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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Consolidated net income $ 115,271 $ 86,459
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Loss on sale of real estate and impairment, net 0 2,632
Depreciation and amortization 52,427 51,860
Amortization of loan costs 1,286 1,208
Debt premium amortization 0 (32)
Equity in income of unconsolidated joint ventures (283) (524)
Distributions of income from unconsolidated joint ventures 224 174
Proceeds from insurance claims, net (12,349) 5,795
Compensation expense related to incentive plans 2,497 3,330
Revenue recognized from membership upgrade sales upfront payments (3,947) (3,505)
Commission expense recognized related to membership sales 1,108 1,095
Deferred income tax benefit (239) 0
Changes in assets and liabilities:    
Manufactured homes, net 2,333 (19,574)
Notes receivable, net 539 (1,345)
Deferred commission expense (1,491) (1,744)
Other assets, net 11,396 5,856
Accounts payable and other liabilities 15,801 9,553
Deferred membership revenue 9,080 10,074
Rents and other customer payments received in advance and security deposits 5,095 7,668
Net cash provided by operating activities 198,748 158,980
Cash Flows From Investing Activities:    
Real estate acquisitions, net 0 (8,803)
Investment in unconsolidated joint ventures (1,330) (1,752)
Distributions of capital from unconsolidated joint ventures 1,586 1,012
Proceeds from insurance claims, net 3,158 4,070
Capital improvements (54,706) (60,974)
Net cash used in investing activities (51,292) (66,447)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 382 363
Distributions:    
Common Stockholders (83,426) (76,309)
Common OP Unitholders (4,074) (3,799)
Share based award tax withholding payments (1,908) (1,932)
Principal payments and mortgage debt repayment (15,929) (16,443)
Line of credit repayment (158,000) (104,000)
Line of credit proceeds 133,000 118,000
Other (157) (99)
Net cash used in financing activities (130,112) (84,219)
Net increase in cash and restricted cash 17,344 8,314
Cash and restricted cash, beginning of period 29,937 22,347
Cash and restricted cash, end of period 47,281 30,661
Supplemental Information:    
Cash paid for interest, net 33,630 31,630
Cash paid for the purchase of manufactured homes 12,927 35,481
Real estate acquisitions:    
Investment in real estate 0 (9,535)
Other assets, net 0 14
Rents and other customer payments received in advance and security deposits 0 718
Real estate acquisitions, net $ 0 $ (8,803)