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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities:      
Consolidated net income $ 241,416 $ 295,922 $ 226,386
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Gain on sale of real estate, net 0 (52,507) 0
Early debt retirement 10,786 1,491 1,071
Depreciation and amortization 157,760 153,980 138,688
Amortization of loan costs 3,473 3,479 3,564
Debt premium amortization (394) (483) (2,259)
Equity in income of unconsolidated joint ventures (5,399) (8,755) (4,939)
Distributions of income from unconsolidated joint ventures 95 5,133 4,122
Proceeds from insurance claims, net (1,697) (3,530) (8,525)
Compensation expense related to restricted stock and stock options 11,527 10,481 9,995
Revenue recognized from membership upgrade sales upfront payments (9,675) (8,660) (7,811)
Commission expense recognized related to membership sales 3,673 3,667 3,609
Long-term incentive plan compensation 1,531 (2,843) 1,176
Changes in assets and liabilities:      
Notes receivable, net (1,166) (2,836) (247)
Deferred commission expense (4,995) (4,508) (4,274)
Other assets, net 34,048 11,621 26,898
Accounts payable and other liabilities 3,386 15,578 9,615
Deferred revenue 12,064 10,451  
Rents and other customer payments received in advance and security deposits (786) 6,635 1,701
Net cash provided by operating activities 466,537 443,520 414,084
Cash Flows From Investing Activities:      
Real estate acquisitions, net 239,067 185,411 234,108
Proceeds from disposition of properties, net 0 77,746 0
Investment in unconsolidated joint ventures 0 (983) (4,497)
Distributions of capital from unconsolidated joint ventures 5,648 6,352 396
Proceeds from insurance claims 122 8,200 7,943
Repayments of notes receivable 0 0 13,823
Issuance of notes receivable 0 0 0
Capital improvements (217,082) (257,993) (181,622)
Net cash used in investing activities (450,379) (352,089) (398,065)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 2,027 2,482 5,813
Gross proceeds from the issuance of common stock 0 59,319 78,755
Distributions:      
Common Stockholders (242,948) (216,098) (190,211)
Common OP Unitholders (13,983) (13,104) (12,411)
Preferred Stockholders (16) (16) (16)
Share based award tax withholding payments (3,962) (53) (2,958)
Principal payments and mortgage debt repayment (468,278) (121,028) (245,335)
Mortgage notes payable financing proceeds 662,309 0 421,774
Line of Credit repayment (390,500) (155,500) (284,000)
Line of Credit proceeds 452,500 315,500 254,000
Debt issuance and defeasance costs (17,434) (1,700) (6,436)
Redemption of preferred stock 0 0 0
Other (673) (1,347) (1,651)
Net cash (used in) provided by financing activities (20,958) (131,545) 17,324
Net increase (decrease) in cash and restricted cash (4,800) (40,114) 33,343
Cash and restricted cash, beginning of period 28,860 68,974 35,631
Cash and restricted cash, end of period 24,060 28,860 68,974
Supplemental information:      
Cash paid for interest 100,686 102,027 102,377
Net investment in real estate – reclassification of rental homes 38,845 28,260 30,799
Other assets, net – reclassification of rental homes (38,845) (28,260) (30,799)
Real estate acquisitions:      
Investment in real estate (248,100) (249,197) (265,129)
Investment in unconsolidated joint ventures 0 35,789 0
Other assets, net (153) (1,646) (59)
Debt assumed 6,873 19,212 9,200
Debt financed 0 0 8,786
Other liabilities 2,313 10,431 13,094
Real estate acquisitions, net (239,067) (185,411) (234,108)
Real estate dispositions:      
Investment in real estate 0 35,572 0
Notes receivable, net 0 295 0
Other assets, net 0 97 0
Mortgage notes payable, net 0 (11,175) 0
Other liabilities 0 450 0
Gain on sale of real estate, net 0 52,507 0
Real estate dispositions, net 0 77,746 0
Deferred revenue – upfront payments from membership upgrade sales      
Changes in assets and liabilities:      
Deferred revenue 21,739 19,111 15,191
Deferred revenue – annual membership subscriptions      
Changes in assets and liabilities:      
Deferred revenue $ 1,215 $ 544 $ 123