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Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Segment Financial Information
The following tables summarize our segment financial information (amounts in thousands):
Year Ended December 31, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
716,942

 
$
44,467

 
$
761,409

Operations expenses
(345,067
)
 
(36,530
)
 
(381,597
)
Income from segment operations
371,875

 
7,937

 
379,812

Interest income
2,984

 
4,466

 
7,450

Depreciation on real estate and rental homes
(99,980
)
 
(11,085
)
 
(111,065
)
Amortization of in-place leases
(3,999
)
 
—

 
(3,999
)
Income from operations
$
270,880

 
$
1,318

 
272,198

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
897

Income from other investments, net
 
 
 
 
7,053

General and administrative
 
 
 
 
(27,410
)
Property rights initiatives
 
 
 
 
(2,923
)
Early debt retirement
 
 
 
 
(5,087
)
Interest and related amortization
 
 
 
 
(112,295
)
Equity in income of unconsolidated joint ventures
 
 
 
 
4,578

Gain on sale of property
 
 
 
 
1,457

Consolidated net income
 
 
 
 
$
138,468

 
 
 
 
 
 
Total assets
$
3,178,883

 
$
267,456

 
$
3,446,339

Capital improvements
$
35,973

 
$
27,748

 
$
63,721
Year Ended December 31, 2013  
 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
679,992

 
$
33,281

 
$
713,273

Operations expenses
(329,468
)
 
(26,855
)
 
(356,323
)
Income from segment operations
350,524

 
6,426

 
356,950

Interest income
3,397

 
4,373

 
7,770

Depreciation on real estate and rental homes
(101,374
)
 
(6,855
)
 
(108,229
)
Amortization of in-place leases
(1,940
)
 
—

 
(1,940
)
Income from operations
$
250,607

 
$
3,944

 
254,551

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
490

Income from other investments, net
 
 
 
 
7,515

General and administrative
 
 
 
 
(28,211
)
Property rights initiatives
 
 
 
 
(2,771
)
Early debt retirement
 
 
 
 
(37,844
)
Interest and related amortization
 
 
 
 
(118,522
)
Equity in income of unconsolidated joint ventures
 
 
 
 
2,039

Gain on sale of property, net of tax
 
 
 
 
41,525

Discontinued operations
 
 
 
 
7,133

Consolidated net income
 
 
 
 
$
125,905

 
 
 
 
 
 
Total assets
$
3,096,826

 
$
295,483

 
$
3,392,309

Capital improvements
$
26,430

 
$
38,284

 
$
64,714

Year Ended December 31, 2012
 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
648,323

 
$
21,045

 
$
669,368

Operations expenses
(312,286
)
 
(16,778
)
 
(329,064
)
Income from segment operations
336,037

 
4,267

 
340,304

Interest income
3,075

 
4,614

 
7,689

Depreciation on real estate and rental homes
(96,419
)
 
(5,664
)
 
(102,083
)
Amortization of in-place leases
(38,694
)
 
(773
)
 
(39,467
)
Income from operations
$
203,999

 
$
2,444

 
206,443

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
446

Income from other investments, net
 
 
 
 
6,795

General and administrative
 
 
 
 
(26,388
)
Property rights initiatives
 
 
 
 
(1,456
)
Interest and related amortization
 
 
 
 
(123,992
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,899

Gain on sale of property, net of tax
 
 
 
 
4,596

Discontinued operations
 
 
 
 
6,116

Consolidated net income
 
 
 
 
$
74,459

 
 
 
 
 
 
Assets held for use
$
2,985,162

 
$
293,608

 
$
3,278,770

Assets held for disposition
 
 
 
 
119,852

Total assets
 
 
 
 
$
3,398,622

Capital improvements
$
30,863

 
$
44,397

 
$
75,260
Financial Information for Operation Segments
The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2014, 2013, and 2012 (amounts in thousands): 

 
 
December 31,
2014
 
December 31,
2013
 
December 31,
2012
Revenues:
 
 
 
 
 
 
Community base rental income
 
$
426,886

 
$
409,801

 
$
394,606

Resort base rental income
 
163,968

 
147,234

 
134,327

Right-to-use annual payments
 
44,860

 
47,967

 
47,662

Right-to-use contracts current period, gross
 
13,892

 
13,815

 
14,025

Right-to-use contracts current period, deferred
 
(5,501
)
 
(5,694
)
 
(6,694
)
Utility income and other
 
70,209

 
63,800

 
62,470

Ancillary services revenues, net
 
2,628

 
3,069

 
1,927

Total property operations revenues
 
716,942

 
679,992

 
648,323

Expenses:
 
 
 
 
 
 
Property operating and maintenance
 
243,914

 
229,897

 
220,415

Real estate taxes
 
48,714

 
48,279

 
45,590

Sales and marketing, gross
 
12,418

 
13,509

 
11,437

Sales and marketing deferred commissions, net
 
(2,617
)
 
(2,410
)
 
(3,155
)
Property management
 
42,638

 
40,193

 
37,999

Total property operations expenses
 
345,067

 
329,468

 
312,286

Income from property operations segment
 
$
371,875

 
$
350,524

 
$
336,037

The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the years ended December 31, 2014, 2013, and 2012 (amounts in thousands): 
 
December 31,
2014
 
December 31,
2013
 
December 31,
2012
Revenues:
 
 
 
 
 
Gross revenue from home sales
$
28,418

 
$
17,871

 
$
8,230

Brokered resale revenues, net
1,222

 
1,143

 
1,166

Rental home income (a)
14,827

 
14,267

 
11,649

Total revenues
44,467

 
33,281

 
21,045

Expenses:
 
 
 
 
 
Cost of home sales
26,747

 
17,296

 
9,018

Home selling expenses
2,342

 
2,085

 
1,391

Rental home operating and maintenance
7,441

 
7,474

 
6,369

Total expenses
36,530

 
26,855

 
16,778

Income from home sales and rentals operations segment
$
7,937

 
$
6,426

 
$
4,267

(a)
Segment information does not include Site rental income included in Community base rental income.