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Reportable Segments | 12 Months Ended
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Dec. 31, 2015
Segment Reporting [Abstract] |
Reportable Segments | 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 identified two reportable segments: (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. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences. All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the three years ended December 31, 2015, 2014, and 2013. The following tables summarize our segment financial information (amounts in thousands): Year Ended December 31, 2015
| Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 758,834 |  |  | $ | 48,431 |  |  | $ | 807,265 |
Operations expenses | (360,353 | ) |  | (42,637 | ) |  | (402,990 | )
Income from segment operations | 398,481 |  |  | 5,794 |  |  | 404,275 |
Interest income | 2,813 |  |  | 4,119 |  |  | 6,932 |
Depreciation on real estate assets and rental homes | (102,747 | ) |  | (10,862 | ) |  | (113,609 | )
Amortization of in-place leases | (2,358 | ) |  | — |  |  | (2,358 | )
Income (loss) from operations | $ | 296,189 |  |  | $ | (949 | ) |  | 295,240 |
Reconciliation to Consolidated net income |  |  |  |  |
Corporate interest income |  |  |  |  | 98 |
Income from other investments, net |  |  |  |  | 7,359 |
General and administrative |  |  |  |  | (30,644 | )
Property rights initiatives and other |  |  |  |  | (2,986 | )
Early debt retirement |  |  |  |  | (16,913 | )
Interest and related amortization |  |  |  |  | (105,731 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 4,089 |
Consolidated net income |  |  |  |  | $ | 150,512 |
Total assets | $ | 3,177,531 |  |  | $ | 242,530 |  |  | $ | 3,420,061 |
Capital improvements | $ | 51,369 |  |  | $ | 42,430 |  |  | $ | 93,799 |
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 assets 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 and other |  |  |  |  | (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 assets 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 and other |  |  |  |  | (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 |
The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2015, 2014, and 2013 (amounts in thousands):
|  | December 31, 2015 |  | December 31, 2014 |  | December 31, 2013
Revenues: |  |  |  |  |  |
Community base rental income |  | $ | 442,046 |  |  | $ | 426,886 |  |  | $ | 409,801 |
Resort base rental income |  | 184,760 |  |  | 163,968 |  |  | 147,234 |
Right-to-use annual payments |  | 44,443 |  |  | 44,860 |  |  | 47,967 |
Right-to-use contracts current period, gross |  | 12,783 |  |  | 13,892 |  |  | 13,815 |
Right-to-use contract upfront payments, deferred, net |  | (4,231 | ) |  | (5,501 | ) |  | (5,694 | )
Utility income and other |  | 76,153 |  |  | 70,209 |  |  | 63,800 |
Ancillary services revenues, net |  | 2,880 |  |  | 2,628 |  |  | 3,069 |
Total property operations revenues |  | 758,834 |  |  | 716,942 |  |  | 679,992 |
Expenses: |  |  |  |  |  |
Property operating and maintenance |  | 254,668 |  |  | 243,914 |  |  | 229,897 |
Real estate taxes |  | 50,962 |  |  | 48,714 |  |  | 48,279 |
Sales and marketing, gross |  | 11,751 |  |  | 12,418 |  |  | 13,509 |
Right-to-use contract commissions, deferred, net |  | (1,556 | ) |  | (2,617 | ) |  | (2,410 | )
Property management |  | 44,528 |  |  | 42,638 |  |  | 40,193 |
Total property operations expenses |  | 360,353 |  |  | 345,067 |  |  | 329,468 |
Income from property operations segment |  | $ | 398,481 |  |  | $ | 371,875 |  |  | $ | 350,524 |
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, 2015, 2014, and 2013 (amounts in thousands):
|  | December 31, 2015 |  | December 31, 2014 |  | December 31, 2013
Revenues: |  |  |  |  |  |
Gross revenue from home sales |  | $ | 33,150 |  |  | $ | 28,418 |  |  | $ | 17,871 |
Brokered resale revenues, net |  | 1,269 |  |  | 1,222 |  |  | 1,143 |
Rental home income (a) |  | 14,012 |  |  | 14,827 |  |  | 14,267 |
Total revenues |  | 48,431 |  |  | 44,467 |  |  | 33,281 |
Expenses: |  |  |  |  |  |
Cost of home sales |  | 32,279 |  |  | 26,747 |  |  | 17,296 |
Home selling expenses |  | 3,191 |  |  | 2,342 |  |  | 2,085 |
Rental home operating and maintenance |  | 7,167 |  |  | 7,441 |  |  | 7,474 |
Total expenses |  | 42,637 |  |  | 36,530 |  |  | 26,855 |
Income from home sales and rentals operations segment |  | $ | 5,794 |  |  | $ | 7,937 |  |  | $ | 6,426 |
(a) | Segment information does not include 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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: 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 Reference 3: 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 4: 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 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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