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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities:      
Consolidated net income $ 295,922 $ 226,386 $ 210,377
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Gain on sale of real estate, net (52,507) 0 0
Early debt retirement 1,491 1,071 2,785
Depreciation and amortization 153,980 138,688 124,951
Amortization of loan costs 3,479 3,564 3,546
Debt premium amortization (483) (2,259) (2,211)
Equity in income of unconsolidated joint ventures (8,755) (4,939) (3,765)
Distributions of income from unconsolidated joint ventures 5,133 4,122 3,003
Proceeds from insurance claims, net (3,530) (8,525) (2,722)
Compensation expense related to restricted stock and stock options 10,481 9,995 9,352
Revenue recognized from membership upgrade sales upfront payments (8,660) (7,811) (10,020)
Commission expense recognized related to membership sales 3,667 3,609 4,509
Long-term incentive plan compensation (2,843) 1,176 1,347
Changes in assets and liabilities:      
Notes receivable, net (2,836) (247) (1,510)
Deferred commission expense (4,508) (4,274) (4,577)
Other assets, net 11,621 26,898 31,056
Accounts payable and other liabilities 15,578 9,615 (4,735)
Deferred revenue 10,451 7,380  
Rents and other customer payments received in advance and security deposits 6,635 1,701 2,354
Net cash provided by operating activities 443,520 414,084 377,987
Cash Flows From Investing Activities:      
Real estate acquisitions, net 185,411 234,108 136,552
Proceeds from disposition of properties, net 77,746 0 0
Investment in unconsolidated joint ventures (983) (4,497) (33,345)
Distributions of capital from unconsolidated joint ventures 6,352 396 789
Proceeds from insurance claims 8,200 7,943 3,626
Repayments of notes receivable 0 13,823 0
Issuance of notes receivable 0 0 (13,823)
Capital improvements (257,993) (181,622) (126,050)
Net cash used in investing activities (352,089) (398,065) (305,355)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 2,482 5,813 6,911
Gross proceeds from the issuance of common stock 59,319 78,755 120,698
Distributions:      
Common Stockholders (216,098) (190,211) (163,770)
Common OP Unitholders (13,104) (12,411) (11,631)
Preferred Stockholders (16) (16) (6,928)
Share based award tax withholding payments (53) (2,958) (3,087)
Principal payments and mortgage debt repayment (121,028) (245,335) (270,530)
Mortgage notes payable financing proceeds 0 421,774 350,369
Line of Credit payoff (155,500) (284,000) (101,000)
Line of Credit proceeds 315,500 254,000 131,000
Debt issuance and defeasance costs (1,700) (6,436) (12,567)
Redemption of preferred stock 0 0 (136,314)
Other (1,347) (1,651) (1,947)
Net cash provided by (used in) financing activities (131,545) 17,324 (98,796)
Net increase (decrease) in cash and restricted cash (40,114) 33,343 (26,164)
Cash and restricted cash, beginning of period 68,974 35,631 61,795
Cash and restricted cash, end of period 28,860 68,974 35,631
Supplemental information:      
Cash paid for interest 102,027 102,377 102,570
Net investment in real estate – reclassification of rental homes 28,260 30,799 30,732
Other assets, net – reclassification of rental homes (28,260) (30,799) (30,732)
Real estate acquisitions:      
Investment in real estate (249,197) (265,129) (142,255)
Investment in unconsolidated joint ventures 35,789 0 0
Other assets, net (1,646) (59) (229)
Debt assumed 19,212 9,200 5,900
Debt financed 0 8,786 0
Other liabilities 10,431 13,094 32
Real estate acquisitions, net (185,411) (234,108) (136,552)
Real estate dispositions:      
Investment in real estate 35,572 0 0
Notes receivable, net 295 0 0
Other assets, net 97 0 0
Mortgage notes payable, net (11,175) 0 0
Other liabilities 450 0 0
Gain on sale of real estate, net 52,507 0 0
Real estate dispositions, net 77,746 0 0
Deferred revenue – upfront payments from membership upgrade sales      
Changes in assets and liabilities:      
Deferred revenue 19,111 15,191 14,132
Deferred revenue – annual membership subscriptions      
Changes in assets and liabilities:      
Deferred revenue $ 544 $ 123 $ 115