XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities:    
Consolidated net income $ 222,149 $ 207,160
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Loss on sale of real estate and impairment, net 3,747 59
Early debt retirement 1,156 2,784
Depreciation and amortization 156,074 140,336
Amortization of loan costs 3,631 3,505
Debt premium amortization (145) (243)
Equity in income of unconsolidated joint ventures (2,889) (2,786)
Distributions of income from unconsolidated joint ventures 340 52
Proceeds from insurance claims, net (457) 589
Compensation expense related to incentive plans 5,367 9,434
Revenue recognized from membership upgrade sales upfront payments (9,544) (8,208)
Commission expense recognized related to membership sales 3,089 2,843
Changes in assets and liabilities:    
Notes receivable, net (3,954) (4,129)
Deferred commission expense (5,769) (7,119)
Other assets, net 75,428 24,616
Accounts payable and other liabilities 15,475 47,520
Deferred membership revenue 28,080 30,738
Rents and other customer payments received in advance and security deposits (3,957) 6,456
Net cash provided by operating activities 487,821 453,607
Cash Flows From Investing Activities:    
Real estate acquisitions, net (119,255) (477,785)
Proceeds from disposition of properties, net 0 (7)
Investment in unconsolidated joint ventures (16,022) (493)
Distributions of capital from unconsolidated joint ventures 3,602 2,320
Proceeds from insurance claims 1,405 2,048
Capital improvements (268,614) (204,037)
Net cash used in investing activities (398,884) (677,954)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 2,359 1,717
Gross proceeds from the issuance of common stock 28,370 0
Distributions:    
Common Stockholders (219,854) (195,112)
Common OP Unitholders (10,997) (10,681)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (3,449) (2,814)
Principal payments and mortgage debt repayment (119,608) (108,968)
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 (495,016) (379,500)
Line of Credit proceeds 241,000 377,500
Debt issuance and defeasance costs (3,826) (11,225)
Other (796) (366)
Net cash (used in) provided by financing activities (181,825) 240,559
Net (decrease) increase in cash and restricted cash (92,888) 16,212
Cash and restricted cash, beginning of year 123,398 24,060
Cash and restricted cash, end of period 30,510 40,272
Supplemental Information:    
Cash paid for interest, net 82,368 77,377
Net investment in real estate – reclassification of rental homes 75,726 55,355
Other assets, net – reclassification of rental homes (75,726) (55,355)
Real estate acquisitions:    
Investment in real estate (119,796) (494,342)
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 8,432
Other liabilities 702 0
Rents and other customer payments received in advance and security deposits 296 10,940
Real estate acquisitions, net (119,255) (477,785)
Real estate dispositions:    
Investment in real estate 0 52
Loss on sale of real estate, net 0 (59)
Real estate dispositions, net $ 0 $ (7)