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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities:    
Consolidated net income $ 151,640 $ 133,067
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 1,156 2,784
Depreciation and amortization 102,173 95,188
Amortization of loan costs 2,422 2,346
Debt premium amortization (105) (165)
Equity in income of unconsolidated joint ventures (1,424) (1,936)
Distributions of income from unconsolidated joint ventures 200 41
Proceeds from insurance claims, net 59 144
Compensation expense related to incentive plans 1,932 6,135
Revenue recognized from membership upgrade sales upfront payments (6,236) (5,339)
Commission expense recognized related to membership sales 2,070 1,903
Changes in assets and liabilities:    
Notes receivable, net (1,223) (2,250)
Deferred commission expense (3,527) (4,719)
Other assets, net 44,339 18,901
Accounts payable and other liabilities 16,650 33,112
Deferred membership revenue 18,064 22,279
Rents and other customer payments received in advance and security deposits 26,273 27,376
Net cash provided by operating activities 354,463 328,926
Cash Flows From Investing Activities:    
Real estate acquisitions, net (111,917) (356,605)
Proceeds from disposition of properties, net 0 (7)
Investment in unconsolidated joint ventures (12,291) (493)
Distributions of capital from unconsolidated joint ventures 1,788 1,617
Proceeds from insurance claims 1,405 0
Capital improvements (181,035) (119,723)
Net cash used in investing activities (302,050) (475,211)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 1,901 1,337
Gross proceeds from the issuance of common stock 28,370 0
Distributions:    
Common Stockholders (143,557) (128,501)
Common OP Unitholders (7,185) (7,385)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (3,449) (2,814)
Principal payments and mortgage debt repayment (103,734) (94,271)
Mortgage notes payable financing proceeds 200,000 270,016
Term loan repayment 0 (300,000)
Term loan proceeds 200,000 600,000
Line of Credit repayment (423,000) (317,500)
Line of Credit proceeds 121,800 157,500
Debt issuance and defeasance costs (3,826) (11,225)
Other (697) (171)
Net cash (used in) provided by financing activities (133,385) 166,978
Net (decrease) increase in cash and restricted cash (80,972) 20,693
Cash and restricted cash, beginning of year 123,398 24,060
Cash and restricted cash, end of period 42,426 44,753
Supplemental Information:    
Cash paid for interest 53,987 51,040
Net investment in real estate – reclassification of rental homes 48,562 33,793
Other assets, net – reclassification of rental homes (48,562) (33,793)
Real estate acquisitions:    
Investment in real estate (112,458) (366,043)
Notes receivable, net (772) 0
Other assets, net 0 (2,815)
Deferred revenue - sale of right-to-use contracts 315 0
Accrued expenses and accounts payable 0 1,313
Other liabilities 702 0
Rents and other customer payments received in advance and security deposits 296 10,940
Real estate acquisitions, net (111,917) (356,605)
Real estate dispositions:    
Investment in real estate 0 52
Loss on sale of real estate, net 0 (59)
Real estate dispositions, net $ 0 $ (7)