7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2017-03-31 
      
    		                              
      cash flows from operating activities:
    		                              
      consolidated net income
    		100,363,000 83,493,000 114,393,000 100,557,000 86,863,000 82,127,000 115,271,000 96,428,000 80,741,000 66,049,000 86,459,000 76,676,000 70,509,000 64,590,000 87,050,000 68,840,000 74,093,000 64,080,000 68,987,000 68,371,000 53,468,000 48,853,000 70,724,000 58,126,000 68,176,000 49,085,000 120,535,000 53,380,000 59,660,000 63,075,000 
      adjustments to reconcile consolidated net income to net cash from operating activities:
    		                              
      loss on sale of real estate and impairment
    		-31,000   668,000    0 949,000 0 2,632,000 1,676,000                   
      early debt retirement
    		   5,803,000    0    0 0 640,000 516,000 0 0 755,000 2,029,000 0 9,732,000 0 1,054,000 0 0      
      depreciation and amortization
    		53,518,000 53,868,000 52,176,000 51,906,000 52,336,000 52,729,000 52,427,000 52,134,000 52,294,000 52,813,000 51,860,000 50,976,000 53,901,000 51,936,000 50,237,000 51,096,000 45,148,000 49,069,000 46,119,000 39,890,000 39,254,000 38,988,000 39,628,000 39,820,000 37,512,000 38,244,000 38,404,000    
      amortization of loan costs
    		1,330,000 1,242,000 1,239,000 1,239,000 1,405,000 1,298,000 1,286,000 1,284,000 1,219,000 1,210,000 1,208,000 1,208,000 1,209,000 1,209,000 1,213,000 1,166,000 1,159,000 1,235,000 1,111,000 837,000 859,000 905,000 872,000 856,000 855,000 881,000 887,000 889,000 903,000 898,000 
      equity in (income)/loss of unconsolidated joint ventures
    		-1,708,000                              
      distributions of income from unconsolidated joint ventures
    		105,000 73,000 74,000 0 910,000 197,000 224,000 173,000 174,000 807,000 174,000 4,227,000 140,000   0 11,000   11,000 3,000   123,000 3,002,000 1,331,000 677,000 1,253,000 1,137,000 1,115,000 
      proceeds from insurance claims
    		-3,605,000 -550,000 145,000 -7,782,000 -452,000 -6,170,000 -12,349,000 15,791,000 8,748,000 7,227,000 5,795,000 -41,544,000 -516,000 0 59,000 -1,464,000 445,000 -2,199,000 2,343,000 -244,000 -2,741,000 532,000 756,000 -1,788,000 -6,164,000 272,000 4,150,000 -5,172,000 -5,162,000  
      compensation expense related to incentive plans
    		2,541,000 2,675,000 2,334,000 2,146,000 2,181,000 2,548,000 2,497,000 2,558,000 2,580,000 9,365,000 3,330,000 3,393,000 3,435,000 3,461,000 -1,529,000 3,260,000 3,299,000 3,196,000 2,939,000            
      revenue recognized from membership upgrade sales upfront payments
    		-3,482,000 -3,352,000 -3,220,000 -4,263,000 -4,173,000 -4,050,000 -3,947,000 -3,856,000 -3,744,000 -3,614,000 -3,505,000 -3,414,000 -3,308,000 -3,169,000 -3,067,000 -2,983,000 -2,869,000 -2,752,000 -2,587,000 -2,532,000 -2,460,000 -2,382,000 -2,301,000        
      commission expense related to memberships
    		1,278,000 1,300,000 971,000                            
      changes in assets and liabilities:
    		                              
      manufactured homes
    		-12,568,000 -13,981,000 -3,074,000 1,084,000 1,419,000 7,627,000 2,333,000 155,000 -1,578,000                      
      notes receivable
    		3,400,000 3,502,000 2,996,000 561,000 -3,533,000 -2,158,000 539,000 -281,000 -2,311,000 -709,000 -1,345,000 -693,000 -2,731,000 -1,412,000 189,000 -62,000 -1,879,000 -884,000 -1,366,000 294,000 -976,000 -167,000 -317,000 -395,000 -1,362,000 -1,374,000 295,000    
      deferred commission expense
    		-1,960,000 -2,004,000 -1,599,000 -1,646,000 -2,327,000 -1,988,000 -1,491,000 -1,550,000 -2,138,000 -1,979,000 -1,744,000 -1,424,000 -2,242,000 -1,977,000 -1,550,000 -1,538,000 -2,400,000 -2,356,000 -2,363,000 -1,151,000 -1,506,000 -1,318,000 -1,020,000 -1,090,000 -1,149,000 -1,234,000 -1,035,000 -850,000 -1,414,000 -1,072,000 
      other assets
    		7,945,000 -22,512,000 19,632,000 -616,000 9,487,000 -24,558,000 11,396,000 3,714,000 16,643,000 -43,482,000 21,763,000 17,030,000 31,089,000 21,171,000 23,168,000 29,297,000 5,715,000 1,017,000 17,884,000 12,385,000 23,520,000 -15,181,000 13,324,000 10,551,000 9,345,000 963,000 -9,238,000    
      accounts payable and other liabilities
    		25,136,000 6,496,000 1,627,000 -44,447,000 23,447,000 5,411,000 15,801,000 -37,943,000 15,452,000 -12,840,000 9,553,000 -9,642,000 -1,175,000 18,573,000 -1,923,000 -17,511,000 14,408,000 21,331,000 11,781,000 -18,643,000 6,111,000 18,014,000 -2,096,000 -20,193,000 9,809,000 5,560,000 20,402,000    
      deferred membership revenue
    		284,000 974,000 4,372,000 4,451,000 8,939,000 8,678,000 9,080,000 6,173,000 9,522,000 9,544,000 10,074,000 5,866,000 10,016,000 9,570,000 8,494,000 6,197,000 8,459,000 9,592,000 12,687,000            
      rents and other customer payments received in advance and security deposits
    		-25,536,000 19,333,000 6,225,000 -5,897,000 -24,088,000 20,887,000 5,095,000 4,521,000 -27,059,000 18,285,000 7,668,000 6,678,000 -30,230,000 12,608,000 13,665,000 5,388,000 -20,920,000 13,672,000 13,704,000 407,000 -12,260,000 11,328,000 -261,000 3,345,000 -17,642,000 17,730,000 3,202,000    
      net cash from operating activities
    		147,010,000 131,287,000 193,390,000 105,317,000 149,527,000 143,129,000 198,748,000 129,347,000 151,832,000 72,365,000 194,461,000 111,515,000 133,358,000 177,132,000 177,331,000 141,445,000 124,681,000 155,595,000 173,331,000 105,669,000 122,123,000 107,853,000 130,892,000 94,172,000 104,663,000 116,587,000 128,098,000 89,942,000 95,116,000 114,286,000 
      cash flows from investing activities:
    		                              
      real estate acquisitions
    		   -1,310,000 1,000   0 -146,000 -377,000 -8,803,000 -20,758,000 -7,338,000 -96,515,000 -15,402,000 -60,111,000 -121,180,000 -61,006,000 -295,599,000 -230,196,000 -4,815,000 -2,704,000 -1,352,000 -9,115,000 -137,833,000 -25,451,000 -13,012,000 -102,304,000 -78,515,000  
      investment in unconsolidated joint ventures
    		-590,000 -214,000 -8,690,000 -1,044,000 -5,447,000 -2,522,000 -1,330,000 -3,215,000 -2,750,000 -1,558,000 -1,752,000 -10,385,000 -3,731,000 -4,379,000 -7,912,000 -49,202,000 0       0    -583,000 -123,000  
      distributions of capital from unconsolidated joint ventures
    		3,554,000 985,000 7,404,000 1,302,000 11,404,000 1,123,000 1,586,000 1,895,000 1,153,000 1,565,000 1,012,000 13,416,000 1,814,000 1,414,000 374,000 834,000 703,000 886,000 731,000 3,354,000 895,000 1,249,000 150,000 618,000 565,000 5,111,000 58,000 228,000 58,000  
      issuance of notes receivable
    		0                            -3,797,000 -2,212,000 
      capital improvements
    		-71,274,000 -59,457,000 -45,202,000 -65,650,000 -58,398,000 -62,525,000 -54,706,000 -85,914,000 -82,170,000 -52,547,000 -96,455,000 -104,185,000 -87,579,000 -97,388,000 -83,647,000 -86,253,000 -84,314,000 -62,945,000 -56,778,000 -62,021,000 -51,914,000 -54,188,000 -48,959,000 -68,205,000 -68,344,000 -69,003,000 -52,441,000 -53,186,000 -47,059,000 -24,354,000 
      net cash from investing activities
    		-66,847,000 -114,552,000 -42,321,000 -65,932,000 -47,300,000 -53,314,000 -51,292,000 -87,234,000 -83,913,000 -51,678,000 -101,928,000 -126,705,000 -96,834,000 -196,868,000 -105,182,000 -236,501,000 -202,743,000 -123,558,000 -351,653,000 -288,850,000 -55,725,000 -55,643,000 -50,161,000 -75,191,000 -201,017,000 -88,993,000 13,112,000 -153,596,000 -122,575,000 -24,105,000 
      cash flows from financing activities:
    		                              
      proceeds from stock options and employee stock purchase plan
    		388,000 356,000 391,000 632,000 394,000 382,000 382,000 380,000 737,000 504,000 363,000 384,000 458,000 1,388,000 513,000 507,000 380,000 605,000 732,000 349,000 528,000 531,000 619,000 548,000 697,000 585,000 652,000 4,203,000 764,000 403,000 
      distributions:
    		                              
      common stockholders
    		-98,474,000 -98,440,000 -91,229,000 -89,060,000 -89,062,000 -89,050,000 -83,426,000 -83,410,000 -83,358,000 -83,327,000 -76,309,000 -76,293,000 -76,297,000 -76,262,000 -67,295,000 -66,636,000 -66,611,000 -66,087,000 -62,414,000 -62,411,000 -62,384,000 -62,388,000 -55,765,000 -55,762,000 -55,757,000 -55,122,000 -49,457,000 -49,361,000 -48,842,000 -36,364,000 
      common op unitholders
    		-4,666,000 -4,689,000 -4,347,000 -4,348,000 -4,347,000 -4,348,000 -4,074,000 -4,087,000 -4,135,000 -4,135,000 -3,799,000 -3,801,000 -3,812,000 -3,812,000 -3,373,000 -3,272,000 -3,296,000 -3,796,000 -3,589,000 -3,590,000 -3,590,000 -3,590,000 -3,213,000 -3,213,000 -3,215,000 -3,515,000 -3,161,000 -3,161,000 -3,201,000 -3,047,000 
      preferred stockholders
    		0   -8,000 0   -8,000 0   -8,000 0   -8,000 0   -8,000 0   -8,000 0     -2,297,000 
      share based award tax withholding payments
    		0 0 -2,258,000 0 0 0 -1,908,000 0 0 0 -1,932,000 0 0 0 -3,449,000 0 0 0 -2,814,000 0 0 0 -3,962,000        
      principal payments and mortgage debt repayment
    		-16,058,000 -102,790,000 -16,665,000 -16,405,000 -16,142,000 -15,984,000 -15,929,000 -15,772,000 -115,997,000 -16,371,000 -16,443,000 -16,173,000 -15,874,000 -74,142,000 -29,592,000 -19,770,000 -14,697,000 -13,920,000 -80,351,000 -13,026,000 -379,940,000 -13,521,000 -61,791,000 -13,661,000 -13,385,000      
      term loan proceeds
    		90,000,000           0 0 0 200,000,000 0 0 300,000,000 300,000,000            
      line of credit repayment
    		-168,500,000 -326,500,000 -199,500,000 -161,500,000 -143,000,000 -81,000,000 -158,000,000 -83,000,000 -306,000,000 -195,000,000 -104,000,000 -61,984,000 -72,016,000 -104,000,000 -319,000,000 -53,000,000 -62,000,000 -34,500,000 -283,000,000 -23,000,000 -95,000,000 -50,000,000 -222,500,000        
      line of credit proceeds
    		123,500,000 353,500,000 185,500,000 206,000,000 161,500,000 89,000,000 133,000,000 114,000,000 101,000,000 188,000,000 118,000,000 165,000,000 119,200,000 82,800,000 39,000,000 182,000,000 220,000,000 46,500,000 111,000,000 195,000,000 95,000,000 100,000,000 62,500,000 75,500,000    30,000,000 157,000,000  
      debt issuance and defeasance costs
    		0   -4,411,000 -6,749,000   0 -3,473,000   1,000 0 -1,869,000 -1,957,000 -8,000 0 -7,567,000 -3,658,000 -284,000 -13,331,000 -19,000 -3,800,000 0 0 -1,450,000 -250,000 -4,558,000 -190,000 -49,000 
      other
    		-70,000 -138,000 -61,000 -3,495,000 -81,000 -322,000 -157,000 41,000 -120,000 -97,000 -99,000 -99,000 -99,000 -53,000 -644,000 -1,885,000 -195,000 -55,000 -116,000 -61,000 -326,000 -143,000 -143,000 -358,000 -57,000 -869,000 -63,000  -1,098,000 -32,000 
      net cash from financing activities
    		-73,880,000 -31,203,000 -128,169,000 -55,207,000 -97,487,000 -101,438,000 -130,112,000 -71,856,000 -36,346,000 -23,241,000 -84,219,000 7,027,000 -48,440,000 24,042,000 -157,427,000 178,182,000 73,581,000 -78,812,000 245,790,000 93,023,000 -72,173,000 -29,138,000 -12,670,000 -32,507,000 48,283,000 -81,359,000 -65,962,000 12,672,000 93,844,000 -73,273,000 
      net increase in cash and restricted cash
    		6,283,000 -14,468,000 22,900,000 -15,822,000 4,740,000 -11,623,000 17,344,000 -29,743,000 31,573,000 -2,554,000 8,314,000 -8,163,000 -11,916,000 4,306,000 -85,278,000 83,126,000 -4,481,000 -46,775,000 67,468,000 -90,158,000 -5,775,000 23,072,000 68,061,000 -13,526,000 -48,071,000 -53,765,000 75,248,000 -50,982,000 66,385,000  
      cash and restricted cash, beginning of period
    		0 0 24,576,000 0 0 0 29,937,000 0 0 0 22,347,000      0 0 24,060,000 0 0 0 28,860,000 0 0 0 68,974,000  0  
      cash and restricted cash, end of period
    		6,283,000 -14,468,000 47,476,000 -15,822,000 4,740,000 -11,623,000 47,281,000 -29,743,000 31,573,000 -2,554,000 30,661,000  -11,916,000 4,306,000 38,120,000  -4,481,000 -46,775,000 91,528,000 -90,158,000 -5,775,000 23,072,000 96,921,000 -13,526,000 -48,071,000 -53,765,000 144,222,000  66,385,000  
      equity in income of unconsolidated joint ventures
    		  -4,901,000 488,000 -5,874,000 -579,000 -283,000 -555,000 -661,000 -973,000 -524,000 -474,000 -1,465,000 -1,253,000 -171,000 -1,095,000 -850,000 -1,068,000 -868,000 -3,160,000 -968,000 -1,064,000 -207,000 -478,000 -3,518,000 -3,226,000 -1,533,000 -1,343,000 -788,000 -1,150,000 
      debt premium amortization
    		       0 -3,000 -27,000 -32,000 -36,000 -40,000 -45,000 -60,000 -82,000 -78,000 -82,000 -83,000 -90,000 -93,000 -97,000 -114,000 -124,000 -127,000 -131,000 -101,000 -1,198,000 -350,000 -655,000 
      commission expense recognized related to membership sales
    		   1,180,000 1,159,000 1,130,000 1,108,000 1,089,000 936,000 1,091,000 1,095,000 1,012,000 1,019,000 1,030,000 1,040,000 936,000 940,000 948,000 955,000 899,000 908,000 926,000 940,000        
      deferred income tax benefit
    		   -115,000 0 0 -239,000                        
      gross proceeds from the issuance of common stock
    		           0 0 0 28,370,000         0 0      
      mortgage notes payable financing proceeds
    		       0 375,000,000   0 0   0 0 16,000 270,000,000 54,000 386,870,000 0 275,385,000        
      term loan repayment
    		               0 0              
      supplemental information:
    		                              
      cash paid for interest
    		                              
      cash paid for the purchase of manufactured homes
    		                              
      real estate acquisitions:
    		                              
      investment in real estate
    		                          -25,797,000    
      business acquisitions
    		                              
      proceeds from disposition of properties
    		               0 0 0 -7,000     0 0      
      debt assumed
    		                          11,208,000 0 0  
      op units issued
    		                              
      business acquisitions:
    		                              
      intangibles
    		                              
      goodwill
    		                              
      acquisition of business
    		                              
      real estate dispositions:
    		                              
      loss on sale of real estate
    		                0 0 59,000            
      real estate dispositions
    		                          77,746,000    
      long-term incentive plan compensation
    		                   383,000 383,000 382,000 383,000 383,000 382,000 379,000 -3,987,000 357,000 358,000  
      cash and restricted cash, beginning of year
    		           0 0 0 123,398,000                
      cash and restricted cash, end of year
    		                              
      net investment in real estate – reclassification of rental homes
    		                              
      other assets, net – reclassification of rental homes
    		                          -5,520,000    
      loss/(gain) on sale of real estate
    		                              
      accrued expenses and accounts payables
    		                              
      mortgage notes payable
    		                          -11,175,000    
      other liabilities
    		                          1,577,000    
      (loss)/gain on sale of real estate
    		                              
      gain on sale of real estate
    		                       0 0 0 -52,507,000    
      compensation expense related to restricted stock and stock options
    		                   3,016,000 2,878,000 2,669,000 2,964,000 2,702,000 2,734,000 2,625,000 2,420,000    
      deferred revenue – upfront payments from membership upgrade sales
    		                   5,217,000 6,631,000 5,048,000 4,843,000        
      deferred revenue – annual membership subscriptions
    		                   -221,000 -620,000 336,000 1,720,000        
      repayments of notes receivable
    		                           -7,795,000 2,581,000 2,461,000 
      redemption of preferred stock
    		                              
      debt financed
    		                           0 0  
      line of credit payoff
    		                       -35,500,000    -110,000,000 -77,000,000  
      revenue recognized from right-to-use contract upfront payments
    		                        -2,199,000 -2,128,000 -2,067,000 -2,031,000 -1,980,000 -2,426,000 
      commission expense recognized related to right-to-use contracts
    		                        906,000 929,000 938,000 894,000 905,000 1,090,000 
      deferred revenue – upfront payments from right-to-use contracts
    		                        5,730,000 5,041,000 3,838,000 3,222,000 4,863,000 3,206,000 
      deferred revenue – right-to-use annual payments
    		                        -1,627,000 -24,000 2,991,000 -970,000 -1,781,000 3,499,000 
      new mortgage notes payable financing proceeds
    		                           357,760,000 0  
      notes receivable activity
    		                          122,000 -527,000 -67,000 -45,000 
      proceeds from disposition of property
    		                          77,746,000    
      principal payments and mortgage debt payoff
    		                          -13,683,000 -209,027,000 -12,344,000 -31,887,000 
      cash paid during the period for interest
    		                          25,729,000 25,496,000 24,223,000  
      building and other depreciable property – reclassification of rental homes
    		                          5,520,000 10,417,000 9,780,000  
      depreciation
    		                           33,772,000 33,243,000 30,398,000 
      amortization of in-place leases
    		                           2,118,000 2,124,000 1,032,000 
      benefit from (recovery of) uncollectible rents receivable
    		                           -90,000   
      accrued expenses and accounts payable
    		                           -13,031,000 8,578,000 -5,526,000 
      rents received in advance and security deposits
    		                           1,036,000 -14,936,000 492,000 
      gross proceeds from sale of common stock
    		                           0   
      stock repurchase and unit redemption
    		                              
      other, primarily atm offering costs
    		                              
      compensation expenses related to restricted stock and stock options
    		                            2,746,000  
      escrow deposits, goodwill and other assets
    		                            6,799,000 18,316,000 
      perpetual preferred stockholders
    		                            0  
      escrow deposits and other assets – reclassification of rental homes
    		                            -9,780,000  
      investment in real estate, fair value
    		                            -79,170,000  
      investment in real estate, cost
    		                              
      escrow deposits and other assets
    		                            0  
      recovery for uncollectible rents receivable
    		                             -53,000 
      stock-based compensation
    		                             1,755,000 
      real estate acquisition
    		                              
      long term incentive plan compensation
    		                             337,000 
      (recovery) benefit from uncollectible rents receivable
    		                              
      net increase in cash and cash equivalents
    		                             16,908,000 
      cash, beginning of year
    		                              
      cash, end of year
    		                              
      share based award tax withholding
    		                              
      net increase in cash
    		                              
      cash, beginning of period
    		                             56,340,000 
      cash, end of period
    		                             73,248,000 
      capital improvements – used homes acquired by repossessions
    		                              
      net repayments of notes receivable – used homes acquired by repossessions
    		                              
      gain on sale of property
    		                              
      tax-deferred exchange deposit
    		                              
      net proceeds from stock options and employee stock purchase plan
    		                              
      amortization of stock-related compensation
    		                              
      recovery of uncollectible rents receivable
    		                              
      benefit from uncollectible rents receivable
    		                              
      lines of credit repayments
    		                              
      lines of credit proceeds
    		                              
      accrued payroll and other operating expenses
    		                              
      early debt retirement expense
    		                              
      depreciation expense
    		                              
      proceeds from disposition of rental properties and other
    		                              
      non-controlling interest proceeds
    		                              
      debt issuance costs
    		                              
      revenue recognized from right-to-use contract up-front payments
    		                              
      (recovery of) benefit from uncollectible rents receivable
    		                              
      deferred revenue – up-front payments from right-to-use contracts
    		                              
      tax deferred exchange deposit
    		                              
      line of credit repayments
    		                              
      non-cash activities
    		                              
      acquisitions:
    		                              
      deferred financing costs
    		                              
      debt assumed and financed on acquisition
    		                              
      non-controlling interests - common op units
    		                              
      dispositions:
    		                              
      gain on sale of property, net of tax
    		                              
      recovery of (benefit from) uncollectible rents receivable
    		                              
      net tax deferred exchange deposit
    		                              
      distributions from unconsolidated joint ventures
    		                              
      notes receivable acquisition
    		                              
      net tax-deferred exchange deposit
    		                              
      investment in joint ventures
    		                              
      proceeds from short-term investments
    		                              
      net proceeds from issuance of common stock
    		                              
      perpetual preferred op unitholders
    		                              
      term loan financing proceeds
    		                              
      equity issuance costs
    		                              
      proceeds from disposition of rental properties
    		                              
      debt issuance costs and early retirement of debt costs
    		                              
      series a cumulative redeemable perpetual preferred stock exchange
    		                              
      series c cumulative redeemable perpetual preferred stock exchange
    		                              
      escrow deposits, goodwill, and other assets net
    		                              
      accrued interest payable
    		                              
      rent and other customer receivables
    		                              
      retail inventory
    		                              
      accrued long term incentive plan compensation
    		                              
      (gain) loss on sale of property, net of tax
    		                              
      inventory - retail
    		                              
      goodwill impairment
    		                              
      net tax-deferred exchange withdrawal
    		                              
      proceeds from (purchase of) short-term investments
    		                              
      net repayments (borrowings) of notes receivable
    		                              
      acquisition of non-controlling interests
    		                              
      lines of credit:
    		                              
      proceeds
    		                              
      repayments
    		                              
      distributions to common stockholders, common op unitholders, perpetual preferred op unitholders and preferred stockholders
    		                              
      cash and cash equivalents, beginning of period
    		                              
      cash and cash equivalents, end of period
    		                              
      inventory
    		                              
      acquisition escrow deposit
    		                              
      new financing proceeds
    		                              
      adjustments to reconcile net income to net cash from operating activities:
    		                              
      net repayments of notes receivable
    		                              
      gain on sale of discontinued real estate and other
    		                              
      amortization loan cost
    		                              
      revenue recognized from right-to-use contract upfront payment
    		                              
      increase in benefit from uncollectible rents receivable
    		                              
      increase in benefit from inventory reserve
    		                              
      deferred revenue—upfront payments from right-to-use contracts
    		                              
      deferred revenue—right-to-use annual payments
    		                              
      acquisition of real estate and other
    		                              
      acquisition of notes receivable
    		                              
      net (borrowings) repayments of notes receivable
    		                              
      distributions to common stockholders, common op unitholders, perpetual preferred op unitholders, and preferred stockholders
    		                              
      cash and cash equivalents, beginning of year
    		                              
      cash and cash equivalents, end of year
    		                              
      inventory reclassified to buildings and other depreciable property
    		                              
      manufactured homes acquired with dealer financing
    		                              
      dealer financing
    		                              
      series a cumulative redeemable perpetual preferred stock
    		                              
      perpetual preferred op united conversion
    		                              
      acquisitions
    		                              
      common stock issued
    		                              
      series b subordinated non-voting cumulative redeemable preferred stock issued
    		                              
      dispositions
    		                              
      other assets and liabilities
    		                              
      mortgage notes payable assumed by purchaser
    		                              
      loss on discontinued real estate and other
    		                              
      proceeds from redemption of matured short-term investments
    		                              
      net (borrowings) repayment of notes receivable
    		                              
      amortization expense
    		                              
      fair market value adjustment of swap
    		                              
      deferred revenue — upfront payments from right-to-use contracts
    		                              
      deferred revenue — right-to-use annual payments
    		                              
      distributions to common stockholders, common op unitholders, perpetual preferred op unitholders and redeemable perpetual preferred stockholders
    		                              
      revenue recognized from right-to-use contract sales
    		                              
      net repayment of notes receivable
    		                              
      purchase of short-term investments
    		                              
      joint ventures:
    		                              
      investments in
    		                              
      distributions from
    		                              
      distributions to common stockholders, common op unitholders, and perpetual preferred op unitholders
    		                              
      non-cash activities:
    		                              
      assumption of assets and liabilities:
    		                              
      gain on discontinued real estate and other
    		                              
      commission expense recognized related to right-to-use contract sales
    		                              
      inventory and rental units
    		                              
      deferred revenue – sales of right-to-use contracts
    		                              
      deferred revenue — sales of right-to-use contracts
    		                              
      (gain) loss on sale of discontinued real estate and other
    		                              
      net tax-deferred exchange (deposit) withdrawal
    		                              
      proceeds from issuance of common stock
    		                              
      principal repayments on disposition
    		                              
      proceeds from loan to pay insurance premiums
    		                              
      mezzanine and joint venture investments applied to real estate acquisition
    		                              
      disposition of assets and liabilities
    		                              
      debt assumed by buyer on disposition
    		                              
      adjustments to reconcile net income to cash from operating activities:
    		                              
      (gain) loss on discontinued real estate and other properties
    		                              
      amortized commission expense related to right-to-use contract sales
    		                              
      deferred commissions expense
    		                              
      net repayment (borrowings) of notes receivable
    		                              
      principal repayments and mortgage debt payoff
    		                              
      (gain) loss on sale of properties and other
    		                              
      acquisition of real estate
    		                              
      loss on sale of properties and other
    		                              
      net decrease in cash and cash equivalents
    		                              
      cash flows from operating activities
    		                              
      net income
    		                              
      income allocated to minority interests
    		                              
      gain on sale of properties and other
    		                              
      gain on sale of investment
    		                              
      increase in inventory reserve
    		                              
      cash flows from investing activities
    		                              
      acquisition of rental properties
    		                              
      acquisition of privileged access
    		                              
      proceeds from disposition of investment
    		                              
      improvements:
    		                              
      corporate
    		                              
      rental properties
    		                              
      site development costs
    		                              
      cash flows from financing activities
    		                              
      non-cash investing and financing activities:
    		                              
      real estate acquisition and disposition
    		                              
      mortgage debt assumed and financed on acquisition of real estate
    		                              
      other assets and liabilities, net, acquired on acquisition of real estate
    		                              
      acquisition of operations of privileged access
    		                              
      gain on sale of discontinued real estate
    		                              
      revenue from right-to-use contract sales
    		                              
      commission expense related to right-to-use contract sales
    		                              
      disposition of real estate
    		                              
      rents receivable
    		                              
      (gain) loss on sale of discontinued real estate
    		                              
      decrease in benefit from uncollectible rents receivable
    		                              
      principal repayments
    		                              
      repayment on disposition
    		                              
      principal payments
    		                              
      hurricane asset write down
    		                              
      decrease in inventory reserve
    		                              
      increase in benefit from notes receivable
    		                              
      increase in notes receivable
    		                              
      proceeds from issuance of perpetual preferred op units
    		                              
      issuance costs
    		                              
      acquisition financing
    		                              
      amortization of stock related compensation
    		                              
      prepaid expenses and other assets
    		                              
      accounts payable and accrued expenses
    		                              
      improvements – corporate
    		                              
      improvements – rental properties
    		                              
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.