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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash Flows From Operating Activities:      
Consolidated net income $ 74,458 $ 42,504 $ 60,397
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on sale of discontinued real estate and other (4,596) 0 231
Depreciation expense 105,578 85,235 72,129
Amortization of in-place leases (45,122) (28,479) 0
Amortization loan cost 5,754 5,305 3,325
Debt premium amortization (6,764) (1,817) 13
Equity in income of unconsolidated joint ventures (1,899) (1,948) (2,027)
Distributions from unconsolidated joint ventures 1,839 1,841 2,831
Amortization of stock-related compensation 5,797 5,762 5,436
Revenue recognized from right-to-use contract upfront payment (6,739) (5,920) (4,640)
Commission expense recognized related to right-to-use contracts 2,310 1,946 1,432
Accrued long term incentive plan compensation 782 1,813 725
Increase in provision for uncollectible rents receivable 3,243 3,569 2,714
Changes in assets and liabilities:      
Notes receivable activity, net 409 477 494
Rent and other customer receivables, net (3,264) (4,305) (2,713)
Inventory 1,379 25 (391)
Deferred commission expense (5,465) (6,735) (6,957)
Escrow deposits and other assets 7,879 (6,113) 11,645
Goodwill impairment 0 0 3,635
Accrued payroll and other operating expenses (3,041) 6,736 (7,886)
Deferred revenue-upfront payments from right-to-use contracts 13,433 17,856 19,496
Deferred revenue-right-to-use annual payments (789) (765) 39
Rents received in advance and security deposits 1,033 1,696 3,381
Net cash provided by operating activities 236,459 175,641 163,309
Cash Flows From Investing Activities:      
Acquisition of real estate and other (24,213) (651,089) 0
Acquisition of notes receivable 0 (40,362) 0
Proceeds from disposition of rental properties and other 7,564 252 0
Net tax-deferred exchange withdrawal (deposit) 0 0 786
Proceeds from (purchase of) short-term investments 0 52,266 (52,266)
Net (borrowings) repayments of notes receivable 5,344 (883) 1,176
Capital improvements (75,260) (62,032) (48,629)
Net cash used in investing activities (86,565) (701,848) (98,933)
Cash Flows From Financing Activities:      
Net proceeds from stock options and employee stock purchase plan 4,932 5,484 2,182
Net proceeds from issuance of Common Stock 0 344,049 0
Payments of Ordinary Dividends, Common Stock (89,489) (49,483) (36,840)
Payments of Ordinary Dividends, Noncontrolling Interest (6,696) (6,313) (5,620)
Stock repurchase and Unit redemption (1,287) (1,682) (2,054)
Acquisition of non-controlling interests 0 0 (1,581)
Distributions to Preferred Unit Holders 0 (2,801) (16,140)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (14,613) (13,823) 0
Lines of credit:      
Proceeds 0 50,000 0
Repayments 0 (50,000) 0
Principal payments and mortgage debt payoff (167,552) (75,658) (211,656)
New mortgage notes payable financing proceeds 159,500 200,000 76,615
Term loan financing proceeds 0 200,000 0
Debt issuance costs (3,062) (15,765) (1,751)
Net cash provided by (used in) financing activities (183,214) 584,008 (196,845)
Proceeds from Noncontrolling Interests 170 0 0
Payments for Repurchase of Preferred Stock and Preference Stock (63,856) 0 0
Net increase (decrease) in cash and cash equivalents (33,320) 57,801 (132,469)
Cash and cash equivalents, beginning of year 70,460 12,659 145,128
Cash and cash equivalents, end of year 37,140 70,460 12,659
Supplemental Information:      
Cash paid during the period for interest 118,931 99,816 87,888
Non-cash activities (increase (decrease)):      
Manufactured homes acquired with dealer financing 0 830 3,674
Dealer financing 0 830 3,674
Capital improvements 5,313 2,685 566
Net repayments of notes receivable (5,313) (2,685) (566)
Series A Cumulative Redeemable Perpetual Preferred Stock 0 200,000 0
Perpetual Preferred OP Units conversion 0 200,000 0
Acquisitions      
Escrow deposits and other assets 6,774 0 0
Accrued payroll and other operating expenses 376 2,643 (164)
Accrued interest payable 0 114 0
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired 29 0 0
Notes receivable 0 0 (2,556)
Rents and other customer payments received in advance and security deposits 440 4,800 (76)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired 18,738 1,431,339 2,796
Debt assumed and financed on acquisition 0 548,410 0
Dispositions      
Other assets and liabilities, net 0 252 (97)
Investment in real estate (2,968) 0 (3,531)
Mortgage notes payable assumed by purchaser 0 0 (3,628)
Equity issuance costs (1,261) 0 0
Building and other depreciable property – reclassification of rental homes 4,127 2,371 3,915
Escrow deposits and other assets – reclassification of rental homes (4,127) (2,371) (3,915)
Series A Cumulative Redeemable Perpetual Preferred Stock Exchange (136,144) 0 0
Series C Cumulative Redeemable Perpetual Preferred Stock Exchange 136,144 0 0
Common Stock issued 0 110,495 0
Series B Subordinated Non-Voting Cumulative Redeemable Preferred Stock Issued $ 0 $ 113,788 $ 0