XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.19.2

Reportable Segments | 6 Months Ended
--- | ---
Jun. 30, 2019
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments We have identified 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. 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 were from external customers and there was no customer who contributed 10% or more of our total revenues during the quarters and six months ended June 30, 2019 or 2018. The following tables summarize our segment financial information for the quarters and six months ended June 30, 2019 and 2018: Quarter Ended June 30, 2019
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 233,848 |  |  | $ | 11,836 |  |  | $ | 245,684 |
Operations expenses | (116,893 | ) |  | (10,558 | ) |  | (127,451 | )
Income from segment operations | 116,955 |  |  | 1,278 |  |  | 118,233 |
Interest income | 950 |  |  | 846 |  |  | 1,796 |
Depreciation and amortization | (35,197 | ) |  | (2,579 | ) |  | (37,776 | )
Income (loss) from operations | $ | 82,708 |  |  | $ | (455 | ) |  | $ | 82,253 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | $ | 7 |
Income from other investments, net |  |  |  |  | 879 |
General and administrative |  |  |  |  | (9,225 | )
Other expenses |  |  |  |  | (540 | )
Interest and related amortization |  |  |  |  | (26,024 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 3,226 |
Early debt retirement |  |  |  |  | (1,491 | )
Consolidated net income |  |  |  |  | $ | 49,085 |
Total assets | $ | 3,766,573 |  |  | $ | 247,905 |  |  | $ | 4,014,478 |
Capital improvements | $ | 28,501 |  |  | $ | 40,502 |  |  | $ | 69,003 |
Quarter Ended June 30, 2018
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 222,167 |  |  | $ | 13,060 |  |  | $ | 235,227 |
Operations expenses | (110,046 | ) |  | (12,234 | ) |  | (122,280 | )
Income from segment operations | 112,121 |  |  | 826 |  |  | 112,947 |
Interest income | 823 |  |  | 1,033 |  |  | 1,856 |
Depreciation and amortization | (31,954 | ) |  | (2,391 | ) |  | (34,345 | )
Income (loss) from operations | $ | 80,990 |  |  | $ | (532 | ) |  | $ | 80,458 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | $ | 6 |
Income from other investments, net |  |  |  |  | 3,413 |
General and administrative |  |  |  |  | (9,669 | )
Other expenses |  |  |  |  | (367 | )
Interest and related amortization |  |  |  |  | (26,285 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,613 |
Consolidated net income |  |  |  |  | $ | 49,169 |
Total assets | $ | 3,477,455 |  |  | $ | 222,734 |  |  | $ | 3,700,189 |
Capital improvements | $ | 26,602 |  |  | $ | 23,459 |  |  | $ | 50,061 |
Six Months Ended June 30, 2019
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 479,864 |  |  | $ | 22,173 |  |  | $ | 502,037 |
Operations expenses | (225,863 | ) |  | (19,477 | ) |  | (245,340 | )
Income from segment operations | 254,001 |  |  | 2,696 |  |  | 256,697 |
Interest income | 1,844 |  |  | 1,696 |  |  | 3,540 |
Depreciation and amortization | (70,740 | ) |  | (5,013 | ) |  | (75,753 | )
Gain on sale of real estate, net | 52,507 |  |  | — |  |  | 52,507 |
Income (loss) from operations | $ | 237,612 |  |  | $ | (621 | ) |  | $ | 236,991 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | $ | 14 |
Income from other investments, net |  |  |  |  | 1,865 |
General and administrative |  |  |  |  | (19,134 | )
Other expenses |  |  |  |  | (967 | )
Interest and related amortization |  |  |  |  | (52,417 | )
Equity in income of unconsolidated joint ventures |  |  |  |  | 4,759 |
Early debt retirement |  |  |  |  | (1,491 | )
Consolidated net income |  |  |  |  | $ | 169,620 |
Total assets | $ | 3,766,573 |  |  | $ | 247,905 |  |  | $ | 4,014,478 |
Capital improvements | $ | 52,906 |  |  | $ | 68,538 |  |  | $ | 121,444 |
Six Months Ended June 30, 2018
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 453,183 |  |  | $ | 25,179 |  |  | $ | 478,362 |
Operations expenses | (215,558 | ) |  | (23,307 | ) |  | (238,865 | )
Income from segment operations | 237,625 |  |  | 1,872 |  |  | 239,497 |
Interest income | 1,631 |  |  | 1,940 |  |  | 3,571 |
Depreciation and amortization | (56,029 | ) |  | (10,690 | ) |  | (66,719 | )
Income (loss) from operations | $ | 183,227 |  |  | $ | (6,878 | ) |  | $ | 176,349 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | $ | 241 |
Income from other investments, net |  |  |  |  | 4,353 |
General and administrative |  |  |  |  | (17,707 | )
Other expenses |  |  |  |  | (710 | )
Interest and related amortization |  |  |  |  | (51,988 | )
Equity in income of unconsolidated joint venture |  |  |  |  | 2,808 |
Consolidated net income |  |  |  |  | $ | 113,346 |
Total assets | $ | 3,477,455 |  |  | $ | 222,734 |  |  | $ | 3,700,189 |
Capital Improvements | $ | 47,870 |  |  | $ | 33,507 |  |  | $ | 81,377 |
The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2019 and 2018:
| Quarters Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |  |
Rental income | $ | 208,375 |  |  | $ | 195,594 |  |  | $ | 428,357 |  |  | $ | 399,072 |
Right-to-use annual payments (membership subscriptions) | 12,586 |  |  | 11,891 |  |  | 24,902 |  |  | 23,410 |
Right-to-use contracts current period, gross (membership upgrade sales) | 5,041 |  |  | 3,944 |  |  | 8,879 |  |  | 7,106 |
Right-to-use contract upfront payments, deferred, net | (2,912 | ) |  | (2,021 | ) |  | (4,683 | ) |  | (3,306 | )
Other income | 10,265 |  |  | 12,536 |  |  | 20,635 |  |  | 25,572 |
Ancillary services revenues, net | 493 |  |  | 223 |  |  | 1,774 |  |  | 1,329 |
Total property operations revenues | 233,848 |  |  | 222,167 |  |  | 479,864 |  |  | 453,183 |
Expenses: |  |  |  |  |  |  |
Property operating and maintenance | 83,576 |  |  | 80,091 |  |  | 160,320 |  |  | 154,999 |
Real estate taxes | 15,107 |  |  | 13,440 |  |  | 30,430 |  |  | 27,575 |
Sales and marketing, gross | 4,214 |  |  | 3,305 |  |  | 7,623 |  |  | 6,117 |
Right-to-use contract commissions, deferred, net | (389 | ) |  | (262 | ) |  | (580 | ) |  | (286 | )
Property management | 14,385 |  |  | 13,472 |  |  | 28,070 |  |  | 27,153 |
Total property operations expenses | 116,893 |  |  | 110,046 |  |  | 225,863 |  |  | 215,558 |
Income from property operations segment | $ | 116,955 |  |  | $ | 112,121 |  |  | $ | 254,001 |  |  | $ | 237,625 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2019 and 2018:
| Quarters Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |  |
Rental income (a) | $ | 3,632 |  |  | $ | 3,561 |  |  | $ | 7,216 |  |  | $ | 7,076 |
Gross revenue from home sales | 7,825 |  |  | 9,105 |  |  | 14,300 |  |  | 17,414 |
Brokered resale revenues, net | 379 |  |  | 369 |  |  | 657 |  |  | 651 |
Ancillary services revenues, net | — |  |  | 25 |  |  | — |  |  | 38 |
Total revenues | 11,836 |  |  | 13,060 |  |  | 22,173 |  |  | 25,179 |
Expenses: |  |  |  |  |  |  |
Property operating and maintenance | 1,292 |  |  | 1,629 |  |  | 2,496 |  |  | 3,053 |
Cost of home sales | 8,164 |  |  | 9,632 |  |  | 14,796 |  |  | 18,206 |
Home selling expenses | 1,102 |  |  | 973 |  |  | 2,185 |  |  | 2,048 |
Total expenses | 10,558 |  |  | 12,234 |  |  | 19,477 |  |  | 23,307 |
Income from home sales and rentals operations segment | $ | 1,278 |  |  | $ | 826 |  |  | $ | 2,696 |  |  | $ | 1,872 |
______________________ (a) Segment information includes income related to rental homes. Income related to Site rent on rental homes is included within property operations.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration