$ELS
EQUITY LIFESTYLE PROPERTIES INC

2012 Q2 Form 10-Q Financial Statement

#000119312512334093 Filed on August 03, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $168.4M $127.7M
YoY Change 31.87% 3.1%
Cost Of Revenue $81.50M $65.90M
YoY Change 23.67% 1.7%
Gross Profit $41.66M $40.24M
YoY Change 3.53% -30.63%
Gross Profit Margin 24.74% 31.51%
Selling, General & Admin $9.442M $9.094M
YoY Change 3.83% 10.9%
% of Gross Profit 22.67% 22.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.00M $19.90M
YoY Change 126.13% 4.19%
% of Gross Profit 108.03% 49.46%
Operating Expenses $9.442M $9.094M
YoY Change 3.83% -64.48%
Operating Profit $41.66M $40.24M
YoY Change 3.53% 24.18%
Interest Expense -$29.80M -$20.40M
YoY Change 46.08% -7.27%
% of Operating Profit -71.54% -50.7%
Other Income/Expense, Net
YoY Change
Pretax Income $5.453M $11.11M
YoY Change -50.93% 5.84%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $2.063M $6.827M
YoY Change -69.78% 13.78%
Net Earnings / Revenue 1.23% 5.35%
Basic Earnings Per Share $0.03 $0.21
Diluted Earnings Per Share $0.02 $0.20
COMMON SHARES
Basic Shares Outstanding 82.26M shares 32.63M shares
Diluted Shares Outstanding 90.78M shares 37.26M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.3M $85.30M
YoY Change 52.75% -43.81%
Cash & Equivalents $135.0M $85.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $3.000M $2.800M
Prepaid Expenses
Receivables $900.0K $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $134.2M $88.60M
YoY Change 51.47% -42.76%
LONG-TERM ASSETS
Property, Plant & Equipment $3.208B $1.872B
YoY Change 71.36% -1.09%
Goodwill $7.800M
YoY Change
Intangibles $4.300M
YoY Change
Long-Term Investments $8.600M $8.300M
YoY Change 3.61% -16.16%
Other Assets $79.80M $371.7M
YoY Change -78.53% 439.48%
Total Long-Term Assets $3.364B $2.280B
YoY Change 47.57% 14.11%
TOTAL ASSETS
Total Short-Term Assets $134.2M $88.60M
Total Long-Term Assets $3.364B $2.280B
Total Assets $3.499B $2.369B
YoY Change 47.71% 10.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.80M $61.80M
YoY Change 9.71% -11.21%
Accrued Expenses $10.20M $6.800M
YoY Change 50.0% -9.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.80M $84.20M
YoY Change 16.15% -3.99%
LONG-TERM LIABILITIES
Long-Term Debt $2.289B $1.358B
YoY Change 68.58% -9.71%
Other Long-Term Liabilities $133.3M $119.2M
YoY Change 11.83% 16.86%
Total Long-Term Liabilities $2.422B $1.477B
YoY Change 64.0% -8.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.80M $84.20M
Total Long-Term Liabilities $2.422B $1.477B
Total Liabilities $2.520B $1.625B
YoY Change 55.07% -15.75%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.006B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $911.1M $743.8M
YoY Change
Total Liabilities & Shareholders Equity $3.499B $2.369B
YoY Change 47.71% 10.02%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $2.063M $6.827M
YoY Change -69.78% 13.78%
Depreciation, Depletion And Amortization $45.00M $19.90M
YoY Change 126.13% 4.19%
Cash From Operating Activities $56.50M $37.40M
YoY Change 51.07% -21.59%
INVESTING ACTIVITIES
Capital Expenditures -$16.50M -$13.60M
YoY Change 21.32% 9.68%
Acquisitions
YoY Change
Other Investing Activities $1.100M -$254.5M
YoY Change -100.43%
Cash From Investing Activities -$15.30M -$267.9M
YoY Change -94.29% 2060.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $344.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.200M 272.9M
YoY Change -103.37% -589.07%
NET CHANGE
Cash From Operating Activities 56.50M 37.40M
Cash From Investing Activities -15.30M -267.9M
Cash From Financing Activities -9.200M 272.9M
Net Change In Cash 32.00M 42.40M
YoY Change -24.53% -306.83%
FREE CASH FLOW
Cash From Operating Activities $56.50M $37.40M
Capital Expenditures -$16.50M -$13.60M
Free Cash Flow $73.00M $51.00M
YoY Change 43.14% -15.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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2117000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
95269000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-275044000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3727000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
8710000
us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
258934000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2263000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
72685000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
2800000
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
4192000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36441000 shares
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
200000000
us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
5910000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
670000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
35961000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5339000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
252460000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1332000
us-gaap Interest Expense Debt
InterestExpenseDebt
42847000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31817000 shares
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
830000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-337000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1325000
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-52266000
us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
2468000
us-gaap Revenues
Revenues
262833000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2107000
us-gaap Depreciation
Depreciation
37387000
us-gaap Sales Of Real Estate
SalesOfRealEstate
2645000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
3256000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
200000000
us-gaap Interest Paid
InterestPaid
41228000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
17289000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-10000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4600000 shares
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
91966000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25787000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
36950000
us-gaap Interest Income Operating
InterestIncomeOperating
2051000
us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
2832000
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
32038000
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.43
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29197000
els Adjustment Depreciation
AdjustmentDepreciation
600000
els Incremental Income Loss Related To Potential Common Shares
IncrementalIncomeLossRelatedToPotentialCommonShares
3410000
els Community Base Rental Income
CommunityBaseRentalIncome
132591000
els Resort Base Rental Income
ResortBaseRentalIncome
65719000
els Right To Use Annual Payments
RightToUseAnnualPayments
24575000
els Right To Use Contracts Current Period Gross
RightToUseContractsCurrentPeriodGross
8710000
els Right To Use Contracts Deferred Net Of Prior Period Amortization
RightToUseContractsDeferredNetOfPriorPeriodAmortization
-5910000
els Utility And Other Income
UtilityAndOtherIncome
25546000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Costs And Expenses
CostsAndExpenses
333421000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>(p)</i></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Reclassifications</i></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain 2011 amounts have been reclassified to conform to the 2012 presentation. These reclassifications had no material effect on the Consolidated Statements of Income and Comprehensive Income for the Company.</font></p> </div>
els Rent Control Initiatives Expenses
RentControlInitiativesExpenses
1091000
els Sales And Marketing Deferred Commissions Net
SalesAndMarketingDeferredCommissionsNet
-2347000
els Equity In Income Of Unconsolidated Joint Ventures
EquityInIncomeOfUnconsolidatedJointVentures
1938000
els Commission Expense Recognized Related To Right To Use Contract Sales
CommissionExpenseRecognizedRelatedToRightToUseContractSales
909000
els Accrued Long Term Incentive Plan Compensation
AccruedLongTermIncentivePlanCompensation
544000
els Other Revenues
OtherRevenues
1915000
els Interest Income
InterestIncome
1984000
els Non Cash Repossession
NonCashRepossession
252000
els Operating Income Loss Before Depreciation And Other
OperatingIncomeLossBeforeDepreciationAndOther
126084000
els Incremental Common Shares Attributable To Redemption Or Exchange Of Noncontrolling Interests
IncrementalCommonSharesAttributableToRedemptionOrExchangeOfNoncontrollingInterests
4324000 shares
els Rental Home Operating And Maintenance Expenses
RentalHomeOperatingAndMaintenanceExpenses
1667000
els Rental Home Income
RentalHomeIncome
2951000
els Real Estate Depreciation Expense
RealEstateDepreciationExpense
36309000
els Noncash Reclassification Building And Other Depreciable Property
NoncashReclassificationBuildingAndOtherDepreciableProperty
-1405000
els Noncash Reclassification Escrow Deposits And Other Assets
NoncashReclassificationEscrowDepositsAndOtherAssets
1405000
dei Trading Symbol
TradingSymbol
ELS
dei Entity Registrant Name
EntityRegistrantName
EQUITY LIFESTYLE PROPERTIES INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000895417
us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
All revenues are from external customers and there is no customer who contributed 10% or more of the Company's total revenues during the six months ended June 30, 2012 and 2011.
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
129026000
us-gaap Debt Instrument Interest Rate Stated Percentage Rate Range Maximum
DebtInstrumentInterestRateStatedPercentageRateRangeMaximum
0.089 pure
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The Company’s LOC with a maximum borrowing capacity of $380 million bore interest at a LIBOR rate plus 1.65% to 2.50%
us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
83500000
us-gaap Operating Income Loss
OperatingIncomeLoss
95252000
us-gaap Minority Interest In Net Income Loss Operating Partnerships
MinorityInterestInNetIncomeLossOperatingPartnerships
1388000
us-gaap Increase Decrease In Accounts And Notes Receivable
IncreaseDecreaseInAccountsAndNotesReceivable
-268000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3285000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14119000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
696000
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.17
us-gaap Other Income
OtherIncome
3055000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
24474000
us-gaap Deferred Revenue Description
DeferredRevenueDescription
Right-to-use annual payments by customers under the terms of the right-to-use contracts are deferred and recognized ratably over the one-year period in which access to sites at certain Properties are provided.
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
4896000
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
8069000
us-gaap Share Based Compensation
ShareBasedCompensation
3285000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
356119000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
168500000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
us-gaap Notes Reduction
NotesReduction
3993000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4248000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-29000
us-gaap Selling Expense
SellingExpense
736000
us-gaap Profit Loss
ProfitLoss
23953000
us-gaap Debt Instrument Interest Rate Stated Percentage Rate Range Minimum
DebtInstrumentInterestRateStatedPercentageRateRangeMinimum
0.047 pure
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.8750
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-412000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
43000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
43000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
309000 shares
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26879000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
85500000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
78297000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1919000
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
1600000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
667000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
441000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5186000
us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
348046000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2788000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
64507000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
3295000
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
4146000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13189000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45387000 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
255000
us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
1891000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-257000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
22698000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4276000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-37640000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1107000
us-gaap Interest Expense Debt
InterestExpenseDebt
61794000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41110000 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2015-09-18
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
86000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
18000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1255000
us-gaap Insurance Recoveries
InsuranceRecoveries
14700000
us-gaap Finite Lived Intangible Assets Amortization Method
FiniteLivedIntangibleAssetsAmortizationMethod
For example, the Company has currently estimated that 7.9% of customers who enter a new right-to-use contract will terminate their contract after five years. Therefore, the upfront nonrefundable payments from 7.9% of the contracts entered in any particular period are amortized on a straight-line basis over a period of five years as five years is the estimated customer life for 7.9% of the Company’s customers who enter a contract. The historical attrition rates for upgrade contracts are lower than for new contracts, and therefore, the nonrefundable upfront payments for upgrade contracts are amortized at a different rate than for new contracts.
us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
4818000
us-gaap Revenues
Revenues
356119000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2235000
us-gaap Depreciation
Depreciation
53235000
us-gaap Sales Of Real Estate
SalesOfRealEstate
4020000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2010000
us-gaap Dividends
Dividends
39610000
us-gaap Interest Paid
InterestPaid
58672000
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
18000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
48049000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-3435000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
30560000
us-gaap Net Income Loss
NetIncomeLoss
15884000
us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
3295000
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
19178000
us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
112769000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14496000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
23541000
us-gaap Use Of Estimates
UseOfEstimates
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>(b)</i></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All property, site counts and acreage amounts are unaudited.</font></p> </div>
us-gaap Interest Income Operating
InterestIncomeOperating
5018000
us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
-3681000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
36766000
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
44811000
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.16
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15884000
els Adjustment Depreciation
AdjustmentDepreciation
600000
els Incremental Income Loss Related To Potential Common Shares
IncrementalIncomeLossRelatedToPotentialCommonShares
1388000
els Community Base Rental Income
CommunityBaseRentalIncome
206151000
els Resort Base Rental Income
ResortBaseRentalIncome
67987000
els Right To Use Annual Payments
RightToUseAnnualPayments
23972000
els Right To Use Contracts Current Period Gross
RightToUseContractsCurrentPeriodGross
5186000
els Right To Use Contracts Deferred Net Of Prior Period Amortization
RightToUseContractsDeferredNetOfPriorPeriodAmortization
-1891000
els Utility And Other Income
UtilityAndOtherIncome
33985000
els Rent Control Initiatives Expenses
RentControlInitiativesExpenses
846000
els Sales And Marketing Deferred Commissions Net
SalesAndMarketingDeferredCommissionsNet
-897000
els Equity In Income Of Unconsolidated Joint Ventures
EquityInIncomeOfUnconsolidatedJointVentures
1838000
els Commission Expense Recognized Related To Right To Use Contract Sales
CommissionExpenseRecognizedRelatedToRightToUseContractSales
1113000
els Accrued Long Term Incentive Plan Compensation
AccruedLongTermIncentivePlanCompensation
390000
els Estimated Payments For Employee Long Term Incentive Plan
EstimatedPaymentsForEmployeeLongTermIncentivePlan
2700000
els Other Revenues
OtherRevenues
3275000
els Interest Income
InterestIncome
4798000
els Non Cash Repossession
NonCashRepossession
3993000
els Operating Income Loss Before Depreciation And Other
OperatingIncomeLossBeforeDepreciationAndOther
179546000
els Incremental Common Shares Attributable To Redemption Or Exchange Of Noncontrolling Interests
IncrementalCommonSharesAttributableToRedemptionOrExchangeOfNoncontrollingInterests
3968000 shares
els Estimated Contract Termination Period
EstimatedContractTerminationPeriod
P5Y
els Rental Home Operating And Maintenance Expenses
RentalHomeOperatingAndMaintenanceExpenses
3146000
els Rental Home Income
RentalHomeIncome
6401000
els Real Estate Depreciation Expense
RealEstateDepreciationExpense
52326000
els Temporary Equity Conversion To Permanent Equity
TemporaryEquityConversionToPermanentEquity
200000000
els Noncash Reclassification Building And Other Depreciable Property
NoncashReclassificationBuildingAndOtherDepreciableProperty
-3091000
els Noncash Reclassification Escrow Deposits And Other Assets
NoncashReclassificationEscrowDepositsAndOtherAssets
3091000
CY2011Q2 us-gaap Costs And Expenses
CostsAndExpenses
116577000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
40235000
CY2011Q2 us-gaap Minority Interest In Net Income Loss Operating Partnerships
MinorityInterestInNetIncomeLossOperatingPartnerships
789000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6526000
CY2011Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.09
CY2011Q2 us-gaap Other Income
OtherIncome
1149000
CY2011Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
8161000
CY2011Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
4038000
CY2011Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
167116000
CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4600000 shares
CY2011Q4 els Litigation Expense
LitigationExpense
100000
CY2011Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08034 pure
CY2011Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
200000000
CY2011Q2 els Number Of Acquired Acres Of Land
NumberOfAcquiredAcresOfLand
6500 acre
CY2011Q2 els Real Estate Acquired Ownership Description
RealEstateAcquiredOwnershipDescription
A portfolio of 75 manufactured home communities and one RV resort (the "Acquisition Properties") containing 31,167 sites on approximately 6,500 acres located in 16 states (primarily located in Florida and the northeastern region of the United States) and certain manufactured homes
CY2011 us-gaap Debt Instrument Interest Rate Stated Percentage Rate Range Maximum
DebtInstrumentInterestRateStatedPercentageRateRangeMaximum
0.0887 pure
CY2011 us-gaap Debt Instrument Interest Rate Stated Percentage Rate Range Minimum
DebtInstrumentInterestRateStatedPercentageRateRangeMinimum
0.0465 pure
CY2011 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
6037500 shares
CY2011 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
200000000
CY2011 els Number Of Closed Acquisition Properties
NumberOfClosedAcquisitionProperties
75 Property
CY2011Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
68038000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2011Q2 us-gaap Selling Expense
SellingExpense
406000
CY2011Q2 us-gaap Profit Loss
ProfitLoss
11654000
CY2011Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.3750
CY2011Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-336000
CY2011Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
321000 shares
CY2011Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2117000
CY2011Q2 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
125529000
CY2011Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6011000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37262000 shares
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11113000
CY2011Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3083000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2011Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
21458000
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32629000 shares
CY2011Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
541000
CY2011Q2 us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
1049000
CY2011Q2 us-gaap Revenues
Revenues
127690000
CY2011Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
571000
CY2011Q2 us-gaap Sales Of Real Estate
SalesOfRealEstate
1288000
CY2011Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3471000
CY2012Q2 us-gaap Profit Loss
ProfitLoss
6299000
CY2011Q2 els Operating Income Loss Before Depreciation And Other
OperatingIncomeLossBeforeDepreciationAndOther
57491000
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.4375
CY2011Q2 els Incremental Common Shares Attributable To Redemption Or Exchange Of Noncontrolling Interests
IncrementalCommonSharesAttributableToRedemptionOrExchangeOfNoncontrollingInterests
4312000 shares
CY2011Q2 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
8193000
CY2011Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
47655000
CY2011Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6827000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
11318000
CY2011Q2 us-gaap Interest Income Operating
InterestIncomeOperating
1012000
CY2011Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.09
CY2011Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7616000
CY2011Q2 els Incremental Income Loss Related To Potential Common Shares
IncrementalIncomeLossRelatedToPotentialCommonShares
789000
CY2011Q2 els Community Base Rental Income
CommunityBaseRentalIncome
66408000
CY2011Q2 els Resort Base Rental Income
ResortBaseRentalIncome
29251000
CY2011Q2 els Right To Use Annual Payments
RightToUseAnnualPayments
12563000
CY2011Q2 els Right To Use Contracts Current Period Gross
RightToUseContractsCurrentPeriodGross
4857000
CY2011Q2 els Right To Use Contracts Deferred Net Of Prior Period Amortization
RightToUseContractsDeferredNetOfPriorPeriodAmortization
-3414000
CY2011Q2 els Utility And Other Income
UtilityAndOtherIncome
12484000
CY2011Q2 els Rent Control Initiatives Expenses
RentControlInitiativesExpenses
730000
CY2011Q2 els Sales And Marketing Deferred Commissions Net
SalesAndMarketingDeferredCommissionsNet
-1347000
CY2011Q2 els Other Revenues
OtherRevenues
1194000
CY2011Q2 els Interest Income
InterestIncome
967000
CY2011Q2 els Rental Home Operating And Maintenance Expenses
RentalHomeOperatingAndMaintenanceExpenses
838000
CY2011Q2 els Rental Home Income
RentalHomeIncome
1521000
CY2011Q2 els Real Estate Depreciation Expense
RealEstateDepreciationExpense
18223000
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
169020000
CY2012Q2 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
41600000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
42291000
CY2012Q2 us-gaap Minority Interest In Net Income Loss Operating Partnerships
MinorityInterestInNetIncomeLossOperatingPartnerships
197000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2032000
CY2012Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.46
CY2012Q2 us-gaap Other Income
OtherIncome
1567000
CY2012Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
11952000
CY2012Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
4038000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
174827000
CY2012Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
86230000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2012Q2 us-gaap Selling Expense
SellingExpense
403000
CY2012Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-34000
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
303000 shares
CY2012Q2 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
170872000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6957000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45390000 shares
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5807000
CY2012Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2633000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2012Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
30838000
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41131000 shares
CY2012Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
492000
CY2012Q2 us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
2602000
CY2012Q2 us-gaap Revenues
Revenues
174827000
CY2012Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
489000
CY2012Q2 us-gaap Sales Of Real Estate
SalesOfRealEstate
1960000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
18858000
CY2012Q2 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
9427000
CY2012Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
58327000
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2064000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
6265000
CY2012Q2 us-gaap Interest Income Operating
InterestIncomeOperating
2388000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18401000
CY2012Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.46
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2261000
CY2012Q2 els Incremental Income Loss Related To Potential Common Shares
IncrementalIncomeLossRelatedToPotentialCommonShares
197000
CY2012Q2 els Community Base Rental Income
CommunityBaseRentalIncome
103197000
CY2012Q2 els Resort Base Rental Income
ResortBaseRentalIncome
30408000
CY2012Q2 els Right To Use Annual Payments
RightToUseAnnualPayments
12221000
CY2012Q2 els Right To Use Contracts Current Period Gross
RightToUseContractsCurrentPeriodGross
2942000
CY2012Q2 els Right To Use Contracts Deferred Net Of Prior Period Amortization
RightToUseContractsDeferredNetOfPriorPeriodAmortization
-1285000
CY2012Q2 els Utility And Other Income
UtilityAndOtherIncome
17582000
CY2012Q2 els Rent Control Initiatives Expenses
RentControlInitiativesExpenses
367000
CY2012Q2 els Sales And Marketing Deferred Commissions Net
SalesAndMarketingDeferredCommissionsNet
-655000
CY2012Q2 els Other Revenues
OtherRevenues
1678000
CY2012Q2 els Interest Income
InterestIncome
2277000
CY2012Q2 els Operating Income Loss Before Depreciation And Other
OperatingIncomeLossBeforeDepreciationAndOther
84642000
CY2012Q2 els Incremental Common Shares Attributable To Redemption Or Exchange Of Noncontrolling Interests
IncrementalCommonSharesAttributableToRedemptionOrExchangeOfNoncontrollingInterests
3956000 shares
CY2012Q2 els Rental Home Operating And Maintenance Expenses
RentalHomeOperatingAndMaintenanceExpenses
1541000
CY2012Q2 els Rental Home Income
RentalHomeIncome
3358000
CY2012Q2 els Real Estate Depreciation Expense
RealEstateDepreciationExpense
26227000
CY2011Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
200000000

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