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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Consolidated net income $ 329,677 $ 298,825 $ 276,000
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Loss on sale of real estate and impairment, net 3,581 5,423 59
Early debt retirement 68 1,156 2,784
Depreciation and amortization 209,101 207,050 191,432
Amortization of loan costs 4,921 4,839 4,671
Debt premium amortization (62) (181) (325)
Equity in income of unconsolidated joint ventures (2,713) (3,363) (3,881)
Distributions of income from unconsolidated joint ventures 1,328 4,567 52
Proceeds from insurance claims, net 37,561 (42,001) (875)
Compensation expense related to incentive plans 17,833 8,760 12,694
Revenue recognized from membership upgrade sales upfront payments (14,719) (12,958) (11,191)
Commission expense recognized related to membership sales 4,211 4,101 3,779
Deferred income tax benefit (10,488) 0 0
Changes in assets and liabilities:      
Manufactured homes, net (31,825) (27,419) (4,963)
Notes receivable, net (4,646) (4,647) (4,191)
Deferred commission expense (7,411) (7,193) (8,657)
Other assets, net (1,362) (3,645) (27,149)
Accounts payable and other liabilities (25,778) 5,833 30,009
Deferred membership revenue 35,313 33,946 36,935
Rents and other customer payments received in advance and security deposits 3,415 2,721 11,844
Net cash provided by operating activities 548,005 475,814 509,027
Cash Flows From Investing Activities:      
Real estate acquisitions, net (9,326) (140,013) (537,896)
Business acquisitions 0 0 (41,769)
Proceeds from disposition of properties, net 0 0 (7)
Investment in unconsolidated joint ventures (9,275) (26,407) (49,695)
Distributions of capital from unconsolidated joint ventures 5,625 17,018 3,154
Proceeds from insurance claims, net 5,309 (3,388) 2,048
Capital improvements (317,086) (249,277) (204,265)
Net cash used in investing activities (324,753) (402,067) (828,430)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 1,984 2,743 2,224
Gross proceeds from the issuance of common stock 0 28,370 140,254
Distributions:      
Common Stockholders (326,404) (296,147) (261,748)
Common OP Unitholders (16,156) (14,798) (13,953)
Preferred Stockholders (16) (16) (16)
Share based award tax withholding payments (1,932) (3,449) (2,814)
Principal payments and mortgage debt repayment (164,583) (135,781) (128,738)
Mortgage notes payable financing proceeds 463,753 200,000 270,016
Term loan proceeds 0 200,000 600,000
Term loan repayment 0 0 (300,000)
Line of credit repayment (688,000) (557,000) (432,500)
Line of credit proceeds 521,000 406,000 559,500
Debt issuance and defeasance costs (5,033) (3,825) (11,233)
Other (275) (895) (2,251)
Net cash (used in) provided by financing activities (215,662) (174,798) 418,741
Net increase (decrease) in cash and restricted cash 7,590 (101,051) 99,338
Cash and restricted cash, beginning of period 22,347 123,398 24,060
Cash and restricted cash, end of period 29,937 22,347 123,398
Supplemental information:      
Cash paid for interest, net 130,234 111,871 104,137
Cash paid for the purchase of manufactured homes 106,627 123,522 86,025
Real estate acquisitions:      
Investment in real estate (10,057) (141,588) (631,541)
Notes receivable, net 0 (772) 0
Other assets, net 0 0 (4,443)
Debt assumed 0 0 39,986
Deferred membership revenue 0 315 0
Accounts payable and other liabilities 13 1,131 9,833
Rents and other customer payments received in advance and security deposits 718 901 14,265
OP Units issued 0 0 34,004
Real estate acquisitions, net (9,326) (140,013) (537,896)
Business acquisitions:      
Intangibles 0 0 (33,250)
Goodwill 0 0 (9,586)
Other assets, net 0 0 (933)
Accounts payable and other liabilities 0 0 2,000
Acquisition of business, net 0 0 (41,769)
Real estate dispositions:      
Investment in real estate 0 0 52
Loss on sale of real estate, net 0 0 (59)
Real estate dispositions, net $ 0 $ 0 $ (7)