XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Consolidated net income $ 68,987 $ 70,724
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Loss on sale of real estate, net 59 0
Early debt retirement 2,029 1,054
Depreciation and amortization 46,119 39,628
Amortization of loan costs 1,111 872
Debt premium amortization (83) (114)
Equity in income of unconsolidated joint ventures (868) (207)
Proceeds from insurance claims, net 2,343 756
Compensation expense related to incentive plans 2,939 3,347
Revenue recognized from membership upgrade sales upfront payments (2,587) (2,301)
Commission expense recognized related to membership sales 955 940
Changes in assets and liabilities:    
Notes receivable, net (1,366) (317)
Deferred commission expense (2,363) (1,020)
Other assets, net 17,884 13,324
Accounts payable and other liabilities 11,781 (2,096)
Rents and other customer payments received in advance and security deposits 13,704 (261)
Net cash provided by operating activities 173,331 130,892
Cash Flows From Investing Activities:    
Real estate acquisitions, net (295,599) (1,352)
Proceeds from disposition of properties, net (7) 0
Distributions of capital from unconsolidated joint ventures 731 150
Capital improvements (56,778) (48,959)
Net cash used in investing activities (351,653) (50,161)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 732 619
Distributions:    
Common Stockholders (62,414) (55,765)
Common OP Unitholders (3,589) (3,213)
Share based award tax withholding payments (2,814) (3,962)
Principal payments and mortgage debt repayment (80,351) (61,791)
Mortgage notes payable financing proceeds 270,000 275,385
Term loan proceeds 300,000 0
Line of Credit repayment (283,000) (222,500)
Line of Credit proceeds 111,000 62,500
Debt issuance and defeasance costs (3,658) (3,800)
Other (116) (143)
Net cash provided by (used in) financing activities 245,790 (12,670)
Net increase in cash and restricted cash 67,468 68,061
Cash and restricted cash, beginning of period 24,060 28,860
Cash and restricted cash, end of period 91,528 96,921
Supplemental Information:    
Cash paid for interest 24,864 25,518
Net investment in real estate – reclassification of rental homes 12,751 9,319
Other assets, net – reclassification of rental homes (12,751) (9,319)
Real estate acquisitions:    
Investment in real estate (303,292) (1,531)
Other assets, net (2,781) 0
Accrued expenses and accounts payable 1,251 0
Rents and other customer payments received in advance and security deposits 9,223 179
Real estate acquisitions, net (295,599) (1,352)
Real estate dispositions:    
Investment in real estate 52 0
Loss on sale of real estate, net (59) 0
Real estate dispositions, net (7) 0
Deferred membership revenue    
Changes in assets and liabilities:    
Deferred revenue $ 12,687 $ 6,563