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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Consolidated net income $ 86,459 $ 87,050
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 0 516
Depreciation and amortization 51,860 50,237
Amortization of loan costs 1,208 1,213
Debt premium amortization (32) (60)
Equity in income of unconsolidated joint ventures (524) (171)
Distributions of income from unconsolidated joint ventures 174 0
Proceeds from insurance claims, net 5,795 59
Compensation expense related to incentive plans 3,330 (1,529)
Revenue recognized from membership upgrade sales upfront payments (3,505) (3,067)
Commission expense recognized related to membership sales 1,095 1,040
Changes in assets and liabilities:    
Manufactured homes, net (19,574) (1,378)
Notes receivable, net (1,345) 189
Deferred commission expense (1,744) (1,550)
Other assets, net 5,856 1,857
Accounts payable and other liabilities 9,553 (1,923)
Deferred membership revenue 10,074 8,494
Rents and other customer payments received in advance and security deposits 7,668 13,665
Net cash provided by operating activities 158,980 154,642
Cash Flows From Investing Activities:    
Real estate acquisitions, net (8,803) (15,402)
Investment in unconsolidated joint ventures (1,752) (7,912)
Distributions of capital from unconsolidated joint ventures 1,012 374
Proceeds from insurance claims, net 4,070 1,405
Capital improvements (60,974) (60,958)
Net cash used in investing activities (66,447) (82,493)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 363 513
Gross proceeds from the issuance of common stock 0 28,370
Distributions:    
Common Stockholders (76,309) (67,295)
Common OP Unitholders (3,799) (3,373)
Share based award tax withholding payments 1,932 3,449
Principal payments and mortgage debt repayment (16,443) (29,592)
Term loan proceeds 0 200,000
Line of Credit repayment (104,000) (319,000)
Line of Credit proceeds 118,000 39,000
Debt issuance and defeasance costs 0 (1,957)
Other (99) (644)
Net cash used in financing activities (84,219) (157,427)
Net increase (decrease) in cash and restricted cash 8,314 (85,278)
Cash and restricted cash, beginning of period 22,347 123,398
Cash and restricted cash, end of period 30,661 38,120
Supplemental Information:    
Cash paid for interest, net 31,630 26,839
Real estate acquisitions:    
Investment in real estate (9,535) (15,075)
Notes receivable, net 0 (772)
Other assets, net 14 0
Deferred membership revenue 0 315
Other liabilities 0 79
Rents and other customer payments received in advance and security deposits 718 51
Real estate acquisitions, net $ (8,803) $ (15,402)