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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities:    
Consolidated net income $ 64,177 $ 63,075
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Depreciation 31,666 30,398
Amortization of in-place leases 1,052 1,032
Amortization of loan costs 871 898
Debt premium amortization (357) (655)
Equity in income of unconsolidated joint ventures (1,195) (1,150)
Distributions of income from unconsolidated joint ventures 490 1,115
Proceeds from insurance claims, net 3,031 4,625
Stock-based compensation 1,800 1,755
Revenue recognized from right-to-use contract upfront payments (1,877) (2,426)
Commission expense recognized related to right-to-use contracts 901 1,090
Long-term incentive plan compensation 238 337
Recovery for uncollectible rents receivable (337) (53)
Changes in assets and liabilities:    
Notes receivable activity, net 320 (45)
Deferred commission expense (812) (1,072)
Escrow deposits, goodwill and other assets 8,151 7,483
Accrued expenses and accounts payable 2,761 224
Deferred revenue – upfront payments from right-to-use contracts 3,162 3,206
Deferred revenue – right-to-use annual payments 3,179 3,499
Rents received in advance and security deposits 1,233 492
Net cash provided by operating activities 118,454 113,828
Cash Flows From Investing Activities:    
Real estate acquisition (29,929) 0
Investment in unconsolidated joint ventures (3,791) 0
Proceeds from insurance claims 265 458
Repayments of notes receivable 16,115 2,461
Issuance of notes receivable (1,974) (2,212)
Capital improvements (31,316) (24,354)
Net cash used in investing activities (50,630) (23,647)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 503 403
Distributions:    
Common Stockholders (43,202) (36,364)
Common OP Unitholders (2,844) (3,047)
Preferred Stockholders 0 (2,297)
Principal payments and mortgage debt payoff (11,787) (31,887)
New mortgage notes payable financing proceeds 64,014 0
Line of Credit payoff (77,000) 0
Line of Credit proceeds 47,000 0
Debt issuance and defeasance costs (1,645) (49)
Other (57) (32)
Net cash used in financing activities (25,018) (73,273)
Net increase in Cash and restricted cash 42,806 16,908
Cash and restricted cash, beginning of period 31,085 56,340
Cash and restricted cash, end of period 73,891 73,248
Supplemental Information:    
Cash paid during the period for interest 25,943 25,618
Building and other depreciable property – reclassification of rental homes 9,385 6,967
Escrow deposits and other assets – reclassification of rental homes (9,385) (6,967)
Real estate acquisitions:    
Investment in real estate, fair value (48,186) 0
Debt assumed 9,200 0
Debt financed 8,786 0
Accrued expenses and accounts payable 271 0
Real estate acquisitions, net $ (29,929) $ 0