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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities:    
Consolidated net income $ 233,249 $ 222,149
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Loss on sale of real estate and impairment, net 3,581 3,747
Early debt retirement 68 1,156
Depreciation and amortization 156,967 156,074
Amortization of loan costs 3,637 3,631
Debt premium amortization (62) (145)
Equity in income of unconsolidated joint ventures (2,158) (2,889)
Distributions of income from unconsolidated joint ventures 1,155 340
Proceeds from insurance claims, net 21,770 (457)
Compensation expense related to incentive plans 15,275 5,367
Revenue recognized from membership upgrade sales upfront payments (10,863) (9,543)
Commission expense recognized related to membership sales 3,122 2,850
Changes in assets and liabilities:    
Manufactured homes, net (31,980) (6,972)
Notes receivable, net (4,365) (3,954)
Deferred commission expense (5,861) (5,531)
Other assets, net (5,076) (298)
Accounts payable and other liabilities 12,165 15,475
Deferred membership revenue 29,140 28,080
Rents and other customer payments received in advance and security deposits (1,106) (3,957)
Net cash provided by operating activities 418,658 405,123
Cash Flows From Investing Activities:    
Real estate acquisitions, net (9,326) (119,255)
Investment in unconsolidated joint ventures (6,060) (16,022)
Distributions of capital from unconsolidated joint ventures 3,730 3,602
Proceeds from insurance claims, net 5,309 1,405
Capital improvements (231,172) (185,916)
Net cash used in investing activities (237,519) (316,186)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 1,604 2,359
Gross proceeds from the issuance of common stock 0 28,370
Distributions:    
Common Stockholders (242,994) (219,854)
Common OP Unitholders (12,069) (10,997)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (1,932) (3,449)
Principal payments and mortgage debt repayment (148,811) (119,608)
Mortgage notes payable financing proceeds 463,753 200,000
Term loan proceeds 0 200,000
Line of credit repayment (605,000) (495,016)
Line of credit proceeds 407,000 241,000
Debt issuance and defeasance costs (5,033) (3,826)
Other (316) (796)
Net cash used in financing activities (143,806) (181,825)
Net increase (decrease) in cash and restricted cash 37,333 (92,888)
Cash and restricted cash, beginning of period 22,347 123,398
Cash and restricted cash, end of period 59,680 30,510
Supplemental Information:    
Cash paid for interest, net 97,297 82,368
Cash paid for the purchase of manufactured homes 90,477 82,698
Real estate acquisitions:    
Investment in real estate (10,057) (119,796)
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 $ (9,326) $ (119,255)