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 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-06-30 2009-03-31 
      
    		                                                               
      operating activities
    		                                                               
      net cash from operating activities - continuing operations
    		231,700,000 270,300,000 139,300,000                                                             
      net cash from operating activities - discontinued operations
    		-33,900,000 -14,300,000 104,600,000                                                             
      net cash from operating activities
    		197,800,000 256,000,000 243,900,000 118,000,000 189,200,000 311,300,000 242,500,000 117,600,000 223,000,000 255,400,000 194,500,000 80,400,000 157,800,000 271,000,000 225,700,000 97,562,000 185,302,000 250,218,000 220,490,000 84,490,000 162,431,000 183,514,000 118,513,000 78,441,000 138,449,000 156,703,000 103,141,000 61,910,000 102,522,000 117,777,000 80,905,000 38,402,000 70,185,000 82,597,000 70,566,000 48,414,000 61,231,000 78,122,000 50,926,000 35,485,000 54,385,000 51,449,000 40,944,000 24,061,000 32,146,000 32,439,000 44,674,000 20,357,000 33,886,000 29,324,000 14,443,000 22,432,000 21,052,000 17,162,000 15,706,000 13,986,000 16,667,000 17,086,000 10,583,000 14,610,000 16,842,000 18,666,000 15,675,000 
      investing activities
    		                                                               
      investment in properties
    		-104,400,000 -113,600,000 -109,900,000 -163,100,000 -156,600,000 -172,600,000 -160,600,000 -212,700,000 -225,600,000 -262,900,000 -301,800,000 -264,400,000 -250,200,000 -223,700,000 -182,700,000 -196,035,000 -176,106,000 -148,451,000 -151,979,000 -136,547,000 -133,268,000 -135,949,000 -132,759,000 -157,169,000 -149,148,000 -148,140,000 -114,804,000 -132,382,000 -99,154,000 -89,339,000 -68,524,000 -85,304,000 -72,096,000 -69,706,000 -61,431,000 -63,506,000 -62,488,000 -49,215,000 -48,220,000 -59,772,000 -54,328,000 -53,988,000 -40,339,000 -46,264,000 -47,566,000 -47,079,000 -36,957,000 -38,732,000 -50,759,000 -34,744,000 -29,401,000 -31,964,000 -28,966,000 -25,995,000 -22,218,000 -24,307,000 -15,200,000 -16,608,000 -13,603,000 -11,907,000 -8,745,000 -12,216,000 -5,916,000 
      acquisitions, net of cash acquired
    		-600,000 0 -1,000,000 3,300,000 -21,800,000 -20,400,000 -29,900,000 -1,900,000 -2,700,000 -800,000 -47,900,000 -73,000,000                                                    
      payments from deposit on acquisition
    		                                                               
      proceeds from insurance
    		   1,000,000 2,300,000 1,000,000 2,300,000 2,800,000 3,000,000 100,000 4,900,000                                                     
      proceeds from disposition of assets and depreciated homes
    		  4,700,000 20,100,000   2,000,000 10,200,000 17,900,000 18,700,000 15,500,000 19,800,000 26,500,000 29,000,000 24,700,000 32,997,000                   2,898,000                             
      proceeds related to disposition of properties
    		17,900,000 40,700,000 83,700,000 39,700,000 324,400,000 6,000,000 51,700,000 3,200,000 6,500,000 0 200,000 0 14,700,000 28,700,000 100,000                                                 
      issuance of notes and other receivables
    		0   0 -4,600,000 -1,800,000 -2,000,000 -5,000,000 -18,900,000 -8,300,000 -6,200,000 -6,700,000 -8,500,000 -12,000,000 -25,800,000 -225,495,000 -4,341,000 -4,866,000 -7,907,000 -10,462,000 -10,144,000 -5,141,000 -19,903,000 12,064,000    0 -3,000   -1,438,000 -1,977,000 -56,000 -447,000 -9,222,000 2,077,000 -1,742,000 -1,746,000 -1,028,000 -171,000 39,650,000 -40,206,000 739,000 1,045,000 -164,000 -1,323,000                 
      repayments of notes and other receivables
    		1,100,000 700,000 36,900,000 300,000 300,000 400,000 7,200,000 700,000 3,600,000 1,500,000 3,300,000 8,700,000 1,300,000 1,200,000 1,300,000 1,234,000 1,251,000 1,633,000 1,207,000 9,460,000 994,000 865,000 854,000 1,293,000 942,000 1,277,000 1,030,000 1,432,000 1,402,000 799,000 679,000 851,000 821,000 626,000 317,000 12,386,000 306,000 298,000 248,000 551,000 508,000 385,000 320,000 326,000 640,000 4,842,000 272,000                 
      investments in nonconsolidated affiliates
    		-100,000 -300,000 -300,000 -8,600,000 -8,100,000 -1,400,000 -4,300,000 -5,800,000 -21,600,000 -9,400,000 -2,700,000 -13,200,000 -12,500,000 -19,000,000 -6,400,000 -9,491,000 -16,198,000 -6,690,000 -4,510,000 -13,851,000 -9,647,000 -16,773,000 -6,970,000 -17,846,000 -12,394,000 -19,307,000 -11,195,000                                     
      distributions of capital from nonconsolidated affiliates
    		100,000 3,400,000 5,500,000 4,000,000 12,100,000 6,100,000 5,600,000 2,300,000 2,300,000 1,400,000 11,400,000 5,100,000 4,400,000 4,200,000 3,600,000                                                 
      net cash from / (used for) investing activities - continuing operations
    		  19,600,000                                                             
      net cash from / (used for) investing activities - discontinued operations
    		150,600,000                                                               
      net cash from / (used for) investing activities
    		67,500,000                                                               
      financing activities
    		                                                               
      issuance and costs of common stock, op units and preferred op units
    		-100,000 0 -100,000 100,000 361,600,000 -300,000 -300,000 -300,000 -100,000   -200,000 275,300,000 934,700,000 -200,000                                                 
      common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards
    		-1,400,000 -600,000 -6,700,000 -700,000 -200,000 -1,300,000 -7,600,000 -600,000 -100,000 -1,100,000 -11,000,000 -900,000 -800,000 -1,200,000 -16,400,000                                                 
      repurchases of common stock
    		-297,500,000                                                               
      redemption of series f preferred op units
    		0                                                               
      borrowings on lines of credit
    		0 268,200,000 356,300,000 483,500,000 569,200,000 317,500,000 1,260,500,000 346,400,000 298,500,000 364,100,000 626,000,000 611,200,000 709,100,000 1,909,700,000 474,700,000 1,356,819,000 607,628,000 1,355,322,000 442,290,000 363,924,000 4,691,000 53,324,000 1,163,965,000 1,199,563,000 336,321,000 916,711,000 1,428,948,000 355,579,000 145,222,000 739,521,000 302,355,000 85,649,000 3,242,000 336,655,000 235,454,000 106,016,000 75,825,000 354,093,000 44,820,000 26,756,000 336,443,000 53,122,000 4,863,000 141,622,000 171,002,000 65,508,000 148,414,000 155,162,000 70,856,000 103,684,000 77,876,000 46,260,000 25,375,000 64,613,000 48,618,000 89,481,000 11,919,000 33,286,000 33,014,000 37,286,000 33,473,000 41,050,000 39,406,000 
      payments on lines of credit
    		0 -1,778,700,000 -327,800,000 -257,700,000 -1,065,200,000 -325,600,000 -1,637,800,000 -432,800,000 -156,300,000 -235,400,000 -951,100,000 -452,300,000 -479,700,000 -1,513,800,000 -58,200,000 -946,573,000 -212,625,000 -2,035,482,000 -766,260,000 -33,098,000 -41,978,000 -523,386,000 -763,076,000 -1,214,602,000 -271,768,000 -1,237,144,000 -1,160,436,000 -227,579,000 -682,068,000 -344,986,000 -201,853,000 -43,841,000 -3,676,000 -514,782,000 -157,237,000 -63,671,000 -375,825,000 -54,454,000 -11,459,000 -168,756,000 -207,186,000 -15,523,000 -10,513,000 -135,828,000 -209,463,000 -43,488,000 -313,356,000 -28,544,000 -34,377,000 -76,891,000 -99,519,000 -27,613,000 -148,425,000 -39,912,000 -32,610,000 -64,045,000 -43,557,000 -30,669,000 -26,685,000 -50,230,000 -29,413,000 -45,175,000 -41,378,000 
      proceeds from issuance of other debt
    		   0 0 400,000 499,400,000 252,700,000 0 0 583,000,000 227,000,000 3,400,000 596,600,000 900,000     261,784,000 0 0 230,000,000 400,000,000 258,721,000 0 265,000,000 21,664,000    100,072,000 1,233,000 80,740,000 3,108,000 63,471,000 144,868,000 747,817,000 8,096,000 50,352,000 61,555,000 9,998,000 255,136,000 135,901,000 72,674,000 9,117,000 105,549,000 151,139,000 8,846,000 108,851,000 28,860,000 20,608,000 33,959,000 23,156,000 4,976,000 52,704,000 119,779,000 5,331,000 4,773,000     
      payments on other debt
    		-96,400,000 -1,867,500,000 -61,700,000 -133,100,000 -107,600,000 -14,300,000 -14,200,000 -131,800,000 -14,200,000 -8,500,000 -19,800,000 -10,600,000 -343,300,000 -31,500,000 -15,400,000   -20,112,000 -14,799,000 -10,042,000 -18,690,000 -67,395,000 -134,203,000 -180,649,000 -148,660,000 -22,667,000 -200,892,000 -25,374,000 -43,536,000 -190,961,000 -38,883,000 -52,403,000 -13,164,000 -16,564,000 -42,296,000 -90,422,000 -72,822,000 -60,419,000 -8,249,000 -104,430,000 -7,156,000 -77,906,000 -36,185,000 -7,690,000 -79,401,000 -4,481,000 -3,697,000 -186,732,000 -4,305,000 -11,200,000 -47,283,000 -18,972,000 -11,549,000 -3,846,000 -4,263,000 -21,333,000 -107,888,000 -3,707,000 -3,500,000     
      distributions
    		-136,900,000 -647,500,000 -125,400,000 -124,700,000 -123,600,000 -123,000,000 -121,400,000 -121,200,000 -120,400,000 -121,200,000 -113,600,000 -113,500,000 -111,700,000 -107,600,000 -101,400,000 -101,702,000                                                
      payments for deferred financing costs, net of prepaid return
    		   -100,000 -1,000,000 -100,000 -4,000,000                                                         
      net capital transfer from consolidated affiliates
    		110,900,000 5,389,000,000 46,400,000                                                             
      net cash from / (used for) financing activities - continuing operations
    		-432,700,000                                                               
      net cash from / (used for) financing activities - discontinued operations
    		                                                               
      net cash from financing activities
    		-551,900,000 -4,244,500,000 -170,700,000     -36,000,000 6,900,000 -2,200,000 111,600,000 217,800,000 38,600,000 1,809,300,000 282,900,000 870,002,000 278,907,000 328,480,000 93,002,000 1,718,847,000 -138,668,000 9,556,000 411,109,000 125,749,000 86,112,000 32,922,000 261,097,000 60,327,000 127,225,000 230,817,000 -8,464,000 -31,811,000 -73,966,000 243,472,000 3,862,000 -36,500,000 49,548,000 966,276,000 359,646,000 -4,337,000 55,955,000 -71,718,000 212,648,000 102,329,000 271,239,000 23,977,000 98,546,000 61,544,000 14,212,000 185,337,000 84,009,000 1,467,000 40,806,000    -5,787,000 -329,000 1,020,000 -5,597,000 -6,907,000 -9,660,000 -12,394,000 
      effect of exchange rate changes on cash, cash equivalents and restricted cash
    		-600,000 1,700,000 400,000 -1,400,000 900,000 -100,000 -200,000 800,000 -600,000 600,000 200,000 2,000,000 -4,100,000   112,000 -536,000 248,000 19,000 237,000 144,000 190,000 -382,000 120,000 -152,000 285,000 158,000 -429,000 158,000 -244,000 -8,000                                 
      net change in cash, cash equivalents and restricted cash
    		-287,200,000 1,357,100,000 46,200,000 -17,900,000 -22,400,000 -28,300,000 89,800,000 -19,300,000 -6,700,000 -6,100,000 -15,600,000 -21,600,000 -72,700,000 82,100,000 24,400,000 -7,421,000 -33,993,000 -562,000 27,533,000 -17,235,000 -273,685,000 -5,526,000 359,910,000 -6,896,000 -4,312,000 11,863,000 -28,087,000 -66,832,000 92,293,000 9,377,000 3,915,000                                 
      cash, cash equivalents and restricted cash, beginning of period
    		0 0 63,900,000 0 0 0 42,700,000 0 0 0 90,400,000 0 0 0 78,200,000 0 0 0 92,641,000 0 0 0 34,830,000 0 0 0 62,262,000 0 0 0 23,509,000                                 
      cash, cash equivalents and restricted cash, end of period
    		-287,200,000 1,357,100,000 110,100,000 -17,900,000 -22,400,000 -28,300,000 132,500,000 -19,300,000 -6,700,000 -6,100,000 74,800,000 -21,600,000 -72,700,000 82,100,000 102,600,000 -7,421,000 -33,993,000 -562,000 120,174,000 -17,235,000 -273,685,000 -5,526,000 394,740,000 -6,896,000 -4,312,000 11,863,000 34,175,000 -66,832,000 92,293,000 9,377,000 27,424,000                                 
      less: cash, cash equivalents and restricted cash - discontinued operations
    		 8,600,000 -12,700,000                                                             
      cash, cash equivalents and restricted cash - continuing operations
    		-283,100,000 1,365,700,000 97,400,000                                                             
      proceeds / (payments) from disposition of assets and depreciated homes
    		                                                               
      net cash from investing activities - continuing operations
    		                                                               
      net cash from financing activities - discontinued operations
    		 -5,402,600,000 -51,700,000                                                             
      proceeds from deposit on acquisition
    		      900,000 900,000   1,400,000 1,900,000                                                    
      net cash from investing activities - discontinued operations
    		  -47,000,000                                                             
      net cash from investing activities
    		  -27,400,000 -101,800,000 154,300,000 -192,800,000 -127,100,000 -101,700,000 -236,000,000 -259,900,000 -321,900,000 -321,800,000 -265,000,000 -1,991,600,000 -484,200,000 -975,097,000 -497,666,000 -579,508,000 -285,978,000 -1,820,809,000 -297,592,000 -198,786,000 -169,330,000 -211,206,000 -228,721,000 -178,047,000 -392,483,000 -188,640,000 -137,612,000 -338,973,000 -68,518,000 -133,957,000 -100,559,000 -95,463,000 -71,663,000 -73,613,000 -72,284,000 -1,423,365,000 -45,250,000 -9,979,000 -98,353,000 -92,682,000 -212,170,000 -302,083,000 -51,853,000 -58,101,000 -138,668,000 -82,103,000 -49,631,000 -223,877,000 -64,227,000 -35,375,000 -51,740,000 -48,036,000 -22,537,000 -74,522,000 -14,443,000 -13,043,000 -12,515,000 -11,449,000 -6,377,000 -10,969,000 -2,855,000 
      net cash from financing activities - continuing operations
    		  -119,000,000                                                             
      net income /
    		                                                               
      adjustments to reconcile net income to net cash from operating activities:
    		                                                               
      gain on disposition of assets
    		                                   -1,824,000 -3,673,000 -3,066,000 -2,661,000 -387,000 -1,125,000 -2,013,000 -1,526,000                     
      gain on disposition of properties
    		                                       -98,430,000 -18,190,000 13,000 -8,769,000                     
      (gain) / loss on foreign currency exchanges
    		                                                               
      loss on remeasurement of marketable securities
    		                                                               
      contingent gain
    		                                                               
      asset impairment charges
    		                                           0                    
      catastrophic event-related impairment
    		                                                               
      goodwill impairment charge
    		                                                               
      share-based compensation
    		                                   2,279,000 2,394,000 2,622,000 2,262,000 1,874,000 1,898,000 1,861,000 1,475,000 1,471,000 1,185,000 1,093,000 1,130,000                 
      depreciation and amortization
    		                                   60,948,000 61,063,000 49,064,000 47,594,000 45,495,000 43,595,000 42,045,000 43,454,000 41,813,000 29,888,000 30,143,000 29,159,000 30,140,000 25,645,000 25,343,000 21,134,000 20,437,000 19,573,000 20,665,000 17,083,000 18,705,000 17,031,000 17,108,000 17,061,000 16,981,000 17,206,000 17,530,000 16,789,000 
      deferred tax benefit
    		                                                               
      loss on remeasurement of notes receivable
    		                                                               
      income from nonconsolidated affiliates
    		                                                               
      proceeds from derivative settlements
    		                                                               
      other
    		                                                               
      change in notes receivable from financed sales of inventory homes, net of repayments
    		                                   2,063,000 -7,518,000 -11,814,000 -3,664,000 -4,634,000 -1,499,000 -491,000 -2,646,000 -1,494,000 -6,405,000 -7,281,000 -120,000 1,317,000 -7,351,000 -2,117,000 -2,031,000 -2,357,000 -2,078,000 -1,992,000 -1,295,000 -1,350,000 -1,231,000 -864,000 -744,000 -1,218,000 -1,381,000   
      change in inventory, other assets and other receivables
    		                                   13,301,000 14,725,000 1,321,000 -1,229,000 2,912,000 -8,544,000 -10,539,000 1,553,000 -14,564,000 5,689,000 -3,775,000 1,506,000 -10,635,000 5,937,000 -3,103,000 -2,837,000 413,000 4,316,000 -11,609,000 1,217,000 -6,600,000 -1,259,000 -1,998,000 -459,000 -2,284,000 1,866,000 1,351,000 -1,599,000 
      change in other liabilities
    		                                   -29,730,000 -25,048,000 48,349,000 191,000 -9,066,000 1,857,000 13,966,000 -2,229,000 10,937,000 -10,961,000 7,175,000 3,244,000 -3,816,000                
      proceeds / (payment) from deposit on acquisition
    		   1,500,000                                                            
      proceeds from sale of marketable securities
    		                                                               
      proceeds from secured borrowing
    		                                                               
      other financing activities
    		                            3,309,000 -330,000 -5,000,000                                 
      net cash from / (used for) financing activities
    		   -32,700,000 -366,800,000 -146,700,000 -25,400,000                                                         
      contributions from noncontrolling interest
    		       0 0 200,000 1,700,000 500,000 0   921,000                                                
      proceeds / (payments) from deposit on acquisition
    		                                                               
      loss on remeasurement of contingent liabilities
    		                                                               
      deferred tax
    		                                                               
      other amortization and accretion
    		                                                               
      loss on extinguishment of debt
    		                                                               
      loss on remeasurement of investment in nonconsolidated affiliates
    		                                                               
      distributions of income from nonconsolidated affiliates
    		                                                               
      cash flow hedge gains reclassified to earnings
    		                                                               
      early lease termination
    		                                                               
      investments in marketable securities
    		                                                               
      payments on financial liability
    		           -1,000,000 -2,700,000                                                   
      fees paid in connection with extinguishment of debt
    		           0 -4,500,000 0 -300,000 0 0                                               
      payment of contingent liability
    		                                                               
      distributions for redemption of noncontrolling interests
    		           -300,000 -5,700,000                                                   
      proceeds received from return of prepaid deferred financing costs
    		        0 0 2,000,000             0 0 0 1,618,000             0 1,820,000 46,000 4,986,000 0 0 0 2,384,000                 
      payments for deferred financing costs
    		        -500,000 -100,000 -5,600,000 -6,800,000 -800,000 -18,800,000 -800,000 -4,717,000 -623,000 -9,637,000 -701,000 -10,902,000 9,000 -3,000 -3,328,000 -188,000 -2,693,000 -2,875,000 -1,000,000 -485,000 -1,043,000 3,000 -605,000 1,939,000 -2,103,000 -1,683,000 -1,803,000 -598,000 -2,485,000 -7,311,000 -15,115,000 -255,000 -2,869,000 -2,673,000 -1,209,000 -5,185,000 -2,093,000 -271,000 -929,000 -3,243,000 -31,000 -722,000 -631,000 -140,000 -538,000 -215,000 -1,357,000 -490,000 -1,449,000 -225,000 0 -151,000 -17,000 -467,000 -10,000 
      proceeds / (payment) for deposit on acquisition
    		                                                               
      net income
    		                                   1,501,000 23,230,000 -5,038,000 11,778,000 100,042,000 39,697,000 18,486,000 12,248,000 -12,017,000 26,742,000 7,610,000 10,861,000 2,633,000 5,970,000 -602,000 -275,000 2,479,000 6,393,000 -2,112,000 -21,000 -987,000 2,585,000 -478,000 -1,649,000 -2,847,000 1,461,000 -2,423,000 877,000 
      proceeds from gain on derivative settlement
    		           0 0                                                   
      redemption of series g preferred op units
    		                                                               
      acquisitions of properties, net of cash acquired
    		             -1,604,700,000 -299,000,000 -548,937,000 -506,417,000 -451,581,000 -141,755,000 -1,689,656,000 -177,490,000 -54,430,000 -24,439,000 -68,792,000 -95,724,000 -28,863,000 -279,302,000 -14,544,000 -45,298,000 -258,042,000 -2,384,000 -50,049,000 -30,441,000 -26,887,000 -13,000,000 -14,225,000                            
      payment for deposit on acquisition
    		                                                               
      (gain) / loss on foreign currency translation
    		                                                               
      gain on remeasurement of marketable securities
    		                                                               
      amortization of below market leases
    		                                                               
      amortization of debt premium
    		                                   -3,257,000                            
      amortization of deferred financing costs
    		                                   551,000 613,000 512,000 484,000 526,000 553,000   195,000 294,000 290,000 277,000 501,000 296,000 367,000 439,000 376,000 437,000 418,000 353,000 483,000 453,000 400,000 399,000 419,000 430,000 401,000 395,000 
      amortization of ground lease intangibles
    		                                   232,000                            
      proceeds from disposition of properties
    		               0    0                                            
      issuance of common stock, op units and preferred op units
    		               -1,567,000 -813,000                                               
      redemption of series b-3 preferred op units
    		                       0 0 0 -2,675,000 0 0 0 -4,105,000                                 
      proceeds from issuance of debt
    		               603,549,000                                                
      payments on debt
    		               -26,898,000                                                
      distributions from nonconsolidated affiliates
    		                4,034,000 5,490,000 1,192,000 -4,403,000 6,421,000 795,000 1,275,000 -40,357,000                                        
      proceeds from dispositions of assets and depreciated homes
    		                 24,957,000 17,774,000 18,006,000 12,930,000 11,847,000 12,612,000 18,180,000 14,383,000 16,986,000 11,788,000 21,030,000 16,049,000 13,464,000 5,312,000 1,983,000 3,134,000                               
      distributions to stockholders, op unit holders and preferred op unit holders
    		                                                               
      issuance of common stock, op units, and preferred op units
    		                  522,264,000 1,230,818,000 -1,622,000 628,555,000 -7,140,000 -1,089,000 -1,549,000 447,741,000 -4,321,000 -612,000                                    
      prepayment penalty on collateralized term loans
    		                   0 0 -2,976,000 -3,250,000                                         
      distributions to stockholders, op unit holders, and preferred op unit holders
    		                  -89,792,000 -81,637,000 -81,078,000 -78,563,000 -71,859,000 -71,058,000 -71,650,000 -68,844,000 -65,145,000 -64,887,000 -60,872,000 -60,173,000 -56,881,000 -58,546,000 -57,844,000 -54,646,000 -53,447,000 -52,722,000 -50,208,000 -47,299,000 -43,511,000 -41,023,000 -41,327,000 -42,022,000 -38,119,000 -34,963,000 -30,258,000 -29,853,000 -26,303,000 -26,218,000 -26,342,000 -20,443,000 -18,744,000 -18,558,000 -15,626,000 -15,564,000 -15,461,000         
      gain on disposition of property
    		                                                               
      (gain) / loss on remeasurement of contingent liabilities
    		                                                               
      amortization of below market lease
    		                                   -1,926,000                            
      unrealized foreign currency translation (gain) / loss
    		                                                               
      remeasurement of marketable securities
    		                                                               
      contingent liability remeasurement (gain) / loss
    		                                                               
      prepayment penalty on debt
    		                       -6,228,000    0 -306,000 -1,522,000 -196,000 -5,260,000 0 -293,000 -466,000                             
      redemption of series a-4 cumulative convertible preferred stock
    		                                                               
      redemption of series a-4 preferred stock and op units
    		                               0 0                               
      purchases of notes receivable
    		                              -893,000                                 
      operating activities:
    		                                                               
      investing activities:
    		                                                               
      other investing activities
    		                              -2,708,000                                 
      financing activities:
    		                                                               
      gain on acquisition of property
    		                                                               
      unrealized foreign currency translation loss /
    		                                                               
      proceeds from nonconsolidated affiliate transactions
    		                                                               
      redemption of series a cumulative convertible preferred stock
    		                                                               
      investment in affiliates
    		                            -10,608,000                                   
      issuance and costs of common stock, op units, and preferred op units
    		                             89,265,000 -3,296,000                                 
      deferred tax (benefit) expense
    		                                                               
      income from affiliate transactions
    		                                   0                            
      payments for deposits on acquisitions
    		                                      -13,000 -52,000 -1,283,000 1,025,000 -1,950,000                     
      proceeds from affiliate transactions
    		                                                               
      payment for membership interest
    		                                                               
      preferred stock redemption costs
    		                                       0                        
      effect of exchange rate changes on cash and cash equivalents
    		                               45,000 142,000 121,000 -10,000 34,000                            
      net change in cash and cash equivalents
    		                               -127,321,000 -104,198,000 230,727,000 2,755,000 -61,665,000 38,388,000 -378,967,000 365,322,000 21,169,000 11,987,000 -112,951,000 41,422,000 -175,693,000 251,532,000 -1,685,000 4,552,000                 
      cash and cash equivalents, beginning of period
    		                               0 0 0 8,164,000 0 0 0 45,086,000 0 0 0 83,459,000 0 0 0 4,753,000 0 0 0 0 0 5,857,000 0 0 0 8,420,000 0 0 0 4,496,000 0 6,162,000 
      cash and cash equivalents, end of period
    		                               -127,321,000 -104,198,000 230,727,000 10,919,000 -61,665,000 38,388,000 -378,967,000 410,408,000 21,169,000 11,987,000 -112,951,000 124,881,000 -175,693,000 251,532,000 -1,685,000 9,305,000 -202,000 -1,533,000 -9,216,000 34,225,000 -11,476,000 15,975,000 1,116,000 734,000 -850,000 4,857,000 3,714,000 -912,000 -2,436,000 8,054,000 -1,963,000 6,588,000 
      issuance and associated costs of common stock, op units, and preferred op units
    		                                -1,609,000 438,743,000 20,504,000 1,426,000 330,195,000 33,849,000 384,915,000 232,995,000 40,448,000 3,240,000 33,618,000 9,590,000 348,779,000 27,371,000 186,431,000 -20,000 -187,000 -159,000 143,450,000 -118,000 157,461,000 3,633,000 7,636,000         
      net proceeds from stock option exercise
    		                                 0 45,000 0 0 0 149,000 24,000 0 0 71,000 1,000 -1,000 74,000 53,000 0 52,000 17,000 0 0 149,000 125,000 26,000 645,000 45,000 163,000      
      foreign currency exchange loss
    		                                                               
      contingent liability remeasurement loss
    		                                                               
      proceeds from disposition of land
    		                                                               
      redemption of series a-4 preferred stock
    		                                       0                        
      payments to retire preferred op units
    		                                                               
      proceeds related to affiliate transactions
    		                                                               
      proceeds related to disposition of assets and depreciated homes
    		                                    -974,000 1,882,000 2,847,000 1,999,000 1,985,000 1,521,000 1,343,000 -628,000 -757,000 1,873,000 2,824,000  60,000 -419,000 144,000 668,000 543,000 866,000 -183,000         
      amortization of below market lease intangible
    		                                     -1,350,000 -1,350,000 -1,349,000 -1,350,000                       
      amortization of debt premium intangible
    		                                     -2,478,000 -2,479,000 -2,498,000 -2,507,000                       
      distributions from affiliate
    		                                       0 0   0 -400,000 -400,000 -400,000 -700,000 -700,000 -650,000              
      acquisitions of properties
    		                                       1,000 -71,880,000 -88,775,000 -148,620,000 -289,215,000 0 -33,234,000 -104,142,000                 
      proceeds related to affiliate dividend distribution
    		                                       0 0   0 400,000 400,000 400,000 700,000 700,000 650,000 600,000 1,900,000 750,000           
      proceeds related to the disposition of properties
    		                                     87,062,000 1,634,000 49,034,000 28,206,000 0 17,282,000 23,000 44,385,000                   
      income tax expense - reduction of deferred tax asset
    		                                                               
      investment in note receivable of acquired properties
    		                                               0 0               
      proceeds related to disposition of land
    		                                           0 0 -37,000 258,000   0 0 84,000 88,000         7,000 2,000 
      payments for purchase of non-wholly owned subsidiary interests
    		                                                               
      amortization of debt premium, net of deferred financing costs
    		                                          -2,616,000                     
      supplemental information:
    		                                                               
      cash paid for interest
    		                                          21,452,000  15,146,000 14,409,000 13,739,000 16,673,000 14,815,000 36,566,000 14,315,000 13,509,000 15,010,000 14,064,000 16,055,000 12,548,000 12,893,000 13,357,000 13,425,000 13,394,000 13,140,000 13,602,000 12,368,000 
      cash paid for interest on mandatorily redeemable debt
    		                                          855,000  808,000 806,000 803,000 808,000 809,000 827,000 822,000 836,000 841,000 840,000 834,000 829,000 828,000 826,000 826,000 819,000 817,000 836,000 834,000 
      cash paid for state income taxes
    		                                          14,000  0   -3,000 -61,000 0 0 230,000 90,000 -16,000 180,000 294,000 65,000 90,000 91,000     
      noncash investing and financing activities:
    		                                                               
      unrealized gain on interest rate swaps
    		                                            0 0 97,000 96,000 89,000 0 44,000 343,000 256,000 404,000 222,000 19,000 403,000 607,000 -261,000     
      reduction in secured borrowing balance
    		                                          3,936,000  6,604,000 5,665,000 4,850,000 6,372,000 4,235,000 4,434,000 3,165,000 3,051,000 3,030,000  3,114,000 2,202,000 2,537,000 2,771,000 2,250,000 1,546,000 1,432,000   
      change in distributions declared and outstanding
    		                                          3,457,000  4,546,000 471,000 3,563,000                 
      conversion of series a-1 preferred op units
    		                                          902,000  171,000 1,151,000 556,000                 
      noncash investing and financing activities at the date of acquisition:
    		                                                               
      acquisitions - other assets
    		                                          4,221,000                     
      acquisitions - note payable
    		                                          2,377,000                     
      acquisitions - series a-4 preferred op units issued
    		                                          1,000,000                     
      acquisitions - series a-4 preferred stock issued
    		                                          175,417,000                     
      acquisitions - common stock and op units issued
    		                                          258,918,000                     
      acquisitions - debt assumed
    		                                          207,784,000       58,722,000    0 -51,000         
      loss on valuation of derivative instruments
    		                                                               
      net proceeds from issuance of series a preferred stock
    		                                                               
      payments to retire preferred operating partnership units
    		                                               0          0 0 0 -925,000   
      gain from disposition of assets
    		                                            -1,092,000                   
      gain from disposition of properties
    		                                            -13,631,000                   
      acquisitions - series a-3 preferred op units issued
    		                                                               
      acquisitions - release of note receivable and accrued interest
    		                                               0 0               
      gain from dispositions
    		                                              -983,000 -106,000 952,000               
      (gain) loss on valuation of derivative instruments
    		                                                     20,000 -2,000 -1,000 -4,000       
      proceeds (financing) related to disposition of assets and depreciated homes
    		                                                               
      acquisitions - series a-1 preferred op units issued
    		                                                               
      acquisitions - other liabilities
    		                                                               
      gain on valuation of derivative instruments
    		                                                  0 -1,000 -3,000     -6,000 3,000 7,000 6,000 -9,000 -3,000 
      stock compensation expense
    		                                                1,006,000 393,000 382,000 343,000 345,000 336,000 639,000 419,000 215,000 0 292,000 1,012,000 289,000 1,568,000 418,000 
      acquisitions
    		                                                0 -189,583,000 -35,252,000 0 -24,482,000 -25,668,000 -645,000         
      decrease (increase) in notes receivable
    		                                                               
      net increase in cash and cash equivalents
    		                                                 -9,216,000   10,118,000 1,116,000 734,000 -850,000 -3,563,000 3,714,000 -912,000 -2,436,000 3,558,000  426,000 
      change in dividends declared and outstanding
    		                                                12,000  1,879,000 1,000 2,934,000           
      acquisitions - a-3 preferred op units issued
    		                                                0               
      change in accounts payable and other liabilities
    		                                                 9,705,000 -1,769,000 2,664,000 -7,116,000 12,154,000 -3,786,000 4,149,000 -437,000 2,750,000 -3,898,000 2,587,000 -3,005,000 3,766,000 -862,000 
      increase in notes receivable
    		                                                 219,000 -318,000             
      net decrease in cash and cash equivalents
    		                                                               
      (gain) income from land disposition
    		                                                               
      income from affiliate
    		                                                               
      dividends declared
    		                                                               
      gain from land disposition
    		                                                  0 -22,000 -65,000           
      acquisitions - a-1 preferred op units issued
    		                                                               
      distributions from affiliates
    		                                                   -1,900,000 -750,000           
      reduction of notes receivable
    		                                                    327,000           
      receivable for issuance of stock
    		                                                        2,092,000    784,000   
      less: income from discontinued operations, net of tax
    		                                                             -178,000 -154,000 
      income from continuing operations
    		                                                         -478,000 -1,649,000 -2,847,000 1,461,000 -2,245,000 1,031,000 
      equity income from affiliates
    		                                                          69,000     
      net cash from operating activities of continuing operations
    		                                                         17,086,000 10,583,000 14,610,000 16,842,000 18,795,000 15,819,000 
      net cash from operating activities of discontinued operations
    		                                                             -129,000 -144,000 
      investment in affiliate
    		                                                               
      reduction of notes receivable and officer's notes
    		                                                     661,000 509,000 371,000 352,000 3,244,000 592,000 596,000 2,035,000   
      net cash provided (used) for financing activities
    		                                                     31,990,000 7,565,000         
      reduction in on secured borrowing balance
    		                                                               
      dividends declared and outstanding
    		                                                               
      acquisitions - preferred op units issued
    		                                                     0 0         
      acquisitions - other noncash consideration
    		                                                      -490,000         
      gain on disposal of assets and depreciated homes
    		                                                               
      gain on disposal of other assets and depreciated homes
    		                                                        -686,000 662,000 -491,000 -805,000 -849,000   
      proceeds related to disposition of other assets and depreciated homes
    		                                                        405,000 -180,000 496,000 -138,000 333,000   
      issuance and associated costs of common stock and op units
    		                                                        29,799,000  6,891,000 11,484,000 2,311,000   
      distributions to stockholders and op unit holders
    		                                                        -14,435,000 -13,739,000 -13,521,000 -13,306,000 -13,213,000 -13,109,000 -13,040,000 
      adjustments to reconcile income from continuing operations to net cash from operating activities:
    		                                                               
      gain from land dispositions
    		                                                               
      net equity income from affiliates
    		                                                               
      proceeds related to dispositions of land
    		                                                               
      issuance (redemption) of common stock and op units
    		                                                               
      equity (income) income from affiliates
    		                                                            819,000   
      proceeds from issuance of notes payable and other debt
    		                                                            4,347,000 23,518,000 7,593,000 
      payments on notes payable and other debt
    		                                                            -3,470,000 -15,231,000 -4,834,000 
      unrealized loss on interest rate swaps
    		                                                            -432,000  -4,000 
      equity income from affiliates, net of distributions
    		                                                               
      change in notes receivables from financed sales of inventory homes, net of repayments
    		                                                               
      payment of notes receivable and officer's notes
    		                                                             1,105,000 3,027,000 
      proceeds from option exercise
    		                                                               
      proceeds (financing) related to disposition of other assets and depreciated homes
    		                                                               
      redemption of common stock and op units
    		                                                               
      noncontrolling interest allocation of income
    		                                                              104,000 
      gain on disposal of other assets
    		                                                              -17,000 
      net equity (income) income from affiliates
    		                                                              -27,000 
      change in notes receivable from sales of financed homes, net of repurchases
    		                                                              -410,000 
      proceeds related to disposition of other assets
    		                                                              32,000 
      cancellation of common stock and common op units
    		                                                              -131,000 
      rental homes transferred from inventory to investment property for use in rental program
    		                                                              7,358,000 
      financed home sales transferred from inventory and investment property to notes receivable
    		                                                              4,142,000 
      cash flows from operating activities:
    		                                                               
      adjustments to reconcile net income to cash from operating activities:
    		                                                               
      net minority interest allocation
    		                                                               
      loss on disposition of other assets
    		                                                               
      stock compensation expense, net of cumulative effect of accounting principle change
    		                                                               
      fees and other costs associated with extinguished debt
    		                                                               
      equity income from affiliate, net of distributions
    		                                                               
      change in notes receivable from sales of financed homes
    		                                                               
      cash flows from investing activities:
    		                                                               
      proceeds from sale of installment notes on manufactured homes to origen
    		                                                               
      payments of notes receivable and officer’s notes
    		                                                               
      cash flows from financing activities:
    		                                                               
      payments on notes and other debt
    		                                                               
      distributions to shareholders and op unit holders
    		                                                               
      cash paid for interest, including capitalized amounts of 0, 5, and 60 in 2008, 2007 and 2006, respectively
    		                                                               
      debt assumed for rental properties
    		                                                               
      equity (income) income from affiliate
    		                                                               
      payments on notes receivable from sale of financed homes
    		                                                               
      payments of notes receivable and officer's notes
    		                                                               
      cancellation of common stock and op units
    		                                                               
      rental homes transferred from inventory
    		                                                               
      home sales financed by company
    		                                                               
      loss allocated to minority interests
    		                                                               
      increase in notes receivable from sale of homes
    		                                                               
      increase in inventory, other assets and other receivables
    		                                                               
      increase in accounts payable and other liabilities
    		                                                               
      investment in rental properties
    		                                                               
      proceeds related to disposition of land and other assets
    		                                                               
      decrease in notes receivable and officer's notes
    		                                                               
      repayments on lines of credit
    		                                                               
      payments to redeem notes payable and other debt
    		                                                               
      proceeds from notes payable and other debt
    		                                                               
      rental home sales financed by company
    		                                                               
      income allocated to minority interests
    		                                                               
      decrease in notes receivable from sale of homes
    		                                                               
      decrease in accounts payable and other liabilities
    		                                                               
      proceeds related to land disposition
    		                                                               
      gain from property and land dispositions
    		                                                               
      stock compensation expense, net of cumulative effect of change in accounting principle
    		                                                               
      extinguishment of debt
    		                                                               
      write off of deferred financing costs related to extinguished debt
    		                                                               
      equity income from affiliate
    		                                                               
      decrease (increase) in notes receivable from sale of homes
    		                                                               
      purchase of short-term investments
    		                                                               
      proceeds from sale of short-term investments
    		                                                               
      proceeds related to property and land dispositions
    		                                                               
      proceeds from sale of installment loans on manufactured homes to origen
    		                                                               
      decrease in notes receivable and officer’s notes
    		                                                               
      treasury stock purchases
    		                                                               
      cash paid for interest including capitalized amounts of 5, 60, and 69
    		                                                               
      in 2007, 2006 and 2005, respectively
    		                                                               
      decrease (increase) in inventory, other assets and other receivables
    		                                                               
      decrease in inventory, other assets and other receivables
    		                                                               
      net cash from (provided by) financing activities
    		                                                               
      cash paid for interest including capitalized amounts of 60, 69, and 380 in 2006, 2005 and 2004, respectively
    		                                                               
      issuance of partnership units to retire capitalized lease obligations
    		                                                               
      income from discontinued operations allocated to minority interests
    		                                                               
      gain from property dispositions
    		                                                               
      depreciation allocated to income from discontinued operations
    		                                                               
      deferred financing costs related to extinguished debt
    		                                                               
      decrease (increase) in inventory and other assets
    		                                                               
      proceeds related to property dispositions
    		                                                               
      net proceeds from issuance (redemption) of common stock and op units
    		                                                               
      borrowings (repayments) on line of credit
    		                                                               
      payments to retire perpetual preferred operating partnership units
    		                                                               
      purchases of company stock
    		                                                               
      cash paid for interest including capitalized amounts of 35 and 294 for the six months ended june 30, 2005 and 2004, respectively
    		                                                               
      unrealized gains on interest rate swaps
    		                                                               
    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.