v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Consolidated net income $ 211,009 $ 197,886
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
(Gain)/Loss on sale of real estate and impairment, net 507 683
Depreciation and amortization 109,092 106,044
Amortization of loan costs 2,659 2,481
Equity in (income)/loss of unconsolidated joint ventures 209 (4,854)
Distributions of income from unconsolidated joint ventures 211 147
Proceeds from insurance claims, net (9,190) (405)
Compensation expense related to incentive plans 4,335 5,009
Revenue recognized from membership upgrade sales upfront payments (7,456) (6,572)
Commission expense related to memberships sales 3,383 2,271
Changes in assets and liabilities:    
Manufactured homes, net (30,543) (17,055)
Notes receivable, net 5,949 6,498
Deferred commission expense (2,608) (3,603)
Other assets, net (8,469) (2,880)
Accounts payable and other liabilities 30,772 8,123
Deferred membership revenue 3,377 5,346
Rents and other customer payments received in advance and security deposits 28,933 25,558
Net cash provided by operating activities 342,170 324,677
Cash Flows From Investing Activities:    
Real estate acquisitions, net of cash acquired (1,344) 0
Investment in unconsolidated joint ventures (292) (8,904)
Distributions of capital from unconsolidated joint ventures 2,127 8,389
Proceeds from insurance claims, net 0 4,411
Issuance of notes receivable 0 (56,110)
Capital improvements (109,459) (104,659)
Net cash used in investing activities (108,968) (156,873)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 978 747
Distributions:    
Common Stockholders (205,033) (189,669)
Common OP Unitholders (6,818) (9,036)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (1,929) (2,258)
Principal payments and mortgage debt repayment (33,107) (119,455)
Term loan proceeds 0 150,000
Line of credit repayment (401,000) (526,000)
Line of credit proceeds 423,500 539,000
Debt issuance and defeasance costs 0 (2,494)
Other (288) (199)
Net cash used in financing activities (223,705) (159,372)
Net increase (decrease) in cash and restricted cash 9,497 8,432
Cash and restricted cash, beginning of period 26,132 24,576
Cash and restricted cash, end of period 35,629 33,008
Supplemental Information:    
Cash paid for interest, net 65,253 63,598
Cash paid for the purchase of manufactured homes $ 46,945 $ 33,655