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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities:    
Consolidated net income $ 197,398 $ 152,508
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 105,156 104,673
Amortization of loan costs 2,584 2,418
Debt premium amortization 0 (59)
Equity in income of unconsolidated joint ventures (862) (1,497)
Distributions of income from unconsolidated joint ventures 421 981
Proceeds from insurance claims, net (18,519) 13,022
Compensation expense related to incentive plans 5,045 12,695
Revenue recognized from membership upgrade sales upfront payments (7,997) (7,119)
Commission expense recognized related to membership sales 2,238 2,186
Deferred income tax benefit (239) 0
Changes in assets and liabilities:    
Manufactured homes, net 9,960 (30,402)
Notes receivable, net (1,619) (2,054)
Deferred commission expense (3,479) (3,723)
Other assets, net (13,162) (21,719)
Accounts payable and other liabilities 21,212 (3,287)
Deferred membership revenue 17,758 19,618
Rents and other customer payments received in advance and security deposits 25,982 25,953
Net cash provided by operating activities 341,877 266,826
Cash Flows From Investing Activities:    
Real estate acquisitions, net (25) (9,180)
Investment in unconsolidated joint ventures (3,852) (3,310)
Distributions of capital from unconsolidated joint ventures 2,709 2,577
Proceeds from insurance claims, net 13,793 5,309
Capital improvements (117,231) (149,002)
Net cash used in investing activities (104,606) (153,606)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 764 867
Distributions:    
Common Stockholders (172,476) (159,636)
Common OP Unitholders (8,422) (7,934)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (1,908) (1,932)
Principal payments and mortgage debt repayment (31,913) (32,814)
Mortgage notes payable financing proceeds 0 88,753
Line of credit repayment (239,000) (299,000)
Line of credit proceeds 222,000 306,000
Debt issuance and defeasance costs (108) (1,560)
Other (479) (196)
Net cash used in financing activities (231,550) (107,460)
Net increase in cash and restricted cash 5,721 5,760
Cash and restricted cash, beginning of period 29,937 22,347
Cash and restricted cash, end of period 35,658 28,107
Supplemental Information:    
Cash paid for interest, net 70,188 64,068
Cash paid for the purchase of manufactured homes 24,537 66,562
Real estate acquisitions:    
Investment in real estate (25) (9,911)
Other assets, net 0 13
Rents and other customer payments received in advance and security deposits 0 718
Real estate acquisitions, net $ (25) $ (9,180)