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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities:    
Consolidated net income $ 87,050 $ 68,987
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Loss on sale of real estate, net 0 59
Early debt retirement 516 2,029
Depreciation and amortization 50,237 46,119
Amortization of loan costs 1,213 1,111
Debt premium amortization (60) (83)
Equity in income of unconsolidated joint ventures (171) (868)
Proceeds from insurance claims, net 59 2,343
Compensation expense related to incentive plans (1,529) 2,939
Revenue recognized from membership upgrade sales upfront payments (3,067) (2,587)
Commission expense recognized related to membership sales 1,040 955
Changes in assets and liabilities:    
Notes receivable, net 189 (1,366)
Deferred commission expense (1,550) (2,363)
Other assets, net 23,168 17,884
Accounts payable and other liabilities (1,923) 11,781
Deferred membership revenue 8,494 12,687
Rents and other customer payments received in advance and security deposits 13,665 13,704
Net cash provided by operating activities 177,331 173,331
Cash Flows From Investing Activities:    
Real estate acquisitions, net (15,402) (295,599)
Proceeds from disposition of properties, net 0 (7)
Investment in unconsolidated joint ventures (7,912) 0
Distributions of capital from unconsolidated joint ventures 374 731
Proceeds from insurance claims 1,405 0
Capital improvements (83,647) (56,778)
Net cash used in investing activities (105,182) (351,653)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 513 732
Gross proceeds from the issuance of common stock 28,370 0
Distributions:    
Common Stockholders (67,295) (62,414)
Common OP Unitholders (3,373) (3,589)
Share based award tax withholding payments (3,449) (2,814)
Principal payments and mortgage debt repayment (29,592) (80,351)
Mortgage notes payable financing proceeds 0 270,000
Term loan proceeds 200,000 300,000
Line of Credit repayment (319,000) (283,000)
Line of Credit proceeds 39,000 111,000
Debt issuance and defeasance costs (1,957) (3,658)
Other (644) (116)
Net cash (used in) provided by financing activities (157,427) 245,790
Net (decrease) increase in cash and restricted cash (85,278) 67,468
Cash and restricted cash, beginning of year 123,398 24,060
Cash and restricted cash, end of period 38,120 91,528
Supplemental Information:    
Cash paid for interest 26,839 24,864
Net investment in real estate – reclassification of rental homes 21,311 12,751
Other assets, net – reclassification of rental homes (21,311) (12,751)
Real estate acquisitions:    
Investment in real estate (15,075) (303,292)
Notes receivable, net (772) 0
Other assets, net 0 (2,781)
Deferred revenue - sale of right-to-use contracts 315 0
Accrued expenses and accounts payable 0 1,251
Other liabilities 79 0
Rents and other customer payments received in advance and security deposits 51 9,223
Real estate acquisitions, net (15,402) (295,599)
Real estate dispositions:    
Investment in real estate 0 52
Loss on sale of real estate, net 0 (59)
Real estate dispositions, net $ 0 $ (7)