v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities:    
Consolidated net income $ 300,259 $ 298,249
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
(Gain)/Loss on sale of real estate and impairment, net 507 652
Depreciation and amortization 165,087 159,562
Amortization of loan costs 3,988 3,811
Equity in (income)/loss of unconsolidated joint ventures (445) (6,562)
Distributions of income from unconsolidated joint ventures 330 252
Proceeds from insurance claims, net (129) (4,010)
Compensation expense related to incentive plans 6,544 7,550
Revenue recognized from membership upgrade sales upfront payments (11,370) (10,054)
Commission expense related to membership sales 5,340 3,549
Valuation allowance on deferred tax assets 12,065 0
Changes in assets and liabilities:    
Manufactured homes, net (50,704) (29,623)
Notes receivable, net 8,548 9,898
Deferred commission expense (4,310) (5,563)
Other assets, net 11,143 5,065
Accounts payable and other liabilities 40,843 33,259
Deferred membership revenue 3,515 5,630
Rents and other customer payments received in advance and security deposits 2,772 22
Net cash provided by operating activities 493,983 471,687
Cash Flows From Investing Activities:    
Real estate acquisitions, net of cash acquired (1,344) 0
Investment in unconsolidated joint ventures (585) (9,494)
Distributions of capital from unconsolidated joint ventures 3,057 11,943
Proceeds from insurance claims, net 1,571 5,874
Issuance of notes receivable 0 (56,110)
Capital improvements (160,192) (175,933)
Net cash used in investing activities (157,493) (223,720)
Cash Flows From Financing Activities:    
Proceeds from stock options and employee stock purchase plan 1,325 1,135
Distributions:    
Common Stockholders (310,315) (288,143)
Common OP Unitholders (10,256) (13,702)
Preferred Stockholders (8) (8)
Share based award tax withholding payments (1,929) (2,258)
Principal payments and mortgage debt repayment (49,818) (135,513)
Term loan proceeds 0 240,000
Line of credit repayment (594,000) (694,500)
Line of credit proceeds 627,000 662,500
Debt issuance and defeasance costs 0 (2,494)
Other (287) (269)
Net cash used in financing activities (338,288) (233,252)
Net increase (decrease) in cash and restricted cash (1,798) 14,715
Cash and restricted cash, beginning of period 26,132 24,576
Cash and restricted cash, end of period 24,334 39,291
Supplemental Information:    
Cash paid for interest, net 98,448 96,639
Cash paid for the purchase of manufactured homes $ 76,062 $ 55,034