Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 24, 2017 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ELS | |
Entity Registrant Name | EQUITY LIFESTYLE PROPERTIES INC | |
Entity Central Index Key | 895,417 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 87,005,128 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investment in real estate: | ||
Land | $ 1,167,510 | $ 1,163,987 |
Land improvements | 2,922,201 | 2,893,759 |
Buildings and other depreciable property | 641,931 | 627,590 |
Investment in real estate | 4,731,642 | 4,685,336 |
Accumulated depreciation | (1,459,931) | (1,399,531) |
Net investment in real estate | 3,271,711 | 3,285,805 |
Cash | 67,740 | 56,340 |
Notes receivable, net | 48,253 | 34,520 |
Investment in unconsolidated joint ventures | 21,766 | 19,369 |
Deferred commission expense | 31,453 | 31,375 |
Escrow deposits, goodwill, and other assets, net | 44,435 | 51,578 |
Total Assets | 3,485,358 | 3,478,987 |
Liabilities: | ||
Mortgage notes payable, net | 1,855,028 | 1,891,900 |
Term loan | 199,483 | 199,379 |
Unsecured lines of credit | 0 | 0 |
Accrued expenses and accounts payable | 93,451 | 89,864 |
Deferred revenue – upfront payments from right-to-use contracts | 83,580 | 81,484 |
Deferred revenue – right-to-use annual payments | 12,559 | 9,817 |
Accrued interest payable | 8,044 | 8,379 |
Rents and other customer payments received in advance and security deposits | 88,543 | 76,906 |
Distributions payable | 45,259 | 39,411 |
Total Liabilities | 2,385,947 | 2,397,140 |
Stockholders’ Equity: | ||
Preferred stock value | 0 | 0 |
Common stock, $0.01 par value | 868 | 854 |
Paid-in capital | 1,121,307 | 1,103,048 |
Distributions in excess of accumulated earnings | (219,641) | (231,276) |
Accumulated other comprehensive loss/(income) | 30 | (227) |
Total Stockholders’ Equity | 1,038,708 | 1,008,543 |
Non-controlling interests – Common OP Units | 60,703 | 73,304 |
Total Equity | 1,099,411 | 1,081,847 |
Total Liabilities and Equity | 3,485,358 | 3,478,987 |
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) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share (usd per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 9,945,539 | 9,945,539 |
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 | 87,004,507 | 85,529,386 |
Common Stock, Shares, Outstanding | 87,004,507 | 85,529,386 |
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 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Community base rental income | $ 121,964 | $ 115,385 | $ 242,656 | $ 229,461 |
Rental home income | 3,632 | 3,543 | 7,237 | 7,088 |
Resort base rental income | 50,055 | 44,732 | 111,123 | 100,166 |
Right-to-use annual payments | 11,350 | 11,187 | 22,602 | 22,241 |
Right-to-use contracts current period, gross | 3,798 | 3,086 | 7,004 | 5,618 |
Right-to-use contract upfront payments, deferred, net | (1,321) | (798) | (2,096) | (1,100) |
Utility and other income | 20,650 | 19,523 | 42,776 | 40,316 |
Gross revenues from home sales | 7,833 | 9,130 | 14,860 | 17,344 |
Brokered resale revenues and ancillary services revenues, net | 444 | 398 | 2,105 | 1,816 |
Interest income | 1,798 | 1,625 | 3,568 | 3,285 |
Income from other investments, net | 1,109 | 2,270 | 1,866 | 3,993 |
Total revenues | 221,312 | 210,081 | 453,701 | 430,228 |
Expenses: | ||||
Property operating and maintenance | 72,901 | 66,647 | 140,955 | 129,601 |
Rental home operating and maintenance | 1,657 | 1,581 | 3,208 | 3,106 |
Real estate taxes | 13,943 | 12,869 | 27,980 | 26,067 |
Sales and marketing, gross | 2,894 | 2,931 | 5,584 | 5,424 |
Right-to-use contract commissions, deferred, net | (112) | (116) | (196) | (12) |
Property management | 13,023 | 12,044 | 25,583 | 23,807 |
Depreciation on real estate assets and rental homes | 30,247 | 29,029 | 60,357 | 57,684 |
Amortization of in-place leases | 958 | 428 | 1,990 | 763 |
Cost of home sales | 7,895 | 9,481 | 15,014 | 17,762 |
Home selling expenses | 929 | 805 | 1,854 | 1,639 |
General and administrative | 8,461 | 8,255 | 15,834 | 15,663 |
Property rights initiatives and other, net | 271 | 527 | 490 | 1,181 |
Interest and related amortization | 24,822 | 25,561 | 49,701 | 51,195 |
Total expenses | 177,889 | 170,042 | 348,354 | 333,880 |
Income before equity in income of unconsolidated joint ventures | 43,423 | 40,039 | 105,347 | 96,348 |
Equity in income of unconsolidated joint ventures | 1,040 | 765 | 2,190 | 1,646 |
Consolidated net income | 44,463 | 40,804 | 107,537 | 97,994 |
Income allocated to non-controlling interests – Common OP Units | (2,649) | (2,998) | (6,539) | (7,308) |
Net income available for Common Stockholders | 39,498 | 35,490 | 96,385 | 86,073 |
Other comprehensive income (loss) (“OCI”): | ||||
Adjustment for fair market value of swap | 30 | (36) | 257 | (644) |
Consolidated comprehensive income | 44,493 | 40,768 | 107,794 | 97,350 |
Comprehensive income attributable to Common Stockholders | $ 39,526 | $ 35,457 | $ 96,626 | $ 85,480 |
Earnings per Common Share – Basic: | ||||
Net income available for Common Shares (usd per share) | $ 0.46 | $ 0.42 | $ 1.12 | $ 1.02 |
Earnings per Common Share - Fully Diluted: | ||||
Net income available for Common Shares (usd per share) | 0.45 | 0.42 | 1.11 | 1.01 |
Distributions declared per Common Share outstanding (usd per share) | $ 0.4875 | $ 0.425 | $ 0.975 | $ 0.85 |
Weighted average Common Shares outstanding – basic (shares) | 86,763 | 84,516 | 86,408 | 84,419 |
Weighted average Common Shares outstanding – fully diluted (shares) | 93,063 | 92,264 | 93,041 | 92,163 |
6.75% Series C Cumulative Redeemable Perpetual Preferred Stock | ||||
Expenses: | ||||
Series C Redeemable Perpetual Preferred Stock Dividends | $ (2,316) | $ (2,316) | $ (4,613) | $ (4,613) |
Non- controlling interests – Common OP Units | ||||
Other comprehensive income (loss) (“OCI”): | ||||
Comprehensive income allocated to non-controlling interests – Common OP Units | $ (2,651) | $ (2,995) | $ (6,555) | $ (7,257) |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | 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/(Income) |
Balance at Dec. 31, 2016 | $ 1,081,847 | $ 854 | $ 1,103,048 | $ 136,144 | $ (231,276) | $ 73,304 | $ (227) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of Common OP Units to Common Stock | 14 | 16,423 | (16,437) | ||||
Issuance of Common Stock through employee stock purchase plan | 764 | 764 | |||||
Compensation expenses related to restricted stock | 4,257 | 4,257 | |||||
Adjustment for Common OP Unitholders in the Operating Partnership | 0 | (3,037) | 3,037 | ||||
Adjustment for fair market value of swap | 257 | 257 | |||||
Net income | 107,537 | 4,613 | 96,385 | 6,539 | |||
Distributions | (95,103) | (4,613) | (84,750) | (5,740) | |||
Other | (148) | (148) | 0 | ||||
Balance at Jun. 30, 2017 | $ 1,099,411 | $ 868 | $ 1,121,307 | $ 136,144 | $ (219,641) | $ 60,703 | $ 30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Consolidated net income | $ 107,537 | $ 97,994 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Depreciation | 60,960 | 58,242 |
Amortization of in-place leases | 1,990 | 763 |
Amortization of loan costs | 1,788 | 1,876 |
Debt premium amortization | (1,166) | (1,730) |
Equity in income of unconsolidated joint ventures | (2,190) | (1,646) |
Distributions of income from unconsolidated joint ventures | 1,800 | 1,041 |
Stock-based compensation | 4,257 | 4,393 |
Revenue recognized from right-to-use contract upfront payments | (4,908) | (4,518) |
Commission expense recognized related to right-to-use contracts | 2,202 | 2,019 |
Long term incentive plan compensation | 674 | (3,852) |
Recovery for uncollectible rents receivable | 214 | (679) |
Changes in assets and liabilities: | ||
Notes receivable activity, net | (282) | 361 |
Deferred commission expense | (2,280) | (2,238) |
Escrow deposits, goodwill and other assets | 21,814 | 13,137 |
Accrued expenses and accounts payable | 316 | 2,453 |
Deferred revenue – upfront payments from right-to-use contracts | 7,004 | 5,618 |
Deferred revenue – right-to-use annual payments | 2,742 | 3,139 |
Rents received in advance and security deposits | 11,630 | 10,434 |
Net cash provided by operating activities | 214,102 | 186,807 |
Cash Flows From Investing Activities: | ||
Real estate acquisition | (2,053) | (76,203) |
Investment in unconsolidated joint ventures | (2,267) | (5,000) |
Repayments of notes receivable | 5,054 | 5,176 |
Issuance of notes receivable | (18,696) | (4,356) |
Capital improvements | (53,464) | (55,707) |
Net cash used in investing activities | (71,426) | (136,090) |
Cash Flows From Financing Activities: | ||
Proceeds from stock options and employee stock purchase plan | 764 | 5,331 |
Share based award tax withholding | 0 | (98) |
Gross proceeds from sale of Common Stock | 0 | 50,000 |
Distributions: | ||
Common Stockholders | (78,699) | (67,565) |
Common OP Unitholders | (5,942) | (5,766) |
Preferred Stockholders | (4,613) | (4,613) |
Principal payments and mortgage debt payoff | (42,637) | (32,564) |
Debt issuance and defeasance costs | 0 | (5) |
Other | (149) | (824) |
Net cash used in financing activities | (131,276) | (56,104) |
Net increase (decrease) in cash | 11,400 | (5,387) |
Cash, beginning of period | 56,340 | 80,258 |
Cash, end of period | 67,740 | 74,871 |
Supplemental Information: | ||
Cash paid during the period for interest | 51,135 | 53,121 |
Capital improvements – used homes acquired by repossessions | 192 | 445 |
Net repayments of notes receivable – used homes acquired by repossessions | (192) | (445) |
Building and other depreciable property – reclassification of rental homes | 15,322 | 15,986 |
Escrow deposits and other assets – reclassification of rental homes | (15,322) | (15,986) |
Real estate acquisitions: | ||
Investment in real estate, fair value | (7,985) | (100,148) |
Escrow deposits and other assets | 0 | (20) |
Debt assumed | 5,900 | 22,010 |
Accrued expenses and accounts payable | 32 | 1,955 |
Real estate acquisitions, net | $ (2,053) | $ (76,203) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation 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 (“2016 Form 10-K”) for the year ended December 31, 2016 . 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 note disclosures required by U.S. 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 2016 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2016 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 and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation 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 (“2016 Form 10-K”) for the year ended December 31, 2016 . 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 note disclosures required by U.S. 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 2016 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2016 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 and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Note 2 – Summary of Significant Accounting Policies (a) Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany balances and transactions have been eliminated in consolidation. Effective January 1, 2016, we adopted (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-02 required us to evaluate whether we should consolidate certain legal entities. The adoption of this standard did not result in any changes to our accounting of interests in less than wholly-owned joint ventures; however, the Operating Partnership now meets the criteria as a VIE. We concluded that the Operating Partnership is a VIE because we are the general partner and controlling owner of approximately 93.7% of the Operating Partnership and the limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company has the power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are significant to the VIE. Accordingly, we are the primary beneficiary and we will continue to consolidate the Operating Partnership under this new guidance. We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to its operations and major decisions. (b) Identified Intangibles and Goodwill As of both June 30, 2017 and December 31, 2016 , the gross carrying amount of identified intangible assets and goodwill, a component of escrow deposits, goodwill and other assets, net on our consolidated balance sheets, was approximately $12.1 million . As of both June 30, 2017 and December 31, 2016 , 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 $2.9 million and $2.8 million as of June 30, 2017 and December 31, 2016 , respectively. As of both June 30, 2017 and December 31, 2016 , the gross carrying amount of in-place lease intangible assets, a component of buildings and other depreciable property on our consolidated balance sheets, was approximately $76.7 million . Accumulated amortization of in-place lease intangible assets was approximately $75.9 million and $74.0 million as of June 30, 2017 and December 31, 2016 , respectively. (c) Restricted Cash Cash as of both June 30, 2017 and December 31, 2016 included approximately $5.3 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, excluding deferred financing costs of approximately $17.8 million and $18.9 million , respectively, had an aggregate carrying value of approximately $2,072.3 million and $2,110.2 million as of June 30, 2017 and December 31, 2016 , respectively, and a fair value of approximately $2,106.4 million and $2,081.2 million as of June 30, 2017 and December 31, 2016 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2017 and December 31, 2016 , our cash flow hedge of interest rate risk included in accrued expenses and accounts payable was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions. (e) New Accounting Pronouncements In January 2017, the FASB issued ("ASU 2017-01") Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for annual reporting beginning after December 15, 2017. We are currently in the process of evaluating the potential impact that the adoption of this standard may have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued (“ASU 2016-15”) Statement of Cash Flows (Topic 230) . ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ("ASU 2016-02") Leases . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently in the process of evaluating the potential impact this standard may have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ("ASU 2014-09") Revenue from Contracts with Customers which along with related subsequent amendments will replace most existing revenue recognition guidance in 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. The new standard will be effective for the Company beginning on January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective transition method. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method. We are evaluating the complete impact of the adoption to our consolidated financial results. Our primary source of revenue is generated through leasing arrangements, which are excluded from ASU 2014-09. We continue to evaluate and are in the process of quantifying the impact, if any, the adoption of ASU 2014-09 will have on our non-lease revenue streams, including right-to-use annual payments, right-to-use contracts, and utility and other income. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per Common Share for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands, except per share data): Quarters Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 39,498 $ 35,490 $ 96,385 $ 86,073 Amounts allocated to dilutive securities 2,649 2,998 6,539 7,308 Net income available for Common Stockholders – fully diluted $ 42,147 $ 38,488 $ 102,924 $ 93,381 Denominator: Weighted average Common Shares outstanding – basic 86,763 84,516 86,408 84,419 Effect of dilutive securities: Conversion of Common OP Units to Common Shares 5,886 7,205 6,235 7,206 Stock options and restricted shares 414 543 398 538 Weighted average Common Shares outstanding – fully diluted 93,063 92,264 93,041 92,163 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.46 $ 0.42 $ 1.12 $ 1.02 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.45 $ 0.42 $ 1.11 $ 1.01 |
Common Stock and Other Equity R
Common Stock and Other Equity Related Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions Dividends The following quarterly distributions have been declared on our depositary shares (each representing 1/100 of a share of our Series C Preferred Stock) and paid to our preferred stockholders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.421875 March 31, 2017 March 10, 2017 March 31, 2017 $ 0.421875 June 30, 2017 June 15, 2017 June 30, 2017 The following quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling holders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.4875 March 31, 2017 March 31, 2017 April 14, 2017 $ 0.4875 June 30, 2017 June 30, 2017 July 14, 2017 Conversions Subject to certain limitations, holders of Common Operating Partnership units ("OP units") can convert their units to Common Stock at any time. During the six months ended June 30, 2017 , 1,334,747 OP units were converted to an equal number of shares of Common Stock. |
Real Estate Acquisitions
Real Estate Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions | Real Estate Acquisitions On May 10, 2017, we completed the acquisition of Paradise Park Largo, a 108 -site manufactured home community located in Largo, Florida. The purchase price of approximately $8.0 million was funded with available cash and an assumed loan. The $5.9 million loan has an interest rate of 4.6% that matures in 2040. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures On June 15, 2017, we entered into a joint venture agreement to purchase Crosswinds Mobile Home Park, a 376 -site manufactured home community located in St. Petersburg, Florida. The purchase price of the Property was $18.4 million . We contributed $2.2 million for a 49% equity interest in the joint venture. The joint venture is accounted for under the equity method of accounting. As part of the transaction, we issued a short term loan of $13.8 million to the joint venture. The loan bears interest at 5% per annum, can be repaid with no penalty prior to maturity and matures on December 12, 2017. The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2017 and December 31, 2016 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites Economic (a) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 240 $ 510 $ 1,130 $ 577 Lakeshore Florida (3,2) 720 (b) 2,321 56 147 160 Voyager Arizona (1,1) 1,801 50 % (c) 3,799 3,376 800 917 ECHO JV Various — 50 % 15,406 15,427 113 (8 ) 3,598 $ 21,766 $ 19,369 $ 2,190 $ 1,646 _____________________ (a) The percentages shown approximate our economic interest as of June 30, 2017 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (c) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property. We received approximately $1.8 million and $1.0 million in distributions from these joint ventures for the six months ended June 30, 2017 and 2016 , respectively. Approximately $0.3 million and $0.5 million of the distributions made to us exceeded our basis in joint ventures for the quarter and six months ended June 30, 2017 , and as such were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceeded our basis in joint ventures for the quarter and six months ended June 30, 2016 . |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements Mortgage Notes Payable As of June 30, 2017 and December 31, 2016 , we had outstanding mortgage indebtedness of approximately $1,855.0 million and $1,891.9 million , respectively, net of deferred financing costs. In connection with the Paradise Park Largo acquisition during the quarter ended June 30, 2017, we assumed approximately $5.9 million of mortgage debt secured by the manufactured home community with an interest rate of 4.6% that matures in 2040. During the quarter ended March 31, 2017, we paid off one maturing mortgage loan of approximately $21.1 million , with a weighted average interest rate of 5.76% per annum, secured by one manufactured home Property. The weighted average interest rate, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, for the six months ended June 30, 2017 was approximately 4.9% per annum. The debt bears interest at stated rates ranging from 3.5% to 8.9% per annum and matures on various dates ranging from 2017 to 2041 . The debt encumbered a total of 126 of our Properties as of both June 30, 2017 and December 31, 2016 , and the carrying value of such Properties was approximately $2,282.1 million and $2,296.6 million , as of June 30, 2017 and December 31, 2016 , respectively. As of June 30, 2017 , we are in compliance in all material respects with the covenants in our borrowing arrangements. |
Equity Incentive Awards
Equity Incentive Awards | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Awards | Stock-based compensation expense, reported in general and administrative on the Consolidated Statements of Income and Comprehensive Income, for both of the quarters ended June 30, 2017 and 2016 was approximately $2.5 million and for the six months ended June 30, 2017 and 2016 was approximately $4.3 million and $4.4 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”), (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 were originally available for grant under the 2014 Plan. As of June 30, 2017 , 3,126,885 shares remained available for grant. Grants under the 2014 Plan are approved 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, except grants to directors which are approved by the Board of Directors. On May 2, 2017, we awarded to certain members of our Board of Directors, 55,238 shares of Restricted Stock at a fair market value of approximately $4.5 million and Options to purchase 6,930 shares of common stock with an exercise price of $81.15 per share. The shares of common stock covered by these awards are subject to multiple tranches that vest between November 2, 2017 and May 2, 2020. On February 1, 2017, we awarded 75,000 shares of Restricted Stock at a fair market value of approximately $5.4 million to certain members of our senior management for their service in 2017. These restricted stock grants will vest on December 31, 2017. The fair market value of our restricted stock grants was determined by using the closing share price of our common stock on the date the shares were issued and is recorded as compensation expense and paid in capital over the vesting period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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: 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 on constitutional grounds. While the District Court found the rent control ordinance unconstitutional, the United States Court of Appeals for the Ninth Circuit reversed the District Court and ruled that the ordinance had not unconstitutionally taken our property. On September 3, 2013, we filed a petition for review by the U.S. Supreme Court, which was denied. On January 31, 2012, we sued the City of Santee in the United States District for the Southern District of California challenging its rent control ordinance on constitutional grounds. On September 26, 2013, we entered a settlement agreement with the City pursuant to which we are able 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. Settlement of California Lawsuits On January 18, 2017, we entered into agreements pursuant to which we agreed to settle three California lawsuits related to our California Hawaiian property in San Jose, our Monte del Lago property in Castroville and our Santiago Estates property in Sylmar. Each of the three plaintiff groups was represented by the same law firm and alleged that the Company failed to properly maintain the respective properties. The settlement agreements provided for $9.9 million to be paid to settle the California Hawaiian matter, $1.5 million to be paid to settle the Monte del Lago matter and $1.9 million to be paid to settle the Santiago Estates matter. As a result, a litigation settlement payable was recorded in Accrued expenses and accounts payable as of December 31, 2016. In addition, an insurance receivable was recorded in escrow deposits, goodwill and other assets, net as of December 31, 2016, resulting in a net settlement of approximately $2.4 million reflected as a component of property rights initiatives and other, net on the consolidated statement of income for the year ended December 31, 2016. During the quarter ended March 31, 2017, the settlements were finalized, the settlement payments were made and the insurance payments were received. These settlements resolved all pending matters brought by plaintiffs’ counsel against us or any of our affiliates. Pursuant to the settlement agreements, all plaintiffs provided full releases to each of the defendants and their affiliates including with respect to the claims alleged in the lawsuits, and each of the lawsuits and related appeals were dismissed with prejudice. The settlements do not constitute an admission of liability by us or any of our affiliates and were made to avoid the costs, risks and uncertainties inherent in litigation. Civil Investigation by Certain California District Attorneys In November 2014, we received a civil investigative subpoena from the office of the District Attorney for Monterey County, California ("MCDA"), seeking information relating to, among other items, statewide compliance with asbestos and hazardous waste regulations dating back to 2005 primarily in connection with demolition and renovation projects performed by third-party contractors at our California Properties. We responded by providing the information required by the subpoena. On October 20, 2015, we attended a meeting with representatives of the MCDA and certain other District Attorneys' offices at which the MCDA reviewed the preliminary results of their investigation including, among other things, (i) alleged violations of asbestos and related regulations associated with approximately 200 historical demolition and renovation projects in California; (ii) potential exposure to civil penalties and unpaid fees; and (iii) next steps with respect to a negotiated resolution of the alleged violations. No legal proceedings have been instituted to date and we are involved in settlement discussions with the District Attorneys' offices. We continue to assess the allegations and the underlying facts, and at this time we are unable to predict the outcome of the investigation or reasonably estimate any possible loss. Other In addition to legal matters discussed above, we are involved in various other legal and regulatory proceedings ("Other Proceedings") arising in the ordinary course of business. The Other Proceedings include, but are not limited to, notices, consent decrees, information requests, and additional permit requirements and other similar enforcement actions by governmental agencies relating to our utility infrastructure, including water and wastewater treatment plants and other waste treatment facilities and electrical systems. 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 | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments We have identified 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. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences. All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters and six months ended June 30, 2017 or 2016 . The following tables summarize our segment financial information for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarter Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 206,594 $ 11,811 $ 218,405 Operations expenses (102,649 ) (10,481 ) (113,130 ) Income from segment operations 103,945 1,330 105,275 Interest income 754 1,041 1,795 Depreciation on real estate assets and rental homes (27,609 ) (2,638 ) (30,247 ) Amortization of in-place leases (958 ) — (958 ) Income (loss) from operations $ 76,132 $ (267 ) $ 75,865 Reconciliation to Consolidated net income: Corporate interest income 3 Income from other investments, net 1,109 General and administrative (8,461 ) Property rights initiatives and other (271 ) Interest and related amortization (24,822 ) Equity in income of unconsolidated joint ventures 1,040 Consolidated net income $ 44,463 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Quarter Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 193,184 $ 13,002 $ 206,186 Operations expenses (94,375 ) (11,867 ) (106,242 ) Income from segment operations 98,809 1,135 99,944 Interest income 736 867 1,603 Depreciation on real estate assets and rental homes (26,317 ) (2,712 ) (29,029 ) Amortization of in-place leases (428 ) — (428 ) Income (loss) from operations $ 72,800 $ (710 ) $ 72,090 Reconciliation to Consolidated net income: Corporate interest income 22 Income from other investments, net 2,270 General and administrative (8,255 ) Property rights initiatives and other (527 ) Interest and related amortization (25,561 ) Equity in income of unconsolidated joint ventures 765 Consolidated net income $ 40,804 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 Six Months Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 425,582 $ 22,685 $ 448,267 Operations expenses (199,906 ) (20,076 ) (219,982 ) Income from segment operations 225,676 2,609 228,285 Interest income 1,484 2,079 3,563 Depreciation on real estate assets and rental homes (55,062 ) (5,295 ) (60,357 ) Amortization of in-place leases (1,990 ) — (1,990 ) Income (loss) from operations $ 170,108 $ (607 ) $ 169,501 Reconciliation to Consolidated net income: Corporate interest income 5 Income from other investments, net 1,866 General and administrative (15,834 ) Property rights initiatives and other (490 ) Interest and related amortization (49,701 ) Equity in income of unconsolidated joint ventures 2,190 Consolidated net income $ 107,537 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Capital improvements $ 31,731 $ 21,733 $ 53,464 Six Months Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 397,910 $ 25,040 $ 422,950 Operations expenses (184,887 ) (22,507 ) (207,394 ) Income from segment operations 213,023 2,533 215,556 Interest income 1,453 1,785 3,238 Depreciation on real estate assets and rental homes (52,281 ) (5,403 ) (57,684 ) Amortization of in-place leases (763 ) — (763 ) Income (loss) from operations $ 161,432 $ (1,085 ) $ 160,347 Reconciliation to Consolidated net income: Corporate interest income 47 Income from other investments, net 3,993 General and administrative (15,663 ) Property rights initiatives and other (1,181 ) Interest and related amortization (51,195 ) Equity in income of unconsolidated joint ventures 1,646 Consolidated net income $ 97,994 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 121,964 $ 115,385 $ 242,656 $ 229,461 Resort base rental income 50,055 44,732 111,123 100,166 Right-to-use annual payments 11,350 11,187 22,602 22,241 Right-to-use contracts current period, gross 3,798 3,086 7,004 5,618 Right-to-use contract upfront payments, deferred, net (1,321 ) (798 ) (2,096 ) (1,100 ) Utility and other income 20,650 19,523 42,776 40,316 Ancillary services revenues, net 98 69 1,517 1,208 Total property operations revenues 206,594 193,184 425,582 397,910 Expenses: Property operating and maintenance 72,901 66,647 140,955 129,601 Real estate taxes 13,943 12,869 27,980 26,067 Sales and marketing, gross 2,894 2,931 5,584 5,424 Right-to-use contract commissions, deferred, net (112 ) (116 ) (196 ) (12 ) Property management 13,023 12,044 25,583 23,807 Total property operations expenses 102,649 94,375 199,906 184,887 Income from property operations segment $ 103,945 $ 98,809 $ 225,676 $ 213,023 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 7,833 $ 9,130 $ 14,860 $ 17,344 Brokered resale revenues, net 346 329 588 608 Rental home income (a) 3,632 3,543 7,237 7,088 Total revenues 11,811 13,002 22,685 25,040 Expenses: Cost of home sales 7,895 9,481 15,014 17,762 Home selling expenses 929 805 1,854 1,639 Rental home operating and maintenance 1,657 1,581 3,208 3,106 Total expenses 10,481 11,867 20,076 22,507 Income from home sales and rentals operations segment $ 1,330 $ 1,135 $ 2,609 $ 2,533 ______________________ (a) Segment information does not include Site rental income included in Community base rental income. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation 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 (“2016 Form 10-K”) for the year ended December 31, 2016 . 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 note disclosures required by U.S. 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 2016 Form 10-K. The following notes to the Consolidated Financial Statements highlight significant changes to the notes included in the 2016 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 and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Note 2 – Summary of Significant Accounting Policies (a) Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany balances and transactions have been eliminated in consolidation. Effective January 1, 2016, we adopted (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-02 required us to evaluate whether we should consolidate certain legal entities. The adoption of this standard did not result in any changes to our accounting of interests in less than wholly-owned joint ventures; however, the Operating Partnership now meets the criteria as a VIE. We concluded that the Operating Partnership is a VIE because we are the general partner and controlling owner of approximately 93.7% of the Operating Partnership and the limited partners do not have substantive kick-out or participating rights. Our sole significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company has the power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are significant to the VIE. Accordingly, we are the primary beneficiary and we will continue to consolidate the Operating Partnership under this new guidance. We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary, but can exercise influence over the entity with respect to its operations and major decisions. |
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, excluding deferred financing costs of approximately $17.8 million and $18.9 million , respectively, had an aggregate carrying value of approximately $2,072.3 million and $2,110.2 million as of June 30, 2017 and December 31, 2016 , respectively, and a fair value of approximately $2,106.4 million and $2,081.2 million as of June 30, 2017 and December 31, 2016 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2017 and December 31, 2016 , our cash flow hedge of interest rate risk included in accrued expenses and accounts payable was measured using quoted prices and observable inputs from similar assets and liabilities (Level 2). We consider our own credit risk as well as the credit risk of our counterparties when evaluating the fair value of our derivative. The fair values of our notes receivable approximate their carrying or contract values. We also utilize Level 2 and Level 3 inputs as part of our determination of the purchase price allocation for our acquisitions. |
Recent Accounting Pronouncements | New Accounting Pronouncements In January 2017, the FASB issued ("ASU 2017-01") Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for annual reporting beginning after December 15, 2017. We are currently in the process of evaluating the potential impact that the adoption of this standard may have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued (“ASU 2016-15”) Statement of Cash Flows (Topic 230) . ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued (“ASU 2016-13”) Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that adoption of this standard may have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ("ASU 2016-02") Leases . ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently in the process of evaluating the potential impact this standard may have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ("ASU 2014-09") Revenue from Contracts with Customers which along with related subsequent amendments will replace most existing revenue recognition guidance in 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. The new standard will be effective for the Company beginning on January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective transition method. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method. We are evaluating the complete impact of the adoption to our consolidated financial results. Our primary source of revenue is generated through leasing arrangements, which are excluded from ASU 2014-09. We continue to evaluate and are in the process of quantifying the impact, if any, the adoption of ASU 2014-09 will have on our non-lease revenue streams, including right-to-use annual payments, right-to-use contracts, and utility and other income. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per Common Share for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands, except per share data): Quarters Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 39,498 $ 35,490 $ 96,385 $ 86,073 Amounts allocated to dilutive securities 2,649 2,998 6,539 7,308 Net income available for Common Stockholders – fully diluted $ 42,147 $ 38,488 $ 102,924 $ 93,381 Denominator: Weighted average Common Shares outstanding – basic 86,763 84,516 86,408 84,419 Effect of dilutive securities: Conversion of Common OP Units to Common Shares 5,886 7,205 6,235 7,206 Stock options and restricted shares 414 543 398 538 Weighted average Common Shares outstanding – fully diluted 93,063 92,264 93,041 92,163 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.46 $ 0.42 $ 1.12 $ 1.02 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.45 $ 0.42 $ 1.11 $ 1.01 |
Common Stock and Other Equity19
Common Stock and Other Equity Related Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Dividends Declared | The following quarterly distributions have been declared on our depositary shares (each representing 1/100 of a share of our Series C Preferred Stock) and paid to our preferred stockholders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.421875 March 31, 2017 March 10, 2017 March 31, 2017 $ 0.421875 June 30, 2017 June 15, 2017 June 30, 2017 The following quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling holders for the six months ended June 30, 2017 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $ 0.4875 March 31, 2017 March 31, 2017 April 14, 2017 $ 0.4875 June 30, 2017 June 30, 2017 July 14, 2017 |
Investment in Unconsolidated 20
Investment in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites Economic (a) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 240 $ 510 $ 1,130 $ 577 Lakeshore Florida (3,2) 720 (b) 2,321 56 147 160 Voyager Arizona (1,1) 1,801 50 % (c) 3,799 3,376 800 917 ECHO JV Various — 50 % 15,406 15,427 113 (8 ) 3,598 $ 21,766 $ 19,369 $ 2,190 $ 1,646 _____________________ (a) The percentages shown approximate our economic interest as of June 30, 2017 . Our legal ownership interest may differ. (b) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (c) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize our segment financial information for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarter Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 206,594 $ 11,811 $ 218,405 Operations expenses (102,649 ) (10,481 ) (113,130 ) Income from segment operations 103,945 1,330 105,275 Interest income 754 1,041 1,795 Depreciation on real estate assets and rental homes (27,609 ) (2,638 ) (30,247 ) Amortization of in-place leases (958 ) — (958 ) Income (loss) from operations $ 76,132 $ (267 ) $ 75,865 Reconciliation to Consolidated net income: Corporate interest income 3 Income from other investments, net 1,109 General and administrative (8,461 ) Property rights initiatives and other (271 ) Interest and related amortization (24,822 ) Equity in income of unconsolidated joint ventures 1,040 Consolidated net income $ 44,463 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Quarter Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 193,184 $ 13,002 $ 206,186 Operations expenses (94,375 ) (11,867 ) (106,242 ) Income from segment operations 98,809 1,135 99,944 Interest income 736 867 1,603 Depreciation on real estate assets and rental homes (26,317 ) (2,712 ) (29,029 ) Amortization of in-place leases (428 ) — (428 ) Income (loss) from operations $ 72,800 $ (710 ) $ 72,090 Reconciliation to Consolidated net income: Corporate interest income 22 Income from other investments, net 2,270 General and administrative (8,255 ) Property rights initiatives and other (527 ) Interest and related amortization (25,561 ) Equity in income of unconsolidated joint ventures 765 Consolidated net income $ 40,804 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 Six Months Ended June 30, 2017 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 425,582 $ 22,685 $ 448,267 Operations expenses (199,906 ) (20,076 ) (219,982 ) Income from segment operations 225,676 2,609 228,285 Interest income 1,484 2,079 3,563 Depreciation on real estate assets and rental homes (55,062 ) (5,295 ) (60,357 ) Amortization of in-place leases (1,990 ) — (1,990 ) Income (loss) from operations $ 170,108 $ (607 ) $ 169,501 Reconciliation to Consolidated net income: Corporate interest income 5 Income from other investments, net 1,866 General and administrative (15,834 ) Property rights initiatives and other (490 ) Interest and related amortization (49,701 ) Equity in income of unconsolidated joint ventures 2,190 Consolidated net income $ 107,537 Total assets $ 3,267,947 $ 217,411 $ 3,485,358 Capital improvements $ 31,731 $ 21,733 $ 53,464 Six Months Ended June 30, 2016 Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 397,910 $ 25,040 $ 422,950 Operations expenses (184,887 ) (22,507 ) (207,394 ) Income from segment operations 213,023 2,533 215,556 Interest income 1,453 1,785 3,238 Depreciation on real estate assets and rental homes (52,281 ) (5,403 ) (57,684 ) Amortization of in-place leases (763 ) — (763 ) Income (loss) from operations $ 161,432 $ (1,085 ) $ 160,347 Reconciliation to Consolidated net income: Corporate interest income 47 Income from other investments, net 3,993 General and administrative (15,663 ) Property rights initiatives and other (1,181 ) Interest and related amortization (51,195 ) Equity in income of unconsolidated joint ventures 1,646 Consolidated net income $ 97,994 Total assets $ 3,249,375 $ 236,200 $ 3,485,575 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 121,964 $ 115,385 $ 242,656 $ 229,461 Resort base rental income 50,055 44,732 111,123 100,166 Right-to-use annual payments 11,350 11,187 22,602 22,241 Right-to-use contracts current period, gross 3,798 3,086 7,004 5,618 Right-to-use contract upfront payments, deferred, net (1,321 ) (798 ) (2,096 ) (1,100 ) Utility and other income 20,650 19,523 42,776 40,316 Ancillary services revenues, net 98 69 1,517 1,208 Total property operations revenues 206,594 193,184 425,582 397,910 Expenses: Property operating and maintenance 72,901 66,647 140,955 129,601 Real estate taxes 13,943 12,869 27,980 26,067 Sales and marketing, gross 2,894 2,931 5,584 5,424 Right-to-use contract commissions, deferred, net (112 ) (116 ) (196 ) (12 ) Property management 13,023 12,044 25,583 23,807 Total property operations expenses 102,649 94,375 199,906 184,887 Income from property operations segment $ 103,945 $ 98,809 $ 225,676 $ 213,023 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2017 and 2016 (amounts in thousands): Quarters Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 7,833 $ 9,130 $ 14,860 $ 17,344 Brokered resale revenues, net 346 329 588 608 Rental home income (a) 3,632 3,543 7,237 7,088 Total revenues 11,811 13,002 22,685 25,040 Expenses: Cost of home sales 7,895 9,481 15,014 17,762 Home selling expenses 929 805 1,854 1,639 Rental home operating and maintenance 1,657 1,581 3,208 3,106 Total expenses 10,481 11,867 20,076 22,507 Income from home sales and rentals operations segment $ 1,330 $ 1,135 $ 2,609 $ 2,533 ______________________ (a) Segment information does not include Site rental income included in Community base rental income. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||||
Intangible assets and goodwill | $ 12,100 | $ 12,100 | $ 12,100 | ||
Intangible assets | 4,300 | 4,300 | 4,300 | ||
Goodwill | 7,800 | 7,800 | 7,800 | ||
Accumulated amortization of identified intangible assets | 2,900 | 2,900 | 2,800 | ||
Amortization of in-place leases | 958 | $ 428 | 1,990 | $ 763 | |
Cash and cash equivalents, restricted cash | 5,300 | 5,300 | |||
Deferred financing costs, net | 17,800 | $ 17,800 | 18,900 | ||
Primary Beneficiary | |||||
Significant Accounting Policies [Line Items] | |||||
Ownership percentage | 93.70% | ||||
Reported Value Measurement [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Mortgage notes payable fair value | 2,072,300 | $ 2,072,300 | 2,110,200 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 | |||||
Significant Accounting Policies [Line Items] | |||||
Mortgage notes payable fair value | 2,106,400 | 2,106,400 | 2,081,200 | ||
Leases, Acquired-in-Place | |||||
Significant Accounting Policies [Line Items] | |||||
Intangible assets | 76,700 | 76,700 | |||
Accumulated amortization of identified intangible assets | $ 75,900 | $ 75,900 | $ 74,000 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation of numerator and denominator in eps table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net income available for Common Stockholders – basic | $ 39,498 | $ 35,490 | $ 96,385 | $ 86,073 |
Amounts allocated to dilutive securities | 2,649 | 2,998 | 6,539 | 7,308 |
Net income available for Common Stockholders – fully diluted | $ 42,147 | $ 38,488 | $ 102,924 | $ 93,381 |
Denominator: | ||||
Weighted average Common Shares outstanding – basic (shares) | 86,763 | 84,516 | 86,408 | 84,419 |
Effect of dilutive securities: | ||||
Redemption of Common OP Units for Common Shares (shares) | 5,886 | 7,205 | 6,235 | 7,206 |
Stock options and restricted shares (shares) | 414 | 543 | 398 | 538 |
Weighted average Common Shares outstanding – fully diluted (shares) | 93,063 | 92,264 | 93,041 | 92,163 |
Earnings per Common Share – Basic: | ||||
Net income available for Common Shares (usd per share) | $ 0.46 | $ 0.42 | $ 1.12 | $ 1.02 |
Earnings per Common Share – Fully Diluted: | ||||
Net income available for Common Shares (usd per share) | $ 0.45 | $ 0.42 | $ 1.11 | $ 1.01 |
Common Stock and Other Equity24
Common Stock and Other Equity Related Transactions - Additional Information (Detail) - $ / shares | Jul. 14, 2017 | Jun. 30, 2017 | Apr. 14, 2017 | Mar. 31, 2017 | Jun. 30, 2017 |
Class of Stock [Line Items] | |||||
Preferred stock dividends paid (usd per share) | $ 0.421875 | $ 0.421875 | |||
Common stock, dividends paid (usd per share) | $ 0.4875 | ||||
OP units converted to shares (shares) | 1,334,747 | ||||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Common stock, dividends paid (usd per share) | $ 0.4875 |
Real Estate Acquisitions (Detai
Real Estate Acquisitions (Details) $ in Thousands | May 10, 2017USD ($)site | Jun. 30, 2017USD ($) | Mar. 31, 2017 | Dec. 31, 2016Rate |
Business Acquisition [Line Items] | ||||
Long-term debt | $ 5,900 | |||
Weighted average interest rate (percentage) | 4.60% | 5.80% | 4.90% | |
Paradise Park Largo | ||||
Business Acquisition [Line Items] | ||||
Number of sites acquired | site | 108 | |||
Purchase price | $ 8,000 |
Investment in Unconsolidated 26
Investment in Unconsolidated Joint Ventures - Additional Information (Detail) | Jun. 15, 2017USD ($)joint_venture_site | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017joint_venture_site | Jun. 30, 2017 | Jun. 30, 2017site | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments | $ 2,267,000 | $ 5,000,000 | |||||||
Loans receivable | $ 13,800,000 | ||||||||
Loans receivable, interest rate (percentage) | 5.00% | ||||||||
Number of Sites | 2 | 3,598 | |||||||
Ownership percentage ( in percentage) | 65.00% | ||||||||
Investment in unconsolidated joint ventures | $ 21,766,000 | 21,766,000 | $ 19,369,000 | ||||||
Equity in income of unconsolidated joint ventures | 1,040,000 | $ 765,000 | 2,190,000 | 1,646,000 | |||||
Distributions of income from unconsolidated joint ventures | 1,800,000 | 1,041,000 | |||||||
Distributions, including those in excess of basis | 300,000 | 500,000 | |||||||
Crosswinds | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments | $ 2,200,000 | ||||||||
Ownership percentage ( in percentage) | 49.00% | 49.00% | |||||||
Other Regions | Meadows Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of Sites | site | 1,077 | ||||||||
Ownership percentage ( in percentage) | 50.00% | ||||||||
Investment in unconsolidated joint ventures | 240,000 | 240,000 | 510,000 | ||||||
Equity in income of unconsolidated joint ventures | 1,130,000 | 577,000 | |||||||
Other Regions | ECHO Financing | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of Sites | site | 0 | ||||||||
Ownership percentage ( in percentage) | 50.00% | ||||||||
Investment in unconsolidated joint ventures | 15,406,000 | 15,406,000 | 15,427,000 | ||||||
Equity in income of unconsolidated joint ventures | 113,000 | (8,000) | |||||||
Florida | Lakeshore Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of Sites | site | 720 | ||||||||
Investment in unconsolidated joint ventures | 2,321,000 | 2,321,000 | 56,000 | ||||||
Equity in income of unconsolidated joint ventures | 147,000 | 160,000 | |||||||
Arizona | Voyager Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of Sites | site | 1,801 | ||||||||
Ownership percentage ( in percentage) | 50.00% | ||||||||
Investment in unconsolidated joint ventures | $ 3,799,000 | 3,799,000 | $ 3,376,000 | ||||||
Equity in income of unconsolidated joint ventures | $ 800,000 | $ 917,000 | |||||||
Recreational Vehicle Resort | Voyager Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage ( in percentage) | 50.00% | ||||||||
Servicing Assets | Voyager Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage ( in percentage) | 33.00% | ||||||||
Corporate Joint Venture | Crosswinds | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites acquired | joint_venture_site | 376 | ||||||||
Purchase price | $ 18,400,000 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($)PropertyRate | |
Debt Instrument [Line Items] | |||
Mortgage notes payable, net | $ 1,855,028 | $ 1,891,900 | |
Long-term debt | $ 5,900 | ||
Repayments of debt | $ 21,100 | ||
Weighted average interest rate (percentage) | 5.80% | 4.60% | 4.90% |
Number of pledged properties | Property | 126 | ||
Pledged assets, not separately reported | $ 2,282,100 | $ 2,296,600 | |
Secured Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Stated interest rate (in percentage) | 3.45% | ||
Secured Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Stated interest rate (in percentage) | 8.87% |
Equity Incentive Awards - Addit
Equity Incentive Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2017 | Feb. 01, 2017 | May 10, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | May 13, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 4,257 | $ 4,393 | |||||
Term of award (in years) | 10 years | ||||||
Number of shares available for grant (in shares) | 3,126,885 | 3,126,885 | |||||
Grants in the period (in shares) | 6,930 | ||||||
Weighted average exercise price (in usd per share) | $ 81.15 | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for issuance (in shares) | 3,750,000 | ||||||
Vesting on December 31, 2018 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting arrangement (in percentage) | 33.33% | ||||||
Vesting on December 31, 2017 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting arrangement (in percentage) | 33.33% | ||||||
Vesting on December 31, 2016 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting arrangement (in percentage) | 33.33% | ||||||
General and Administrative Expense | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 2,500 | $ 4,300 | $ 4,400 | ||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity instruments other than options, grants in period (in shares) | 55,238 | 75,000 | |||||
Fair value of shares issued | $ 4,500 | $ 5,400 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Sep. 26, 2013 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Net settlement | $ 2.4 | |
California Hawaiian | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | 9.9 | |
Monte Del Lago | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | 1.5 | |
Santiago Estates | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 1.9 | |
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% |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reportable Segments- Consolidat
Reportable Segments- Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Operations revenues | $ 218,405 | $ 206,186 | $ 448,267 | $ 422,950 | |
Operations expenses | (113,130) | (106,242) | (219,982) | (207,394) | |
Income from segment operations | 105,275 | 99,944 | 228,285 | 215,556 | |
Interest income | 1,795 | 1,603 | 3,563 | 3,238 | |
Depreciation on real estate assets and rental homes | (30,247) | (29,029) | (60,357) | (57,684) | |
Amortization of in-place leases | (958) | (428) | (1,990) | (763) | |
Income (loss) from operations | 75,865 | 72,090 | 169,501 | 160,347 | |
Reconciliation to Consolidated net income: | |||||
Corporate interest income | 3 | 22 | 5 | 47 | |
Income from other investments, net | 1,109 | 2,270 | 1,866 | 3,993 | |
General and administrative | (8,461) | (8,255) | (15,834) | (15,663) | |
Property rights initiatives and other | (271) | (527) | (490) | (1,181) | |
Interest and related amortization | (24,822) | (25,561) | (49,701) | (51,195) | |
Equity in income of unconsolidated joint ventures | 1,040 | 765 | 2,190 | 1,646 | |
Gain (Loss) on Condemnation | 107,537 | 97,994 | |||
Consolidated net income | 44,463 | 40,804 | 107,537 | 97,994 | |
Total assets | 3,485,358 | 3,485,575 | 3,485,358 | 3,485,575 | $ 3,478,987 |
Capital improvements | 53,464 | 55,707 | |||
Property Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 206,594 | 193,184 | 425,582 | 397,910 | |
Operations expenses | (102,649) | (94,375) | (199,906) | (184,887) | |
Income from segment operations | 103,945 | 98,809 | 225,676 | 213,023 | |
Interest income | 754 | 736 | 1,484 | 1,453 | |
Depreciation on real estate assets and rental homes | (27,609) | (26,317) | (55,062) | (52,281) | |
Amortization of in-place leases | (958) | (428) | (1,990) | (763) | |
Income (loss) from operations | 76,132 | 72,800 | 170,108 | 161,432 | |
Reconciliation to Consolidated net income: | |||||
Total assets | 3,267,947 | 3,249,375 | 3,267,947 | 3,249,375 | |
Capital improvements | 31,731 | ||||
Home Sales and Rentals Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 11,811 | 13,002 | 22,685 | 25,040 | |
Operations expenses | (10,481) | (11,867) | (20,076) | (22,507) | |
Income from segment operations | 1,330 | 1,135 | 2,609 | 2,533 | |
Interest income | 1,041 | 867 | 2,079 | 1,785 | |
Depreciation on real estate assets and rental homes | (2,638) | (2,712) | (5,295) | (5,403) | |
Amortization of in-place leases | 0 | 0 | 0 | 0 | |
Income (loss) from operations | (267) | (710) | (607) | (1,085) | |
Reconciliation to Consolidated net income: | |||||
Total assets | $ 217,411 | $ 236,200 | 217,411 | $ 236,200 | |
Capital improvements | $ 21,733 |
Reportable Segments- Income fro
Reportable Segments- Income from Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Community base rental income | $ 121,964 | $ 115,385 | $ 242,656 | $ 229,461 |
Rental home income | 3,632 | 3,543 | 7,237 | 7,088 |
Right-to-use annual payments | 11,350 | 11,187 | 22,602 | 22,241 |
Right-to-use contracts current period, gross | 3,798 | 3,086 | 7,004 | 5,618 |
Right-to-use contract upfront payments, deferred, net | (1,321) | (798) | (2,096) | (1,100) |
Utility and other income | 20,650 | 19,523 | 42,776 | 40,316 |
Gross revenue from home sales | 7,833 | 9,130 | 14,860 | 17,344 |
Brokered resale revenues and ancillary services revenues, net | 444 | 398 | 2,105 | 1,816 |
Resort base rental income | 50,055 | 44,732 | 111,123 | 100,166 |
Total revenues | 221,312 | 210,081 | 453,701 | 430,228 |
Expenses: | ||||
Property operating and maintenance | 72,901 | 66,647 | 140,955 | 129,601 |
Real estate taxes | 13,943 | 12,869 | 27,980 | 26,067 |
Sales and marketing, gross | 2,894 | 2,931 | 5,584 | 5,424 |
Right-to-use contract commissions, deferred, net | (112) | (116) | (196) | (12) |
Property management | 13,023 | 12,044 | 25,583 | 23,807 |
Cost of home sales | 7,895 | 9,481 | 15,014 | 17,762 |
Home selling expenses | 929 | 805 | 1,854 | 1,639 |
Rental home operating and maintenance | 1,657 | 1,581 | 3,208 | 3,106 |
Total expenses | 177,889 | 170,042 | 348,354 | 333,880 |
Income before equity in income of unconsolidated joint ventures | 43,423 | 40,039 | 105,347 | 96,348 |
Property Operations | ||||
Revenues: | ||||
Community base rental income | 121,964 | 115,385 | 242,656 | 229,461 |
Right-to-use annual payments | 11,350 | 11,187 | 22,602 | 22,241 |
Right-to-use contracts current period, gross | 3,798 | 3,086 | 7,004 | 5,618 |
Right-to-use contract upfront payments, deferred, net | (1,321) | (798) | (2,096) | (1,100) |
Utility and other income | 20,650 | 19,523 | 42,776 | 40,316 |
Ancillary services revenues, net | 98 | 69 | 1,517 | 1,208 |
Resort base rental income | 50,055 | 44,732 | 111,123 | 100,166 |
Total revenues | 206,594 | 193,184 | 425,582 | 397,910 |
Expenses: | ||||
Property operating and maintenance | 72,901 | 66,647 | 140,955 | 129,601 |
Real estate taxes | 13,943 | 12,869 | 27,980 | 26,067 |
Sales and marketing, gross | 2,894 | 2,931 | 5,584 | 5,424 |
Right-to-use contract commissions, deferred, net | (112) | (116) | (196) | (12) |
Property management | 13,023 | 12,044 | 25,583 | 23,807 |
Total expenses | 102,649 | 94,375 | 199,906 | 184,887 |
Income before equity in income of unconsolidated joint ventures | 103,945 | 98,809 | 225,676 | 213,023 |
Home Sales and Rentals Operations | ||||
Revenues: | ||||
Gross revenue from home sales | 7,833 | 9,130 | 14,860 | 17,344 |
Brokered resale revenues and ancillary services revenues, net | 346 | 329 | 588 | 608 |
Resort base rental income | 3,632 | 3,543 | 7,237 | 7,088 |
Total revenues | 11,811 | 13,002 | 22,685 | 25,040 |
Expenses: | ||||
Cost of home sales | 7,895 | 9,481 | 15,014 | 17,762 |
Home selling expenses | 929 | 805 | 1,854 | 1,639 |
Rental home operating and maintenance | 1,657 | 1,581 | 3,208 | 3,106 |
Total expenses | 10,481 | 11,867 | 20,076 | 22,507 |
Income before equity in income of unconsolidated joint ventures | $ 1,330 | $ 1,135 | $ 2,609 | $ 2,533 |