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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows From Operating Activities:    
Consolidated net income $ 97,994 $ 68,639
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Early debt retirement 0 16,922
Depreciation 58,242 56,989
Amortization of in-place leases 763 1,334
Amortization of loan costs 1,876 2,103
Debt premium amortization (1,730) (2,094)
Equity in income of unconsolidated joint ventures (1,646) (1,724)
Distributions of income from unconsolidated joint ventures 1,041 1,161
Amortization of stock-related compensation 4,393 3,960
Revenue recognized from right-to-use contract upfront payments (4,518) (4,147)
Commission expense recognized related to right-to-use contracts 2,019 1,696
Long term incentive plan compensation (3,852) 657
Recovery of uncollectible rents receivable (679) (344)
Changes in assets and liabilities:    
Notes receivable activity, net 361 (101)
Deferred commission expense (2,238) (3,067)
Escrow deposits, goodwill and other assets 13,137 27,540
Accrued expenses and accounts payable 2,453 18,475
Deferred revenue – upfront payments from right-to-use contracts 5,618 6,375
Deferred revenue – right-to-use annual payments 3,139 3,492
Rents received in advance and security deposits 10,434 12,080
Net cash provided by operating activities 186,807 209,946
Cash Flows From Investing Activities:    
Real estate acquisition (76,203) (23,687)
Investment in unconsolidated joint ventures (5,000) (4,000)
Repayments of notes receivable 5,176 5,366
Issuance of notes receivable (4,356) (4,035)
Capital improvements (55,707) (42,259)
Net cash used in investing activities (136,090) (68,615)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 5,233 4,252
Gross proceeds from sale of Common Stock 50,000  
Distributions:    
Common Stockholders (67,565) (58,862)
Common OP Unitholders (5,766) (5,057)
Preferred Stockholders (4,613) (4,613)
Principal payments and mortgage debt payoff (32,564) (437,279)
New mortgage notes payable financing proceeds 0 395,323
Debt issuance and defeasance costs (5) (23,541)
Other (824) (323)
Net cash used in financing activities (56,104) (130,100)
Net (decrease) increase in cash and cash equivalents (5,387) 11,231
Cash, beginning of period 80,258 73,714
Cash, end of period 74,871 84,945
Supplemental Information:    
Cash paid during the period for interest 53,121 54,330
Capital improvements – used homes acquired by repossessions 445 443
Net repayments of notes receivable – used homes acquired by repossessions (445) (443)
Building and other depreciable property – reclassification of rental homes 15,986 14,046
Escrow deposits and other assets – reclassification of rental homes (15,986) (14,046)
Real estate acquisitions:    
Investment in real estate (100,148) (23,900)
Escrow deposits and other assets (20) (53)
Debt assumed and financed on acquisition 22,010 0
Accrued expenses and accounts payable 1,955 62
Rents and other customer payments received in advance and security deposits 0 204
Real estate acquisition $ (76,203) $ (23,687)