Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 20, 2018 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 89,098,574 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment in real estate: | ||
Land | $ 1,284,851 | $ 1,221,375 |
Land improvements | 3,072,474 | 3,045,221 |
Buildings and other depreciable property | 692,495 | 649,217 |
Investment in real estate | 5,049,820 | 4,915,813 |
Accumulated depreciation | (1,580,013) | (1,516,694) |
Net investment in real estate | 3,469,807 | 3,399,119 |
Cash and restricted cash | 46,025 | 31,085 |
Notes receivable, net | 34,672 | 49,477 |
Investment in unconsolidated joint ventures | 57,699 | 53,080 |
Deferred commission expense | 39,843 | 31,443 |
Escrow deposits, goodwill, and other assets, net | 52,143 | 45,828 |
Total Assets | 3,700,189 | 3,610,032 |
Liabilities: | ||
Mortgage notes payable, net | 2,028,535 | 1,971,715 |
Term loan | 198,464 | 198,302 |
Unsecured line of credit | 0 | 30,000 |
Accrued expenses and accounts payable | 90,929 | 80,744 |
Accrued interest payable | 8,425 | 8,387 |
Rents and other customer payments received in advance and security deposits | 94,868 | 79,267 |
Distributions payable | 52,043 | 46,047 |
Total Liabilities | 2,598,358 | 2,509,990 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of December 31, 2017 and June 30, 2018; none issued and outstanding. | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized as of June 30, 2018 and December 31, 2017; 88,802,758 and 88,585,160 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 884 | 883 |
Paid-in capital | 1,248,047 | 1,242,109 |
Distributions in excess of accumulated earnings | (218,453) | (211,980) |
Accumulated other comprehensive income | 3,579 | 942 |
Total Stockholders’ Equity | 1,034,057 | 1,031,954 |
Non-controlling interests – Common OP Units | 67,774 | 68,088 |
Total Equity | 1,101,831 | 1,100,042 |
Total Liabilities and Equity | 3,700,189 | 3,610,032 |
Right-to-use contract upfront payments, deferred, net | ||
Liabilities: | ||
Deferred revenue | 112,288 | 85,596 |
Right-to-use annual payments | ||
Liabilities: | ||
Deferred revenue | $ 12,806 | $ 9,932 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 88,802,758 | 88,585,160 |
Common stock, shares outstanding | 88,802,758 | 88,585,160 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Community base rental income | $ 128,579 | $ 121,964 | $ 255,318 | $ 242,656 |
Rental home income | 3,561 | 3,632 | 7,076 | 7,237 |
Resort base rental income | 55,231 | 50,055 | 119,485 | 111,123 |
Interest income | 1,862 | 1,798 | 3,812 | 3,568 |
Income from other investments, net | 3,413 | 1,109 | 4,353 | 1,866 |
Total revenues | 240,502 | 221,312 | 486,527 | 453,701 |
Expenses: | ||||
Property operating and maintenance | 80,091 | 72,901 | 154,999 | 140,955 |
Rental home operating and maintenance | 1,629 | 1,657 | 3,053 | 3,208 |
Real estate taxes | 13,440 | 13,943 | 27,575 | 27,980 |
Sales and marketing, gross | 3,305 | 2,894 | 6,117 | 5,584 |
Right-to-use contract commissions, deferred, net | (262) | (112) | (286) | (196) |
Depreciation on real estate assets and rental homes | 32,452 | 30,247 | 63,774 | 60,357 |
Amortization of in-place leases | 1,893 | 958 | 2,945 | 1,990 |
Home selling expenses | 973 | 929 | 2,048 | 1,854 |
General and administrative | 9,669 | 8,461 | 17,707 | 15,834 |
Other expenses | 367 | 271 | 710 | 490 |
Interest and related amortization | 26,285 | 24,822 | 51,988 | 49,701 |
Total expenses | 192,946 | 177,889 | 375,989 | 348,354 |
Income before equity in income of unconsolidated joint ventures | 47,556 | 43,423 | 110,538 | 105,347 |
Equity in income of unconsolidated joint ventures | 1,613 | 1,040 | 2,808 | 2,190 |
Consolidated net income | 49,169 | 44,463 | 113,346 | 107,537 |
Income allocated to non-controlling interests – Common OP Units | (3,024) | (2,649) | (6,979) | (6,539) |
Net income available for Common Stockholders | 46,137 | 39,498 | 106,359 | 96,385 |
Other comprehensive income: | ||||
Adjustment for fair market value of swap | 764 | 30 | 2,637 | 257 |
Consolidated comprehensive income | 49,933 | 44,493 | 115,983 | 107,794 |
Comprehensive income attributable to Common Stockholders | $ 46,854 | $ 39,526 | $ 108,834 | $ 96,626 |
Earnings per Common Share – Basic: | ||||
Net income available for Common Stockholders (usd per share) | $ 0.52 | $ 0.46 | $ 1.20 | $ 1.12 |
Earnings per Common Share - Fully Diluted: | ||||
Net income available for Common Stockholders (usd per share) | 0.52 | 0.45 | 1.20 | 1.11 |
Distributions declared per Common Share outstanding (usd per share) | $ 0.5500 | $ 0.4875 | $ 1.1 | $ 0.975 |
Weighted average Common Shares outstanding – basic (shares) | 88,549 | 86,763 | 88,537 | 86,408 |
Weighted average Common Shares outstanding – fully diluted (shares) | 94,623 | 93,063 | 94,600 | 93,041 |
Redeemable Perpetual Preferred Stock | ||||
Expenses: | ||||
Redeemable perpetual preferred stock dividends | $ (8) | $ (2,316) | $ (8) | $ (4,613) |
Non- controlling interests – Common OP Units | ||||
Other comprehensive income: | ||||
Comprehensive income allocated to non-controlling interests – Common OP Units | (3,071) | (2,651) | (7,141) | (6,555) |
Right-to-use annual payments | ||||
Revenues: | ||||
Contract revenue | 11,891 | 11,350 | 23,410 | 22,602 |
Right-to-use contracts current period, gross | ||||
Revenues: | ||||
Contract revenue | 3,944 | 3,798 | 7,106 | 7,004 |
Right-to-use contract upfront payments, deferred, net | ||||
Revenues: | ||||
Contract revenue | (2,021) | (1,321) | (3,306) | (2,096) |
Utility and other income | ||||
Revenues: | ||||
Utility and other income | 24,320 | 20,650 | 49,841 | 42,776 |
Gross revenues from home sales | ||||
Revenues: | ||||
Contract revenue | 9,105 | 7,833 | 17,414 | 14,860 |
Expenses: | ||||
Cost of services | 9,632 | 7,895 | 18,206 | 15,014 |
Brokered resale revenues and ancillary services revenues, net | ||||
Revenues: | ||||
Contract revenue | 617 | 444 | 2,018 | 2,105 |
Property management | ||||
Expenses: | ||||
Cost of services | $ 13,472 | $ 13,023 | $ 27,153 | $ 25,583 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Redeemable Perpetual Preferred Stock | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss/(Income) | Non- controlling interests – Common OP Units |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of change in accounting principle | $ (15,186) | $ (15,186) | |||||
Adjusted balance | 1,084,856 | $ 883 | $ 1,242,109 | $ 0 | (227,166) | $ 942 | $ 68,088 |
Balance at Dec. 31, 2017 | 1,100,042 | 883 | 1,242,109 | 0 | (211,980) | 942 | 68,088 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exchange of Common OP Units for Common Stock | 1 | 161 | (162) | ||||
Issuance of Common Stock through employee stock purchase plan | 846 | 846 | |||||
Compensation expenses related to restricted stock and stock options | 4,541 | 4,541 | |||||
Adjustment for Common OP Unitholders in the Operating Partnership | 0 | 725 | (725) | ||||
Adjustment for fair market value of swap | 2,637 | 2,637 | |||||
Consolidated net income | 113,346 | 8 | 106,359 | 6,979 | |||
Distributions | (104,060) | (8) | (97,646) | (6,406) | |||
Other | (335) | (335) | |||||
Balance at Jun. 30, 2018 | $ 1,101,831 | $ 884 | $ 1,248,047 | $ 0 | $ (218,453) | $ 3,579 | $ 67,774 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows From Operating Activities: | ||
Consolidated net income | $ 113,346 | $ 107,537 |
Adjustments to reconcile Consolidated net income to Net cash provided by operating activities: | ||
Depreciation | 64,486 | 60,960 |
Amortization of in-place leases | 2,945 | 1,990 |
Amortization of loan costs | 1,772 | 1,788 |
Debt premium amortization | (711) | (1,166) |
Equity in income of unconsolidated joint ventures | (2,808) | (2,190) |
Distributions of income from unconsolidated joint ventures | 1,732 | 1,270 |
Proceeds from insurance claims, net | 1,809 | 4,482 |
Compensation expenses related to restricted stock and stock options | 4,541 | 4,257 |
Revenue recognized from right-to-use contract upfront payments | (3,800) | (4,908) |
Commission expense recognized related to right-to-use contracts | 1,810 | 2,202 |
Long-term incentive plan compensation | 461 | 674 |
Recovery for uncollectible rents receivable | 134 | 214 |
Changes in assets and liabilities: | ||
Notes receivable activity, net | 347 | (282) |
Deferred commission expense | (2,010) | (2,280) |
Escrow deposits, goodwill and other assets | 11,111 | 10,992 |
Accrued expenses and accounts payable | 5,280 | 6,066 |
Rents received in advance and security deposits | 15,601 | 11,630 |
Net cash provided by operating activities | 226,026 | 212,982 |
Cash Flows From Investing Activities: | ||
Real estate acquisitions | (53,289) | (2,053) |
Investment in unconsolidated joint ventures | (3,791) | (2,267) |
Distributions of capital from unconsolidated joint ventures | 110 | 530 |
Proceeds from insurance claims | 2,335 | 590 |
Repayments of notes receivable | 19,037 | 5,054 |
Issuance of notes receivable | (4,919) | (18,696) |
Capital improvements | (81,377) | (53,464) |
Net cash used in investing activities | (121,894) | (70,306) |
Cash Flows From Financing Activities: | ||
Proceeds from stock options and employee stock purchase plan | 846 | 764 |
Distributions: | ||
Common Stockholders | (92,008) | (78,699) |
Common OP Unitholders | (6,049) | (5,942) |
Perpetual Preferred Stockholders | (8) | (4,613) |
Principal payments and mortgage debt payoff | (23,964) | (42,637) |
New mortgage notes payable financing proceeds | 64,014 | 0 |
Line of Credit payoff | (97,000) | 0 |
Line of Credit proceeds | 67,000 | 0 |
Debt issuance and defeasance costs | (1,688) | 0 |
Other | (335) | (149) |
Net cash used in financing activities | (89,192) | (131,276) |
Net increase in Cash and restricted cash | 14,940 | 11,400 |
Cash and restricted cash, beginning of period | 31,085 | 56,340 |
Cash and restricted cash, end of period | 46,025 | 67,740 |
Supplemental Information: | ||
Cash paid during the period for interest | 52,658 | 51,135 |
Building and other depreciable property – reclassification of rental homes | 19,390 | 15,322 |
Escrow deposits and other assets – reclassification of rental homes | (19,390) | (15,322) |
Real estate acquisitions: | ||
Investment in real estate, fair value | (71,756) | (7,985) |
Escrow deposits and other assets | (9) | 0 |
Debt assumed | 9,200 | 5,900 |
Debt financed | 8,786 | 0 |
Accrued expenses and accounts payable | 490 | 32 |
Real estate acquisitions, net | (53,289) | (2,053) |
Right-to-use contract upfront payments, deferred, net | ||
Changes in assets and liabilities: | ||
Deferred revenue | 7,106 | 7,004 |
Right-to-use annual payments | ||
Changes in assets and liabilities: | ||
Deferred revenue | $ 2,874 | $ 2,742 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") communities and recreational vehicle ("RV") resorts and campgrounds. We provide our customers the opportunity to place factory built homes, cottages, cabins or RVs on our properties either on a long-term or short-term basis. Our customers may lease individual developed areas ("Sites") or enter right-to-use contracts, which provide them access to specific Properties for limited stays. Capitalized terms used but not defined herein are as defined in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”). These unaudited interim 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 2017 Form 10-K. The following notes to the unaudited interim Consolidated Financial Statements highlight significant changes to the notes included in the 2017 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, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 ("VIEs") with respect to which we are the primary beneficiary. We have determined the Operating Partnership, which is our sole significant asset, meets the definition of a VIE. Therefore, we consolidate the Operating Partnership. 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. 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. We apply the cost method of accounting when our investment is (i) minimal (typically less than 5.0% ) and (ii) passive. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. (b) Identified Intangibles and Goodwill As of both June 30, 2018 and December 31, 2017 , 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, 2018 and December 31, 2017 , 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 $3.0 million and $2.9 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , 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 $84.4 million and $76.7 million , respectively. Accumulated amortization of in-place lease intangible assets was approximately $77.6 million and $76.5 million as of June 30, 2018 and December 31, 2017 , respectively. (c) Restricted Cash As of both June 30, 2018 and December 31, 2017 , Cash and restricted cash included approximately $5.3 million of restricted cash for the payment of capital improvements, insurance or real estate taxes pursuant to certain loan agreements. (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 $24.1 million and $23.7 million as of June 30, 2018 and December 31, 2017 , respectively, had an aggregate carrying value of approximately $2,251.1 million and $2,193.7 million as of June 30, 2018 and December 31, 2017 , respectively, and a fair value of approximately $2,230.7 million and $2,184.0 million as of June 30, 2018 and December 31, 2017 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2018 and December 31, 2017 , our cash flow hedge of interest rate risk included in Escrow deposits, goodwill and other assets, net 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) Revenue Recognition Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), Leases , which include the following classifications on our Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site in which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer’s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute. All other classifications on our Consolidated Statements of Income and Comprehensive Income are accounted for under other applicable accounting standards. We enter into right-to-use contracts that give the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized ratably over the one year period in which access to Sites at certain Properties are provided. Right-to-use upgrade contracts grant certain additional access rights to the customer and require upfront non-refundable payments. The right-to-use upfront non-refundable payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See Recently Adopted Accounting Pronouncements within Note 2 for further discussion. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. (f) Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted on a prospective basis ("ASU 2017-01") Business Combinations : Clarifying the Definition of a Business (Topic 805) . This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, is accounted for as an asset acquisition rather than a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $1.3 million were capitalized for the six months ended June 30, 2018. On January 1, 2018, the Company adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230) . ASU 2016-18 requires companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance did not have any effect on the Company's Consolidated Financial Statements. On January 1, 2018, the Company adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. ASU 2016-15 adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 impacted our classification of proceeds from the settlement of insurance claims and distributions received from equity method investments. The retrospective adoption of this guidance resulted in the reclassification of $0.6 million of insurance proceeds from Operating Activities to Investing Activities and $0.5 million of distributions from equity method investments from Operating Activities to Investing Activities in our Statement of Cash Flows for the six months ended June 30, 2017 . On January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. As a result of the cumulative impact of adopting this guidance, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings in the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In addition to the information included within Note 2 regarding the impact of ASU 2014-09, also see Note 10, Reportable Segments, for further disaggregation of our various revenue streams by major source. The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows: (amounts in thousands) Balance at December 31, 2017 Adjustment due to ASU 2014-09 Adoption Balance at January 1, 2018 Assets Deferred commission expense $ 31,443 $ 8,200 $ 39,643 Liabilities Deferred revenue-upfront payment from right-to-use contracts $ 85,596 $ 23,386 $ 108,982 Equity Distribution in excess of accumulated earnings $ (211,980 ) $ (15,186 ) $ (227,166 ) The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (2,021 ) $ (1,286 ) $ 735 Total revenues $ 240,502 $ 241,237 $ (735 ) Expenses Right-to-use contract commissions, deferred, net $ (262 ) $ (43 ) $ 219 Total expenses $ 192,946 $ 193,165 $ (219 ) Consolidated net income $ 49,169 $ 49,685 $ (516 ) Net income available for Common Stockholders $ 46,137 $ 46,629 $ (492 ) Earnings per Common Share - Basic $ 0.52 $ 0.53 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 0.52 $ 0.53 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (3,306 ) $ (1,837 ) $ 1,469 Total revenues $ 486,527 $ 487,996 $ (1,469 ) Expenses Right-to-use contract commissions, deferred, net $ (286 ) $ 164 $ 450 Total expenses $ 375,989 $ 376,439 $ (450 ) Consolidated net income $ 113,346 $ 114,365 $ (1,019 ) Net income available for Common Stockholders $ 106,359 $ 107,323 $ (964 ) Earnings per Common Share - Basic $ 1.20 $ 1.21 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 1.20 $ 1.21 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. (g) New Accounting Pronouncements In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging : Targeted Improvements to Accounting for Hedging Activities (Topic 815) . ASU 2017-12 provides guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments including ineffectiveness will be recorded in Other comprehensive income ("OCI") and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The new guidance also amends the presentation and disclosure requirements. The intention is to align hedge accounting with companies' risk management strategies more closely, thereby simplifying the application of hedge accounting and increasing transparency as to the scope and results of hedging programs. ASU 2017-12 is effective in fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that the 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: Measurement of Credit Losses on Financial Instruments (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. As the lessor, we generate rental income and other income when customers rent the Sites at our Properties. We are the lessee in other arrangements, primarily for office space, ground leases and certain equipment. We are currently in the process of evaluating the potential impact, as both a lessor and a lessee, this standard may have on our Consolidated Financial Statements and related disclosures. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and 2017 : Quarters Ended Six Months Ended June 30, June 30, (amounts in thousands, except per share data) 2018 2017 2018 2017 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 46,137 $ 39,498 $ 106,359 $ 96,385 Amounts allocated to dilutive securities 3,024 2,649 6,979 6,539 Net income available for Common Stockholders – fully diluted $ 49,161 $ 42,147 $ 113,338 $ 102,924 Denominator: Weighted average Common Shares outstanding – basic 88,549 86,763 88,537 86,408 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 5,826 5,886 5,827 6,235 Stock options and restricted shares 248 414 236 398 Weighted average Common Shares outstanding – fully diluted 94,623 93,063 94,600 93,041 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.52 $ 0.46 $ 1.20 $ 1.12 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.52 $ 0.45 $ 1.20 $ 1.11 |
Common Stock and Other Equity R
Common Stock and Other Equity Related Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions Common Stockholder Distribution Activity The following quarterly distributions have been declared and paid to common stockholders and non-controlling common operating partnership unit ("OP Unit") holders for the six months ended June 30, 2018 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.5500 March 31, 2018 March 30, 2018 April 13, 2018 $0.5500 June 30, 2018 June 29, 2018 July 13, 2018 As of June 30, 2018 , approximately $150.0 million of Common Stock remained available for issuance under the at-the-market (“ATM”) equity offering program. Exchanges Subject to certain limitations, holders of OP Units can request an exchange of any or all of their OP Units for shares of Common Stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of Common Stock, cause the Operating Partnership to pay cash. During the six months ended June 30, 2018 , 13,838 OP Units were exchanged for an equal number of shares of Common Stock. |
Real Estate Acquisitions
Real Estate Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions | Real Estate Acquisitions On April 20, 2018, we completed the acquisition of Holiday Travel Park, a 613 -site RV Resort in Holiday, Florida. The purchase price was $22.5 million , including $0.3 million of transaction costs, and was funded with available cash and proceeds from our line of credit. On March 15, 2018, we completed the acquisition of Serendipity, a 425 -site manufactured home community located in Clearwater, Florida. The purchase price was $30.7 million , including $0.6 million of transaction costs, and was funded with available cash, a loan assumption of $9.2 million and new loan proceeds of $8.8 million . On March 8, 2018, we completed the acquisition of Kingswood, a 229 -site manufactured home community located in Riverview, Florida. The purchase price was $17.5 million , including $0.4 million of transaction costs, and was funded with available cash. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures 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, 2018 and December 31, 2017 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites (a) Economic (b) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 526 $ 307 $ 819 $ 1,130 Lakeshore Florida (3,3) 720 (c) 2,435 2,530 123 147 Voyager Arizona (1,1) 1,801 50 % (d) 3,614 3,205 883 800 Loggerhead Florida 2,343 49 % 35,205 31,414 689 — ECHO JV Various — 50 % 15,919 15,624 294 113 5,941 $ 57,699 $ 53,080 $ 2,808 $ 2,190 _____________________ (a) Loggerhead sites represent marina slip count. (b) The percentages shown approximate our economic interest as of June 30, 2018 . Our legal ownership interest may differ. (c) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (d) Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property. On March 29, 2018, the Crosswinds joint venture repaid a short-term loan to us in the amount of $13.8 million . We provided the loan to Crosswinds in conjunction with the formation of the joint venture in June 2017. We received approximately $1.8 million in distributions from these joint ventures for both the six months ended June 30, 2018 and 2017 . Approximately $0.3 million of the distributions made to us exceeded our basis in joint ventures for the six months ended June 30, 2017 , and as such were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceed our basis in joint ventures for the six months ended June 30, 2018 . |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements Mortgage Notes Payable During the six months ended June 30, 2018 , we closed on one loan, secured by two RV resorts, for gross proceeds of approximately $64.0 million . The loan carries an interest rate of 4.83% per annum and matures in 2038. In connection with the Serendipity acquisition during the first quarter of 2018, we assumed a loan of approximately $9.2 million and obtained additional financing of $8.8 million for a total mortgage debt, secured by the manufactured home community, of $18.0 million with an interest rate of 4.75% that matures in 2039. As of June 30, 2018 and December 31, 2017 , we had outstanding mortgage indebtedness of approximately $2,028.5 million and $1,971.7 million , respectively, net of deferred financing costs. The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, for the six months ended June 30, 2018 was approximately 4.7% per annum. The debt bears interest at stated rates ranging from 3.1% to 8.9% per annum and matures on various dates ranging from 2018 to 2041 . The debt encumbered a total of 124 and 120 of our Properties as of June 30, 2018 and December 31, 2017 , respectively, and the carrying value of such Properties was approximately $2,499.0 million and $2,323.1 million , as of June 30, 2018 and December 31, 2017 , respectively. Unsecured Line of Credit During the six months ended June 30, 2018 , we paid off our unsecured line of credit balance, including approximately $30.0 million outstanding as of December 31, 2017 . As of June 30, 2018 , 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, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Awards | Equity Incentive Awards Compensation expense related to restricted stock and stock options, reported in General and administrative on the Consolidated Statements of Income and Comprehensive Income, for the quarters ended June 30, 2018 and 2017 was approximately $2.7 million and $2.5 million and for the six months ended June 30, 2018 and 2017 was approximately $4.5 million and $4.3 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. 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. The Compensation Committee determines the vesting schedule, if any, of each restricted stock grant or stock option grant and the term of each stock 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, 2018 , 2,934,810 shares remained available for grant. On May 1, 2018, we awarded to certain members of our Board of Directors, 51,388 shares of Restricted Stock at a fair market value of approximately $4.6 million and Options to purchase 6,270 shares of common stock with an exercise price of $89.65 per share. The shares of common stock covered by these awards are subject to multiple tranches that vest between November 1, 2018 and May 1, 2021. On February 1, 2018, we awarded 70,250 shares of restricted stock (the “2018 Awards”) at a fair market value of approximately $5.9 million to certain members of our senior management for their service in 2018. These restricted stock grants vest over a three -year vesting period, with one-third vesting on December 28, 2018 and the remaining two-thirds vesting on each of December 28, 2019 and December 28, 2020, respectively (the “Extended Vesting Portion”). One-half of the Extended Vesting Portion of the 2018 Awards provide solely for time-based vesting and will vest in equal installments on December 28, 2019 and December 28, 2020. The remaining one-half of the Extended Vesting Portion of the 2018 Awards provide for performance-based vesting and will vest, subject to the satisfaction of the performance conditions to be established by the Compensation Committee in the year of the vesting period, in equal installments on December 28, 2019 and December 28, 2020. Additionally, on February 1, 2018, we awarded a one-time transition award of time-based restricted stock (the "Transition Awards") as a transition from our prior practice of granting annual restricted stock awards which vest in full on December 31 of the relevant grant year. On February 1, 2018, we awarded Transition Awards for 70,250 shares of common stock at a fair market value of approximately $5.9 million to certain members of our senior management. These Transition Awards are intended to mitigate the impact of a reduction in the realized pay for certain members of our senior management in 2018 and 2019 resulting from the three -year vesting period for the 2018 Awards. Two-thirds of each Transition Award will vest on December 28, 2018, and the remaining one-third will vest on December 28, 2019. The Transition Awards are not subject to performance goals. The Compensation Committee does not intend to replicate these Transition Awards in future years. 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. Time-based restricted stock awards are recorded as stock-based compensation expense and paid in capital over the vesting period. Stock-based compensation for restricted stock awards with performance conditions will be recognized using the closing price of our common stock at the grant date when the key terms and conditions are known to all parties. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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. 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, 2018 | |
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, 2018 or 2017 . The following tables summarize our segment financial information for the quarters and six months ended June 30, 2018 and 2017 : Quarter Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 222,167 $ 13,060 $ 235,227 Operations expenses (110,046 ) (12,234 ) (122,280 ) Income from segment operations 112,121 826 112,947 Interest income 823 1,033 1,856 Depreciation on real estate assets and rental homes (30,061 ) (2,391 ) (32,452 ) Amortization of in-place leases (1,893 ) — (1,893 ) Income (loss) from operations $ 80,990 $ (532 ) $ 80,458 Reconciliation to consolidated net income: Corporate interest income 6 Income from other investments, net 3,413 General and administrative (9,669 ) Other expenses (367 ) Interest and related amortization (26,285 ) Equity in income of unconsolidated joint ventures 1,613 Consolidated net income $ 49,169 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 26,602 $ 23,459 $ 50,061 Quarter Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 Capital improvements $ 18,534 $ 10,576 $ 29,110 Six Months Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 453,183 $ 25,179 $ 478,362 Operations expenses (215,558 ) (23,307 ) (238,865 ) Income from segment operations 237,625 1,872 239,497 Interest income 1,631 1,940 3,571 Depreciation on real estate assets and rental homes (53,084 ) (10,690 ) (63,774 ) Amortization of in-place leases (2,945 ) — (2,945 ) Income (loss) from operations $ 183,227 $ (6,878 ) $ 176,349 Reconciliation to consolidated net income: Corporate interest income 241 Income from other investments, net 4,353 General and administrative (17,707 ) Other expenses (710 ) Interest and related amortization (51,988 ) Equity in income of unconsolidated joint ventures 2,808 Consolidated net income $ 113,346 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 47,870 $ 33,507 $ 81,377 Six Months Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 128,579 $ 121,964 $ 255,318 $ 242,656 Resort base rental income 55,231 50,055 119,485 111,123 Right-to-use annual payments 11,891 11,350 23,410 22,602 Right-to-use contracts current period, gross 3,944 3,798 7,106 7,004 Right-to-use contract upfront payments, deferred, net (2,021 ) (1,321 ) (3,306 ) (2,096 ) Utility and other income 24,320 20,650 49,841 42,776 Ancillary services revenues, net 223 98 1,329 1,517 Total property operations revenues 222,167 206,594 453,183 425,582 Expenses: Property operating and maintenance 80,091 72,901 154,999 140,955 Real estate taxes 13,440 13,943 27,575 27,980 Sales and marketing, gross 3,305 2,894 6,117 5,584 Right-to-use contract commissions, deferred, net (262 ) (112 ) (286 ) (196 ) Property management 13,472 13,023 27,153 25,583 Total property operations expenses 110,046 102,649 215,558 199,906 Income from property operations segment $ 112,121 $ 103,945 $ 237,625 $ 225,676 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 9,105 $ 7,833 $ 17,414 $ 14,860 Brokered resale revenues, net 369 346 651 588 Rental home income (a) 3,561 3,632 7,076 7,237 Ancillary services revenues, net 25 — 38 — Total revenues 13,060 11,811 25,179 22,685 Expenses: Cost of home sales 9,632 7,895 18,206 15,014 Home selling expenses 973 929 2,048 1,854 Rental home operating and maintenance 1,629 1,657 3,053 3,208 Total expenses 12,234 10,481 23,307 20,076 Income from home sales and rentals operations segment $ 826 $ 1,330 $ 1,872 $ 2,609 ______________________ (a) Segment information does not include Site rental income included in Community base rental income. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 20, 2018, we completed the acquisition of Everglades Lakes, a 612 -site MH community in Fort Lauderdale, Florida. The purchase price was $72.0 million and was funded with net proceeds from sales of common stock under our ATM equity offering program and proceeds from our line of credit. During July 2018, we sold 252,864 shares of common stock as part of our ATM equity offering program at a weighted average price per share of $91.85 , resulting in net cash proceeds of approximately $22.9 million . As of July 26, 2018, $126.8 million of common stock remains available for issuance under the ATM equity offering program. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Consolidation We consolidate our majority-owned Subsidiaries in which we have the ability to control the operations and all variable interest entities ("VIEs") with respect to which we are the primary beneficiary. We have determined the Operating Partnership, which is our sole significant asset, meets the definition of a VIE. Therefore, we consolidate the Operating Partnership. 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. 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. Basis of Presentation |
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 $24.1 million and $23.7 million as of June 30, 2018 and December 31, 2017 , respectively, had an aggregate carrying value of approximately $2,251.1 million and $2,193.7 million as of June 30, 2018 and December 31, 2017 , respectively, and a fair value of approximately $2,230.7 million and $2,184.0 million as of June 30, 2018 and December 31, 2017 , respectively. The fair value was measured using quoted prices and observable inputs from similar liabilities (Level 2). At June 30, 2018 and December 31, 2017 , our cash flow hedge of interest rate risk included in Escrow deposits, goodwill and other assets, net 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. |
Revenue Recognition, Leases | Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), Leases , which include the following classifications on our Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site in which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer’s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute. |
Revenue Recognition- Leases | We enter into right-to-use contracts that give the customer the right to a set schedule of usage at a specified group of Properties. Payments are deferred and recognized ratably over the one year period in which access to Sites at certain Properties are provided. Right-to-use upgrade contracts grant certain additional access rights to the customer and require upfront non-refundable payments. The right-to-use upfront non-refundable payments are recognized on a straight-line basis over 20 years. On January 1, 2018, we adopted (“ASU 2014-09”), Revenue from Contracts with Customers. See Recently Adopted Accounting Pronouncements within Note 2 for further discussion. Income from home sales is recognized when the earnings process is complete. The earnings process is complete when the home has been delivered, the purchaser has accepted the home and title has transferred. |
New Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted on a prospective basis ("ASU 2017-01") Business Combinations : Clarifying the Definition of a Business (Topic 805) . This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, is accounted for as an asset acquisition rather than a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. Under this new guidance, transaction costs associated with asset acquisitions are capitalized, while transaction costs associated with business combinations are expensed as incurred. All of the acquisitions completed subsequent to January 1, 2018 met the screen and, therefore, were accounted for as asset acquisitions and, as such, the related transaction costs of $1.3 million were capitalized for the six months ended June 30, 2018. On January 1, 2018, the Company adopted (“ASU 2016-18”) Statement of Cash Flows: Restricted Cash (Topic 230) . ASU 2016-18 requires companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance did not have any effect on the Company's Consolidated Financial Statements. On January 1, 2018, the Company adopted (“ASU 2016-15”) Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230) on a retrospective basis. ASU 2016-15 adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 impacted our classification of proceeds from the settlement of insurance claims and distributions received from equity method investments. The retrospective adoption of this guidance resulted in the reclassification of $0.6 million of insurance proceeds from Operating Activities to Investing Activities and $0.5 million of distributions from equity method investments from Operating Activities to Investing Activities in our Statement of Cash Flows for the six months ended June 30, 2017 . On January 1, 2018, we adopted ASU 2014-09, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to our right-to-use upgrade contracts and related commissions that were not fully amortized as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASU 2014-09, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. As a result of the cumulative impact of adopting this guidance, we recorded a net reduction to retained earnings of approximately $15.2 million as of January 1, 2018 in Distributions in excess of accumulated earnings in the Consolidated Statement of Changes in Equity. There have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In addition to the information included within Note 2 regarding the impact of ASU 2014-09, also see Note 10, Reportable Segments, for further disaggregation of our various revenue streams by major source. New Accounting Pronouncements In August 2017, the FASB issued ("ASU 2017-12") Derivatives and Hedging : Targeted Improvements to Accounting for Hedging Activities (Topic 815) . ASU 2017-12 provides guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. The entire change in fair value for qualifying hedge instruments including ineffectiveness will be recorded in Other comprehensive income ("OCI") and amounts deferred in OCI will be reclassified to earnings in the same income statement line item in which the earnings effect of the hedged item is reported. The new guidance also amends the presentation and disclosure requirements. The intention is to align hedge accounting with companies' risk management strategies more closely, thereby simplifying the application of hedge accounting and increasing transparency as to the scope and results of hedging programs. ASU 2017-12 is effective in fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. We are currently in the process of evaluating the potential impact, if any, that the 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: Measurement of Credit Losses on Financial Instruments (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. As the lessor, we generate rental income and other income when customers rent the Sites at our Properties. We are the lessee in other arrangements, primarily for office space, ground leases and certain equipment. We are currently in the process of evaluating the potential impact, as both a lessor and a lessee, this standard may have on our Consolidated Financial Statements and related disclosures. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of cumulative effect adjustments resulting from the adoption of ASU 2014-09 | The cumulative effect adjustments resulting from the adoption of ASU 2014-09 as of January 1, 2018 were as follows: (amounts in thousands) Balance at December 31, 2017 Adjustment due to ASU 2014-09 Adoption Balance at January 1, 2018 Assets Deferred commission expense $ 31,443 $ 8,200 $ 39,643 Liabilities Deferred revenue-upfront payment from right-to-use contracts $ 85,596 $ 23,386 $ 108,982 Equity Distribution in excess of accumulated earnings $ (211,980 ) $ (15,186 ) $ (227,166 ) The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (2,021 ) $ (1,286 ) $ 735 Total revenues $ 240,502 $ 241,237 $ (735 ) Expenses Right-to-use contract commissions, deferred, net $ (262 ) $ (43 ) $ 219 Total expenses $ 192,946 $ 193,165 $ (219 ) Consolidated net income $ 49,169 $ 49,685 $ (516 ) Net income available for Common Stockholders $ 46,137 $ 46,629 $ (492 ) Earnings per Common Share - Basic $ 0.52 $ 0.53 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 0.52 $ 0.53 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. The impact of ASU 2014-09 on the Company’s Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2018 was as follows: (amounts in thousands, except per share data) As Reported Balances Without Adoption of ASU 2014-09 (a) Effect of Change Higher/(Lower) Revenues Right-to-use contract upfront payments, deferred, net $ (3,306 ) $ (1,837 ) $ 1,469 Total revenues $ 486,527 $ 487,996 $ (1,469 ) Expenses Right-to-use contract commissions, deferred, net $ (286 ) $ 164 $ 450 Total expenses $ 375,989 $ 376,439 $ (450 ) Consolidated net income $ 113,346 $ 114,365 $ (1,019 ) Net income available for Common Stockholders $ 106,359 $ 107,323 $ (964 ) Earnings per Common Share - Basic $ 1.20 $ 1.21 $ (0.01 ) Earnings per Common Share - Fully Diluted $ 1.20 $ 1.21 $ (0.01 ) _____________________ (a) Represents the amounts that would have been reported under GAAP that existed prior to the January 1, 2018 adoption of ASU 2014-09. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted 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, 2018 and 2017 : Quarters Ended Six Months Ended June 30, June 30, (amounts in thousands, except per share data) 2018 2017 2018 2017 Numerator: Net Income Available for Common Stockholders: Net income available for Common Stockholders – basic $ 46,137 $ 39,498 $ 106,359 $ 96,385 Amounts allocated to dilutive securities 3,024 2,649 6,979 6,539 Net income available for Common Stockholders – fully diluted $ 49,161 $ 42,147 $ 113,338 $ 102,924 Denominator: Weighted average Common Shares outstanding – basic 88,549 86,763 88,537 86,408 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 5,826 5,886 5,827 6,235 Stock options and restricted shares 248 414 236 398 Weighted average Common Shares outstanding – fully diluted 94,623 93,063 94,600 93,041 Earnings per Common Share – Basic: Net income available for Common Stockholders $ 0.52 $ 0.46 $ 1.20 $ 1.12 Earnings per Common Share – Fully Diluted: Net income available for Common Stockholders $ 0.52 $ 0.45 $ 1.20 $ 1.11 |
Common Stock and Other Equity21
Common Stock and Other Equity Related Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Dividends declared | The following quarterly distributions have been declared and paid to common stockholders and non-controlling common operating partnership unit ("OP Unit") holders for the six months ended June 30, 2018 . Distribution Amount Per Share For the Quarter Ended Stockholder Record Date Payment Date $0.5500 March 31, 2018 March 30, 2018 April 13, 2018 $0.5500 June 30, 2018 June 29, 2018 July 13, 2018 |
Investment in Unconsolidated 22
Investment in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of our investment in unconsolidated joint ventures | 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, 2018 and December 31, 2017 ): Investment as of Joint Venture Income/(Loss) for the Six Months Ended Investment Location Number of Sites (a) Economic (b) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 526 $ 307 $ 819 $ 1,130 Lakeshore Florida (3,3) 720 (c) 2,435 2,530 123 147 Voyager Arizona (1,1) 1,801 50 % (d) 3,614 3,205 883 800 Loggerhead Florida 2,343 49 % 35,205 31,414 689 — ECHO JV Various — 50 % 15,919 15,624 294 113 5,941 $ 57,699 $ 53,080 $ 2,808 $ 2,190 _____________________ (a) Loggerhead sites represent marina slip count. (b) The percentages shown approximate our economic interest as of June 30, 2018 . Our legal ownership interest may differ. (c) Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest. (d) 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, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment financial information | The following tables summarize our segment financial information for the quarters and six months ended June 30, 2018 and 2017 : Quarter Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 222,167 $ 13,060 $ 235,227 Operations expenses (110,046 ) (12,234 ) (122,280 ) Income from segment operations 112,121 826 112,947 Interest income 823 1,033 1,856 Depreciation on real estate assets and rental homes (30,061 ) (2,391 ) (32,452 ) Amortization of in-place leases (1,893 ) — (1,893 ) Income (loss) from operations $ 80,990 $ (532 ) $ 80,458 Reconciliation to consolidated net income: Corporate interest income 6 Income from other investments, net 3,413 General and administrative (9,669 ) Other expenses (367 ) Interest and related amortization (26,285 ) Equity in income of unconsolidated joint ventures 1,613 Consolidated net income $ 49,169 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 26,602 $ 23,459 $ 50,061 Quarter Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 Capital improvements $ 18,534 $ 10,576 $ 29,110 Six Months Ended June 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 453,183 $ 25,179 $ 478,362 Operations expenses (215,558 ) (23,307 ) (238,865 ) Income from segment operations 237,625 1,872 239,497 Interest income 1,631 1,940 3,571 Depreciation on real estate assets and rental homes (53,084 ) (10,690 ) (63,774 ) Amortization of in-place leases (2,945 ) — (2,945 ) Income (loss) from operations $ 183,227 $ (6,878 ) $ 176,349 Reconciliation to consolidated net income: Corporate interest income 241 Income from other investments, net 4,353 General and administrative (17,707 ) Other expenses (710 ) Interest and related amortization (51,988 ) Equity in income of unconsolidated joint ventures 2,808 Consolidated net income $ 113,346 Total assets $ 3,477,455 $ 222,734 $ 3,700,189 Capital improvements $ 47,870 $ 33,507 $ 81,377 Six Months Ended June 30, 2017 (amounts in thousands) 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 ) Other expenses (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 |
Financial information for the property operations segment | The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Community base rental income $ 128,579 $ 121,964 $ 255,318 $ 242,656 Resort base rental income 55,231 50,055 119,485 111,123 Right-to-use annual payments 11,891 11,350 23,410 22,602 Right-to-use contracts current period, gross 3,944 3,798 7,106 7,004 Right-to-use contract upfront payments, deferred, net (2,021 ) (1,321 ) (3,306 ) (2,096 ) Utility and other income 24,320 20,650 49,841 42,776 Ancillary services revenues, net 223 98 1,329 1,517 Total property operations revenues 222,167 206,594 453,183 425,582 Expenses: Property operating and maintenance 80,091 72,901 154,999 140,955 Real estate taxes 13,440 13,943 27,575 27,980 Sales and marketing, gross 3,305 2,894 6,117 5,584 Right-to-use contract commissions, deferred, net (262 ) (112 ) (286 ) (196 ) Property management 13,472 13,023 27,153 25,583 Total property operations expenses 110,046 102,649 215,558 199,906 Income from property operations segment $ 112,121 $ 103,945 $ 237,625 $ 225,676 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2018 and 2017 : Quarters Ended Six Months Ended (amounts in thousands) June 30, June 30, June 30, June 30, Revenues: Gross revenue from home sales $ 9,105 $ 7,833 $ 17,414 $ 14,860 Brokered resale revenues, net 369 346 651 588 Rental home income (a) 3,561 3,632 7,076 7,237 Ancillary services revenues, net 25 — 38 — Total revenues 13,060 11,811 25,179 22,685 Expenses: Cost of home sales 9,632 7,895 18,206 15,014 Home selling expenses 973 929 2,048 1,854 Rental home operating and maintenance 1,629 1,657 3,053 3,208 Total expenses 12,234 10,481 23,307 20,076 Income from home sales and rentals operations segment $ 826 $ 1,330 $ 1,872 $ 2,609 ______________________ (a) Segment information does not include Site rental income included in Community base rental income. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | |||
Intangible assets and goodwill | $ 12,100 | $ 12,100 | |
Intangible assets | 4,300 | 4,300 | |
Goodwill | 7,800 | 7,800 | |
Accumulated amortization of identified intangible assets | 3,000 | 2,900 | |
Cash and cash equivalents, restricted cash | 5,300 | 5,300 | |
Deferred financing costs, net | 24,100 | 23,700 | |
Capitalized transaction costs | 1,300 | ||
Proceeds from insurance claims, operating activities | 1,809 | $ 4,482 | |
Proceeds from insurance claims, investing activities | 2,335 | 590 | |
Distributions of capital from unconsolidated joint ventures | 110 | 530 | |
Distributions of income from unconsolidated joint ventures | 1,732 | 1,270 | |
Reported Value Measurement | |||
Significant Accounting Policies [Line Items] | |||
Mortgage notes payable fair value | 2,251,100 | 2,193,700 | |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | |||
Significant Accounting Policies [Line Items] | |||
Mortgage notes payable fair value | 2,230,700 | 2,184,000 | |
Leases, Acquired-in-Place | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets | 84,400 | 76,700 | |
Accumulated amortization of identified intangible assets | $ 77,600 | 76,500 | |
Accounting Standard Update 2016-15 | |||
Significant Accounting Policies [Line Items] | |||
Proceeds from insurance claims, investing activities | $ 600 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Significant Accounting Policies [Line Items] | |||
Retained earnings | $ 15,200 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Revenue Adjustment - Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets | |||
Deferred commission expense | $ 39,843 | $ 39,643 | $ 31,443 |
Liabilities: | |||
Deferred revenue – upfront payments from right-to-use contracts | 108,982 | ||
Equity | |||
Distribution in excess of accumulated earnings | $ (218,453) | (227,166) | (211,980) |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Assets | |||
Deferred commission expense | 31,443 | ||
Liabilities: | |||
Deferred revenue – upfront payments from right-to-use contracts | 85,596 | ||
Equity | |||
Distribution in excess of accumulated earnings | $ (211,980) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Assets | |||
Deferred commission expense | 8,200 | ||
Liabilities: | |||
Deferred revenue – upfront payments from right-to-use contracts | 23,386 | ||
Equity | |||
Distribution in excess of accumulated earnings | $ (15,186) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Revenue Adjustment - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 240,502 | $ 221,312 | $ 486,527 | $ 453,701 |
Right-to-use contract commissions, deferred, net | (262) | (112) | (286) | (196) |
Operating Expenses [Abstract] | ||||
Total expenses | 192,946 | 177,889 | 375,989 | 348,354 |
Consolidated net income | 49,169 | 44,463 | 113,346 | 107,537 |
Net income available for Common Stockholders | $ 46,137 | $ 39,498 | $ 106,359 | $ 96,385 |
Earnings per common share - Basic (usd per share) | $ 0.52 | $ 0.46 | $ 1.20 | $ 1.12 |
Earnings per common share - Fully Diluted (usd per share) | $ 0.52 | $ 0.45 | $ 1.20 | $ 1.11 |
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Revenues: | ||||
Total revenues | $ 241,237 | $ 487,996 | ||
Right-to-use contract commissions, deferred, net | (43) | 164 | ||
Operating Expenses [Abstract] | ||||
Total expenses | 193,165 | 376,439 | ||
Consolidated net income | 49,685 | 114,365 | ||
Net income available for Common Stockholders | $ 46,629 | $ 107,323 | ||
Earnings per common share - Basic (usd per share) | $ 0.53 | $ 1.21 | ||
Earnings per common share - Fully Diluted (usd per share) | $ 0.53 | $ 1.21 | ||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
Revenues: | ||||
Total revenues | $ (735) | $ (1,469) | ||
Right-to-use contract commissions, deferred, net | 219 | 450 | ||
Operating Expenses [Abstract] | ||||
Total expenses | (219) | (450) | ||
Consolidated net income | (516) | (1,019) | ||
Net income available for Common Stockholders | $ (492) | $ (964) | ||
Earnings per common share - Basic (usd per share) | $ (0.01) | $ (0.01) | ||
Earnings per common share - Fully Diluted (usd per share) | $ (0.01) | $ (0.01) | ||
Right-to-use contract upfront payments, deferred, net | ||||
Revenues: | ||||
Right-to-use contract upfront payments, deferred, net | $ (2,021) | $ (1,321) | $ (3,306) | $ (2,096) |
Right-to-use contract upfront payments, deferred, net | Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Revenues: | ||||
Right-to-use contract upfront payments, deferred, net | (1,286) | (1,837) | ||
Right-to-use contract upfront payments, deferred, net | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
Revenues: | ||||
Right-to-use contract upfront payments, deferred, net | $ 735 | $ 1,469 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net income available for Common Stockholders – basic | $ 46,137 | $ 39,498 | $ 106,359 | $ 96,385 |
Amounts allocated to dilutive securities | 3,024 | 2,649 | 6,979 | 6,539 |
Net income available for Common Stockholders – fully diluted | $ 49,161 | $ 42,147 | $ 113,338 | $ 102,924 |
Denominator: | ||||
Weighted average Common Shares outstanding – basic (shares) | 88,549 | 86,763 | 88,537 | 86,408 |
Effect of dilutive securities: | ||||
Conversion of Common OP Units to Common Shares (shares) | 5,826 | 5,886 | 5,827 | 6,235 |
Stock options and restricted shares (shares) | 248 | 414 | 236 | 398 |
Weighted average Common Shares outstanding – fully diluted (shares) | 94,623 | 93,063 | 94,600 | 93,041 |
Earnings per Common Share – Basic: | ||||
Net income available for Common Stockholders (usd per share) | $ 0.52 | $ 0.46 | $ 1.20 | $ 1.12 |
Earnings per Common Share – Fully Diluted: | ||||
Net income available for Common Stockholders (usd per share) | $ 0.52 | $ 0.45 | $ 1.20 | $ 1.11 |
Common Stock and Other Equity28
Common Stock and Other Equity Related Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 13, 2018 | Apr. 13, 2018 | Jun. 30, 2018 | Jul. 26, 2018 |
Class of Stock [Line Items] | ||||
Common stock, dividends paid (usd per share) | $ 0.550 | |||
OP units were exchanged for an equal number of shares of common stock (OP Units) | 13,838 | |||
Private Placement | ||||
Class of Stock [Line Items] | ||||
Common stock, available for issuance | $ 150 | |||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Common stock, dividends paid (usd per share) | $ 0.5500 | |||
Subsequent Event | Private Placement | ||||
Class of Stock [Line Items] | ||||
Common stock, available for issuance | $ 126.8 |
Real Estate Acquisitions (Detai
Real Estate Acquisitions (Details) $ in Millions | Apr. 20, 2018USD ($)site | Mar. 15, 2018USD ($)site | Mar. 08, 2018USD ($)site | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | |||||
Proceeds from loans | $ 64 | ||||
Serendipity | |||||
Business Acquisition [Line Items] | |||||
Liabilities incurred | $ 9.2 | ||||
Proceeds from loans | $ 8.8 | ||||
Holiday, Florida | Holiday Travel Park | |||||
Business Acquisition [Line Items] | |||||
Number of acquired sites | site | 613 | ||||
Purchase price | $ 22.5 | ||||
Transaction costs | $ 0.3 | ||||
Clear Water, Florida | Serendipity | |||||
Business Acquisition [Line Items] | |||||
Number of acquired sites | site | 425 | ||||
Purchase price | $ 30.7 | ||||
Transaction costs | 0.6 | ||||
Liabilities incurred | 9.2 | ||||
Proceeds from loans | $ 8.8 | ||||
Riverview, Florida | Kingswood | |||||
Business Acquisition [Line Items] | |||||
Number of acquired sites | site | 229 | ||||
Purchase price | $ 17.5 | ||||
Transaction costs | $ 0.4 |
Investment in Unconsolidated 30
Investment in Unconsolidated Joint Ventures - Additional Information (Detail) $ in Thousands | Mar. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018joint_venture_site | Jun. 30, 2018 | Jun. 30, 2018site | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites | 2 | 5,941 | |||||||
Economic interest (in percentage) | 65.00% | ||||||||
Investment in unconsolidated joint ventures | $ 57,699 | $ 57,699 | $ 53,080 | ||||||
Joint venture income/(loss) | 1,613 | $ 1,040 | 2,808 | $ 2,190 | |||||
Income from distribution made to us | 1,800 | 1,800 | |||||||
Distributions, including those in excess of basis | 300 | ||||||||
Crosswinds | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Economic interest (in percentage) | 49.00% | ||||||||
Short term loan repaid | $ 13,800 | ||||||||
Various | Meadows | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites | site | 1,077 | ||||||||
Economic interest (in percentage) | 50.00% | ||||||||
Investment in unconsolidated joint ventures | 526 | 526 | 307 | ||||||
Joint venture income/(loss) | 819 | 1,130 | |||||||
Various | ECHO JV | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites | site | 0 | ||||||||
Economic interest (in percentage) | 50.00% | ||||||||
Investment in unconsolidated joint ventures | 15,919 | 15,919 | 15,624 | ||||||
Joint venture income/(loss) | 294 | 113 | |||||||
Florida | Lakeshore | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites | site | 720 | ||||||||
Investment in unconsolidated joint ventures | 2,435 | 2,435 | 2,530 | ||||||
Joint venture income/(loss) | 123 | 147 | |||||||
Florida | Loggerhead | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites | site | 2,343 | ||||||||
Economic interest (in percentage) | 49.00% | ||||||||
Investment in unconsolidated joint ventures | 35,205 | 35,205 | 31,414 | ||||||
Joint venture income/(loss) | 689 | 0 | |||||||
Arizona | Voyager | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of sites | site | 1,801 | ||||||||
Economic interest (in percentage) | 50.00% | ||||||||
Investment in unconsolidated joint ventures | $ 3,614 | 3,614 | $ 3,205 | ||||||
Joint venture income/(loss) | $ 883 | $ 800 | |||||||
Recreational Vehicle Resort | Voyager | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Economic interest (in percentage) | 50.00% | ||||||||
Servicing Assets | Voyager | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Economic interest (in percentage) | 33.00% |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018Property | Jun. 30, 2018loan | Jun. 30, 2018property | Jun. 30, 2018 | Jun. 30, 2018Rate | Dec. 31, 2017USD ($)Property | |
Debt Instrument [Line Items] | ||||||||
Number of loans | loan | 1 | |||||||
Number of pledged properties | 124 | 2 | 120 | |||||
Proceeds from loans | $ 64,000 | |||||||
Stated interest rate (in percentage) | 4.83% | |||||||
Pledged assets, not separately reported | 2,499,000 | $ 2,323,100 | ||||||
Mortgage notes payable, net | 2,028,535 | $ 1,971,715 | ||||||
Weighted average interest rate (percentage) | Rate | 4.70% | |||||||
Repayments of unsecured line of credit | $ 30,000 | |||||||
Secured Debt | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (in percentage) | 3.05% | |||||||
Secured Debt | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (in percentage) | 8.87% | |||||||
Serendipity | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from loans | $ 8,800 | |||||||
Stated interest rate (in percentage) | 4.75% | |||||||
Liabilities incurred | $ 9,200 | |||||||
Pledged assets, not separately reported | $ 18,000 |
Equity Incentive Awards - Addit
Equity Incentive Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 01, 2018 | Feb. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | May 13, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Term of award (in years) | 10 years | ||||||
Number of shares available for grant (in shares) | 2,934,810 | 2,934,810 | |||||
Grants during the period (in shares) | 6,270 | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for issuance (in shares) | 3,750,000 | ||||||
General and Administrative Expense | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 2.7 | $ 2.5 | $ 4.5 | $ 4.3 | |||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity instruments other than options, grants in period (in shares) | 51,388 | 70,250 | |||||
Fair value of shares issued | $ 4.6 | $ 5.9 | |||||
Exercise price ( in usd per share) | $ 89.65 | ||||||
Management | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (years) | 3 years | ||||||
Management | Transition Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity instruments other than options, grants in period (in shares) | 70,250 | ||||||
Fair value of shares issued | $ 5.9 | ||||||
Award vesting period (years) | 3 years | ||||||
Vesting on December 28, 2018 | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rights (in percentage) | 33.00% | ||||||
Vesting on December 28, 2018 | Transition Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rights (in percentage) | 67.00% | ||||||
Vesting on December 28, 2019 | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rights (in percentage) | 33.00% | ||||||
Vesting on December 28, 2019 | Transition Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rights (in percentage) | 33.00% | ||||||
Vesting on December 28, 2020 | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rights (in percentage) | 33.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 20, 2015demolition |
Commitments and Contingencies Disclosure [Abstract] | |
Number of historical demolition and renovation projects | 200 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reportable Segments - Consolida
Reportable Segments - Consolidated Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Depreciation on real estate assets and rental homes | $ (32,452) | $ (30,247) | $ (63,774) | $ (60,357) | |
Amortization of in-place leases | (1,893) | (958) | (2,945) | (1,990) | |
Reconciliation to Consolidated net income: | |||||
Income from other investments, net | 3,413 | 1,109 | 4,353 | 1,866 | |
General and administrative | (9,669) | (8,461) | (17,707) | (15,834) | |
Other expenses | (367) | (271) | (710) | (490) | |
Interest and related amortization | (26,285) | (24,822) | (51,988) | (49,701) | |
Equity in income of unconsolidated joint ventures | 1,613 | 1,040 | 2,808 | 2,190 | |
Consolidated net income | 49,169 | 44,463 | 113,346 | 107,537 | |
Total assets | 3,700,189 | 3,485,358 | 3,700,189 | 3,485,358 | $ 3,610,032 |
Capital improvements | 50,061 | 29,110 | 81,377 | 53,464 | |
Property Operations | |||||
Reconciliation to Consolidated net income: | |||||
Total assets | 3,477,455 | 3,267,947 | 3,477,455 | 3,267,947 | |
Capital improvements | 26,602 | 18,534 | 47,870 | 31,731 | |
Home Sales and Rentals Operations | |||||
Reconciliation to Consolidated net income: | |||||
Total assets | 222,734 | 217,411 | 222,734 | 217,411 | |
Capital improvements | 23,459 | 10,576 | 33,507 | 21,733 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 235,227 | 218,405 | 478,362 | 448,267 | |
Operations expenses | (122,280) | (113,130) | (238,865) | (219,982) | |
Income from segment operations | 112,947 | 105,275 | 239,497 | 228,285 | |
Interest income | 1,856 | 1,795 | 3,571 | 3,563 | |
Depreciation on real estate assets and rental homes | (32,452) | (30,247) | (63,774) | (60,357) | |
Amortization of in-place leases | (1,893) | (958) | (2,945) | (1,990) | |
Income (loss) from operations | 80,458 | 75,865 | 176,349 | 169,501 | |
Operating Segments | Property Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 222,167 | 206,594 | 453,183 | 425,582 | |
Operations expenses | (110,046) | (102,649) | (215,558) | (199,906) | |
Income from segment operations | 112,121 | 103,945 | 237,625 | 225,676 | |
Interest income | 823 | 754 | 1,631 | 1,484 | |
Depreciation on real estate assets and rental homes | (30,061) | (27,609) | (53,084) | (55,062) | |
Amortization of in-place leases | (1,893) | (958) | (2,945) | (1,990) | |
Income (loss) from operations | 80,990 | 76,132 | 183,227 | 170,108 | |
Operating Segments | Home Sales and Rentals Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 13,060 | 11,811 | 25,179 | 22,685 | |
Operations expenses | (12,234) | (10,481) | (23,307) | (20,076) | |
Income from segment operations | 826 | 1,330 | 1,872 | 2,609 | |
Interest income | 1,033 | 1,041 | 1,940 | 2,079 | |
Depreciation on real estate assets and rental homes | (2,391) | (2,638) | (10,690) | (5,295) | |
Amortization of in-place leases | 0 | 0 | 0 | 0 | |
Income (loss) from operations | (532) | (267) | (6,878) | (607) | |
Segment Reconciling Items | |||||
Reconciliation to Consolidated net income: | |||||
Corporate interest income | 6 | 3 | 241 | 5 | |
Income from other investments, net | 3,413 | 1,109 | 4,353 | 1,866 | |
General and administrative | (9,669) | (8,461) | (17,707) | (15,834) | |
Other expenses | (367) | (271) | (710) | (490) | |
Interest and related amortization | (26,285) | (24,822) | (51,988) | (49,701) | |
Equity in income of unconsolidated joint ventures | $ 1,613 | $ 1,040 | $ 2,808 | $ 2,190 |
Reportable Segments - Income fr
Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Community base rental income | $ 128,579 | $ 121,964 | $ 255,318 | $ 242,656 |
Rental home income | 3,561 | 3,632 | 7,076 | 7,237 |
Total revenues | 240,502 | 221,312 | 486,527 | 453,701 |
Expenses: | ||||
Property operating and maintenance | 80,091 | 72,901 | 154,999 | 140,955 |
Real estate taxes | 13,440 | 13,943 | 27,575 | 27,980 |
Sales and marketing, gross | 3,305 | 2,894 | 6,117 | 5,584 |
Right-to-use contract commissions, deferred, net | (262) | (112) | (286) | (196) |
Home selling expenses | 973 | 929 | 2,048 | 1,854 |
Rental home operating and maintenance | 1,629 | 1,657 | 3,053 | 3,208 |
Total expenses | 192,946 | 177,889 | 375,989 | 348,354 |
Income before equity in income of unconsolidated joint ventures | 47,556 | 43,423 | 110,538 | 105,347 |
Property Operations | ||||
Revenues: | ||||
Community base rental income | 128,579 | 121,964 | 255,318 | 242,656 |
Rental home income | 55,231 | 50,055 | 119,485 | 111,123 |
Utility and other income | 24,320 | 20,650 | 49,841 | 42,776 |
Total revenues | 222,167 | 206,594 | 453,183 | 425,582 |
Expenses: | ||||
Property operating and maintenance | 80,091 | 72,901 | 154,999 | 140,955 |
Real estate taxes | 13,440 | 13,943 | 27,575 | 27,980 |
Sales and marketing, gross | 3,305 | 2,894 | 6,117 | 5,584 |
Right-to-use contract commissions, deferred, net | (262) | (112) | (286) | (196) |
Total expenses | 110,046 | 102,649 | 215,558 | 199,906 |
Income before equity in income of unconsolidated joint ventures | 112,121 | 103,945 | 237,625 | 225,676 |
Home Sales and Rentals Operations | ||||
Revenues: | ||||
Rental home income | 3,561 | 3,632 | 7,076 | 7,237 |
Total revenues | 13,060 | 11,811 | 25,179 | 22,685 |
Expenses: | ||||
Home selling expenses | 973 | 929 | 2,048 | 1,854 |
Rental home operating and maintenance | 1,629 | 1,657 | 3,053 | 3,208 |
Total expenses | 12,234 | 10,481 | 23,307 | 20,076 |
Income before equity in income of unconsolidated joint ventures | 826 | 1,330 | 1,872 | 2,609 |
Gross revenues from home sales | ||||
Revenues: | ||||
Contract revenue | 9,105 | 7,833 | 17,414 | 14,860 |
Expenses: | ||||
Cost of home sales | 9,632 | 7,895 | 18,206 | 15,014 |
Gross revenues from home sales | Home Sales and Rentals Operations | ||||
Revenues: | ||||
Contract revenue | 9,105 | 7,833 | 17,414 | 14,860 |
Expenses: | ||||
Cost of home sales | 9,632 | 7,895 | 18,206 | 15,014 |
Brokered resale revenues, net | Home Sales and Rentals Operations | ||||
Revenues: | ||||
Contract revenue | 369 | 346 | 651 | 588 |
Right-to-use annual payments | ||||
Revenues: | ||||
Contract revenue | 11,891 | 11,350 | 23,410 | 22,602 |
Right-to-use annual payments | Property Operations | ||||
Revenues: | ||||
Contract revenue | 11,891 | 11,350 | 23,410 | 22,602 |
Right-to-use contracts current period, gross | ||||
Revenues: | ||||
Contract revenue | 3,944 | 3,798 | 7,106 | 7,004 |
Right-to-use contracts current period, gross | Property Operations | ||||
Revenues: | ||||
Contract revenue | 3,944 | 3,798 | 7,106 | 7,004 |
Right-to-use contract upfront payments, deferred, net | ||||
Revenues: | ||||
Contract revenue | (2,021) | (1,321) | (3,306) | (2,096) |
Right-to-use contract upfront payments, deferred, net | Property Operations | ||||
Revenues: | ||||
Contract revenue | (2,021) | (1,321) | (3,306) | (2,096) |
Ancillary services | Property Operations | ||||
Revenues: | ||||
Contract revenue | 223 | 98 | 1,329 | 1,517 |
Ancillary services | Home Sales and Rentals Operations | ||||
Revenues: | ||||
Contract revenue | 25 | 0 | 38 | 0 |
Property management | ||||
Expenses: | ||||
Cost of home sales | 13,472 | 13,023 | 27,153 | 25,583 |
Property management | Property Operations | ||||
Expenses: | ||||
Cost of home sales | $ 13,472 | $ 13,023 | $ 27,153 | $ 25,583 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | Jul. 20, 2018USD ($)property | Jul. 26, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($) |
Fort Lauderdale | Everglades Lake | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of acquired sites | property | 612 | ||
Purchase price | $ 72 | ||
Private Placement | |||
Subsequent Event [Line Items] | |||
Common stock, available for issuance | $ 150 | ||
Private Placement | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Shares sold (shares) | shares | 252,864 | ||
Shares sold during period, weighted average share price (usd per share) | $ / shares | $ 91.85 | ||
Proceeds from sale of shares | $ 22.9 | ||
Common stock, available for issuance | $ 126.8 |