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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:      
Consolidated net income $ 298,825 $ 276,000 $ 241,416
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Loss on sale of real estate and impairment, net 5,423 59 0
Early debt retirement 1,156 2,784 10,786
Depreciation and amortization 207,050 191,432 157,760
Amortization of loan costs 4,839 4,671 3,473
Debt premium amortization (181) (325) (394)
Equity in income of unconsolidated joint ventures (3,363) (3,881) (5,399)
Distributions of income from unconsolidated joint ventures 4,567 52 95
Proceeds from insurance claims, net (42,001) (875) (1,697)
Compensation expense related to incentive plans 8,760 12,694 11,527
Revenue recognized from membership upgrade sales upfront payments (12,958) (11,191) (9,675)
Commission expense recognized related to membership sales 4,101 3,779 3,673
Long-term incentive plan compensation 0 0 1,531
Changes in assets and liabilities:      
Manufactured homes, net (27,419) (4,963) (10,280)
Notes receivable, net (4,647) (4,191) (1,166)
Deferred commission expense (7,193) (8,657) (4,995)
Other assets, net (3,645) (27,149) (4,797)
Accounts payable and other liabilities 5,833 30,009 3,386
Deferred membership revenue 33,946 36,935 22,954
Rents and other customer payments received in advance and security deposits 2,721 11,844 (786)
Net cash provided by operating activities 475,814 509,027 417,412
Cash Flows From Investing Activities:      
Real estate acquisitions, net (140,013) (537,896) (239,067)
Business acquisitions 0 (41,769) 0
Proceeds from disposition of properties, net 0 (7) 0
Investment in unconsolidated joint ventures (26,407) (49,695) 0
Distributions of capital from unconsolidated joint ventures 17,018 3,154 5,648
Proceeds from insurance claims, net (3,388) 2,048 122
Capital improvements (249,277) (204,265) (167,957)
Net cash used in investing activities (402,067) (828,430) (401,254)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 2,743 2,224 2,027
Gross proceeds from the issuance of common stock 28,370 140,254 0
Distributions:      
Common Stockholders (296,147) (261,748) (242,948)
Common OP Unitholders (14,798) (13,953) (13,983)
Preferred Stockholders (16) (16) (16)
Share based award tax withholding payments (3,449) (2,814) (3,962)
Principal payments and mortgage debt repayment (135,781) (128,738) (468,278)
Mortgage notes payable financing proceeds 200,000 270,016 662,309
Term loan proceeds 200,000 600,000 0
Term loan repayment 0 (300,000) 0
Line of Credit repayment (557,000) (432,500) (390,500)
Line of Credit proceeds 406,000 559,500 452,500
Debt issuance and defeasance costs (3,825) (11,233) (17,434)
Other (895) (2,251) (673)
Net cash (used in) provided by financing activities (174,798) 418,741 (20,958)
Net (decrease) increase in cash and restricted cash (101,051) 99,338 (4,800)
Cash and restricted cash, beginning of year 123,398 24,060 28,860
Cash and restricted cash, end of year 22,347 123,398 24,060
Supplemental information:      
Cash paid for interest, net 111,871 104,137 100,686
Real estate acquisitions:      
Investment in real estate (141,588) (631,541) (248,100)
Notes receivable, net (772) 0 0
Other assets, net 0 (4,443) (153)
Debt assumed 0 39,986 6,873
Deferred membership revenue 315 0
Accounts payable and other liabilities 1,131 9,833 174
Rents and other customer payments received in advance and security deposits 901 14,265 2,139
OP Units issued 0 34,004 0
Real estate acquisitions, net (140,013) (537,896) (239,067)
Business acquisitions:      
Intangibles 0 (33,250) 0
Goodwill 0 (9,586) 0
Other assets, net 0 (933) 0
Accounts payable and other liabilities 0 2,000 0
Acquisition of business, net 0 (41,769) 0
Real estate dispositions:      
Investment in real estate 0 52 0
Loss on sale of real estate, net 0 (59) 0
Real estate dispositions, net 0 (7) 0
Other Cash And Non-Cash Transactions, Cash Paid For Assets $ 123,522 $ 86,025 $ 49,125