XML 61 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
OPERATING ACTIVITIES:    
Net income $ 18,471 $ 11,545
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on dispositions of assets 2,514 1,713
Gain on dispositions of properties, net (885) 0
Share-based compensation 2,223 1,170
Depreciation and amortization 59,302 49,425
Amortization of deferred financing costs 567 1,916
Distributions from affiliate (800) (850)
Change in notes receivable from financed sales of inventory homes, net of repayments 7,401 2,738
Change in inventory, other assets and other receivables, net (2,269) 1,469
Change in accounts payable and other liabilities 10,419 216
NET CASH PROVIDED BY OPERATING ACTIVITIES 77,113 60,440
INVESTING ACTIVITIES:    
Investment in properties (84,036) (89,922)
Acquisition of properties (137,376) (82,718)
Investment in note receivable of acquired properties 0 49,441
Proceeds related to affiliate dividend distribution 800 850
Proceeds related to the disposition of land 221 0
Proceeds related to disposition of assets and depreciated homes, net 4,697 697
Proceeds related to disposition of properties 15,298 0
Issuance of notes and other receivables 1,487 765
Increase in notes receivable, net (5,114) (621)
NET CASH USED IN INVESTING ACTIVITIES (196,769) (220,678)
FINANCING ACTIVITIES:    
Proceeds from Issuance of Common Stock 213,802 261,967
Net proceeds from stock option exercise 127 149
Distributions to stockholders, OP unit holders, and preferred OP unit holders (56,156) (47,843)
Borrowings on lines of credit 213,922 189,392
Payments on lines of credit (356,844) (200,887)
Proceeds from issuance of other debt 114,666 15,522
Payments on other debt (8,178) (78,363)
Proceeds received from return of prepaid deferred financing costs 2,384 0
Payments for deferred financing costs (1,200) (2,719)
NET CASH PROVIDED BY FOR FINANCING ACTIVITIES 122,523 137,218
Net increase (decrease) in cash and cash equivalents 2,867 (23,020)
Cash and cash equivalents, beginning of period 4,753 29,508
Cash and cash equivalents, end of period 7,620 6,488
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 28,148 29,780
Cash paid for interest on mandatorily redeemable debt 1,609 1,621
Noncash investing and financing activities:    
Unrealized gain on interest rate swaps 97 177
Reduction in secured borrowing balance 10,515 7,299
Change in dividends declared and outstanding 4,034 4,498
Conversion of Stock, Shares Converted 1,707 0
Noncash investing and financing activities at the date of acquisition:    
Stock Issued During Period, Value, New Issues, Series A-3 Preferred OP Units 0 3,463
Acquisitions - release of note receivable and accrued interest $ 0 $ 49,441