Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Consolidated net income	$ 133,067	$ 119,577
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on sale of real estate, net	59	0
Early debt retirement	2,784	1,054
Depreciation and amortization	95,188	78,616
Amortization of loan costs	2,346	1,777
Debt premium amortization	(165)	(211)
Equity in income of unconsolidated joint ventures	(1,936)	(1,271)
Distributions of income from unconsolidated joint ventures	41	81
Proceeds from insurance claims, net	144	1,288
Compensation expense related to incentive plans	6,135	6,398
Revenue recognized from membership upgrade sales upfront payments	(5,339)	(4,683)
Commission expense recognized related to membership sales	1,903	1,866
Changes in assets and liabilities:
Notes receivable, net	(2,250)	(484)
Deferred commission expense	(4,719)	(2,338)
Other assets, net	18,901	(1,857)
Accounts payable and other liabilities	33,112	15,918
Rents and other customer payments received in advance and security deposits	27,376	11,067
Net cash provided by operating activities	328,926	238,745
Cash Flows From Investing Activities:
Real estate acquisitions, net	(356,605)	(4,056)
Proceeds from disposition of properties, net	(7)	0
Investment in unconsolidated joint ventures	(493)	0
Distributions of capital from unconsolidated joint ventures	1,617	1,399
Capital improvements	(119,723)	(103,147)
Net cash used in investing activities	(475,211)	(105,804)
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan	1,337	1,150
Distributions:
Common Stockholders	(128,501)	(118,153)
Common OP Unitholders	(7,385)	(6,803)
Preferred Stockholders	(8)	(8)
Share based award tax withholding payments	(2,814)	(3,962)
Principal payments and mortgage debt repayment	94,271	75,312
Mortgage notes payable financing proceeds	270,016	275,385
Term loan repayment	(300,000)	0
Term loan proceeds	600,000	0
Line of Credit repayment	(317,500)	(272,500)
Line of Credit proceeds	157,500	162,500
Debt issuance and defeasance costs	(11,225)	(3,819)
Other	(171)	(286)
Net cash provided by (used in) financing activities	166,978	(41,808)
Net increase in cash and restricted cash	20,693	91,133
Cash and restricted cash, beginning of period	24,060	28,860
Cash and restricted cash, end of period	44,753	119,993
Supplemental Information:
Cash paid for interest	51,040	51,354
Net investment in real estate – reclassification of rental homes	33,793	17,336
Other assets, net – reclassification of rental homes	(33,793)	(17,336)
Real estate acquisitions:
Investment in real estate	(366,043)	(4,235)
Other assets, net	(2,815)	0
Accrued expenses and accounts payable	1,313	0
Rents and other customer payments received in advance and security deposits	10,940	179
Real estate acquisitions, net	(356,605)	(4,056)
Real estate dispositions:
Investment in real estate	52	0
Loss on sale of real estate, net	(59)	0
Real estate dispositions, net	(7)	0
Deferred membership revenue
Changes in assets and liabilities:
Deferred revenue	$ 22,279	$ 11,947