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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities:    
Consolidated net income $ 169,620 $ 113,346
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Gain on sale of real estate, net (52,507) 0
Early debt retirement 1,491 0
Depreciation and amortization 76,648 67,431
Amortization of loan costs 1,768 1,772
Debt premium amortization (232) (711)
Equity in income of unconsolidated joint ventures (4,759) (2,808)
Distributions of income from unconsolidated joint ventures 2,008 1,732
Proceeds from insurance claims, net 4,422 1,809
Compensation expense related to restricted stock and stock options 5,045 4,541
Revenue recognized from right-to-use contract upfront payments (membership upgrade sales) (4,195) (3,800)
Commission expense recognized related to right-to-use contracts 1,867 1,810
Long-term incentive plan compensation (3,608) 461
Changes in assets and liabilities:    
Notes receivable, net (1,079) 642
Deferred commission expense (2,269) (2,010)
Other assets, net (8,275) 10,895
Accounts payable and other liabilities 25,962 9,274
Rents and other customer payments received in advance and security deposits 20,932 15,601
Net cash provided by operating activities 244,685 229,965
Cash Flows From Investing Activities:    
Real estate acquisitions, net (38,463) (53,289)
Proceeds from disposition of properties, net 77,746 0
Investment in unconsolidated joint ventures 0 (3,791)
Distributions of capital from unconsolidated joint ventures 5,169 110
Proceeds from insurance claims 1,111 2,335
Repayments of notes receivable 0 13,823
Capital improvements (121,444) (81,377)
Net cash used in investing activities (75,881) (122,189)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 1,237 846
Gross proceeds from the issuance of common stock 59,319 0
Distributions:    
Common Stockholders (104,579) (92,008)
Common OP Unitholders (6,676) (6,049)
Preferred Stockholders (8) (8)
Principal payments and mortgage debt repayment (93,982) (23,964)
New mortgage notes payable financing proceeds 0 64,014
Line of Credit payoff 0 (97,000)
Line of Credit proceeds 0 67,000
Debt issuance and defeasance costs (1,700) (1,688)
Other (932) (335)
Net cash used in financing activities (147,321) (89,192)
Net increase in cash and restricted cash 21,483 18,584
Cash and restricted cash, beginning of period 68,974 35,631
Cash and restricted cash, end of period 90,457 54,215
Supplemental Information:    
Cash paid for interest 51,744 52,658
Net investment in real estate – reclassification of rental homes 12,451 15,396
Other assets, net – reclassification of rental homes (12,451) (15,396)
Real estate acquisitions:    
Investment in real estate (58,871) (71,756)
Other assets, net (412) (9)
Debt assumed 19,212 9,200
Debt financed 0 8,786
Other liabilities 1,608 490
Real estate acquisitions, net (38,463) (53,289)
Real estate dispositions:    
Investment in real estate 35,572 0
Notes receivable, net 295 0
Other assets, net 97 0
Mortgage notes payable, net (11,175) 0
Other liabilities 450 0
Gain on sale of real estate, net 52,507 0
Proceeds from disposition of properties, net 77,746 0
Deferred revenue – upfront payments from right-to-use contracts (membership upgrade sales)    
Changes in assets and liabilities:    
Deferred revenue 8,879 7,106
Deferred revenue – right-to-use annual payments (membership subscriptions)    
Changes in assets and liabilities:    
Deferred revenue $ 2,967 $ 2,874