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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities:      
Consolidated net income $ 276,000 $ 241,416 $ 295,922
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Loss/(Gain) on sale of real estate, net 59 0 (52,507)
Early debt retirement 2,784 10,786 1,491
Depreciation and amortization 191,432 157,760 153,980
Amortization of loan costs 4,671 3,473 3,479
Debt premium amortization (325) (394) (483)
Equity in income of unconsolidated joint ventures (3,881) (5,399) (8,755)
Distributions of income from unconsolidated joint ventures 52 95 5,133
Proceeds from insurance claims, net (875) (1,697) (3,530)
Compensation expense related to incentive plans 12,694 11,527 10,481
Revenue recognized from membership upgrade sales upfront payments (11,191) (9,675) (8,660)
Commission expense recognized related to membership sales 3,779 3,673 3,667
Long-term incentive plan compensation 0 1,531 (2,843)
Changes in assets and liabilities:      
Notes receivable, net (4,191) (1,166) (2,836)
Deferred commission expense (8,657) (4,995) (4,508)
Other assets, net 53,913 34,048 11,621
Accounts payable and other liabilities 30,009 3,386 15,578
Deferred membership revenue 36,935 22,954 19,655
Rents and other customer payments received in advance and security deposits 11,844 (786) 6,635
Net cash provided by operating activities 595,052 466,537 443,520
Cash Flows From Investing Activities:      
Real estate acquisitions, net (537,896) (239,067) (185,411)
Business acquisitions (41,769) 0 0
Proceeds from disposition of properties, net (7) 0 77,746
Investment in unconsolidated joint ventures (49,695) 0 (983)
Distributions of capital from unconsolidated joint ventures 3,154 5,648 6,352
Proceeds from insurance claims 2,048 122 8,200
Capital improvements (290,290) (217,082) (257,993)
Net cash used in investing activities (914,455) (450,379) (352,089)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 2,224 2,027 2,482
Gross proceeds from the issuance of common stock 140,254 0 59,319
Distributions:      
Common Stockholders (261,748) (242,948) (216,098)
Common OP Unitholders (13,953) (13,983) (13,104)
Preferred Stockholders (16) (16) (16)
Share based award tax withholding payments (2,814) (3,962) (53)
Principal payments and mortgage debt repayment (128,738) (468,278) (121,028)
Mortgage notes payable financing proceeds 270,016 662,309 0
Term loan proceeds 600,000 0 0
Term loan repayment (300,000) 0 0
Line of Credit repayment (432,500) (390,500) (155,500)
Line of Credit proceeds 559,500 452,500 315,500
Debt issuance and defeasance costs (11,233) (17,434) (1,700)
Other (2,251) (673) (1,347)
Net cash provided by (used in) financing activities 418,741 (20,958) (131,545)
Net increase (decrease) in cash and restricted cash 99,338 (4,800) (40,114)
Cash and restricted cash, beginning of year 24,060 28,860 68,974
Cash and restricted cash, end of year 123,398 24,060 28,860
Supplemental information:      
Cash paid for interest 104,137 100,686 102,027
Net investment in real estate – reclassification of rental homes 81,062 38,845 28,260
Other assets, net – reclassification of rental homes (81,062) (38,845) (28,260)
Real estate acquisitions:      
Investment in real estate (631,541) (248,100) (249,197)
Investment in unconsolidated joint ventures 0 0 35,789
Other assets, net (4,443) (153) (1,646)
Debt assumed 39,986 6,873 19,212
Accrued Expenses and accounts payables 9,833 174 7,593
Rents and other customer payments received in advance and security deposits 14,265 2,139 2,838
OP Units issued 34,004 0 0
Real estate acquisitions, net (537,896) (239,067) (185,411)
Business acquisitions:      
Intangibles (33,250) 0 0
Goodwill (9,586) 0 0
Other assets, net (933) 0 0
Accrued Expenses and accounts payables 2,000 0 0
Acquisition of business, net (41,769) 0 0
Real estate dispositions:      
Investment in real estate 52 0 35,572
Notes receivable, net 0 0 295
Other assets, net 0 0 97
Mortgage notes payable, net 0 0 (11,175)
Other liabilities 0 0 450
(Loss)/Gain on sale of real estate, net (59) 0 52,507
Real estate dispositions, net $ (7) $ 0 $ 77,746