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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ (4,972) $ 51,088 $ 5,055
Non-cash items included in Net Income (Loss):      
Depreciation 48,769 45,124 41,707
Amortization of Financing Costs 1,956 1,001 1,027
Stock Compensation Expense 4,970 3,447 1,327
Provision for Uncollectible Notes and Other Receivables 1,497 1,213 1,546
Gain on Sales of Marketable Securities, net (6,394) (2,342) 0
Decrease (Increase) in Fair Value of Marketable Securities 21,839 (25,052) 14,119
Loss on Sales of Investment Property and Equipment 169 170 216
Changes in Operating Assets and Liabilities:      
Inventory of Manufactured Homes (64,809) 1,791 6,517
Notes and Other Receivables, net of notes acquired with acquisitions (12,740) (9,957) (9,965)
Prepaid Expenses and Other Assets (636) (1,557) (2,058)
Accounts Payable 2,113 (116) (182)
Accrued Liabilities and Deposits (310) (134) 6,720
Tenant Security Deposits 565 487 810
Net Cash Provided by (Used in) Operating Activities (7,983) 65,163 66,839
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of Manufactured Home Communities, net of mortgages assumed (65,562) (18,405) (5,320)
Purchase of Investment Property and Equipment (81,112) (59,270) (76,761)
Proceeds from Sales of Investment Property and Equipment 3,098 2,859 2,657
Additions to Land Development Costs (27,185) (27,428) (23,241)
Purchase of Marketable Securities (19) (18) (1,105)
Proceeds from Sales of Marketable Securities 56,144 16,835 0
Investment in Joint Venture (9,485) (8,937) 0
Net Cash Used in Investing Activities (124,121) (94,364) (103,770)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from Mortgages, net of mortgages assumed 59,801 6,070 105,984
Net Proceeds (Payments) from Short Term Borrowings 107,280 (40,448) 3,309
Principal Payments of Mortgages and Loans (24,294) (25,618) (7,115)
Proceeds from Bond Issuance 102,670 0 0
Financing Costs on Debt (6,561) (167) (4,737)
Investments from Non-Controlling Interest 2,350 0 0
Proceeds from At-The-Market Preferred Equity Program, net of offering costs 9,075 53,213 96,141
Payments on Redemption of Preferred Stock (247,100) 0 (95,017)
Proceeds from At-The-Market Common Equity Program, net of offering costs 100,752 179,069 1,743
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments 5,025 6,267 6,003
Repurchase of Preferred Stock, net 0 0 (12)
Repurchase of Common Stock, net 0 0 (1,830)
Proceeds from Exercise of Stock Options 4,195 8,601 659
Preferred Dividends Paid (24,611) (29,839) (31,943)
Common Dividends Paid, net of dividend reinvestments (40,628) (31,514) (26,657)
Net Cash Provided by Financing Activities 47,954 125,634 46,528
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (84,150) 96,433 9,597
Cash, Cash Equivalents and Restricted Cash at Beginning of Year 125,026 28,593 18,996
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR $ 40,876 $ 125,026 $ 28,593