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Reportable Segments | 3 Months Ended
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Mar. 31, 2013
Reportable Segments | Note 13 – Reportable Segments Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income, depreciation and amortization of in-place leases. We have two reportable segments which are: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2013 and 2012. Note 13 – Reportable Segments (continued) The following tables summarize our segment financial information for the quarters ended March 31, 2013 and 2012 (amounts in thousands): Quarter Ended March 31, 2013
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 178,509 |  |  | $ | 7,322 |  |  | $ | 185,831 |
Operations expenses | (81,738 | ) |  | (5,674 | ) |  | (87,412 | )
Income from segment operations | 96,771 |  |  | 1,648 |  |  | 98,419 |
Interest income | 801 |  |  | 1,356 |  |  | 2,157 |
Depreciation on real estate and rental homes | (24,956 | ) |  | (1,827 | ) |  | (26,783 | )
Amortization of in-place leases | (159 | ) |  | — |  |  | (159 | )
Income from operations | $ | 72,457 |  |  | $ | 1,177 |  |  | 73,634 |
Reconciliation to Consolidated net income |  |  |  |  |
Other revenues |  |  |  |  | 2,600 |
General and administrative |  |  |  |  | (6,816 | )
Interest and related amortization |  |  |  |  | (30,252 | )
Rent control initiatives and other |  |  |  |  | (232 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 576 |
Gain on sale of property, net of tax |  |  |  |  | 958 |
Consolidated net income |  |  |  |  | $ | 40,468 |
Total assets | $ | 3,106,264 |  |  | $ | 320,302 |  |  | $ | 3,426,566 |
Capital improvements | $ | 4,311 |  |  | $ | 12,726 |  |  | $ | 17,037 |
Quarter Ended March 31, 2012
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 171,741 |  |  | $ | 5,432 |  |  | $ | 177,173 |
Operations expenses | (78,116 | ) |  | (4,154 | ) |  | (82,270 | )
Income from segment operations | 93,625 |  |  | 1,278 |  |  | 94,903 |
Interest income | 854 |  |  | 1,667 |  |  | 2,521 |
Depreciation on real estate and rental homes | (24,677 | ) |  | (1,422 | ) |  | (26,099 | )
Amortization of in-place leases | (17,894 | ) |  | (471 | ) |  | (18,365 | )
Income from operations | $ | 51,908 |  |  | $ | 1,052 |  |  | 52,960 |
Reconciliation to Consolidated net income |  |  |  |  |
Other revenues |  |  |  |  | 1,597 |
General and administrative |  |  |  |  | (6,232 | )
Interest and related amortization |  |  |  |  | (30,956 | )
Rent control initiatives and other |  |  |  |  | (479 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 763 |
Consolidated net income |  |  |  |  | $ | 17,653 |
Total assets | $ | 3,268,224 |  |  | $ | 224,345 |  |  | $ | 3,492,569 |
Capital improvements | $ | 5,464 |  |  | $ | 8,673 |  |  | $ | 14,137 |
Note 13 – Reportable Segments (continued) The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2013 and 2012 (amounts in thousands):
| Quarters Ended
| March 31, 2013 |  | March 31, 2012
Revenues: |  |  |
Community base rental income | $ | 105,813 |  |  | $ | 102,954 |
Resort base rental income | 40,739 |  |  | 37,579 |
Right-to-use annual payments | 11,523 |  |  | 11,751 |
Right-to-use contracts current period, gross | 2,831 |  |  | 2,244 |
Right-to-use contracts current period, deferred | (1,040 | ) |  | (607 | )
Utility income and other | 17,165 |  |  | 16,403 |
Ancillary services revenues, net | 1,478 |  |  | 1,417 |
Total property operations revenues | 178,509 |  |  | 171,741 |
Expenses: |  |  |
Property operating and maintenance | 56,674 |  |  | 54,442 |
Real estate taxes | 12,917 |  |  | 12,522 |
Sales and marketing, gross | 2,361 |  |  | 1,643 |
Sales and marketing deferred commissions, net | (463 | ) |  | (242 | )
Property management | 10,249 |  |  | 9,751 |
Total property operations expenses | 81,738 |  |  | 78,116 |
Income from property operations segment | $ | 96,771 |  |  | $ | 93,625 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2013 and 2012 (amounts in thousands):
| Quarters Ended
March 31, 2013 |  | March 31, 2012
Revenues: |  |  |
Gross revenue from home sales | $ | 2,839 |  |  | $ | 2,060 |
Brokered resale revenues, net | 318 |  |  | 329 |
Rental home income (a) | 4,165 |  |  | 3,043 |
Total revenues | 7,322 |  |  | 5,432 |
Expenses: |  |  |
Cost of home sales | 2,960 |  |  | 2,216 |
Home selling expenses | 527 |  |  | 333 |
Rental home operating and maintenance | 2,187 |  |  | 1,605 |
Total expenses | 5,674 |  |  | 4,154 |
Income from home sales and rentals operations segment | $ | 1,648 |  |  | $ | 1,278 |
______________________
(a) | Does not include approximately $10.6 million and $8.1 million for the quarters ended March 31, 2013 and 2012, respectively, of site rental income included in Community base rental income.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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