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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Consolidated net income $ 152,508 $ 151,640
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Loss on sale of real estate and impairment, net 2,632 0
Early debt retirement 0 1,156
Depreciation and amortization 104,673 102,173
Amortization of loan costs 2,418 2,422
Debt premium amortization (59) (105)
Equity in income of unconsolidated joint ventures (1,497) (1,424)
Distributions of income from unconsolidated joint ventures 981 200
Proceeds from insurance claims, net 13,022 59
Compensation expense related to incentive plans 12,695 1,932
Revenue recognized from membership upgrade sales upfront payments (7,119) (6,236)
Commission expense recognized related to membership sales 2,186 2,070
Changes in assets and liabilities:    
Manufactured homes (30,402) (2,136)
Notes receivable, net (2,054) (1,223)
Deferred commission expense (3,723) (3,527)
Other assets, net (21,719) (4,223)
Accounts payable and other liabilities (3,287) 16,650
Deferred membership revenue 19,618 18,064
Rents and other customer payments received in advance and security deposits 25,953 26,273
Net cash provided by operating activities 266,826 303,765
Cash Flows From Investing Activities:    
Real estate acquisitions, net (9,180) (111,917)
Investment in unconsolidated joint ventures (3,310) (12,291)
Distributions of capital from unconsolidated joint ventures 2,577 1,788
Proceeds from insurance claims, net 5,309 1,405
Capital improvements (149,002) (130,337)
Net cash used in investing activities (153,606) (251,352)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 867 1,901
Gross proceeds from the issuance of common stock 0 28,370
Distributions:    
Common Stockholders (159,636) (143,557)
Common OP Unitholders (7,934) (7,185)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (1,932) (3,449)
Principal payments and mortgage debt repayment (32,814) (103,734)
Mortgage notes payable financing proceeds 88,753 200,000
Term loan proceeds 0 200,000
Line of Credit repayment (299,000) (423,000)
Line of Credit proceeds 306,000 121,800
Debt issuance and defeasance costs (1,560) (3,826)
Other (196) (697)
Net cash used in financing activities (107,460) (133,385)
Net increase (decrease) in cash and restricted cash 5,760 (80,972)
Cash and restricted cash, beginning of period 22,347 123,398
Cash and restricted cash, end of period 28,107 42,426
Supplemental Information:    
Cash paid for interest, net 64,068 53,987
Cash paid for manufactured homes 66,562 50,698
Real estate acquisitions:    
Investment in real estate (9,911) (112,458)
Notes receivable, net 0 (772)
Other assets, net 13 0
Deferred membership revenue 0 315
Other liabilities 0 702
Rents and other customer payments received in advance and security deposits 718 296
Real estate acquisitions, net $ (9,180) $ (111,917)