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Reportable Segments
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
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 were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters and nine months ended September 30, 2021 or 2020.
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 operations150,005 3,167 153,172 
Interest income1,320 483 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 income2 
Income from other investments, net1,238 
General and administrative(10,401)
Other expenses(797)
Interest and related amortization(27,361)
Equity in income of unconsolidated joint ventures851 
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 operations131,504 1,648 133,152 
Interest income1,104 694 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 income3 
Income from other investments, net1,428 
General and administrative(9,692)
Other expenses(658)
Interest and related amortization(25,218)
Equity in income of unconsolidated joint ventures968 
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 operations442,734 8,103 450,837 
Interest income3,720 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 income28 
Income from other investments, net3,396 
General and administrative(31,141)
Other expenses(2,295)
Interest and related amortization(80,767)
Equity in income of unconsolidated joint ventures2,786 
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 operations394,939 4,679 399,618 
Interest income3,240 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 income11 
Income from other investments, net3,093 
General and administrative(31,156)
Other expenses(1,885)
Interest and related amortization(77,540)
Equity in income of unconsolidated joint venture2,239 
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 







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)2021202020212020
Revenues:
Rental income$265,431 $234,711 $761,580 $683,960 
Annual membership subscriptions15,127 13,442 43,048 39,476 
Membership upgrade sales current period, gross10,122 6,631 29,343 16,522 
Membership upgrade sales upfront payments, deferred, net(7,253)(4,171)(21,134)(9,379)
Other income12,053 12,268 36,759 33,007 
Ancillary services revenues, net2,619 1,403 7,436 1,327 
Total property operations revenues298,099 264,284 857,032 764,913 
Expenses:
Property operating and maintenance107,626 97,848 296,607 264,159 
Real estate taxes18,408 15,981 54,154 49,490 
Sales and marketing, gross6,513 5,054 18,987 13,308 
Membership sales commissions, deferred, net(1,468)(630)(4,405)(1,327)
Property management17,015 14,527 48,955 44,344 
Total property operations expenses148,094 132,780 414,298 369,974 
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)2021202020212020
Revenues:
Rental income (a)
$4,142 $4,158 $12,713 $12,218 
Gross revenue from home sales27,276 13,070 66,923 33,245 
Brokered resale revenues, net337 245 986 684 
Ancillary services revenues, net— — — — 
Total revenues31,755 17,473 80,622 46,147 
Expenses:
Rental home operating and maintenance1,538 1,718 4,093 4,306 
Cost of home sales25,847 12,866 64,571 33,627 
Home selling expenses1,203 1,241 3,855 3,535 
Total expenses28,588 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.