forth the computation of the basic and diluted earnings per common share for the quarters ended March 31, 2015 and 2014 (amounts in thousands, except per share data): | |||||||
Quarters Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerators: | ||||||||
Net Income Available for Common Shares: | ||||||||
Net income available for Common Shares – basic | $ | 27,185 | $ | 38,099 | ||||
Amounts allocated to dilutive securities | 2,331 | 3,481 | ||||||
Net income available for Common Shares – fully diluted | $ | 29,516 | $ | 41,580 | ||||
Denominator: | ||||||||
Weighted average Common Shares outstanding – basic | 83,961 | 83,116 | ||||||
Effect of dilutive securities: | ||||||||
Redemption of Common OP Units for Common Shares | 7,225 | 7,635 | ||||||
Stock options and restricted shares | 591 | 602 | ||||||
Weighted average Common Shares outstanding – fully diluted | 91,777 | 91,353 | ||||||
Earnings per Common Share – Basic: | ||||||||
Net income available for Common Shares | $ | 0.32 | $ | 0.46 | ||||
Earnings per Common Share – Fully Diluted: | ||||||||
Net income available for Common Shares | $ | 0.32 | $ | 0.46 | ||||
Investment_in_Real_Estate_Sche
Investment in Real Estate Schedule of Identified Assets Acquired and Liabilities Assumed (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended ended March 31, 2015 and year ended December 31, 2014, which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands): | |||||||
Quarter Ended March 31, 2015 | Year Ended December 31, 2014 | |||||||
Assets acquired | ||||||||
Land | $ | 3,623 | $ | 66,390 | ||||
Buildings and other depreciable property | 8,002 | 52,329 | ||||||
Manufactured homes | 53 | 1,086 | ||||||
In-place leases | 622 | 2,561 | ||||||
Net investment in real estate | 12,300 | 122,366 | ||||||
Other assets | 4 | 1,197 | ||||||
Total Assets acquired | $ | 12,304 | $ | 123,563 | ||||
Liabilities assumed | ||||||||
Mortgage notes payable | $ | — | $ | 34,559 | ||||
Other liabilities | 109 | 6,712 | ||||||
Total Liabilities assumed | $ | 109 | $ | 41,271 | ||||
Net assets acquired | $ | 12,195 | $ | 82,292 | ||||
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||
Schedule of Equity Method Investments | 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, 2015 and December 31, 2014, respectively): | ||||||||||||||||||||||||
Investment as of | JV Income (loss) for the | ||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||
Investment | Location | Number of | Economic | March 31, | December 31, | March 31, | March 31, | ||||||||||||||||||
Sites | Interest (a) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Meadows | Various (2,2) | 1,077 | 50 | % | $ | 73 | $ | — | $ | 273 | $ | 277 | |||||||||||||
Lakeshore | Florida (2,2) | 342 | 65 | % | 51 | 9 | 96 | 1,179 | |||||||||||||||||
Voyager | Arizona (1,1) | 1,706 | 50 | % | (b) | 7,400 | 7,201 | 452 | 438 | ||||||||||||||||
ECHO JV | Various | — | 50 | % | 10,365 | 6,302 | 63 | (7 | ) | ||||||||||||||||
3,125 | $ | 17,889 | $ | 13,512 | $ | 884 | $ | 1,887 | |||||||||||||||||
_____________________ | |||||||||||||||||||||||||
(a) | The percentages shown approximate our economic interest as of March 31, 2015. 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 plant servicing the Property. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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, 2015 and December 31, 2014 (amounts in thousands). | |||||||||||||||||
Balance Sheet Location | March 31, | December 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||||
Interest Rate Swap | Accrued payroll and other operating expenses | $ | 1,238 | $ | 381 | |||||||||||||
Derivative Instruments, Gain (Loss) | 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, 2015 and 2014 (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, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Interest Rate Swap | $ | 1,292 | $ | 25 | Interest Expense | $ | 435 | $ | 470 | |||||||||
Deferred_RevenueRighttouse_con1
Deferred Revenue-Right-to-use contracts and Deferred commission expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||
Deferred Revenue, by Arrangement, Disclosure | Components of the change in deferred revenue-entry of right-to-use contracts and deferred commission expense are as follows (amounts in thousands): | |||||||
Quarters Ended March 31, | ||||||||
2015 | 2014 | |||||||
Deferred revenue–upfront payments from right-to-use contracts, as of January 1, | $ | 74,174 | $ | 68,673 | ||||
Right-to-use contracts current period, gross | 2,797 | 3,081 | ||||||
Revenue recognized from right-to-use contract upfront payments | (2,024 | ) | (1,934 | ) | ||||
Right-to-use contract upfront payments, deferred, net | 773 | 1,147 | ||||||
Deferred revenue–upfront payments from right-to-use contracts, as of March 31, | $ | 74,947 | $ | 69,820 | ||||
Deferred commission expense, as of January 1, | $ | 28,589 | $ | 25,251 | ||||
Deferred commission expense | 1,142 | 1,239 | ||||||
Commission expense recognized | (829 | ) | (684 | ) | ||||
Net increase in deferred commission expense | 313 | 555 | ||||||
Deferred commission expense, as of March 31, | $ | 28,902 | $ | 25,806 | ||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables summarize our segment financial information for the quarters ended March 31, 2015 and 2014 (amounts in thousands): | |||||||||||
Quarter Ended March 31, 2015 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 194,689 | $ | 10,786 | $ | 205,475 | ||||||
Operations expenses | (87,280 | ) | (9,198 | ) | (96,478 | ) | ||||||
Income from segment operations | 107,409 | 1,588 | 108,997 | |||||||||
Interest income | 709 | 1,089 | 1,798 | |||||||||
Depreciation on real estate assets and rental homes | (25,356 | ) | (2,760 | ) | (28,116 | ) | ||||||
Amortization of in-place leases | (665 | ) | — | (665 | ) | |||||||
Income from operations | $ | 82,097 | $ | (83 | ) | 82,014 | ||||||
Reconciliation to Consolidated net income: | ||||||||||||
Corporate interest income | 22 | |||||||||||
Income from other investments, net | 1,119 | |||||||||||
General and administrative | (7,406 | ) | ||||||||||
Property rights initiatives | (553 | ) | ||||||||||
Early debt retirement | (16,991 | ) | ||||||||||
Interest and related amortization | (27,276 | ) | ||||||||||
Equity in income of unconsolidated joint ventures | 884 | |||||||||||
Consolidated net income | $ | 31,813 | ||||||||||
Total assets | $ | 3,207,091 | $ | 261,703 | $ | 3,468,794 | ||||||
Capital improvements | $ | 8,887 | $ | 7,373 | $ | 16,260 | ||||||
Quarter Ended March 31, 2014 | ||||||||||||
Property | Home Sales | Consolidated | ||||||||||
Operations | and Rentals | |||||||||||
Operations | ||||||||||||
Operations revenues | $ | 183,217 | $ | 9,230 | $ | 192,447 | ||||||
Operations expenses | (83,821 | ) | (7,845 | ) | (91,666 | ) | ||||||
Income from segment operations | 99,396 | 1,385 | 100,781 | |||||||||
Interest income | 797 | 1,109 | 1,906 | |||||||||
Depreciation on real estate assets 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 | ||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2015 and 2014 (amounts in thousands): | |||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Revenues: | ||||||||||||
Community base rental income | $ | 109,270 | $ | 106,045 | ||||||||
Resort base rental income | 51,645 | 44,949 | ||||||||||
Right-to-use annual payments | 10,981 | 11,214 | ||||||||||
Right-to-use contracts current period, gross | 2,797 | 3,081 | ||||||||||
Right-to-use contract upfront payments, deferred, net | (773 | ) | (1,147 | ) | ||||||||
Utility and other income | 19,082 | 17,571 | ||||||||||
Ancillary services revenues, net | 1,687 | 1,504 | ||||||||||
Total property operations revenues | 194,689 | 183,217 | ||||||||||
Expenses: | ||||||||||||
Property operating and maintenance | 61,117 | 58,696 | ||||||||||
Real estate taxes | 12,594 | 12,485 | ||||||||||
Sales and marketing, gross | 2,522 | 2,563 | ||||||||||
Right-to-use contract commissions, deferred, net | (243 | ) | (555 | ) | ||||||||
Property management | 11,290 | 10,632 | ||||||||||
Total property operations expenses | 87,280 | 83,821 | ||||||||||
Income from property operations segment | $ | 107,409 | $ | 99,396 | ||||||||
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2015 and 2014 (amounts in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
March 31, | March 31, | |||||||||||
2015 | 2014 | |||||||||||
Revenues: | ||||||||||||
Gross revenue from home sales | $ | 6,937 | $ | 5,178 | ||||||||
Brokered resale revenues, net | 295 | 295 | ||||||||||
Rental home income (a) | 3,554 | 3,757 | ||||||||||
Total revenues | 10,786 | 9,230 | ||||||||||
Expenses: | ||||||||||||
Cost of home sales | 6,724 | 5,368 | ||||||||||
Home selling expenses | 805 | 569 | ||||||||||
Rental home operating and maintenance | 1,669 | 1,908 | ||||||||||
Total expenses | 9,198 | 7,845 | ||||||||||
Income from home sales and rentals operations segment | $ | 1,588 | $ | 1,385 | ||||||||
______________________ | ||||||||||||
(a) | Segment information does not include Site rental income included in Community base rental income. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
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 | 2,300,000 | 2,200,000 | |
Amortization of in-place leases | 665,000 | 1,315,000 | |
Cash and cash equivalents, restricted cash | 5,000,000 | 5,000,000 | |
Debt, secured and unsecured | 2,200,000,000 | 2,200,000,000 | |
Accumulated amortization for deferred financing costs | 30,800,000 | 29,800,000 | |
Fair Value, Inputs, Level 2 | |||
Significant Accounting Policies [Line Items] | |||
Mortgage notes payable fair value | 2,400,000,000 | 2,300,000,000 | |
Identified Intangible Assets | |||
Significant Accounting Policies [Line Items] | |||
Amortization of in-place leases | $100,000 | $100,000 |
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, 2015 | Mar. 31, 2014 |
Numerators: | ||
Net income available for Common Shares – basic | $27,185 | $38,099 |
Amounts allocated to dilutive securities | 2,331 | 3,481 |
Net income available for Common Shares – fully diluted | $29,516 | $41,580 |
Weighted average Common Shares outstanding – basic (shares) | 83,961 | 83,116 |
Effect of dilutive securities: | ||
Redemption of Common OP Units for Common Shares (shares) | 7,225 | 7,635 |
Stock options and restricted shares (shares) | 591 | 602 |
Weighted average Common Shares outstanding – fully diluted (shares) | 91,777 | 91,353 |
Earnings per Common Share – Basic: | ||
Net income available for Common Shares (usd per share) | $0.32 | $0.46 |
Earnings Per Share, Diluted [Abstract] | ||
Net income available for Common Shares (usd per share) | $0.32 | $0.46 |
Common_Stock_and_Other_Equity_1
Common Stock and Other Equity Related Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2015 | Apr. 10, 2015 | |
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | ||
Class of Stock [Line Items] | ||
Date to be paid | 31-Mar-15 | |
Preferred stock dividends paid (usd per share) | $0.42 | |
Date of record | 20-Mar-15 | |
Subsequent Event | Common Stock | ||
Class of Stock [Line Items] | ||
Date to be paid | 10-Apr-15 | |
Date of record | 27-Mar-15 | |
Common Stock dividends paid (usd per share) | $0.38 |
Investment_in_Real_Estate_Addi
Investment in Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 10, 2014 | Feb. 09, 2015 | Dec. 31, 2014 |
Property | integer | |||
site | ||||
Real Estate Properties [Line Items] | ||||
Escrow share distribution | 51,290 | |||
Purchase Price Allocation Adjustments | ||||
Real Estate Properties [Line Items] | ||||
Asset acquisition price adjustments period | 1 year | |||
Bogue Pines & Whispering Pines | ||||
Real Estate Properties [Line Items] | ||||
Number Of Properties Acquired | 2 | |||
Business Acquisition, Purchase Price | $12.30 | |||
R V Resort | ||||
Real Estate Properties [Line Items] | ||||
Number Of Properties Acquired | 7 | |||
Number Of Acquired Sites | 3,868 | |||
Business Acquisition, Purchase Price | 85.7 | |||
R V Resort | Whispering Pines - North Carolina | ||||
Real Estate Properties [Line Items] | ||||
Number Of Acquired Sites | 278 | |||
Manufactured homes | Bogue Pines | ||||
Real Estate Properties [Line Items] | ||||
Number Of Acquired Sites | 150 | |||
Manufactured homes | Colony Cove | ||||
Real Estate Properties [Line Items] | ||||
Business Acquisition, Purchase Price | 35.9 | |||
New Credit Facilities | R V Resort | ||||
Real Estate Properties [Line Items] | ||||
Mortgage debt assumed | 32.3 | |||
Unamortized discount (premium) | $2.30 |
Investment_in_Real_Estate_Real
Investment in Real Estate- Real Estate Acquired (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Assets acquired | $12,300 | $122,366 |
Other assets | 4 | 1,197 |
Total Assets acquired | 12,304 | 123,563 |
Mortgage notes payable | 0 | 34,559 |
Other liabilities | 109 | 6,712 |
Total Liabilities assumed | 109 | 41,271 |
Net assets acquired | 12,195 | 82,292 |
Land | ||
Business Acquisition [Line Items] | ||
Assets acquired | 3,623 | 66,390 |
Buildings and other depreciable property | ||
Business Acquisition [Line Items] | ||
Assets acquired | 8,002 | 52,329 |
Manufactured homes | ||
Business Acquisition [Line Items] | ||
Assets acquired | 53 | 1,086 |
In-place leases | ||
Business Acquisition [Line Items] | ||
Assets acquired | $622 | $2,561 |
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 12, 2015 | Dec. 31, 2014 | |
site | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Adjustment depreciation | $200,000 | $200,000 | ||
Distributions of income from unconsolidated joint ventures | 443,000 | 1,312,000 | ||
Distributions, including those in excess of basis | 1,400,000 | |||
Distribution in excess of basis | 1,100,000 | |||
Number Of Joint Venture Sites | 3,125 | |||
Investment in unconsolidated joint ventures | 17,889,000 | 13,512,000 | ||
Equity in income of unconsolidated joint ventures | 884,000 | 1,887,000 | ||
Other Regions | Meadows Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number Of Joint Venture Sites | 1,077 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investment in unconsolidated joint ventures | 73,000 | 0 | ||
Equity in income of unconsolidated joint ventures | 273,000 | 277,000 | ||
Other Regions | ECHO Financing | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Additional Investments in Joint Ventures | 4,000,000 | |||
Number Of Joint Venture Sites | 0 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investment in unconsolidated joint ventures | 10,365,000 | 6,302,000 | ||
Equity in income of unconsolidated joint ventures | 63,000 | -7,000 | ||
Florida | Lakeshore Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number Of Joint Venture Sites | 342 | |||
Equity Method Investment, Ownership Percentage | 65.00% | |||
Investment in unconsolidated joint ventures | 51,000 | 9,000 | ||
Equity in income of unconsolidated joint ventures | 96,000 | 1,179,000 | ||
Arizona | Voyager Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number Of Joint Venture Sites | 1,706 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investment in unconsolidated joint ventures | 7,400,000 | 7,201,000 | ||
Equity in income of unconsolidated joint ventures | $452,000 | $438,000 | ||
Recreational Vehicle Resort | Voyager Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Servicing Assets | Voyager Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 33.00% |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | $18.50 | $18.90 |
Contract receivables | 17.8 | 18.2 |
Chattel Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, stated interest yield per annum | 7.80% | |
Notes receivable yield rate | 21.90% | |
Weighted average remaining amortization period | 11 years | |
Notes receivable, allowance | 0.3 | 0.4 |
Contract Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted average remaining amortization period | 4 years | |
Provision for uncollectible receivable | $0.40 | $0.60 |
Contracts Receivable, yield interest at a stated per annum average | 16.00% |
Borrowing_Arrangements_Additio
Borrowing Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 02, 2015 | Apr. 08, 2015 | Dec. 31, 2014 | Mar. 25, 2015 | Jan. 16, 2015 | |
Rate | integer | Property | Property | ||||
Property | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage notes payable | $2,011,738,000 | $2,012,246,000 | |||||
Weighted average interest rate | 5.10% | ||||||
Stated interest rate, minimum | 3.45% | ||||||
Stated interest rate, maximum | 8.87% | ||||||
Number of pledged properties | 130 | 137 | |||||
Pledged assets, not separately reported | 2,269,000,000 | 2,382,000,000 | |||||
New mortgage notes payable financing proceeds | 395,323,000 | 0 | |||||
Payments of debt extinguishment costs | 17,000,000 | ||||||
Unsecured debt | 200,000,000 | 200,000,000 | |||||
Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 5.58% | ||||||
Number of pledged properties | 32 | ||||||
Repayments of long-term debt | 370,200,000 | ||||||
Maximum borrowing capacity | 380,000,000 | ||||||
Expiration date | 15-Sep-16 | ||||||
Line of credit facility potential term extension period | 1 year | ||||||
New Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 3.93% | ||||||
Number of pledged properties | 26 | ||||||
New mortgage notes payable financing proceeds | 395,300,000 | ||||||
Debt instrument, term | 21 years | ||||||
Amended Line Of Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 400,000,000 | ||||||
Additional borrowing capacity | 100,000,000 | ||||||
Expiration date | 17-Jul-18 | ||||||
Commitment fee amount | 3,500,000 | ||||||
Line of credit facility potential term extension period | 1 year | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument maturity year | 2015 | ||||||
Minimum | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument maturity year | 2015 | ||||||
Variable rate in addition to LIBOR rate | 1.40% | ||||||
Interest rate during period | 0.25% | ||||||
Minimum | Amended Line Of Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate in addition to LIBOR rate | 1.20% | ||||||
Interest rate during period | 0.20% | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument maturity year | 2040 | ||||||
Maximum | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument maturity year | 2016 | ||||||
Variable rate in addition to LIBOR rate | 2.00% | ||||||
Interest rate during period | 0.40% | ||||||
Maximum | Amended Line Of Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate in addition to LIBOR rate | 1.65% | ||||||
Interest rate during period | 0.35% | ||||||
Term Loans | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | 200,000,000 | ||||||
Maturity date | 30-Jun-17 | ||||||
Maturity years | 3 years | ||||||
Start date to repay debt without penalty on prepayment | 1-Jul-14 | ||||||
Maturity date | 1-Jul-14 | ||||||
Term Loans | New Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | 200,000,000 | ||||||
Maturity date | 10-Jan-20 | ||||||
Maturity years | 3 years | ||||||
Term Loans | Minimum | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate in addition to LIBOR rate | 1.85% | ||||||
Term Loans | Minimum | New Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate in addition to LIBOR rate | 1.35% | ||||||
Term Loans | Maximum | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate in addition to LIBOR rate | 2.80% | ||||||
Term Loans | Maximum | New Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate in addition to LIBOR rate | 1.95% | ||||||
Manufactured homes | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of long-term debt | 13,300,000 | ||||||
Number of loans | 1 | ||||||
Stated interest rate | 5.20% | ||||||
Subsequent Event | R V Resort | Old Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Number of pledged properties | 3 | ||||||
Repayments of long-term debt | $35,400,000 | ||||||
Stated interest rate | 5.93% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Rate | |||
Derivative [Line Items] | |||
Gain reclassified from accumulated OCI into income, net | $1.40 | ||
2014 Swap | Term Loans | |||
Derivative [Line Items] | |||
Fixed interest rate | 1.04% | ||
Maturity date | 1-Aug-17 | ||
Basis spread on variable rate | 1.35% | ||
Interest rate at period end | 2.39% | ||
2011 Swap | Term Loans | |||
Derivative [Line Items] | |||
Fixed interest rate | 1.11% | ||
Maturity years | 3 years | ||
Maturity date | 1-Jul-14 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities-Interest Rate Swaps (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Derivative [Line Items] | |||
Amount of loss recognized in OCI on derivative (effective portion) | $1,292 | $25 | |
Accrued payroll and other operating expenses | |||
Derivative [Line Items] | |||
Interest rate derivative at fair value | 1,238 | 381 | |
Cash Flow Hedging | Interest Expense | Interest Rate Swap | |||
Derivative [Line Items] | |||
Amount of loss reclassified from accumulated OCI into income (effective portion) | $435 | $470 |
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, 2015 | Mar. 31, 2014 |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue - right-to-use contracts, as of January 1 | $74,174 | $68,673 |
Right-to-use contracts current period, gross | 2,797 | 3,081 |
Revenue recognized from right-to-use contract upfront payments | -2,024 | -1,934 |
Right-to-use contract upfront payments, deferred, net | 773 | 1,147 |
Deferred revenue - right-to-use contracts, as of June 30 | 74,947 | 69,820 |
Movement in Deferred Costs [Roll Forward] | ||
Deferred commission expense, as of January 1 | 28,589 | 25,251 |
Deferred commission expense | 1,142 | 1,239 |
Commission expense recognized | -829 | -684 |
Net increase in deferred commission expense | 313 | 555 |
Deferred commission expense, as of June 30 | $28,902 | $25,806 |
Equity_Incentive_Awards_Additi
Equity Incentive Awards - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $1,716,000 | $733,000 | |
Number of shares available for grant | 3,438,234 | ||
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights | Full | ||
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights | One-third | ||
Restricted Stock | Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options, grants in period | 78,000 | ||
Fair value of shares issued | 4,300,000 | ||
Equity instruments other than options vesting date | 31-Dec-15 | ||
Restricted Stock | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options, grants in period | 47,100 | ||
Fair value of shares issued | 2,600,000 | ||
Restricted Stock | Director | Phase One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options vesting date | 31-Dec-15 | ||
Restricted Stock | Director | Phase Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options vesting date | 31-Dec-16 | ||
Restricted Stock | Director | Phase Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options vesting date | 31-Dec-17 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for issuance | 3,750,000 |
LongTerm_Cash_Incentive_Plan_A
Long-Term Cash Incentive Plan - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Long term incentive plan compensation | $360,000 | $475,000 |
Long Term Incentive Plan 2013 | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Estimated payments for employee long term incentive plan | 5,100,000 | |
Deferred compensation cash-based arrangements, liability, current and noncurrent | $4,200,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Jul. 10, 2013 | Dec. 31, 2013 | Apr. 17, 2013 | Aug. 30, 2013 | Sep. 26, 2013 | Dec. 31, 2010 | Dec. 14, 2011 | Apr. 15, 2014 | Jun. 30, 2009 | Jun. 10, 2009 | Dec. 04, 2014 | |
integer | |||||||||||
San Rafael | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Damages paid | $1,270,000 | $1,400,000 | |||||||||
San Rafael | Attorney Fees | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Damages sought | 1,250,000 | ||||||||||
Damages paid | 80,000 | ||||||||||
City of Santee | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
One-time rent increase | 2.50% | ||||||||||
Annual rent increase, percentage of CPI | 100.00% | ||||||||||
Rent increase upon turnover of site | 10.00% | ||||||||||
Annual rent increase, percentage of CPI, prior to settlement | 70.00% | ||||||||||
Colony Park | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency damages sought by plaintiff | 6,800,000 | ||||||||||
Number of claims settled | 6 | ||||||||||
Number of plaintiffs | 72 | ||||||||||
Number of dismissed claims | 66 | ||||||||||
Number of claims dismissed and not appealed | 3 | ||||||||||
Colony Park | Maximum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Jury imposed compensatory damages | 44,000 | ||||||||||
Colony Park | Attorney Fees | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Compensatory damages sought | 2,000,000 | ||||||||||
Compensatory Damages | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Damages awarded | 15,300,000 | ||||||||||
Damages sought but overturned | 15,300,000 | ||||||||||
Punitive Damages | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Damages awarded | 95,800,000 | ||||||||||
Damages sought but overturned | 95,800,000 | ||||||||||
Settled Litigation | Attorney Fees | California Rent Control Litigation | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Damages sought | $2,100,000 | ||||||||||
Rent control ordinance expiration period | 10 years |
Reportable_Segments_Additional
Reportable Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reportable_Segments_Consolidat
Reportable Segments- Consolidated Net Income (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Operations revenues | $205,475 | $192,447 | |
Operations expenses | -96,478 | -91,666 | |
Income from segment operations | 108,997 | 100,781 | |
Interest income | 1,798 | 1,906 | |
Depreciation on real estate assets and rental homes | -28,116 | -27,642 | |
Amortization of in-place leases | -665 | -1,315 | |
Income from operations | 82,014 | 73,730 | |
Reconciliation to Consolidated net income: | |||
Corporate interest income | 22 | 791 | |
Income from other investments, net | 1,119 | 1,601 | |
General and administrative | -7,406 | -5,760 | |
Property rights initiatives | -553 | -311 | |
Early debt retirement | -16,991 | 0 | |
Interest and related amortization | -27,276 | -28,048 | |
Equity in income of unconsolidated joint ventures | 884 | 1,887 | |
Consolidated net income | 31,813 | 43,890 | |
Total assets | 3,468,794 | 3,410,562 | 3,446,339 |
Capital improvements | 16,260 | 10,000 | |
Property Operations | |||
Segment Reporting Information [Line Items] | |||
Operations revenues | 194,689 | 183,217 | |
Operations expenses | -87,280 | -83,821 | |
Income from segment operations | 107,409 | 99,396 | |
Interest income | 709 | 797 | |
Depreciation on real estate assets and rental homes | -25,356 | -24,858 | |
Amortization of in-place leases | -665 | -1,315 | |
Income from operations | 82,097 | 74,020 | |
Reconciliation to Consolidated net income: | |||
Total assets | 3,207,091 | 3,118,684 | |
Capital improvements | 8,887 | 4,994 | |
Home Sales and Rentals Operations | |||
Segment Reporting Information [Line Items] | |||
Operations revenues | 10,786 | 9,230 | |
Operations expenses | -9,198 | -7,845 | |
Income from segment operations | 1,588 | 1,385 | |
Interest income | 1,089 | 1,109 | |
Depreciation on real estate assets and rental homes | -2,760 | -2,784 | |
Amortization of in-place leases | 0 | 0 | |
Income from operations | -83 | -290 | |
Reconciliation to Consolidated net income: | |||
Total assets | 261,703 | 291,878 | |
Capital improvements | $7,373 | $5,006 |
Reportable_Segments_Income_fro
Reportable Segments- Income from Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Community base rental income | $109,270 | $106,045 |
Resort base rental income | 51,645 | 44,949 |
Right-to-use annual payments | 10,981 | 11,214 |
Right-to-use contracts current period, gross | 2,797 | 3,081 |
Right-to-use contract upfront payments, deferred, net | -773 | -1,147 |
Utility and other income | 19,082 | 17,571 |
Gross revenue from home sales | 6,937 | 5,178 |
Brokered resale revenues and ancillary services revenues, net | 1,982 | 1,799 |
Rental home income | 3,554 | 3,757 |
Total revenues | 208,414 | 196,745 |
Expenses: | ||
Property operating and maintenance | 61,117 | 58,696 |
Real estate taxes | 12,594 | 12,485 |
Sales and marketing, gross | 2,522 | 2,563 |
Right-to-use contract commissions, deferred, net | -243 | -555 |
Property management | 11,290 | 10,632 |
Cost of home sales | 6,724 | 5,368 |
Home selling expenses | 805 | 569 |
Rental home operating and maintenance | 1,669 | 1,908 |
Total expenses | 177,485 | 154,742 |
Income from property operations segment | 30,929 | 42,003 |
Property Operations | ||
Revenues: | ||
Community base rental income | 109,270 | 106,045 |
Resort base rental income | 51,645 | 44,949 |
Right-to-use annual payments | 10,981 | 11,214 |
Right-to-use contracts current period, gross | 2,797 | 3,081 |
Right-to-use contract upfront payments, deferred, net | -773 | -1,147 |
Utility and other income | 19,082 | 17,571 |
Ancillary services revenues, net | 1,687 | 1,504 |
Total revenues | 194,689 | 183,217 |
Expenses: | ||
Property operating and maintenance | 61,117 | 58,696 |
Real estate taxes | 12,594 | 12,485 |
Sales and marketing, gross | 2,522 | 2,563 |
Right-to-use contract commissions, deferred, net | -243 | -555 |
Property management | 11,290 | 10,632 |
Total expenses | 87,280 | 83,821 |
Income from property operations segment | 107,409 | 99,396 |
Home Sales and Rentals Operations | ||
Revenues: | ||
Gross revenue from home sales | 6,937 | 5,178 |
Brokered resale revenues and ancillary services revenues, net | 295 | 295 |
Rental home income | 3,554 | 3,757 |
Total revenues | 10,786 | 9,230 |
Expenses: | ||
Cost of home sales | 6,724 | 5,368 |
Home selling expenses | 805 | 569 |
Rental home operating and maintenance | 1,669 | 1,908 |
Total expenses | 9,198 | 7,845 |
Income from property operations segment | $1,588 | $1,385 |