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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Consolidated net income $ 384,818 $ 329,677 $ 298,825
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Loss on sale of real estate and impairment, net 2,466 3,581 5,423
Early debt retirement 5,833 68 1,156
Depreciation and amortization 209,398 209,101 207,050
Amortization of loan costs 5,228 4,921 4,839
Debt premium amortization 0 (62) (181)
Equity in income of unconsolidated joint ventures (6,248) (2,713) (3,363)
Distributions of income from unconsolidated joint ventures 1,331 1,328 4,567
Proceeds from insurance claims, net (26,753) 37,561 (42,001)
Compensation expense related to incentive plans 9,372 17,833 8,760
Revenue recognized from membership upgrade sales upfront payments (16,433) (14,719) (12,958)
Commission expense recognized related to membership sales 4,577 4,211 4,101
Deferred income tax benefit (354) (10,488) 0
Changes in assets and liabilities:      
Manufactured homes, net 12,463 (31,825) (27,419)
Notes receivable, net (4,591) (4,646) (4,647)
Deferred commission expense (7,452) (7,411) (7,193)
Other assets, net (4,291) (1,362) (3,645)
Accounts payable and other liabilities 212 (25,778) 5,833
Deferred membership revenue 31,148 35,313 33,946
Rents and other customer payments received in advance and security deposits (4,003) 3,415 2,721
Net cash provided by operating activities 596,721 548,005 475,814
Cash Flows From Investing Activities:      
Real estate acquisitions, net (1,334) (9,326) (140,013)
Investment in unconsolidated joint ventures (10,343) (9,275) (26,407)
Distributions of capital from unconsolidated joint ventures 15,415 5,625 17,018
Proceeds from insurance claims, net 19,703 5,309 (3,388)
Capital improvements (241,279) (317,086) (249,277)
Net cash used in investing activities (217,838) (324,753) (402,067)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 1,790 1,984 2,743
Gross proceeds from the issuance of common stock 317,388 0 28,370
Distributions:      
Common Stockholders (350,598) (326,404) (296,147)
Common OP Unitholders (17,117) (16,156) (14,798)
Preferred Stockholders (16) (16) (16)
Share based award tax withholding payments (1,908) (1,932) (3,449)
Principal payments and mortgage debt repayment (64,460) (164,583) (135,781)
Mortgage notes payable financing proceeds 0 463,753 200,000
Term loan proceeds 0 0 200,000
Term loan repayment (300,000) 0 0
Line of credit repayment (543,500) (688,000) (557,000)
Line of credit proceeds 589,500 521,000 406,000
Debt issuance and defeasance costs (11,268) (5,033) (3,825)
Other (4,055) (275) (895)
Net cash used in financing activities (384,244) (215,662) (174,798)
Net (decrease) increase in cash and restricted cash (5,361) 7,590 (101,051)
Cash and restricted cash, beginning of period 29,937 22,347 123,398
Cash and restricted cash, end of period 24,576 29,937 22,347
Supplemental information:      
Cash paid for interest, net 139,975 130,234 111,871
Cash paid for the purchase of manufactured homes 43,467 106,627 123,522
Real estate acquisitions:      
Investment in real estate (1,334) (10,057) (141,588)
Notes receivable, net 0 0 (772)
Other assets, net 0 13 0
Deferred membership revenue 0 0 315
Accounts payable and other liabilities 0 0 1,131
Rents and other customer payments received in advance and security deposits 0 718 901
Real estate acquisitions, net $ (1,334) $ (9,326) $ (140,013)