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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 51,088 $ 5,055 $ 27,750
Non-cash items included in Net Income:      
Depreciation 45,124 41,707 36,811
Amortization of Financing Costs 1,001 1,027 758
Stock Compensation Expense 3,447 1,327 1,939
Provision for Uncollectible Notes and Other Receivables 1,213 1,546 1,408
Gain on Sales of Marketable Securities, net (2,342) 0 0
(Increase) Decrease in Fair Value of Marketable Securities (25,052) 14,119 (14,915)
Loss on Sales of Investment Property and Equipment 170 216 111
Changes in Operating Assets and Liabilities:      
Inventory of Manufactured Homes 1,791 6,517 (8,264)
Notes and Other Receivables, net of notes acquired with acquisitions (9,957) (9,965) (7,909)
Prepaid Expenses and Other Assets (1,557) (2,058) (3,817)
Accounts Payable (116) (182) 699
Accrued Liabilities and Deposits (134) 6,720 3,164
Tenant Security Deposits 487 810 781
Net Cash Provided by Operating Activities 65,163 66,839 38,516
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of Manufactured Home Communities, net of mortgages assumed (18,405) (5,320) (36,654)
Purchase of Investment Property and Equipment (59,270) (76,761) (64,535)
Proceeds from Sales of Investment Property and Equipment 2,859 2,657 2,745
Additions to Land Development Costs (27,428) (23,241) (22,231)
Purchase of Marketable Securities (18) (1,105) (1,800)
Proceeds from Sales of Marketable Securities 16,835 (0) 125
Investment in Joint Venture (8,937) 0 0
Net Cash Used in Investing Activities (94,364) (103,770) (122,350)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from Mortgages, net of mortgages assumed 6,070 105,984 44,850
Net Proceeds (Payments) from Short Term Borrowings (40,448) 3,309 (24,373)
Principal Payments of Mortgages and Loans (25,618) (7,115) (21,624)
Financing Costs on Debt (167) (4,737) (752)
Proceeds from Issuance of Preferred Stock, net of offering costs (0) (0) 96,688
Proceeds from At-The-Market Preferred Equity Program, net of offering costs 53,213 96,141 15,931
Redemption of 8.0% Series B Preferred Stock 0 (95,017) 0
Proceeds from At-The-Market Common Equity Program, net of offering costs 179,069 1,743 (0)
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments 6,267 6,003 23,796
Repurchase of Preferred Stock, net 0 (12) 0
Repurchase of Common Stock, net 0 (1,830) (237)
Proceeds from Exercise of Stock Options 8,601 659 2,603
Preferred Dividends Paid (29,839) (31,943) (25,709)
Common Dividends Paid, net of dividend reinvestments (31,514) (26,657) (21,120)
Net Cash Provided by Financing Activities 125,634 46,528 90,053
Net Increase in Cash, Cash Equivalents and Restricted Cash 96,433 9,597 6,219
Cash, Cash Equivalents and Restricted Cash at Beginning of Year 28,593 18,996 12,777
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR $ 125,026 $ 28,593 $ 18,996