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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Consolidated net income $ 402,061 $ 384,818 $ 329,677
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Loss on sale of real estate and impairment, net (919) 2,466 3,581
Early debt retirement 0 5,833 68
Depreciation and amortization 213,743 209,398 209,101
Amortization of loan costs 5,140 5,228 4,921
Debt premium amortization 0 0 (62)
Equity in (income)/loss of unconsolidated joint ventures (6,520) (6,248) (2,713)
Distributions of income from unconsolidated joint ventures 395 1,331 1,328
Proceeds from insurance claims, net (4,016) (26,753) 37,561
Compensation expense related to incentive plans 7,252 9,372 17,833
Revenue recognized from membership upgrade sales upfront payments (13,736) (16,433) (14,719)
Commission expense related to memberships sales 4,969 4,577 4,211
Deferred income tax benefit (1,222) (354) (10,488)
Changes in assets and liabilities:      
Manufactured homes, net (44,701) 12,463 (31,825)
Notes receivable, net 13,245 (4,591) (4,646)
Deferred commission expense (6,602) (7,452) (7,411)
Other assets, net 5,783 (4,291) (1,362)
Accounts payable and other liabilities (7,704) 212 (25,778)
Deferred membership revenue 5,934 31,148 35,313
Rents and other customer payments received in advance and security deposits (1,954) (4,003) 3,415
Net cash provided by operating activities 571,148 596,721 548,005
Cash Flows From Investing Activities:      
Real estate acquisitions, net 0 (1,334) (9,326)
Proceeds from sale properties 2,525 0 0
Investment in unconsolidated joint ventures (9,689) (10,343) (9,275)
Distributions of capital from unconsolidated joint ventures 13,924 15,415 5,625
Proceeds from insurance claims, net 9,358 19,703 5,309
Issuance of notes receivable (56,110) 0 0
Capital improvements (237,091) (241,279) (317,086)
Net cash used in investing activities (277,083) (217,838) (324,753)
Cash Flows From Financing Activities:      
Proceeds from stock options and employee stock purchase plan 1,506 1,790 1,984
Gross proceeds from the issuance of common stock 0 317,388 0
Distributions:      
Common Stockholders (387,963) (350,598) (326,404)
Common OP Unitholders (17,026) (17,117) (16,156)
Preferred Stockholders (16) (16) (16)
Share based award tax withholding payments (2,258) (1,908) (1,932)
Principal payments and mortgage debt repayment (151,822) (64,460) (164,583)
Mortgage notes payable financing proceeds 0 0 463,753
Term loan proceeds 240,000 0 0
Term loan repayment 0 (300,000) 0
Line of credit repayment (867,000) (543,500) (688,000)
Line of credit proceeds 895,000 589,500 521,000
Debt issuance and defeasance costs (2,494) (11,268) (5,033)
Other (436) (4,055) (275)
Net cash used in financing activities (292,509) (384,244) (215,662)
Net increase (decrease) in cash and restricted cash 1,556 (5,361) 7,590
Cash and restricted cash, beginning of period 24,576 29,937 22,347
Cash and restricted cash, end of period 26,132 24,576 29,937
Supplemental information:      
Cash paid for interest, net 129,968 139,975 130,234
Cash paid for the purchase of manufactured homes 77,500 43,467 106,627
Real estate acquisitions:      
Investment in real estate 0 (1,334) (10,057)
Other assets, net 0 0 13
Rents and other customer payments received in advance and security deposits 0 0 718
Real estate acquisitions, net $ 0 $ (1,334) $ (9,326)