Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 24, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Commission File Number | 1-11718 | |
Entity Registrant Name | EQUITY LIFESTYLE PROPERTIES INC | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 36-3857664 | |
Entity Address, Street Name | Two North Riverside Plaza, Suite 800 | |
Entity Address, City | Chicago, | |
Entity Address, State | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 279-1400 | |
Title of each class | Common Stock, $0.01 Par Value | |
Trading Symbol(s) | ELS | |
Name of each exchange on which registered | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 91,033,894 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000895417 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investment in real estate: | ||
Land | $ 1,418,353 | $ 1,408,832 |
Land improvements | 3,236,899 | 3,143,745 |
Buildings and other depreciable property | 781,671 | 720,900 |
Investment in real estate | 5,436,923 | 5,273,477 |
Accumulated depreciation | (1,704,091) | (1,631,888) |
Net investment in real estate | 3,732,832 | 3,641,589 |
Cash and restricted cash | 90,457 | 68,974 |
Notes receivable, net | 36,010 | 35,041 |
Investment in unconsolidated joint ventures | 55,195 | 57,755 |
Deferred commission expense | 40,710 | 40,308 |
Other assets, net | 59,274 | 46,227 |
Assets held for sale, net | 0 | 35,914 |
Total Assets | 4,014,478 | 3,925,808 |
Liabilities: | ||
Mortgage notes payable, net | 2,075,689 | 2,149,726 |
Term loan, net | 198,787 | 198,626 |
Accounts payable and other liabilities | 127,051 | 102,854 |
Accrued interest payable | 8,187 | 8,759 |
Rents and other customer payments received in advance and security deposits | 104,249 | 81,114 |
Distributions payable | 58,972 | 52,617 |
Liabilities related to assets held for sale | 0 | 12,350 |
Total Liabilities | 2,707,004 | 2,732,464 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2019 and December 31, 2018; none issued and outstanding. | 0 | 0 |
Common stock, $0.01 par value, 400,000,000 and 200,000,000 shares authorized as of June 30, 2019 and December 31, 2018, respectively; 91,032,007 and 89,921,018 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively. | 906 | 896 |
Paid-in capital | 1,397,613 | 1,329,391 |
Distributions in excess of accumulated earnings | (162,204) | (211,034) |
Accumulated other comprehensive income (loss) | (242) | 2,299 |
Total Stockholders’ Equity | 1,236,073 | 1,121,552 |
Non-controlling interests – Common OP Units | 71,401 | 71,792 |
Total Equity | 1,307,474 | 1,193,344 |
Total Liabilities and Equity | 4,014,478 | 3,925,808 |
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales) | ||
Liabilities: | ||
Deferred revenue | 121,047 | 116,363 |
Deferred revenue – right-to-use annual payments (membership subscriptions) | ||
Liabilities: | ||
Deferred revenue | $ 13,022 | $ 10,055 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 400,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 91,032,007 | 89,921,018 |
Common stock, shares outstanding (shares) | 91,032,007 | 89,921,018 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Rental income | $ 212,007 | $ 199,155 | $ 435,573 | $ 406,148 |
Other income | 10,265 | 12,536 | 20,635 | 25,572 |
Interest income | 1,803 | 1,862 | 3,554 | 3,812 |
Income from other investments, net | 879 | 3,413 | 1,865 | 4,353 |
Total revenues | 248,366 | 240,502 | 507,456 | 486,527 |
Expenses: | ||||
Property operating and maintenance | 84,868 | 81,720 | 162,816 | 158,052 |
Real estate taxes | 15,107 | 13,440 | 30,430 | 27,575 |
Sales and marketing, gross | 4,214 | 3,305 | 7,623 | 6,117 |
Right-to-use contract commissions, deferred, net | (389) | (262) | (580) | (286) |
Depreciation and amortization | 37,776 | 34,345 | 75,753 | 66,719 |
Home selling expenses | 1,102 | 973 | 2,185 | 2,048 |
General and administrative | 9,225 | 9,669 | 19,134 | 17,707 |
Other expenses | 540 | 367 | 967 | 710 |
Early debt retirement | 1,491 | 0 | 1,491 | 0 |
Interest and related amortization | 26,024 | 26,285 | 52,417 | 51,988 |
Total expenses | 202,507 | 192,946 | 395,102 | 375,989 |
Gain on sale of real estate, net | 0 | 0 | 52,507 | 0 |
Income before equity in income of unconsolidated joint ventures | 45,859 | 47,556 | 164,861 | 110,538 |
Equity in income of unconsolidated joint ventures | 3,226 | 1,613 | 4,759 | 2,808 |
Consolidated net income | 49,085 | 49,169 | 169,620 | 113,346 |
Income allocated to non-controlling interests – Common OP Units | (2,676) | (3,024) | (9,902) | (6,979) |
Net income available for Common Stockholders | 46,401 | 46,137 | 159,710 | 106,359 |
Other comprehensive income (loss): | ||||
Adjustment for fair market value of swap | (1,610) | 764 | (2,541) | 2,637 |
Consolidated comprehensive income | 47,475 | 49,933 | 167,079 | 115,983 |
Comprehensive income allocated to non-controlling interests – Common OP Units | (2,589) | (3,071) | (9,759) | (7,141) |
Comprehensive income attributable to Common Stockholders | $ 44,878 | $ 46,854 | $ 157,312 | $ 108,834 |
Earnings per Common Share – Basic (usd per share) | $ 0.51 | $ 0.52 | $ 1.78 | $ 1.20 |
Earnings per Common Share – Fully Diluted (usd per share) | $ 0.51 | $ 0.52 | $ 1.77 | $ 1.20 |
Weighted average Common Shares outstanding – basic (shares) | 90,156 | 88,549 | 89,969 | 88,537 |
Weighted Average Number of Shares Outstanding, Diluted (shares) | 95,930 | 94,623 | 95,773 | 94,600 |
Right-to-use annual payments (membership subscriptions) | ||||
Revenues: | ||||
Contract revenue | $ 12,586 | $ 11,891 | $ 24,902 | $ 23,410 |
Right-to-use contracts current period, gross (membership upgrade sales) | ||||
Revenues: | ||||
Contract revenue | 5,041 | 3,944 | 8,879 | 7,106 |
Right-to-use contract upfront payments, deferred, net | ||||
Revenues: | ||||
Contract revenue | (2,912) | (2,021) | (4,683) | (3,306) |
Gross revenues from home sales | ||||
Revenues: | ||||
Contract revenue | 7,825 | 9,105 | 14,300 | 17,414 |
Expenses: | ||||
Cost of services | 8,164 | 9,632 | 14,796 | 18,206 |
Brokered resale and ancillary services revenues, net | ||||
Revenues: | ||||
Contract revenue | 872 | 617 | 2,431 | 2,018 |
Property management | ||||
Expenses: | ||||
Cost of services | 14,385 | 13,472 | 28,070 | 27,153 |
Redeemable Perpetual Preferred Stock | ||||
Expenses: | ||||
Redeemable perpetual preferred stock dividends | $ (8) | $ (8) | $ (8) | $ (8) |
Consolidated Statements of Chan
Consolidated Statements 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 Income (Loss) | Non- controlling interests – Common OP Units |
Balance at Dec. 31, 2017 | $ 1,100,042 | $ 883 | $ 1,242,109 | $ (211,980) | $ 942 | $ 68,088 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Exchange of Common OP Units for common stock | 80 | (80) | |||||
Issuance of common stock through employee stock purchase plan | 503 | 503 | |||||
Compensation expenses related to restricted stock and stock options | 1,800 | 1,800 | |||||
Adjustment for Common OP Unitholders in the Operating Partnership | 782 | (782) | |||||
Adjustment for fair market value of swap | 1,873 | 1,873 | |||||
Consolidated net income | 64,177 | 60,222 | 3,955 | ||||
Distributions | (52,010) | (48,805) | (3,205) | ||||
Other | (60) | (60) | |||||
Balance at Mar. 31, 2018 | 1,101,139 | 883 | 1,245,214 | (215,749) | 2,815 | 67,976 | |
Balance at Dec. 31, 2017 | 1,100,042 | 883 | 1,242,109 | (211,980) | 942 | 68,088 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Adjustment for fair market value of swap | 2,637 | ||||||
Balance at Jun. 30, 2018 | 1,101,831 | 884 | 1,248,047 | $ 0 | (218,453) | 3,579 | 67,774 |
Balance at Mar. 31, 2018 | 1,101,139 | 883 | 1,245,214 | (215,749) | 2,815 | 67,976 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Exchange of Common OP Units for common stock | 1 | 81 | (82) | ||||
Issuance of common stock through employee stock purchase plan | 343 | 343 | |||||
Compensation expenses related to restricted stock and stock options | 2,741 | 2,741 | |||||
Adjustment for Common OP Unitholders in the Operating Partnership | (57) | 57 | |||||
Adjustment for fair market value of swap | 764 | 764 | |||||
Consolidated net income | 49,169 | 8 | 46,137 | 3,024 | |||
Distributions | (52,050) | (8) | (48,841) | (3,201) | |||
Other | (275) | (275) | |||||
Balance at Jun. 30, 2018 | 1,101,831 | 884 | 1,248,047 | 0 | (218,453) | 3,579 | 67,774 |
Balance at Dec. 31, 2018 | 1,193,344 | 896 | 1,329,391 | 0 | (211,034) | 2,299 | 71,792 |
Increase (Decrease) in Stockholders' Equity | |||||||
Exchange of Common OP Units for common stock | 66 | (66) | |||||
Issuance of common stock through exercise of options | 53 | 53 | |||||
Issuance of common stock through employee stock purchase plan | 652 | 652 | |||||
Compensation expenses related to restricted stock and stock options | 2,420 | 2,420 | |||||
Repurchase of common stock or Common OP Units | (53) | (53) | |||||
Adjustment for Common OP Unitholders in the Operating Partnership | (56) | 56 | |||||
Adjustment for fair market value of swap | (931) | (931) | |||||
Consolidated net income | 120,535 | 113,309 | 7,226 | ||||
Distributions | (58,639) | (55,123) | (3,516) | ||||
Other | (63) | (63) | |||||
Balance at Mar. 31, 2019 | 1,257,318 | 896 | 1,332,410 | 0 | (152,848) | 1,368 | 75,492 |
Balance at Dec. 31, 2018 | 1,193,344 | 896 | 1,329,391 | 0 | (211,034) | 2,299 | 71,792 |
Increase (Decrease) in Stockholders' Equity | |||||||
Adjustment for fair market value of swap | (2,541) | ||||||
Balance at Jun. 30, 2019 | 1,307,474 | 906 | 1,397,613 | 0 | (162,204) | (242) | 71,401 |
Balance at Mar. 31, 2019 | 1,257,318 | 896 | 1,332,410 | 0 | (152,848) | 1,368 | 75,492 |
Increase (Decrease) in Stockholders' Equity | |||||||
Exchange of Common OP Units for common stock | 5 | 6,430 | (6,435) | ||||
Issuance of common stock through employee stock purchase plan | 587 | 587 | |||||
Issuance of Common Stock | 59,319 | 5 | 59,314 | ||||
Compensation expenses related to restricted stock and stock options | 2,625 | 2,625 | |||||
Adjustment for Common OP Unitholders in the Operating Partnership | (2,883) | 2,883 | |||||
Adjustment for fair market value of swap | (1,610) | (1,610) | 0 | ||||
Consolidated net income | 49,085 | 8 | 46,401 | 2,676 | |||
Distributions | (58,980) | (8) | (55,757) | (3,215) | |||
Other | (870) | (870) | |||||
Balance at Jun. 30, 2019 | $ 1,307,474 | $ 906 | $ 1,397,613 | $ 0 | $ (162,204) | $ (242) | $ 71,401 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities: | ||
Consolidated net income | $ 169,620 | $ 113,346 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Gain on sale of real estate, net | (52,507) | 0 |
Early debt retirement | 1,491 | 0 |
Depreciation and amortization | 76,648 | 67,431 |
Amortization of loan costs | 1,768 | 1,772 |
Debt premium amortization | (232) | (711) |
Equity in income of unconsolidated joint ventures | (4,759) | (2,808) |
Distributions of income from unconsolidated joint ventures | 2,008 | 1,732 |
Proceeds from insurance claims, net | 4,422 | 1,809 |
Compensation expense related to restricted stock and stock options | 5,045 | 4,541 |
Revenue recognized from right-to-use contract upfront payments (membership upgrade sales) | (4,195) | (3,800) |
Commission expense recognized related to right-to-use contracts | 1,867 | 1,810 |
Long-term incentive plan compensation | (3,608) | 461 |
Changes in assets and liabilities: | ||
Notes receivable, net | (1,079) | 642 |
Deferred commission expense | (2,269) | (2,010) |
Other assets, net | (8,275) | 10,895 |
Accounts payable and other liabilities | 25,962 | 9,274 |
Rents and other customer payments received in advance and security deposits | 20,932 | 15,601 |
Net cash provided by operating activities | 244,685 | 229,965 |
Cash Flows From Investing Activities: | ||
Real estate acquisitions, net | (38,463) | (53,289) |
Proceeds from disposition of properties, net | 77,746 | 0 |
Investment in unconsolidated joint ventures | 0 | (3,791) |
Distributions of capital from unconsolidated joint ventures | 5,169 | 110 |
Proceeds from insurance claims | 1,111 | 2,335 |
Repayments of notes receivable | 0 | 13,823 |
Capital improvements | (121,444) | (81,377) |
Net cash used in investing activities | (75,881) | (122,189) |
Cash Flows From Financing Activities: | ||
Proceeds from stock options and employee stock purchase plan | 1,237 | 846 |
Gross proceeds from the issuance of common stock | 59,319 | 0 |
Distributions: | ||
Common Stockholders | (104,579) | (92,008) |
Common OP Unitholders | (6,676) | (6,049) |
Preferred Stockholders | (8) | (8) |
Principal payments and mortgage debt repayment | (93,982) | (23,964) |
New mortgage notes payable financing proceeds | 0 | 64,014 |
Line of Credit payoff | 0 | (97,000) |
Line of Credit proceeds | 0 | 67,000 |
Debt issuance and defeasance costs | (1,700) | (1,688) |
Other | (932) | (335) |
Net cash used in financing activities | (147,321) | (89,192) |
Net increase in cash and restricted cash | 21,483 | 18,584 |
Cash and restricted cash, beginning of period | 68,974 | 35,631 |
Cash and restricted cash, end of period | 90,457 | 54,215 |
Supplemental Information: | ||
Cash paid for interest | 51,744 | 52,658 |
Net investment in real estate – reclassification of rental homes | 12,451 | 15,396 |
Other assets, net – reclassification of rental homes | (12,451) | (15,396) |
Real estate acquisitions: | ||
Investment in real estate | (58,871) | (71,756) |
Other assets, net | (412) | (9) |
Debt assumed | 19,212 | 9,200 |
Debt financed | 0 | 8,786 |
Other liabilities | 1,608 | 490 |
Real estate acquisitions, net | (38,463) | (53,289) |
Real estate dispositions: | ||
Investment in real estate | 35,572 | 0 |
Notes receivable, net | 295 | 0 |
Other assets, net | 97 | 0 |
Mortgage notes payable, net | (11,175) | 0 |
Other liabilities | 450 | 0 |
Gain on sale of real estate, net | 52,507 | 0 |
Proceeds from disposition of properties, net | 77,746 | 0 |
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales) | ||
Changes in assets and liabilities: | ||
Deferred revenue | 8,879 | 7,106 |
Deferred revenue – right-to-use annual payments (membership subscriptions) | ||
Changes in assets and liabilities: | ||
Deferred revenue | $ 2,967 | $ 2,874 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”) are referred to herein as “we,” “us,” "the Company," and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. 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. Our Properties are owned primarily by the Operating Partnership and managed internally by wholly-owned affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.5% interest as of June 30, 2019 . As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. 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. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Securities and Exchange Commission (“SEC”) rules and regulations for Quarterly Reports on Form 10-Q. 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 consolidated financial statements and notes thereto included in the 2018 Form 10-K. Intercompany balances and transactions have been eliminated. All adjustments to the interim consolidated financial statements are of a normal, recurring nature and, in the opinion of management, are necessary for a fair presentation of results for these interim periods. Revenues and expenses are subject to seasonal fluctuations and accordingly, quarterly interim results may not be indicative of full year results. Certain prior period amounts have been reclassified on our interim consolidated financial statements to conform with current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ("ASU 2016-02") Leases . This new guidance, including the related subsequently issued ASUs, provides the principles for the recognition, measurement, presentation and disclosure of leases, including the requirement that lessees recognize right-of-use ("ROU") assets and lease liabilities for leases on the Consolidated Balance Sheets. We adopted the new lease standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Results for reporting periods beginning January 1, 2019 are presented under the new lease standard. We made an accounting policy election to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less. We elected the package of practical expedients permitted under the transition guidance within the new standard and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease, (ii) the lease classification at January 1, 2019 for existing leases and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. As a lessor, we adopted the practical expedient that allowed us not to separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income for 2019 and 2018. In addition, the new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental income prospectively starting from January 1, 2019. For 2018, the credit loss related to the collectability of lease receivables was recognized in the line item Property operating and maintenance and was not significant. The guidance regarding capitalization of leasing costs did not have any effect on our consolidated financial statements. On January 1, 2019, we recognized ROU assets of $17.5 million and lease liabilities of $18.7 million on the Consolidated Balance Sheets, principally for our ground and office space leases, in which we are the lessee. For more disclosure on the adoption of the new lease accounting standard, see Note 3. Leases. (b) New Accounting Pronouncements In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and to be presented in the same line item in the consolidated financial statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. This guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the 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 is 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 the consolidated financial statements and related disclosures. (c) Revenue Recognition We account for certain revenue streams in accordance with Accounting Standard Codification (ASC) 606, Revenue from Contracts with Customers. Right-to-use contracts (also referred to as membership subscriptions), provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis 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 non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. 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 . (d) Restricted Cash As of June 30, 2019 and December 31, 2018 , restricted cash consists of $27.5 million and $24.1 million |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases , and is recognized over the term of the respective operating lease or the length of a customer's stay. Our MH community Sites and annual RV community Sites are leased on an annual basis. Seasonal Sites are leased to customers generally for one to six months . Transient Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our Properties. The leases entered into between the customer and us for the rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of June 30, 2019 2019 $ 60,067 2020 120,012 2021 65,321 2022 34,906 2023 19,714 Thereafter 84,254 Total $ 384,274 Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054 . The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space expiring at various dates through 2026 . For the quarters ended June 30, 2019 and 2018 , total operating lease payments were $2.3 million and $2.1 million , respectively. For the six months ended June 30, 2019 and 2018 , total operating lease payments were $4.6 million and $4.1 million , respectively. The following table summarizes our future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liabilities for our operating leases: (amounts in thousands) As of June 30, 2019 As of December 31, 2018 2019 $ 2,770 $ 4,921 2020 4,801 4,801 2021 4,179 4,179 2022 2,103 2,103 2023 953 953 Thereafter 5,054 5,054 Total undiscounted rental payments 19,860 22,011 Less imputed interest (2,895 ) (3,289 ) Total lease liabilities $ 16,965 $ 18,722 ROU assets and lease liabilities from our operating leases included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets were $15.7 million and $17.0 million , respectively, as of June 30, 2019 . The weighted average remaining lease term for our operating leases was 7 years and the weighted average incremental borrowing rate was 4.4% at June 30, 2019 |
Leases | Leases Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases , and is recognized over the term of the respective operating lease or the length of a customer's stay. Our MH community Sites and annual RV community Sites are leased on an annual basis. Seasonal Sites are leased to customers generally for one to six months . Transient Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our Properties. The leases entered into between the customer and us for the rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of June 30, 2019 2019 $ 60,067 2020 120,012 2021 65,321 2022 34,906 2023 19,714 Thereafter 84,254 Total $ 384,274 Lessee We lease land under non-cancelable operating leases at 13 Properties expiring at various dates through 2054 . The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space expiring at various dates through 2026 . For the quarters ended June 30, 2019 and 2018 , total operating lease payments were $2.3 million and $2.1 million , respectively. For the six months ended June 30, 2019 and 2018 , total operating lease payments were $4.6 million and $4.1 million , respectively. The following table summarizes our future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liabilities for our operating leases: (amounts in thousands) As of June 30, 2019 As of December 31, 2018 2019 $ 2,770 $ 4,921 2020 4,801 4,801 2021 4,179 4,179 2022 2,103 2,103 2023 953 953 Thereafter 5,054 5,054 Total undiscounted rental payments 19,860 22,011 Less imputed interest (2,895 ) (3,289 ) Total lease liabilities $ 16,965 $ 18,722 ROU assets and lease liabilities from our operating leases included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets were $15.7 million and $17.0 million , respectively, as of June 30, 2019 . The weighted average remaining lease term for our operating leases was 7 years and the weighted average incremental borrowing rate was 4.4% at June 30, 2019 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018 : Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income available for Common Stockholders – Basic $ 46,401 $ 46,137 $ 159,710 $ 106,359 Amounts allocated to dilutive securities 2,676 3,024 9,902 6,979 Net income available for Common Stockholders – Fully Diluted $ 49,077 $ 49,161 $ 169,612 $ 113,338 Denominator: Weighted average Common Shares outstanding – Basic 90,156 88,549 89,969 88,537 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 5,643 5,826 5,691 5,827 Restricted stock and stock options 131 248 113 236 Weighted average Common Shares outstanding – Fully Diluted 95,930 94,623 95,773 94,600 Earnings per Common Share – Basic $ 0.51 $ 0.52 $ 1.78 $ 1.20 Earnings per Common Share – Fully Diluted $ 0.51 $ 0.52 $ 1.77 $ 1.20 |
Common Stock and Other Equity R
Common Stock and Other Equity Related Transactions | 6 Months Ended |
Jun. 30, 2019 | |
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 the limited partners of the Operating Partnership (the "Common OP Unit holders") since January 1, 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 $0.5500 September 30, 2018 September 28, 2018 October 12, 2018 $0.5500 December 31, 2018 December 28, 2018 January 11, 2019 $0.6125 March 31, 2019 March 29, 2019 April 12, 2019 $0.6125 June 30, 2019 June 28, 2019 July 12, 2019 Increase in Authorized Shares On April 30, 2019, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 200,000,000 to 400,000,000 shares. Equity Offering Program On October 26, 2018, we entered into our current at-the-market ("ATM") equity offering program with certain sales agents, pursuant to which we may sell, from time-to-time, shares of our Common Stock, par value $0.01 per share, having an aggregate offering price of up to $200.0 million . As of June 30, 2019 , we have $140.7 million of common stock available for issuance. The following table presents the shares that were issued under the current ATM equity offering program during the six months ended June 30, 2019 . There was no activity under the ATM equity offering program during the six months ended June 30, 2018 . Six Months Ended June 30, (amounts in thousands, except stock data) 2019 Shares of Common Stock sold 505,236 Weighted average price $ 117.41 Total gross proceeds $ 59,319 Commissions paid to sales agents $ 771 Exchanges Subject to certain limitations, Common OP Unit holders 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, 2019 , 495,325 OP Units were exchanged for an equal number of shares of Common Stock. During the six months ended June 30, 2018 , 13,838 OP Units were exchanged for an equal number of shares of Common Stock. |
Investment in Real Estate
Investment in Real Estate | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions On May 29, 2019, we completed the acquisition of White Oak Shores Camping and RV Resort, a 455 -site RV community located in Stella, North Carolina, for a purchase price of $20.5 million . The acquisition was funded with available cash. On April 10, 2019, we completed the acquisition of Round Top RV Campground, a 391 -site RV community located in Gettysburg, Pennsylvania, for a purchase price of $12.4 million . This acquisition was funded with available cash and a loan assumption of approximately $7.8 million , excluding mortgage premium of $0.2 million . On March 25, 2019, we completed the acquisitions of Drummer Boy Camping Resort, a 465 -site RV community located in Gettysburg, Pennsylvania, and Lake of the Woods Campground, a 303 -site RV community located in Wautoma, Wisconsin, for a total purchase price of $25.4 million . These acquisitions were funded with available cash and a loan assumption of approximately $10.8 million , excluding mortgage premium of $0.4 million . Dispositions On January 23, 2019, we closed on the sale of five all-age MH communities located in Indiana and Michigan, collectively containing 1,463 sites, for $89.7 million . The assets and liabilities associated with the transaction were classifieds as held for sale on the Consolidated Balance Sheets as of December 31, 2018. We recognized a gain on sale of these Properties of $52.5 million during the first quarter of 2019 . |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and December 31, 2018 , respectively ) : Investment as of Income/(Loss) for Investment Location Number of Sites (a) Economic (b) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 346 $ 346 $ 800 $ 819 Lakeshore Florida (3,3) 720 (c) 2,154 2,263 122 123 Voyager Arizona (1,1) 1,801 50 % (d) 414 3,135 2,925 883 Loggerhead Florida 2,343 49 % 35,789 35,789 642 689 ECHO JV Various — 50 % 16,492 16,222 270 294 5,941 $ 55,195 $ 57,755 $ 4,759 $ 2,808 _____________________ (a) Loggerhead sites represent marina slip count. (b) The percentages shown approximate our economic interest as of June 30, 2019 . 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 a 33% interest in the utility plant servicing the Property. We received approximately $7.2 million and $1.8 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2019 and 2018 , respectively. Approximately $2.7 million of the distributions made to us exceeded our basis in unconsolidated joint ventures for the six months ended June 30, 2019 and, as such, were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceeded our basis in joint ventures for the six months ended June 30, 2018 |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements Mortgage Notes Payable 2019 Activity During the three months ended March 31, 2019, we defeased mortgage debt of $11.2 million in conjunction with the disposition of the five MH Properties as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.0% per annum. During the three months ended June 30, 2019, we prepaid four loans secured by four properties ( three MH and one RV), which were scheduled to mature in 2020 . The loans had an outstanding principal balance of $66.8 million and a weighted average interest rate of 6.9% per annum. As part of the transaction, we incurred $1.4 million of prepayment penalties. We used the proceeds from the ATM and our available cash to fund the loan payments. In connection with the acquisitions that closed during the six months ended June 30, 2019 , we assumed mortgage debt of $18.6 million , excluding mortgage note premium of $0.6 million . These loans carry a weighted average interest rate of 5.4% per annum and mature between 2022 and 2024. 2018 Activity During the three months ended March 31, 2018, we closed on one loan, secured by two RV communities, for gross proceeds of approximately $64.0 million . The loan carries an interest rate of 4.8% per annum and matures in 2038 . In connection with the Serendipity acquisition that closed during the three months ended March 31, 2018, we assumed a loan of approximately $9.2 million and obtained additional financing of $8.8 million for total mortgage debt, secured by the MH community, of $18.0 million with an interest rate of 4.8% that matures in 2039 . Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of June 30, 2019 As of December 31, 2018 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,203,298 $ 2,099,714 $ 2,164,563 $ 2,174,715 The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, as of June 30, 2019 , was approximately 4.5% per annum. The debt bears interest at stated rates ranging from 3.5% to 8.9% per annum and matures on various dates ranging from 2020 to 2041 . The debt encumbered a total of 116 and 118 of our Properties as of June 30, 2019 and December 31, 2018 , respectively, and the carrying value of such Properties was approximately $2,475.4 million and $2,489.8 million , as of June 30, 2019 and December 31, 2018 , respectively. Unsecured Line of Credit During the six months ended June 30, 2019 , we did not borrow or pay off amounts on our unsecured Line of Credit ("LOC"). 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, 2019 , the full capacity on our LOC remained available. As of June 30, 2019 , we were in compliance in all material respects with the covenants in all our borrowing arrangements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk Our objective in utilizing interest rate derivatives is to add stability to our interest expense and to manage our exposure to interest rate movements. We do not enter into derivatives for speculative purposes. In connection with our $200.0 million senior unsecured term loan (the “Term Loan”), which has an interest rate of LIBOR plus 1.20% to 1.90% per annum, we entered into a three -year LIBOR Swap Agreement (the "Swap") allowing us to trade the variable interest rate on the Term Loan for a fixed interest rate. The Swap has a notional amount of $200.0 million of outstanding principal with an underlying LIBOR of 1.85% per annum and matures on November 1, 2020. Based on the leverage as of June 30, 2019 , our spread over LIBOR was 1.20% resulting in an estimated all-in interest rate of 3.05% per annum. Our derivative financial instrument is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our derivative financial instrument: As of June 30, As of December 31, (amounts in thousands) Balance Sheet Location 2019 2018 Interest Rate Swap Other assets, net $ — $ 2,299 Interest Rate Swap Accounts payable and other liabilities $ 242 $ — The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2019 2018 (amounts in thousands) 2019 2018 Interest Rate Swap $ 1,901 $ (2,544 ) Interest Expense $ (640 ) $ 93 During the next twelve months through June 30, 2020, we estimate no material changes to interest expense. This estimate may be subject to change as the underlying LIBOR changes. We determined that no adjustment was necessary for non-performance risk on our derivative obligation. As of June 30, 2019 , we did not post any collateral related to this agreement. |
Equity Incentive Awards
Equity Incentive Awards | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Awards | Equity Incentive Awards 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. During the quarter ended March 31, 2019, 61,200 shares of restricted stock were awarded to certain members of our management team. Of these shares, 50% are time-based awards, vesting in equal installments over a three -year period on January 31, 2020, January 29, 2021, and January 31, 2022, respectively, and have a grant date fair value of $3.2 million . The remaining 50% are performance-based awards, and are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 10,201 shares of restricted stock awarded in 2019 subject to 2019 performance goals have a grant date fair value of $1.1 million . Additionally, 11,711 shares of restricted stock awarded in 2018 subject to 2019 performance goals have a grant date fair value of $1.3 million . During the quarter ended June 30, 2019 , we awarded to certain members of our Board of Directors, 35,431 shares of restricted stock at a fair value of approximately $4.1 million . These shares are time-based awards subject to various vesting dates between October 30, 2019 and April 30, 2022. 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, 2019 and 2018 , was $2.6 million and $2.7 million , respectively, and for the six months ended June 30, 2019 and 2018 , was approximately $5.0 million and $4.5 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesWe are involved in various legal and regulatory proceedings ("Proceedings") arising in the ordinary course of business. The Proceedings include, but are not limited to, legal claims made by employees, vendors and customers, and 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 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, 2019 | |
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 were from external customers and there was no customer who contributed 10% or more of our total revenues during the quarters and six months ended June 30, 2019 or 2018 . The following tables summarize our segment financial information for the quarters and six months ended June 30, 2019 and 2018 : Quarter Ended June 30, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 233,848 $ 11,836 $ 245,684 Operations expenses (116,893 ) (10,558 ) (127,451 ) Income from segment operations 116,955 1,278 118,233 Interest income 950 846 1,796 Depreciation and amortization (35,197 ) (2,579 ) (37,776 ) Income (loss) from operations $ 82,708 $ (455 ) $ 82,253 Reconciliation to consolidated net income: Corporate interest income $ 7 Income from other investments, net 879 General and administrative (9,225 ) Other expenses (540 ) Interest and related amortization (26,024 ) Equity in income of unconsolidated joint ventures 3,226 Early debt retirement (1,491 ) Consolidated net income $ 49,085 Total assets $ 3,766,573 $ 247,905 $ 4,014,478 Capital improvements $ 28,501 $ 40,502 $ 69,003 Quarter Ended June 30, 2018 (amounts in thousands) Property Home Sales 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 and amortization (31,954 ) (2,391 ) (34,345 ) 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 Six Months Ended June 30, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 479,864 $ 22,173 $ 502,037 Operations expenses (225,863 ) (19,477 ) (245,340 ) Income from segment operations 254,001 2,696 256,697 Interest income 1,844 1,696 3,540 Depreciation and amortization (70,740 ) (5,013 ) (75,753 ) Gain on sale of real estate, net 52,507 — 52,507 Income (loss) from operations $ 237,612 $ (621 ) $ 236,991 Reconciliation to consolidated net income: Corporate interest income $ 14 Income from other investments, net 1,865 General and administrative (19,134 ) Other expenses (967 ) Interest and related amortization (52,417 ) Equity in income of unconsolidated joint ventures 4,759 Early debt retirement (1,491 ) Consolidated net income $ 169,620 Total assets $ 3,766,573 $ 247,905 $ 4,014,478 Capital improvements $ 52,906 $ 68,538 $ 121,444 Six Months Ended June 30, 2018 (amounts in thousands) Property Home Sales 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 and amortization (56,029 ) (10,690 ) (66,719 ) 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 venture 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 The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2019 and 2018 : Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2019 2018 2019 2018 Revenues: Rental income $ 208,375 $ 195,594 $ 428,357 $ 399,072 Right-to-use annual payments (membership subscriptions) 12,586 11,891 24,902 23,410 Right-to-use contracts current period, gross (membership upgrade sales) 5,041 3,944 8,879 7,106 Right-to-use contract upfront payments, deferred, net (2,912 ) (2,021 ) (4,683 ) (3,306 ) Other income 10,265 12,536 20,635 25,572 Ancillary services revenues, net 493 223 1,774 1,329 Total property operations revenues 233,848 222,167 479,864 453,183 Expenses: Property operating and maintenance 83,576 80,091 160,320 154,999 Real estate taxes 15,107 13,440 30,430 27,575 Sales and marketing, gross 4,214 3,305 7,623 6,117 Right-to-use contract commissions, deferred, net (389 ) (262 ) (580 ) (286 ) Property management 14,385 13,472 28,070 27,153 Total property operations expenses 116,893 110,046 225,863 215,558 Income from property operations segment $ 116,955 $ 112,121 $ 254,001 $ 237,625 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2019 and 2018 : Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2019 2018 2019 2018 Revenues: Rental income (a) $ 3,632 $ 3,561 $ 7,216 $ 7,076 Gross revenue from home sales 7,825 9,105 14,300 17,414 Brokered resale revenues, net 379 369 657 651 Ancillary services revenues, net — 25 — 38 Total revenues 11,836 13,060 22,173 25,179 Expenses: Property operating and maintenance 1,292 1,629 2,496 3,053 Cost of home sales 8,164 9,632 14,796 18,206 Home selling expenses 1,102 973 2,185 2,048 Total expenses 10,558 12,234 19,477 23,307 Income from home sales and rentals operations segment $ 1,278 $ 826 $ 2,696 $ 1,872 ______________________ (a) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Equity LifeStyle Properties, Inc. ("ELS"), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”) are referred to herein as “we,” “us,” "the Company," and “our.” We are a fully integrated owner and operator of lifestyle-oriented properties ("Properties") consisting primarily of manufactured home ("MH") and recreational vehicle ("RV") communities. 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. Our Properties are owned primarily by the Operating Partnership and managed internally by wholly-owned affiliates of the Operating Partnership. ELS is the sole general partner of the Operating Partnership, has exclusive responsibility and discretion in management and control of the Operating Partnership and held a 94.5% interest as of June 30, 2019 . As the general partner with control, ELS is the primary beneficiary of, and therefore consolidates, the Operating Partnership. Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. 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. |
Consolidation | Equity method of accounting is applied to entities in which ELS does not have a controlling interest or for variable interest entities in which ELS is not considered the primary beneficiary, but with respect to which it can exercise significant influence over operations and major decisions. 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. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ("ASU 2016-02") Leases . This new guidance, including the related subsequently issued ASUs, provides the principles for the recognition, measurement, presentation and disclosure of leases, including the requirement that lessees recognize right-of-use ("ROU") assets and lease liabilities for leases on the Consolidated Balance Sheets. We adopted the new lease standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Results for reporting periods beginning January 1, 2019 are presented under the new lease standard. We made an accounting policy election to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less. We elected the package of practical expedients permitted under the transition guidance within the new standard and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease, (ii) the lease classification at January 1, 2019 for existing leases and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. As a lessor, we adopted the practical expedient that allowed us not to separate expenses reimbursed by our customers (“utility recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded the timing and pattern of transfer for rental revenue and the associated utility recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and utility recoveries as a single component under Rental income in our Consolidated Statements of Income and Comprehensive Income for 2019 and 2018. In addition, the new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Rental income prospectively starting from January 1, 2019. For 2018, the credit loss related to the collectability of lease receivables was recognized in the line item Property operating and maintenance and was not significant. The guidance regarding capitalization of leasing costs did not have any effect on our consolidated financial statements. On January 1, 2019, we recognized ROU assets of $17.5 million and lease liabilities of $18.7 million on the Consolidated Balance Sheets, principally for our ground and office space leases, in which we are the lessee. For more disclosure on the adoption of the new lease accounting standard, see Note 3. Leases. (b) New Accounting Pronouncements In August 2018, the FASB issued ("ASU 2018-15") Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 provides clarity on the accounting for implementation costs of a cloud computing arrangement that is a service contract. The project stage (that is, preliminary project stage, application development stage, or post implementation stage) and the nature of the implementation costs determine which costs to capitalize as an asset related to the service contract and which ones to expense. This update also requires the capitalized implementation costs to be expensed over the term of the arrangement and to be presented in the same line item in the consolidated financial statements as the fees associated with the service of the arrangement. ASU 2018-15 is effective in fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. This guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently in the process of evaluating the potential impact, if any, that the adoption of this standard may have on the 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 is 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 the consolidated financial statements and related disclosures. |
Revenue Recognition | Revenue Recognition We account for certain revenue streams in accordance with Accounting Standard Codification (ASC) 606, Revenue from Contracts with Customers. Right-to-use contracts (also referred to as membership subscriptions), provide our customers access to specific Properties for limited stays at a specified group of Properties. Payments are deferred and recognized on a straight-line basis 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 non-refundable upfront payments. The non-refundable upfront payments are recognized on a straight-line basis over 20 years. 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 . |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessor Operating Lease, Payments to be Received | The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases: (amounts in thousands) As of June 30, 2019 2019 $ 60,067 2020 120,012 2021 65,321 2022 34,906 2023 19,714 Thereafter 84,254 Total $ 384,274 |
Minimum Future Operating Lease Payments | The following table summarizes our future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liabilities for our operating leases: (amounts in thousands) As of June 30, 2019 As of December 31, 2018 2019 $ 2,770 $ 4,921 2020 4,801 4,801 2021 4,179 4,179 2022 2,103 2,103 2023 953 953 Thereafter 5,054 5,054 Total undiscounted rental payments 19,860 22,011 Less imputed interest (2,895 ) (3,289 ) Total lease liabilities $ 16,965 $ 18,722 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018 : Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income available for Common Stockholders – Basic $ 46,401 $ 46,137 $ 159,710 $ 106,359 Amounts allocated to dilutive securities 2,676 3,024 9,902 6,979 Net income available for Common Stockholders – Fully Diluted $ 49,077 $ 49,161 $ 169,612 $ 113,338 Denominator: Weighted average Common Shares outstanding – Basic 90,156 88,549 89,969 88,537 Effect of dilutive securities: Exchange of Common OP Units for Common Shares 5,643 5,826 5,691 5,827 Restricted stock and stock options 131 248 113 236 Weighted average Common Shares outstanding – Fully Diluted 95,930 94,623 95,773 94,600 Earnings per Common Share – Basic $ 0.51 $ 0.52 $ 1.78 $ 1.20 Earnings per Common Share – Fully Diluted $ 0.51 $ 0.52 $ 1.77 $ 1.20 |
Common Stock and Other Equity_2
Common Stock and Other Equity Related Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Dividends declared | The following quarterly distributions have been declared and paid to Common Stockholders and the limited partners of the Operating Partnership (the "Common OP Unit holders") since January 1, 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 $0.5500 September 30, 2018 September 28, 2018 October 12, 2018 $0.5500 December 31, 2018 December 28, 2018 January 11, 2019 $0.6125 March 31, 2019 March 29, 2019 April 12, 2019 $0.6125 June 30, 2019 June 28, 2019 July 12, 2019 |
Schedule of stock by class | The following table presents the shares that were issued under the current ATM equity offering program during the six months ended June 30, 2019 . There was no activity under the ATM equity offering program during the six months ended June 30, 2018 . Six Months Ended June 30, (amounts in thousands, except stock data) 2019 Shares of Common Stock sold 505,236 Weighted average price $ 117.41 Total gross proceeds $ 59,319 Commissions paid to sales agents $ 771 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and December 31, 2018 , respectively ) : Investment as of Income/(Loss) for Investment Location Number of Sites (a) Economic (b) June 30, December 31, June 30, June 30, Meadows Various (2,2) 1,077 50 % $ 346 $ 346 $ 800 $ 819 Lakeshore Florida (3,3) 720 (c) 2,154 2,263 122 123 Voyager Arizona (1,1) 1,801 50 % (d) 414 3,135 2,925 883 Loggerhead Florida 2,343 49 % 35,789 35,789 642 689 ECHO JV Various — 50 % 16,492 16,222 270 294 5,941 $ 55,195 $ 57,755 $ 4,759 $ 2,808 _____________________ (a) Loggerhead sites represent marina slip count. (b) The percentages shown approximate our economic interest as of June 30, 2019 . 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 a 33% interest in the utility plant servicing the Property. |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Fair Value of Mortgage Debt | Our mortgage notes payable is classified as Level 2 in the fair value hierarchy. The following table presents the fair value of our mortgage notes payable: As of June 30, 2019 As of December 31, 2018 (amounts in thousands) Fair Value Carrying Value Fair Value Carrying Value Mortgage notes payable, excluding deferred financing costs $ 2,203,298 $ 2,099,714 $ 2,164,563 $ 2,174,715 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instrument: As of June 30, As of December 31, (amounts in thousands) Balance Sheet Location 2019 2018 Interest Rate Swap Other assets, net $ — $ 2,299 Interest Rate Swap Accounts payable and other liabilities $ 242 $ — |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2019 2018 (amounts in thousands) 2019 2018 Interest Rate Swap $ 1,901 $ (2,544 ) Interest Expense $ (640 ) $ 93 |
Derivative Instruments, Gain (Loss) | The following table presents the effect of our derivative financial instrument on the Consolidated Statements of Income and Comprehensive Income: Derivatives in Cash Flow Hedging Relationship Amount of (gain)/loss recognized Location of (gain)/ loss reclassified from Amount of (gain)/loss reclassified from (amounts in thousands) 2019 2018 (amounts in thousands) 2019 2018 Interest Rate Swap $ 1,901 $ (2,544 ) Interest Expense $ (640 ) $ 93 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018 : Quarter Ended June 30, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 233,848 $ 11,836 $ 245,684 Operations expenses (116,893 ) (10,558 ) (127,451 ) Income from segment operations 116,955 1,278 118,233 Interest income 950 846 1,796 Depreciation and amortization (35,197 ) (2,579 ) (37,776 ) Income (loss) from operations $ 82,708 $ (455 ) $ 82,253 Reconciliation to consolidated net income: Corporate interest income $ 7 Income from other investments, net 879 General and administrative (9,225 ) Other expenses (540 ) Interest and related amortization (26,024 ) Equity in income of unconsolidated joint ventures 3,226 Early debt retirement (1,491 ) Consolidated net income $ 49,085 Total assets $ 3,766,573 $ 247,905 $ 4,014,478 Capital improvements $ 28,501 $ 40,502 $ 69,003 Quarter Ended June 30, 2018 (amounts in thousands) Property Home Sales 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 and amortization (31,954 ) (2,391 ) (34,345 ) 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 Six Months Ended June 30, 2019 (amounts in thousands) Property Home Sales Consolidated Operations revenues $ 479,864 $ 22,173 $ 502,037 Operations expenses (225,863 ) (19,477 ) (245,340 ) Income from segment operations 254,001 2,696 256,697 Interest income 1,844 1,696 3,540 Depreciation and amortization (70,740 ) (5,013 ) (75,753 ) Gain on sale of real estate, net 52,507 — 52,507 Income (loss) from operations $ 237,612 $ (621 ) $ 236,991 Reconciliation to consolidated net income: Corporate interest income $ 14 Income from other investments, net 1,865 General and administrative (19,134 ) Other expenses (967 ) Interest and related amortization (52,417 ) Equity in income of unconsolidated joint ventures 4,759 Early debt retirement (1,491 ) Consolidated net income $ 169,620 Total assets $ 3,766,573 $ 247,905 $ 4,014,478 Capital improvements $ 52,906 $ 68,538 $ 121,444 Six Months Ended June 30, 2018 (amounts in thousands) Property Home Sales 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 and amortization (56,029 ) (10,690 ) (66,719 ) 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 venture 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 |
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, 2019 and 2018 : Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2019 2018 2019 2018 Revenues: Rental income $ 208,375 $ 195,594 $ 428,357 $ 399,072 Right-to-use annual payments (membership subscriptions) 12,586 11,891 24,902 23,410 Right-to-use contracts current period, gross (membership upgrade sales) 5,041 3,944 8,879 7,106 Right-to-use contract upfront payments, deferred, net (2,912 ) (2,021 ) (4,683 ) (3,306 ) Other income 10,265 12,536 20,635 25,572 Ancillary services revenues, net 493 223 1,774 1,329 Total property operations revenues 233,848 222,167 479,864 453,183 Expenses: Property operating and maintenance 83,576 80,091 160,320 154,999 Real estate taxes 15,107 13,440 30,430 27,575 Sales and marketing, gross 4,214 3,305 7,623 6,117 Right-to-use contract commissions, deferred, net (389 ) (262 ) (580 ) (286 ) Property management 14,385 13,472 28,070 27,153 Total property operations expenses 116,893 110,046 225,863 215,558 Income from property operations segment $ 116,955 $ 112,121 $ 254,001 $ 237,625 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2019 and 2018 : Quarters Ended June 30, Six Months Ended June 30, (amounts in thousands) 2019 2018 2019 2018 Revenues: Rental income (a) $ 3,632 $ 3,561 $ 7,216 $ 7,076 Gross revenue from home sales 7,825 9,105 14,300 17,414 Brokered resale revenues, net 379 369 657 651 Ancillary services revenues, net — 25 — 38 Total revenues 11,836 13,060 22,173 25,179 Expenses: Property operating and maintenance 1,292 1,629 2,496 3,053 Cost of home sales 8,164 9,632 14,796 18,206 Home selling expenses 1,102 973 2,185 2,048 Total expenses 10,558 12,234 19,477 23,307 Income from home sales and rentals operations segment $ 1,278 $ 826 $ 2,696 $ 1,872 ______________________ (a) |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | Jun. 30, 2019 |
Operating Partnership | |
Other Ownership Interests | |
Ownership interest (percent) | 94.50% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle | |||
Right of use asset | $ 15,700 | ||
Operating lease liability | 16,965 | ||
Cash and cash equivalents, restricted cash | $ 27,500 | $ 24,100 | |
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle | |||
Right of use asset | $ 17,500 | ||
Operating lease liability | $ 18,700 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)lease | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)lease | Jun. 30, 2018USD ($) | |
Lease Description | ||||
Number of non-cancelable operating leases, lessee (leases) | lease | 13 | 13 | ||
Operating lease payments | $ 2,300 | $ 2,100 | $ 4,600 | $ 4,100 |
Right of use asset | 15,700 | 15,700 | ||
Operating lease liability | $ 16,965 | $ 16,965 | ||
Weighted average operating lease term | 7 years | 7 years | ||
Operating lease weighted average interest rate (percent) | 4.40% | 4.40% | ||
Minimum | ||||
Lease Description | ||||
Lessor operating lease term | 1 month | 1 month | ||
Maximum | ||||
Lease Description | ||||
Lessor operating lease term | 6 months | 6 months |
Leases - Operating Lease Future
Leases - Operating Lease Future Proceeds (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity | |
2019 | $ 60,067 |
2020 | 120,012 |
2021 | 65,321 |
2022 | 34,906 |
2023 | 19,714 |
Thereafter | 84,254 |
Total | $ 384,274 |
Leases - Operating Lease Minimu
Leases - Operating Lease Minimum Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Lease Liabilities, Payments Due | ||
2019 | $ 2,770 | |
2020 | 4,801 | |
2021 | 4,179 | |
2022 | 2,103 | |
2023 | 953 | |
Thereafter | 5,054 | |
Total undiscounted rental payments | 19,860 | |
Less imputed interest | (2,895) | |
Total lease liabilities | $ 16,965 | |
Operating Leases Liabilities, Before Adoption | ||
2019 | $ 4,921 | |
2020 | 4,801 | |
2021 | 4,179 | |
2022 | 2,103 | |
2023 | 953 | |
Thereafter | 5,054 | |
Total undiscounted rental payments | 22,011 | |
Less imputed interest | (3,289) | |
Total lease liabilities | $ 18,722 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Net income available for Common Stockholders | $ 46,401 | $ 46,137 | $ 159,710 | $ 106,359 |
Amounts allocated to dilutive securities | 2,676 | 3,024 | 9,902 | 6,979 |
Net income available for Common Stockholders – Fully Diluted | $ 49,077 | $ 49,161 | $ 169,612 | $ 113,338 |
Denominator: | ||||
Weighted average Common Shares outstanding – basic (shares) | 90,156 | 88,549 | 89,969 | 88,537 |
Effect of dilutive securities: | ||||
Exchange of Common OP Units for Common Shares (shares) | 5,643 | 5,826 | 5,691 | 5,827 |
Restricted stock and options (shares) | 131 | 248 | 113 | 236 |
Weighted average Common Shares outstanding – Fully Diluted (shares) | 95,930 | 94,623 | 95,773 | 94,600 |
Earnings per Common Share – Basic (usd per share) | $ 0.51 | $ 0.52 | $ 1.78 | $ 1.20 |
Earnings per Common Share – Fully Diluted (usd per share) | $ 0.51 | $ 0.52 | $ 1.77 | $ 1.20 |
Common Stock and Other Equity_3
Common Stock and Other Equity Related Transactions - Common Stockholders Distribution Activity (Details) - $ / shares | Jul. 12, 2019 | Apr. 12, 2019 | Jan. 11, 2019 | Oct. 12, 2018 | Jul. 13, 2018 | Apr. 13, 2018 |
Class of Stock | ||||||
Common stock, dividends paid (usd per share) | $ 0.6125 | $ 0.5500 | $ 0.5500 | $ 0.5500 | $ 0.5500 | |
Subsequent Event | ||||||
Class of Stock | ||||||
Common stock, dividends paid (usd per share) | $ 0.6125 |
Common Stock and Other Equity_4
Common Stock and Other Equity Related Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Apr. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Oct. 26, 2018 | |
Class of Stock | ||||||
Common stock, shares authorized (shares) | 400,000,000 | 400,000,000 | 200,000,000 | 200,000,000 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | ||||
OP units were exchanged for an equal number of shares of common stock (OP Units) | 495,325 | 13,838 | ||||
ATM | ||||||
Class of Stock | ||||||
Common stock, par value (usd per share) | $ 0.01 | |||||
Aggregate offering price | $ 200 | |||||
Remaining authorized shares (shares) | $ 140.7 |
Common Stock and Other Equity_5
Common Stock and Other Equity Related Transactions - ATM Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Class of Stock | ||
Commissions paid to sales agents | $ 932 | $ 335 |
ATM | ||
Class of Stock | ||
Total gross proceeds | $ 59,319 | |
ATM | Common Stock | ||
Class of Stock | ||
Shares of Common Stock sold (shares) | 505,236 | |
Weighted average price (usd per share) | $ 117.41 | |
Commissions paid to sales agents | $ 771 |
Investment in Real Estate (Deta
Investment in Real Estate (Details) $ in Millions | May 29, 2019USD ($)site | Apr. 10, 2019USD ($)site | Mar. 25, 2019USD ($)site | Jan. 23, 2019USD ($)propertysite | Mar. 31, 2019USD ($) |
Disposed of by Sale | Manufactured Homes in Indiana and Michigan | |||||
Business Acquisition | |||||
Number of properties sold | property | 5 | ||||
Number of sites sold (sites) | site | 1,463 | ||||
Proceeds from sales of properties | $ 89.7 | ||||
Gin on sales of properties | $ 52.5 | ||||
White Oak Shores Camping and RV Resort | |||||
Business Acquisition | |||||
Number of acquired sites (sites) | site | 455 | ||||
Purchase price | $ 20.5 | ||||
Round Top RV Campground | |||||
Business Acquisition | |||||
Number of acquired sites (sites) | site | 391 | ||||
Purchase price | $ 12.4 | ||||
Liabilities incurred | 7.8 | ||||
Mortgage premium transferred | $ 0.2 | ||||
Drummer Boy | |||||
Business Acquisition | |||||
Purchase price | $ 25.4 | ||||
Liabilities incurred | 10.8 | ||||
Mortgage premium transferred | $ 0.4 | ||||
Drummer Boy | Gettysburg, Pennsylvania and Lake of the Woods Campground | |||||
Business Acquisition | |||||
Number of acquired sites (sites) | site | 465 | ||||
Drummer Boy | Wautoma, Wisconsin | |||||
Business Acquisition | |||||
Number of acquired sites (sites) | site | 303 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Schedule of Investments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019joint_venture_site | Jun. 30, 2019 | Jun. 30, 2019site | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments | ||||||||
Number of sites | 2 | 5,941 | ||||||
Economic interest (in percentage) | 65.00% | |||||||
Investment in unconsolidated joint ventures | $ 55,195 | $ 55,195 | $ 57,755 | |||||
Equity in income of unconsolidated joint ventures | 3,226 | $ 1,613 | 4,759 | $ 2,808 | ||||
Meadows | Various | ||||||||
Schedule of Equity Method Investments | ||||||||
Number of sites | site | 1,077 | |||||||
Economic interest (in percentage) | 50.00% | |||||||
Investment in unconsolidated joint ventures | 346 | 346 | 346 | |||||
Equity in income of unconsolidated joint ventures | 800 | 819 | ||||||
Lakeshore | Florida | ||||||||
Schedule of Equity Method Investments | ||||||||
Number of sites | site | 720 | |||||||
Investment in unconsolidated joint ventures | 2,154 | 2,154 | 2,263 | |||||
Equity in income of unconsolidated joint ventures | 122 | 123 | ||||||
Voyager | Arizona | ||||||||
Schedule of Equity Method Investments | ||||||||
Number of sites | site | 1,801 | |||||||
Economic interest (in percentage) | 50.00% | |||||||
Investment in unconsolidated joint ventures | 414 | 414 | 3,135 | |||||
Equity in income of unconsolidated joint ventures | 2,925 | 883 | ||||||
Loggerhead | Florida | ||||||||
Schedule of Equity Method Investments | ||||||||
Number of sites | site | 2,343 | |||||||
Economic interest (in percentage) | 49.00% | |||||||
Investment in unconsolidated joint ventures | 35,789 | 35,789 | 35,789 | |||||
Equity in income of unconsolidated joint ventures | 642 | 689 | ||||||
ECHO JV | Various | ||||||||
Schedule of Equity Method Investments | ||||||||
Number of sites | site | 0 | |||||||
Economic interest (in percentage) | 50.00% | |||||||
Investment in unconsolidated joint ventures | $ 16,492 | 16,492 | $ 16,222 | |||||
Equity in income of unconsolidated joint ventures | $ 270 | $ 294 |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures - Additional Information (Detail) | 6 Months Ended | |||
Jun. 30, 2019USD ($)joint_venture_site | Jun. 30, 2018USD ($) | Jun. 30, 2019 | Jun. 30, 2019site | |
Schedule of Equity Method Investments | ||||
Number of sites | 2 | 5,941 | ||
Economic interest (in percentage) | 65.00% | |||
Income from distribution made to us | $ 7,200,000 | $ 1,800,000 | ||
Distributions, including those in excess of basis | $ 2,700,000 | $ 0 | ||
Crosswinds | ||||
Schedule of Equity Method Investments | ||||
Economic interest (in percentage) | 49.00% | |||
Recreational Vehicle Resort | Voyager | ||||
Schedule of Equity Method Investments | ||||
Economic interest (in percentage) | 50.00% | |||
Servicing Assets | Voyager | ||||
Schedule of Equity Method Investments | ||||
Economic interest (in percentage) | 33.00% |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($)Propertyloanproperty | Mar. 31, 2019USD ($)property | Mar. 31, 2018USD ($)loanproperty | Jun. 30, 2019USD ($)Propertyproperty | Jun. 30, 2018USD ($) | Jan. 23, 2019property | Dec. 31, 2018USD ($)Property | |
Debt Instrument | |||||||
Number of pledged properties | Property | 116 | 116 | 118 | ||||
Pledged assets, not separately reported | $ 2,475.4 | $ 2,475.4 | $ 2,489.8 | ||||
Repayment of line of unsecured line of credit | $ 30 | ||||||
Disposed of by Sale | Manufactured Homes in Indiana and Michigan | |||||||
Debt Instrument | |||||||
Number of properties sold | property | 5 | ||||||
Mortgage | |||||||
Debt Instrument | |||||||
Number of loans | loan | 1 | ||||||
Proceeds from loans | $ 64 | ||||||
Stated interest rate (percentage) | 4.80% | ||||||
Mortgage | Serendipity | |||||||
Debt Instrument | |||||||
Proceeds from loans | $ 8.8 | ||||||
Stated interest rate (percentage) | 4.80% | ||||||
Debt assumed for the purchase of property | $ 9.2 | ||||||
Pledged assets, not separately reported | $ 18 | ||||||
Mortgage | 2019 Asset Acquisition | |||||||
Debt Instrument | |||||||
Weighted average interest rate (percentage) | 5.40% | 5.40% | |||||
Liabilities incurred | $ 18.6 | ||||||
Mortgage premium transferred | $ 0.6 | ||||||
Mortgage | R V Resort | |||||||
Debt Instrument | |||||||
Number of pledged properties | property | 2 | ||||||
Mortgage | Prepaid Loans | |||||||
Debt Instrument | |||||||
Weighted average interest rate (percentage) | 6.90% | 6.90% | |||||
Repayments of debt | $ 66.8 | ||||||
Number of loans repaid (loans) | loan | 4 | ||||||
Number of pledged properties | property | 4 | 4 | |||||
Payments of prepayment penalties | $ 1.4 | ||||||
Mortgage | Prepaid Loans | MH Resort | |||||||
Debt Instrument | |||||||
Number of pledged properties | property | 3 | 3 | |||||
Mortgage | Prepaid Loans | R V Resort | |||||||
Debt Instrument | |||||||
Number of pledged properties | property | 1 | 1 | |||||
Mortgage | Disposed of by Sale | |||||||
Debt Instrument | |||||||
Defeasance of debt | $ 11.2 | ||||||
Weighted average interest rate (percentage) | 5.00% | ||||||
Mortgage | Disposed of by Sale | Manufactured Homes in Indiana and Michigan | |||||||
Debt Instrument | |||||||
Number of properties sold | property | 5 | ||||||
Secured Debt | |||||||
Debt Instrument | |||||||
Weighted average interest rate (percentage) | 4.50% | 4.50% | |||||
Secured Debt | Minimum | |||||||
Debt Instrument | |||||||
Stated interest rate (percentage) | 3.50% | 3.50% | |||||
Secured Debt | Maximum | |||||||
Debt Instrument | |||||||
Stated interest rate (percentage) | 8.90% | 8.90% |
Borrowing Arrangements - Fair V
Borrowing Arrangements - Fair Value of Mortgage Debt (Details) - Level 2 - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Debt Instrument | ||
Mortgage notes payable, excluding deferred financing costs | $ 2,203,298 | $ 2,164,563 |
Carrying Value | ||
Debt Instrument | ||
Mortgage notes payable, excluding deferred financing costs | $ 2,099,714 | $ 2,174,715 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Notional amount | $ 200,000,000 | |
Derivative instrument, underlying rate (percentage) | 1.85% | |
Derivative instrument, effective rate (percentage) | 3.05% | |
LIBOR | Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Derivative instrument, variable rate (percentage) | 1.20% | |
Term Loan | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Debt instrument face amount | $ 200,000,000 | |
Loans Payable | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Derivative, contract term (years) | 3 years | |
Loans Payable | LIBOR | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Debt instrument, variable rate on spread | 1.20% | |
Loans Payable | LIBOR | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Debt instrument, variable rate on spread | 1.90% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instrument (Details) - Designated as Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other assets, net | ||
Derivatives, Fair Value | ||
Derivative asset | $ 0 | $ 2,299 |
Accounts payable and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability | $ 242 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Statement of Comprehensive Income and Income Statement (Details) - Interest Rate Swap - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures | ||
Amount of (gain)/loss recognized in OCI on derivative | $ 1,901 | $ (2,544) |
Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures | ||
Amount of (gain)/loss reclassified from accumulated OCI into income | $ (640) | $ 93 |
Equity Incentive Awards - Addit
Equity Incentive Awards - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
General and Administrative Expense | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 2.6 | $ 2.7 | $ 5 | $ 4.5 | ||
Restricted Stock | 2014 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (shares) | 35,431 | 61,200 | 11,711 | |||
Shares categorized as vesting (percent) | 50.00% | |||||
Vesting period | 3 years | |||||
Fair value of shares issued | $ 4.1 | $ 3.2 | $ 1.3 | |||
Shares categorized as performance based (percent) | 50.00% | |||||
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33.33% | |||||
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33.33% | |||||
Restricted Stock | 2014 Plan | Share-based Compensation Award, Tranche Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33.33% | |||||
Performance Shares | 2014 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (shares) | 10,201 | |||||
Fair value of shares issued | $ 1.1 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019segment | |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $ (37,776) | $ (34,345) | $ (75,753) | $ (66,719) | |
Gain on sale of real estate, net | 0 | 0 | 52,507 | 0 | |
Reconciliation to Consolidated net income: | |||||
Income from other investments, net | 10,265 | 12,536 | 20,635 | 25,572 | |
General and administrative | (9,225) | (9,669) | (19,134) | (17,707) | |
Other expenses | (540) | (367) | (967) | (710) | |
Interest and related amortization | (26,024) | (26,285) | (52,417) | (51,988) | |
Equity in income of unconsolidated joint ventures | 3,226 | 1,613 | 4,759 | 2,808 | |
Early debt retirement | (1,491) | 0 | (1,491) | 0 | |
Consolidated net income | 49,085 | 49,169 | 169,620 | 113,346 | |
Total assets | 4,014,478 | 3,700,189 | 4,014,478 | 3,700,189 | $ 3,925,808 |
Capital improvements | 69,003 | 50,061 | 121,444 | 81,377 | |
Property Operations | |||||
Reconciliation to Consolidated net income: | |||||
Total assets | 3,766,573 | 3,477,455 | 3,766,573 | 3,477,455 | |
Capital improvements | 28,501 | 26,602 | 52,906 | 47,870 | |
Home Sales and Rentals Operations | |||||
Reconciliation to Consolidated net income: | |||||
Total assets | 247,905 | 222,734 | 247,905 | 222,734 | |
Capital improvements | 40,502 | 23,459 | 68,538 | 33,507 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 245,684 | 235,227 | 502,037 | 478,362 | |
Operations expenses | (127,451) | (122,280) | (245,340) | (238,865) | |
Income from segment operations | 118,233 | 112,947 | 256,697 | 239,497 | |
Interest income | 1,796 | 1,856 | 3,540 | 3,571 | |
Depreciation and amortization | (37,776) | (34,345) | (75,753) | (66,719) | |
Gain on sale of real estate, net | 52,507 | ||||
Income (loss) from operations | 82,253 | 80,458 | 236,991 | 176,349 | |
Operating Segments | Property Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 233,848 | 222,167 | 479,864 | 453,183 | |
Operations expenses | (116,893) | (110,046) | (225,863) | (215,558) | |
Income from segment operations | 116,955 | 112,121 | 254,001 | 237,625 | |
Interest income | 950 | 823 | 1,844 | 1,631 | |
Depreciation and amortization | (35,197) | (31,954) | (70,740) | (56,029) | |
Gain on sale of real estate, net | 52,507 | ||||
Income (loss) from operations | 82,708 | 80,990 | 237,612 | 183,227 | |
Operating Segments | Home Sales and Rentals Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operations revenues | 11,836 | 13,060 | 22,173 | 25,179 | |
Operations expenses | (10,558) | (12,234) | (19,477) | (23,307) | |
Income from segment operations | 1,278 | 826 | 2,696 | 1,872 | |
Interest income | 846 | 1,033 | 1,696 | 1,940 | |
Depreciation and amortization | (2,579) | (2,391) | (5,013) | (10,690) | |
Gain on sale of real estate, net | 0 | ||||
Income (loss) from operations | (455) | (532) | (621) | (6,878) | |
Segment Reconciling Items | |||||
Reconciliation to Consolidated net income: | |||||
Corporate interest income | 7 | 6 | 14 | 241 | |
Income from other investments, net | 879 | 3,413 | 1,865 | 4,353 | |
General and administrative | (9,225) | (9,669) | (19,134) | (17,707) | |
Other expenses | (540) | (367) | (967) | (710) | |
Interest and related amortization | (26,024) | (26,285) | (52,417) | (51,988) | |
Equity in income of unconsolidated joint ventures | 3,226 | $ 1,613 | 4,759 | $ 2,808 | |
Early debt retirement | $ (1,491) | $ (1,491) |
Reportable Segments - Income fr
Reportable Segments - Income from Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Rental income | $ 212,007 | $ 199,155 | $ 435,573 | $ 406,148 |
Other income | 10,265 | 12,536 | 20,635 | 25,572 |
Total revenues | 248,366 | 240,502 | 507,456 | 486,527 |
Expenses: | ||||
Real estate taxes | 15,107 | 13,440 | 30,430 | 27,575 |
Sales and marketing, gross | 4,214 | 3,305 | 7,623 | 6,117 |
Right-to-use contract commissions, deferred, net | (389) | (262) | (580) | (286) |
Home selling expenses | 1,102 | 973 | 2,185 | 2,048 |
Total expenses | 202,507 | 192,946 | 395,102 | 375,989 |
Income before equity in income of unconsolidated joint ventures | 45,859 | 47,556 | 164,861 | 110,538 |
Property Operations | ||||
Revenues: | ||||
Rental income | 208,375 | 195,594 | 428,357 | 399,072 |
Total revenues | 233,848 | 222,167 | 479,864 | 453,183 |
Expenses: | ||||
Rental home operating and maintenance | 83,576 | 80,091 | 160,320 | 154,999 |
Real estate taxes | 15,107 | 13,440 | 30,430 | 27,575 |
Sales and marketing, gross | 4,214 | 3,305 | 7,623 | 6,117 |
Right-to-use contract commissions, deferred, net | (389) | (262) | (580) | (286) |
Total expenses | 116,893 | 110,046 | 225,863 | 215,558 |
Income before equity in income of unconsolidated joint ventures | 116,955 | 112,121 | 254,001 | 237,625 |
Home Sales and Rentals Operations | ||||
Revenues: | ||||
Rental home income | 3,632 | 3,561 | 7,216 | 7,076 |
Total revenues | 11,836 | 13,060 | 22,173 | 25,179 |
Expenses: | ||||
Rental home operating and maintenance | 1,292 | 1,629 | 2,496 | 3,053 |
Home selling expenses | 1,102 | 973 | 2,185 | 2,048 |
Total expenses | 10,558 | 12,234 | 19,477 | 23,307 |
Income before equity in income of unconsolidated joint ventures | 1,278 | 826 | 2,696 | 1,872 |
Right-to-use annual payments (membership subscriptions) | ||||
Revenues: | ||||
Contract revenue | 12,586 | 11,891 | 24,902 | 23,410 |
Right-to-use annual payments (membership subscriptions) | Property Operations | ||||
Revenues: | ||||
Contract revenue | 12,586 | 11,891 | 24,902 | 23,410 |
Right-to-use contracts current period, gross (membership upgrade sales) | ||||
Revenues: | ||||
Contract revenue | 5,041 | 3,944 | 8,879 | 7,106 |
Right-to-use contracts current period, gross (membership upgrade sales) | Property Operations | ||||
Revenues: | ||||
Contract revenue | 5,041 | 3,944 | 8,879 | 7,106 |
Right-to-use contract upfront payments, deferred, net | ||||
Revenues: | ||||
Contract revenue | (2,912) | (2,021) | (4,683) | (3,306) |
Right-to-use contract upfront payments, deferred, net | Property Operations | ||||
Revenues: | ||||
Contract revenue | (2,912) | (2,021) | (4,683) | (3,306) |
Gross revenues from home sales | ||||
Revenues: | ||||
Contract revenue | 7,825 | 9,105 | 14,300 | 17,414 |
Expenses: | ||||
Cost of home sales | 8,164 | 9,632 | 14,796 | 18,206 |
Gross revenues from home sales | Home Sales and Rentals Operations | ||||
Revenues: | ||||
Contract revenue | 7,825 | 9,105 | 14,300 | 17,414 |
Expenses: | ||||
Cost of home sales | 8,164 | 9,632 | 14,796 | 18,206 |
Brokered resale revenues, net | Home Sales and Rentals Operations | ||||
Revenues: | ||||
Contract revenue | 379 | 369 | 657 | 651 |
Ancillary services | Property Operations | ||||
Revenues: | ||||
Contract revenue | 493 | 223 | 1,774 | 1,329 |
Ancillary services | Home Sales and Rentals Operations | ||||
Revenues: | ||||
Contract revenue | 0 | 25 | 0 | 38 |
Property management | ||||
Expenses: | ||||
Cost of home sales | 14,385 | 13,472 | 28,070 | 27,153 |
Property management | Property Operations | ||||
Expenses: | ||||
Cost of home sales | $ 14,385 | $ 13,472 | $ 28,070 | $ 27,153 |
Uncategorized Items - els630201
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 942,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 883,000 |
Accumulated Distributions in Excess of Net Income [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (227,166,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,242,109,000 |
Noncontrolling Interest Of Common Units [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 68,088,000 |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (15,186,000) |