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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities:      
Consolidated net income $ 150,512 $ 138,468 $ 125,905
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Gain on sale of property 0 (1,457) (41,525)
Early debt retirement 16,913 5,087 37,844
Depreciation 114,698 111,872 110,505
Amortization of in-place leases (2,358) (3,999) (1,940)
Amortization of loan costs 4,216 4,783 5,304
Debt premium amortization (3,869) (5,185) (6,842)
Equity in income of unconsolidated joint ventures (4,089) (4,578) (2,039)
Distributions of income from unconsolidated joint ventures 3,584 3,362 1,311
Distributions, including those in excess of basis 3,700 5,900  
Amortization of stock-related compensation 8,582 7,568 5,952
Revenue recognized from right-to-use contract upfront payments (8,552) (8,391) (8,121)
Commission expense recognized related to right-to-use contracts 3,595 2,934 2,601
Long term incentive plan compensation 973 1,900 1,907
Provision for uncollectible rents receivable 537 101 230
Changes in assets and liabilities:      
Notes receivable activity, net 66 (1,037) (123)
Deferred commission expense (5,871) (6,272) (5,011)
Escrow deposits, goodwill and other assets 44,095 22,230 7,180
Accrued expenses and accounts payable 5,632 (5,282) 83
Deferred revenue – upfront payments from right-to-use contracts 12,783 13,892 13,815
Deferred revenue – right-to-use annual payments 88 (1,346) 48
Rents received in advance and security deposits 6,631 3,097 4,385
Net cash provided by operating activities 352,882 285,745 255,349
Cash Flows From Investing Activities:      
Real estate acquisition 23,687 81,391 117,707
Proceeds from disposition of property 0 2,102 157,975
Tax-deferred exchange deposit 0 10,576 (11,976)
Investment in unconsolidated joint ventures (4,000) (3,489) (2,641)
Distributions of capital from unconsolidated joint ventures 80 2,580 0
Repayments of notes receivable (10,490) (14,899) (11,552)
Issuance of notes receivable (9,791) (9,441) (10,343)
Capital improvements (93,799) (63,721) (64,714)
Net cash used in investing activities (120,707) (127,885) (37,854)
Cash Flows From Financing Activities:      
Net proceeds from stock options and employee stock purchase plan 4,899 1,326 968
Distributions:      
Common Stockholders (122,077) (102,346) (62,546)
Common OP Unitholders (10,470) (9,123) (5,648)
Preferred Stockholders (9,226) (9,274) (9,280)
Stock repurchase and unit redemption (3,201) (1,870) (1,121)
Lines of credit:      
Lines of credit repayments 0 0 (20,000)
Lines of credit proceeds 0 0 20,000
Principal payments and mortgage debt payoff (456,308) (178,040) (450,492)
New mortgage notes payable financing proceeds 395,323 169,000 375,500
Debt issuance and defeasance costs (24,080) (11,651) (43,031)
Other (491) (595) (544)
Net cash used in financing activities (225,631) (142,573) (196,194)
Net increase in cash and cash equivalents 6,544 15,287 21,301
Supplemental information:      
Cash paid during the period for interest 106,423 112,963 120,497
Capital improvements – used homes acquired by repossessions 909 1,431 2,591
Net repayments of notes receivable – used homes acquired by repossessions (909) (1,431) (2,591)
Building and other depreciable property – reclassification of rental homes 28,790 23,494 14,401
Escrow deposits and other assets – reclassification of rental homes (28,790) (23,494) (14,401)
Real estate acquisitions:      
Investment in real estate (23,900) (122,366) (133,344)
Deferred financing costs, net 0 (284) (59)
Escrow deposits and other assets (53) (12) (1,100)
Debt assumed and financed on acquisition 0 34,559 5,382
Accrued expenses and accounts payable 62 1,947 711
Rents and other customer payments received in advance and security deposits 204 4,765 1,017
Non-controlling interest - Common OP Units 0 0 9,686
Proceeds from dispositions of rental property and other:      
Investment in real estate 0 87 113,068
Notes receivable, net 0 0 6,507
Other, net 0 (558) 2,167
Gain on sale of property $ 0 $ 1,457 $ 40,567