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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities:      
Consolidated net income $ 187,132 $ 150,512 $ 138,468
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Gain on sale of property 0 0 (1,457)
Early debt retirement 0 16,913 5,087
Depreciation 118,521 114,698 111,872
Amortization of in-place leases 3,373 2,358 3,999
Amortization of loan costs 3,878 4,216 4,783
Debt premium amortization (3,382) (3,869) (5,185)
Equity in income of unconsolidated joint ventures (2,605) (4,089) (4,578)
Distributions of income from unconsolidated joint ventures 1,793 3,584 3,362
Stock-based compensation 9,181 8,582 7,568
Revenue recognized from right-to-use contract upfront payments (9,248) (8,552) (8,391)
Commission expense recognized related to right-to-use contracts 4,149 3,595 2,934
Long term incentive plan compensation (2,929) 973 1,900
(Recovery) provision for uncollectible rents receivable (744) 537 101
Changes in assets and liabilities:      
Notes receivable activity, net 318 66 (1,037)
Deferred commission expense (4,659) (5,871) (6,272)
Escrow deposits, goodwill and other assets 23,706 44,095 22,230
Accrued expenses and accounts payable 10,322 5,632 (5,282)
Deferred revenue – upfront payments from right-to-use contracts 12,327 12,783 13,892
Deferred revenue – right-to-use annual payments (61) 88 (1,346)
Rents received in advance and security deposits 2,276 6,631 3,097
Net cash provided by operating activities 353,348 352,882 285,745
Cash Flows From Investing Activities:      
Real estate acquisition 98,244 23,687 81,391
Total proceeds from dispositions of rental property and other 0 0 2,102
Tax-deferred exchange deposit 0 0 10,576
Investment in unconsolidated joint ventures (5,134) (4,000) (3,489)
Distributions of capital from unconsolidated joint ventures 4,094 80 2,580
Repayments of notes receivable 10,184 10,490 14,899
Issuance of notes receivable (10,285) (9,791) (9,441)
Capital improvements (119,437) (93,799) (63,721)
Net cash used in investing activities (218,822) (120,707) (127,885)
Cash Flows From Financing Activities:      
Net proceeds from stock options and employee stock purchase plan 12,557 4,899 1,326
Gross proceeds from sale of Common Stock 50,000 0 0
Distributions:      
Common Stockholders (140,057) (122,077) (102,346)
Common OP Unitholders (11,888) (10,470) (9,123)
Preferred Stockholders (9,226) (9,226) (9,274)
Stock repurchase and Unit redemption (229) (62) 0
Share based award tax withholding payments (2,423) (3,139) (1,870)
Principal payments and mortgage debt payoff (142,731) (456,308) (178,040)
New mortgage notes payable financing proceeds 88,050 395,323 169,000
Debt issuance and defeasance costs (1,375) (24,080) (11,651)
Other (1,122) (491) (595)
Net cash used in financing activities (158,444) (225,631) (142,573)
Net (decrease) increase in cash and cash equivalents (23,918) 6,544 15,287
Cash, beginning of year 80,258 73,714 58,427
Cash, end of year 56,340 80,258 73,714
Supplemental information:      
Cash paid during the period for interest 105,556 106,423 112,963
Capital improvements – used homes acquired by repossessions 726 909 1,431
Net repayments of notes receivable – used homes acquired by repossessions (726) (909) (1,431)
Building and other depreciable property – reclassification of rental homes 34,707 28,790 23,494
Escrow deposits and other assets – reclassification of rental homes (34,707) (28,790) (23,494)
Real estate acquisitions:      
Investment in real estate, fair value (120,448) (23,900) (122,366)
Investment in real estate, cost (2,000) 0 0
Deferred financing costs, net 0 0 (284)
Escrow deposits and other assets (20) (53) (12)
Debt assumed and financed on acquisition 22,010 0 34,559
Accrued expenses and accounts payable 1,883 62 1,947
Rents and other customer payments received in advance and security deposits 331 204 4,765
Proceeds from dispositions of rental property and other:      
Investment in real estate 0 0 87
Other, net 0 0 (558)
Gain on sale of property 0 0 1,457
Total proceeds from dispositions of rental property and other $ 0 $ 0 $ 2,102