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Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2021 and 2020:

Quarter Ended March 31, 2021

(amounts in thousands)			Property Operations						Home Sales and Rentals Operations						Consolidated
Operations revenues			$	273,555					$	19,786					$	293,341
Operations expenses			(125,537)						(17,417)						(142,954)
Income from segment operations			148,018						2,369						150,387
Interest income			1,148						615						1,763
Depreciation and amortization			(42,778)						(2,620)						(45,398)
Loss on sale of real estate, net			(59)						—						(59)
Income (loss) from operations			$	106,329					$	364					$	106,693
Reconciliation to consolidated net income:
Corporate interest income															4
Income from other investments, net															936
General and administrative															(10,512)
Other expenses															(698)
Interest and related amortization															(26,275)
Equity in income of unconsolidated joint ventures															868
Early debt retirement															(2,029)
Consolidated net income															$	68,987
Total assets			$	4,524,713					$	261,002					$	4,785,715
Capital improvements			$	36,468					$	20,310					$	56,778

Quarter Ended March 31, 2020

(amounts in thousands)			Property Operations						Home Sales and Rentals Operations						Consolidated
Operations revenues			$	262,474					$	15,552					$	278,026
Operations expenses			(117,898)						(14,467)						(132,365)
Income from segment operations			144,576						1,085						145,661
Interest income			1,075						727						1,802
Depreciation and amortization			(36,220)						(2,804)						(39,024)
Income (loss) from operations			$	109,431					$	(992)					$	108,439
Reconciliation to consolidated net income:
Corporate interest income															5
Income from other investments, net															643
General and administrative															(10,855)
Other expenses															(588)
Interest and related amortization															(26,073)
Equity in income of unconsolidated joint ventures															207
Early debt retirement															(1,054)
Consolidated net income															$	70,724
Total assets			$	3,936,862					$	275,602					$	4,212,464
Capital improvements			$	32,605					$	16,354					$	48,959

Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2021 and 2020:

			Quarters Ended March 31,
(amounts in thousands)			2021						2020
Revenues:
Rental income			$	244,729					$	235,364
Annual membership subscriptions			13,654						13,073
Membership upgrade sales current period, gross			10,014						4,843
Membership upgrade sales upfront payments, deferred, net			(7,427)						(2,542)
Other income			10,521						11,059
Ancillary services revenues, net			2,064						677
Total property operations revenues			273,555						262,474
Expenses:
Property operating and maintenance			87,630						82,291
Real estate taxes			17,850						16,841
Sales and marketing, gross			6,176						3,978
Membership sales commissions, deferred, net			(1,499)						(216)
Property management			15,380						15,004
Total property operations expenses			125,537						117,898
Income from property operations segment			$	148,018					$	144,576

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2021 and 2020:

			Quarters Ended March 31,
(amounts in thousands)			2021						2020
Revenues:
Rental income (a)			$	4,293					$	3,982
Gross revenue from home sales			15,220						11,309
Brokered resale revenues, net			273						261
Ancillary services revenues, net			—						—
Total revenues			19,786						15,552
Expenses:
Rental home operating and maintenance			1,243						1,343
Cost of home sales			14,868						11,911
Home selling expenses			1,306						1,213
Total expenses			17,417						14,467
Income from home sales and rentals operations segment			$	2,369					$	1,085

______________________

(a)Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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