EQUITY LIFESTYLE PROPERTIES, INC. ELS Cash Flow

Equity lifestyle properties, inc. (ELS)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash Flows From Operating Activities:
Consolidated net income
246,111	295,922	291,176	282,660	282,744	226,386	220,980	216,186	211,479	210,377	204,784	196,675	193,017	187,132	184,518	179,867	175,889	150,512	145,007	133,177	126,391	138,468	132,922	137,582	129,327	125,905	126,204	112,760	97,274	74,459	49,307	29,170	34,525	42,504	49,237	65,189	64,502	60,397	0	0	0
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Gain on sale of real estate, net
0	52,507	52,507	52,507	52,507	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,525	46,140	5,554	5,554	4,596	0	0	0	-	-	-	-	-	-	-	-
Early debt retirement
2,545	1,491	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	16,913	16,922	22,009	22,078	5,087	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
155,204	153,980	150,050	147,905	144,375	138,688	135,968	131,422	127,270	124,951	122,259	121,239	119,984	118,521	117,067	115,951	115,269	114,698	113,725	113,071	112,406	111,872	110,454	109,085	111,384	110,505	109,466	109,553	105,969	105,578	104,340	101,083	93,142	85,235	78,210	73,121	72,607	72,129	0	0	0
Loss on discontinued real estate and other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Amortization of Intangible Assets
-	-	-	-	-	-	-	-	-	-	3,362	4,600	4,070	3,373	2,547	1,787	2,028	2,358	2,158	2,617	3,349	3,999	4,928	4,338	3,096	1,940	1,611	8,674	26,916	45,122	0	0	0	-	-	-	-	-	-	-	-
Amortization of loan costs
3,464	3,479	3,512	3,560	3,580	3,564	3,545	3,530	3,519	3,546	3,624	3,790	3,797	3,878	3,982	3,989	4,112	4,216	4,292	4,406	4,634	4,783	4,920	5,035	5,138	5,304	5,451	5,715	5,759	5,754	6,033	5,830	5,621	5,305	4,407	3,844	3,588	3,325	0	0	0
Debt premium amortization
-496	-483	-1,557	-1,780	-2,003	-2,259	-1,608	-1,756	-1,913	-2,211	-2,413	-2,818	-3,152	-3,382	-3,519	-3,505	-3,552	-3,869	-4,212	-4,639	-5,064	-5,185	-5,201	-6,587	-6,661	-6,842	-7,087	-6,224	-6,549	-6,764	-6,650	-5,242	-3,544	-1,817	-433	6	17	13	0	0	0
Equity in income of unconsolidated joint ventures
7,429	8,755	9,620	6,890	5,277	4,939	4,485	4,383	3,810	3,765	3,339	3,149	2,874	2,605	2,625	4,011	4,086	4,089	4,416	3,770	3,575	4,578	4,183	3,386	3,350	2,039	1,129	1,246	1,417	1,899	1,840	1,848	1,916	1,948	1,902	1,956	1,970	2,027	0	0	0
Distributions of income from unconsolidated joint ventures
4,456	5,133	6,263	4,398	4,309	4,122	3,801	3,465	2,378	3,003	3,473	3,048	3,381	2,819	1,670	3,464	3,694	3,584	3,824	2,854	2,493	3,362	2,929	1,881	2,145	1,311	1,691	1,831	1,843	1,839	1,607	1,616	1,668	1,841	1,829	3,334	2,914	2,831	0	0	0
Proceeds from insurance claims, net
136	3,530	10,136	11,138	9,644	8,525	-497	49	1,128	2,722	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Compensation expense related to restricted stock and stock options
11,044	10,500	10,492	10,504	10,620	10,000	9,874	9,684	9,445	9,400	9,198	9,045	9,022	9,181	9,110	9,015	8,796	8,582	8,838	9,097	8,535	7,568	6,618	5,667	5,551	5,952	5,664	5,228	5,512	5,797	5,519	6,078	5,937	5,762	6,187	5,940	5,636	5,436	0	0	0
Revenue recognized from membership upgrade sales upfront payments
8,894	8,660	8,425	8,206	8,001	7,811	8,360	8,912	9,471	10,020	9,825	9,638	9,444	9,248	9,080	8,923	8,758	8,552	8,517	8,509	8,481	8,391	8,877	8,548	8,264	8,121	7,784	7,638	7,485	7,331	6,592	6,415	6,200	5,920	5,627	5,321	5,008	4,640	0	0	0
Commission expense recognized related to membership sales
3,669	3,667	3,667	3,666	3,646	3,609	3,897	4,117	4,320	4,509	4,405	4,332	4,237	4,149	4,037	3,918	3,768	3,595	3,463	3,312	3,079	2,934	2,768	2,644	2,655	2,601	2,542	2,472	2,388	2,310	2,234	2,150	2,062	1,946	1,825	1,703	1,572	1,432	0	0	0
Long-term incentive plan compensation
1,527	-2,843	-2,869	-2,893	-3,049	1,176	1,155	1,134	1,248	1,347	1,472	1,597	1,722	-2,929	-3,372	-3,536	-3,701	973	1,430	1,607	1,785	1,900	1,901	1,901	1,901	1,907	1,571	1,348	991	782	1,639	1,659	1,813	1,813	1,088	1,088	997	725	0	0	0
Provision for (recovery of) uncollectible rents receivable
-	-	-	-	-	-	-	-	-	-	-1,344	-1,209	-869	-744	711	872	210	537	694	974	1,212	101	-369	-486	-334	230	3,152	3,459	3,140	3,243	3,047	2,932	3,254	3,569	3,168	3,226	3,029	2,714	0	0	0
Changes in assets and liabilities:
Notes receivable, net
3,275	2,836	2,047	1,968	764	247	1,814	586	826	1,510	469	426	-8	-217	-394	-528	-514	-66	-329	-14	384	1,037	1,516	1,581	1,531	123	-111	-447	-771	-409	-1,535	-556	-539	-477	404	-596	-532	-494	0	0	0
Deferred commission expense
4,493	4,508	4,268	4,533	4,497	4,274	4,441	4,307	4,317	4,577	4,578	4,701	4,836	4,659	4,691	5,042	5,624	5,871	6,359	6,687	6,175	6,272	5,988	5,270	5,157	5,011	5,347	5,848	5,764	5,465	5,702	5,489	6,093	6,735	6,502	6,505	6,685	6,957	0	0	0
Rent and other customer receivables, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	-	-	-	0
Inventory - Retail
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	3,207	2,096	343	391	0	0	0
Other assets, net
-34,183	-11,621	-11,302	-7,728	-8,683	-26,898	-25,900	-30,959	-32,550	-31,056	-33,299	-31,848	-33,730	-33,993	-32,117	-29,692	-36,795	-44,095	-43,362	-43,367	-29,286	-22,230	-21,841	-19,752	-13,556	-7,180	-2,440	-1,639	-7,310	-5,889	-9,929	7,167	10,241	10,393	11,680	-3,981	-12,827	-11,645	0	0	0
Accounts payable and other liabilities
-6,920	15,578	25,331	26,303	25,490	9,615	-1,432	-1,527	-432	-4,735	11,682	13,935	4,337	10,322	-5,284	-10,390	3,126	5,632	5,590	2,394	-2,939	-5,282	760	1,916	3,978	83	-1,223	1,676	-2,921	-3,041	-1,150	3,037	6,428	6,736	2,337	-9,776	-7,236	-7,886	0	0	0
Rents and other customer payments received in advance and security deposits
3,172	6,635	4,326	7,032	3,670	1,701	6,324	29,585	3,095	2,354	2,566	-19,788	2,915	2,276	1,493	4,985	3,953	6,631	6,026	8,104	3,592	3,097	4,203	4,272	5,495	4,385	2,594	3,413	1,725	1,123	3,362	2,178	1,476	1,696	2,846	5,719	4,005	3,381	0	0	0
Deferred revenue upfront payments from right-to-use contracts
-	-	-	-	-	-	-	-	-	-	-	-	13,001	-	11,809	12,026	12,518	12,783	13,644	13,923	13,608	13,892	14,428	13,967	14,065	13,815	14,244	15,031	14,612	14,025	14,440	14,332	16,247	17,856	17,422	17,588	18,412	19,496	0	0	0
Deferred revenue right-to-use annual payments
-	-	-	-	-	-	-	-	-	-	-	-	-299	-	-282	-265	-78	88	98	-896	-1,648	-1,346	-693	-771	-669	48	-645	-1,074	-1,290	-789	-215	-811	-1,384	-765	-943	-834	-569	39	0	0	0
Net cash provided by operating activities
446,314	443,520	438,670	428,804	420,481	414,084	399,427	394,970	385,860	377,987	381,102	378,537	364,424	352,362	340,245	329,743	345,433	352,882	344,622	334,280	301,731	285,745	285,955	278,688	269,602	255,349	245,297	245,491	242,964	236,445	244,234	209,398	190,180	175,641	148,941	159,099	169,411	163,309	0	0	0
Cash Flows From Investing Activities:
Real estate acquisitions, net
173,751	185,411	278,600	219,282	217,191	234,108	266,193	187,788	166,481	136,552	22,204	24,094	90,857	98,244	78,203	76,203	18,879	23,687	50,433	60,852	49,360	81,391	55,993	161,933	161,933	117,707	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from disposition of properties, net
0	77,746	77,746	77,746	77,746	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-deferred exchange deposit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-10,576	-12,355	1,400	1,400	11,976	0	0	0	-	-	-	-	-	-	-	-	-786	0	0	0
Investment in unconsolidated joint ventures
-	-	-	-	-	4,497	3,780	34,869	37,136	33,345	33,613	2,401	134	5,134	5,000	5,000	5,000	4,000	4,000	5,004	4,989	3,489	4,981	4,006	5,141	2,641	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions of capital from unconsolidated joint ventures
6,444	6,352	5,962	5,455	454	396	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	2,580	411	116	116	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from insurance claims
7,439	8,200	8,017	6,719	8,439	7,943	8,694	5,371	3,433	3,626	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from (purchase of) short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-52,266	0	0	0	-	-	-	0
Repayments of notes receivable
-	-	-	-	-	13,823	6,179	8,769	11,362	0	-145	-122	-251	0	10,382	10,300	10,598	10,490	10,271	10,386	10,388	14,899	14,806	14,937	15,283	11,552	11,890	10,973	10,823	11,071	0	0	0	-	-	-	-	-	-	-	-
Issuance of notes receivable
-	-	-	-	-	-	-	-	-	13,823	14,861	14,340	338	0	9,516	10,112	9,937	9,791	9,886	8,884	8,924	9,441	9,817	10,504	11,043	10,343	9,398	7,247	6,204	5,727	0	0	0	-	-	-	-	-	-	-	-
Net (borrowings) repayments of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,807	2,414	-1,561	-1,176	0	0	0
Capital improvements
254,511	257,993	242,974	221,689	202,747	181,622	166,609	153,963	133,012	126,050	119,998	117,194	121,296	119,437	113,277	107,247	100,034	93,799	89,914	79,446	69,981	63,721	57,788	55,398	57,677	64,714	70,667	80,550	78,160	75,260	73,800	68,114	65,230	62,032	57,860	52,703	51,780	48,629	0	0	0
Net cash provided by (used in) investing activities
-415,362	-352,089	-431,414	-351,757	-334,005	-398,065	-412,918	-357,238	-332,656	-305,355	-188,515	-152,818	-208,205	-218,602	-191,520	-188,182	-123,172	-120,707	-141,713	-139,234	-118,300	-127,885	-98,905	-60,213	-63,820	-37,854	-58,112	-94,593	-90,190	-86,565	-216,085	-453,683	-706,345	-701,848	-603,349	-355,117	-99,488	-98,933	0	0	0
Cash Flows From Financing Activities:
Proceeds from stock options and employee stock purchase plan
2,449	2,482	6,137	6,204	5,962	5,813	6,906	6,993	7,011	6,911	8,241	7,990	7,637	12,557	6,205	5,978	6,153	4,899	5,055	5,082	5,084	1,326	1,090	886	862	968	2,024	4,814	5,098	4,932	6,216	5,507	5,508	5,484	3,344	1,404	2,095	2,182	0	0	0
Common Stockholders
222,406	216,098	209,697	202,782	196,466	190,211	183,506	177,079	170,608	163,770	157,368	151,191	144,809	140,057	135,414	130,780	126,417	122,077	117,735	113,365	108,782	102,346	95,911	93,697	83,382	62,546	79,663	72,901	104,651	89,489	0	0	0	-	-	-	-	-	-	-	-
Common OP Unitholders
13,156	13,104	13,052	13,038	12,728	12,411	12,095	11,738	11,428	11,631	11,846	12,064	12,232	11,888	11,531	11,179	10,822	10,470	10,118	9,789	9,557	9,123	8,692	6,311	7,565	5,648	5,410	6,962	8,428	6,696	0	0	0	-	-	-	-	-	-	-	-
Acquisition of non-controlling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,581	0	0	0
Preferred Stockholders
-	-	-	-	-	-	-	-	-	6,928	9,226	9,226	9,226	9,226	9,226	9,226	9,226	9,226	9,235	9,249	9,261	9,274	9,278	9,278	9,279	9,280	10,102	11,184	20,955	14,613	0	0	0	-	-	-	-	-	-	-	-
Distributions to Common Stockholders, Common OP Unitholders, Perpetual Preferred OP Unitholders and Preferred Stockholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Stock repurchase and Unit redemption
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,682	1,871	1,871	1,845	2,054	0	0	0
Share based award tax withholding payments
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments and mortgage debt repayment
169,136	121,028	316,394	315,353	247,231	245,335	246,446	251,857	250,430	270,530	93,867	152,804	155,083	142,731	118,903	51,593	82,894	456,308	459,123	541,753	541,805	178,040	200,093	478,133	462,750	450,492	428,823	135,180	176,955	167,552	161,602	97,674	77,430	75,658	81,151	148,327	203,891	211,656	0	0	0
Mortgage notes payable financing proceeds
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
New mortgage notes payable financing proceeds
-	-	-	-	-	-	0	0	414,383	-	0	0	0	-	-	-	-	395,323	395,323	510,323	564,323	169,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	76,615	0	0	0
Line of Credit repayment
378,000	155,500	230,000	187,000	207,000	284,000	275,000	198,000	178,000	101,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Line of Credit proceeds
378,000	315,500	270,000	187,000	207,000	254,000	355,000	198,000	178,000	131,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance and defeasance costs
5,250	1,700	6,258	6,448	5,041	6,436	12,581	14,255	14,163	12,567	2,622	1,370	1,416	1,375	699	544	997	24,080	24,090	33,472	34,665	11,651	12,671	43,241	43,108	43,031	42,021	3,905	2,887	3,062	0	0	0	-	-	-	-	1,751	0	0	0
Payments of Stock Issuance Costs
1,427	1,347	1,207	2,248	1,657	1,651	2,657	2,133	1,972	1,947	1,021	447	1,113	1,122	891	992	453	491	865	819	622	595	196	164	319	544	1,663	1,722	1,538	1,261	0	0	0	-	-	-	-	-	-	-	-
Net cash used in financing activities
-78,253	-131,545	-86,366	-40,805	-23,620	17,324	52,137	-56,712	-50,541	-98,796	-184,770	-233,616	-180,844	-158,444	-169,308	-151,635	-227,857	-225,631	-222,658	-194,912	-137,155	-142,573	-129,432	-311,559	-231,162	-196,194	-283,528	-107,970	-173,939	-183,214	-93,076	293,908	576,000	584,008	585,785	129,557	-199,093	-196,845	0	0	0
Net increase (decrease) in cash and restricted cash
-47,301	-40,114	-79,110	36,242	62,856	33,343	38,646	-18,980	2,663	-26,164	7,817	-7,897	-24,625	-24,684	-20,583	-10,074	-5,596	6,544	-19,749	134	46,276	15,287	57,618	-93,084	-25,380	21,301	-96,343	42,928	-21,165	-33,334	-64,927	49,623	59,835	57,801	131,377	-66,461	-129,170	-132,469	0	0	0
Supplemental Information:
Cash paid for interest
101,816	102,027	102,004	101,463	102,163	102,377	102,738	104,093	102,895	102,570	102,507	103,570	104,639	105,556	105,610	105,214	104,405	106,423	103,162	110,710	113,587	112,963	117,969	115,585	117,941	120,497	129,103	127,944	125,943	125,121	116,377	113,705	105,113	96,261	90,252	84,159	85,515	87,888	0	0	0
Capital improvements used homes acquired by repossessions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	797	911	994	909	1,002	1,226	1,217	1,431	1,893	2,053	2,438	2,591	3,531	2,506	4,025	5,313	5,830	6,426	4,389	2,685	0	0	0	-	-	-	-
Net reduction of notes receivable used homes acquired by repossessions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	797	911	994	909	1,002	1,226	1,217	1,431	5,341	4,425	3,636	2,591	7,095	134	2,827	5,313	-1,182	6,426	4,389	2,685	0	0	0	-	-	-	-
Net investment in real estate – reclassification of rental homes
32,059	28,260	27,067	27,854	26,934	30,799	27,853	30,806	33,150	30,732	34,489	34,043	34,417	34,707	33,755	30,730	30,081	28,790	27,718	27,900	25,257	23,494	21,271	18,218	16,130	14,401	10,530	6,859	6,041	4,127	0	0	0	-	-	-	-	-	-	-	-
Other assets, net – reclassification of rental homes
32,059	28,260	27,067	27,854	26,934	30,799	27,853	30,806	33,150	30,732	34,489	34,043	34,417	34,707	33,755	30,730	30,081	28,790	27,718	27,900	25,257	23,494	41,293	29,864	21,078	14,401	-2,276	1,395	2,213	4,127	0	0	0	-	-	-	-	-	-	-	-
Real estate acquisitions:
Investment in real estate
224,931	249,197	354,527	252,244	242,740	265,129	285,196	206,026	190,441	142,255	30,285	30,285	115,073	122,448	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,674	0	0	0
Investment in real estate, cost
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	73,597	85,681	74,081	0	-333,127	-195,125	-195,125	-133,344	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	284	-239	-239	-239	-59	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other assets, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53	-306	-347	-396	12	82	-688	-688	-1,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Debt assumed
8,004	19,212	19,212	19,212	11,208	9,200	9,200	9,200	15,100	5,900	0	0	0	-	-	-	-	-	-	-	-	34,559	-19,946	-19,946	-19,946	-5,382	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Debt financed
-	-	-	-	-	8,786	8,786	8,786	8,786	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate, net
0	52,507	52,507	52,507	52,507	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other liabilities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	224	204	7,318	6,378	6,582	4,765	-3,872	-2,834	-2,834	-1,017	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments to Acquire Commercial Real Estate
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Real estate dispositions:
Other liabilities
-	-	-	-	-	-	0	0	303	-	-40	-40	1,875	1,883	1,955	1,955	-39	62	3,857	2,951	2,998	1,947	-3,005	-1,653	-1,653	-711	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments to Acquire Real Estate
-	-	-	-	-	234,108	266,193	187,788	166,481	136,552	22,204	24,094	90,857	98,244	78,203	76,203	18,879	23,687	0	0	0	-	55,993	161,933	161,933	117,707	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Real estate dispositions:
Investment in real estate
0	35,572	35,572	35,572	35,572	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,531	0	0	0
Notes receivable, net
0	295	295	295	295	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets, net
0	97	97	97	97	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage notes payable, net
0	11,175	11,175	11,175	11,175	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,628	0	0	0
Other liabilities
0	450	450	450	450	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dealer financing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Capital improvements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net repayment of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	97	0	0	0
Gain on sale of real estate, net
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Sale of Productive Assets
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Sale of Real Estate
-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue – upfront payments from membership upgrade sales
Deferred revenue
20,116	19,111	17,831	16,964	15,867	15,191	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue – annual membership subscriptions
Deferred revenue
-727	544	370	216	-65	123	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-