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v3.21.2

Reportable Segments (Tables) | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Schedule of Segment Financial Information | The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2021 and 2020: Quarter Ended September 30, 2021
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 298,099 |  |  | $ | 31,755 |  |  | $ | 329,854 |
Operations expenses | (148,094) |  |  | (28,588) |  |  | (176,682) |
Income from segment operations | 150,005 |  |  | 3,167 |  |  | 153,172 |
Interest income | 1,320 |  |  | 483 |  |  | 1,803 |
Depreciation and amortization | (41,761) |  |  | (2,653) |  |  | (44,414) |
Loss on sale of real estate, net | — |  |  | — |  |  | — |
Income (loss) from operations | $ | 109,564 |  |  | $ | 997 |  |  | $ | 110,561 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 2 |
Income from other investments, net |  |  |  |  | 1,238 |
General and administrative |  |  |  |  | (10,401) |
Other expenses |  |  |  |  | (797) |
Interest and related amortization |  |  |  |  | (27,361) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 851 |
Early debt retirement |  |  |  |  | — |
Consolidated net income |  |  |  |  | $ | 74,093 |
Total assets | $ | 4,723,386 |  |  | $ | 258,474 |  |  | $ | 4,981,860 |
Capital improvements | $ | 52,146 |  |  | $ | 32,169 |  |  | $ | 84,315 |
Quarter Ended September 30, 2020
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 264,284 |  |  | $ | 17,473 |  |  | $ | 281,757 |
Operations expenses | (132,780) |  |  | (15,825) |  |  | (148,605) |
Income from segment operations | 131,504 |  |  | 1,648 |  |  | 133,152 |
Interest income | 1,104 |  |  | 694 |  |  | 1,798 |
Depreciation and amortization | (35,878) |  |  | (2,703) |  |  | (38,581) |
Income (loss) from operations | $ | 96,730 |  |  | $ | (361) |  |  | $ | 96,369 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 3 |
Income from other investments, net |  |  |  |  | 1,428 |
General and administrative |  |  |  |  | (9,692) |
Other expenses |  |  |  |  | (658) |
Interest and related amortization |  |  |  |  | (25,218) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 968 |
Early debt retirement |  |  |  |  | (9,732) |
Consolidated net income |  |  |  |  | $ | 53,468 |
Total assets | $ | 3,997,064 |  |  | $ | 263,349 |  |  | $ | 4,260,413 |
Capital improvements | $ | 40,387 |  |  | $ | 11,527 |  |  | $ | 51,914 |
Nine Months Ended September 30, 2021
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 857,032 |  |  | $ | 80,622 |  |  | $ | 937,654 |
Operations expenses | (414,298) |  |  | (72,519) |  |  | (486,817) |
Income from segment operations | 442,734 |  |  | 8,103 |  |  | 450,837 |
Interest income | 3,720 |  |  | 1,566 |  |  | 5,286 |
Depreciation and amortization | (130,169) |  |  | (7,958) |  |  | (138,127) |
Gain on sale of real estate, net | (59) |  |  | — |  |  | (59) |
Income (loss) from operations | $ | 316,226 |  |  | $ | 1,711 |  |  | $ | 317,937 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 28 |
Income from other investments, net |  |  |  |  | 3,396 |
General and administrative |  |  |  |  | (31,141) |
Other expenses |  |  |  |  | (2,295) |
Interest and related amortization |  |  |  |  | (80,767) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 2,786 |
Early debt retirement |  |  |  |  | (2,784) |
Consolidated net income |  |  |  |  | $ | 207,160 |
Total assets | $ | 4,723,386 |  |  | $ | 258,474 |  |  | $ | 4,981,860 |
Capital improvements | $ | 129,919 |  |  | $ | 74,118 |  |  | $ | 204,037 |
Nine Months Ended September 30, 2020
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 764,913 |  |  | $ | 46,147 |  |  | $ | 811,060 |
Operations expenses | (369,974) |  |  | (41,468) |  |  | (411,442) |
Income from segment operations | 394,939 |  |  | 4,679 |  |  | 399,618 |
Interest income | 3,240 |  |  | 2,148 |  |  | 5,388 |
Depreciation and amortization | (107,709) |  |  | (8,228) |  |  | (115,937) |
Income (loss) from operations | $ | 290,470 |  |  | $ | (1,401) |  |  | $ | 289,069 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 11 |
Income from other investments, net |  |  |  |  | 3,093 |
General and administrative |  |  |  |  | (31,156) |
Other expenses |  |  |  |  | (1,885) |
Interest and related amortization |  |  |  |  | (77,540) |
Equity in income of unconsolidated joint venture |  |  |  |  | 2,239 |
Early debt retirement |  |  |  |  | (10,786) |
Consolidated net income |  |  |  |  | $ | 173,045 |
Total assets | $ | 3,997,064 |  |  | $ | 263,349 |  |  | $ | 4,260,413 |
Capital Improvements | $ | 110,544 |  |  | $ | 44,517 |  |  | $ | 155,061 |
Financial Information for the Property Operations Segment | The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2021 and 2020:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |
Rental income | $ | 265,431 |  |  | $ | 234,711 |  |  | $ | 761,580 |  |  | $ | 683,960 |
Annual membership subscriptions | 15,127 |  |  | 13,442 |  |  | 43,048 |  |  | 39,476 |
Membership upgrade sales current period, gross | 10,122 |  |  | 6,631 |  |  | 29,343 |  |  | 16,522 |
Membership upgrade sales upfront payments, deferred, net | (7,253) |  |  | (4,171) |  |  | (21,134) |  |  | (9,379) |
Other income | 12,053 |  |  | 12,268 |  |  | 36,759 |  |  | 33,007 |
Ancillary services revenues, net | 2,619 |  |  | 1,403 |  |  | 7,436 |  |  | 1,327 |
Total property operations revenues | 298,099 |  |  | 264,284 |  |  | 857,032 |  |  | 764,913 |
Expenses: |  |  |  |  |  |  |
Property operating and maintenance | 107,626 |  |  | 97,848 |  |  | 296,607 |  |  | 264,159 |
Real estate taxes | 18,408 |  |  | 15,981 |  |  | 54,154 |  |  | 49,490 |
Sales and marketing, gross | 6,513 |  |  | 5,054 |  |  | 18,987 |  |  | 13,308 |
Membership sales commissions, deferred, net | (1,468) |  |  | (630) |  |  | (4,405) |  |  | (1,327) |
Property management | 17,015 |  |  | 14,527 |  |  | 48,955 |  |  | 44,344 |
Total property operations expenses | 148,094 |  |  | 132,780 |  |  | 414,298 |  |  | 369,974 |
Income from property operations segment | $ | 150,005 |  |  | $ | 131,504 |  |  | $ | 442,734 |  |  | $ | 394,939 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2021 and 2020:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |
Rental income (a) | $ | 4,142 |  |  | $ | 4,158 |  |  | $ | 12,713 |  |  | $ | 12,218 |
Gross revenue from home sales | 27,276 |  |  | 13,070 |  |  | 66,923 |  |  | 33,245 |
Brokered resale revenues, net | 337 |  |  | 245 |  |  | 986 |  |  | 684 |
Ancillary services revenues, net | — |  |  | — |  |  | — |  |  | — |
Total revenues | 31,755 |  |  | 17,473 |  |  | 80,622 |  |  | 46,147 |
Expenses: |  |  |  |  |  |  |
Rental home operating and maintenance | 1,538 |  |  | 1,718 |  |  | 4,093 |  |  | 4,306 |
Cost of home sales | 25,847 |  |  | 12,866 |  |  | 64,571 |  |  | 33,627 |
Home selling expenses | 1,203 |  |  | 1,241 |  |  | 3,855 |  |  | 3,535 |
Total expenses | 28,588 |  |  | 15,825 |  |  | 72,519 |  |  | 41,468 |
Income from home sales and rentals operations segment | $ | 3,167 |  |  | $ | 1,648 |  |  | $ | 8,103 |  |  | $ | 4,679 |
______________________ (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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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