XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Reportable Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Summary of Segment Financial Information | The following tables summarize our segment financial information for the years ended December 31, 2021, 2020 and 2019:
| Year Ended December 31, 2021
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,143,606 |  |  | $ | 116,517 |  |  | $ | 1,260,123 |
Operations expenses | (550,574) |  |  | (105,179) |  |  | (655,753) |
Income from segment operations | 593,032 |  |  | 11,338 |  |  | 604,370 |
Interest income | 5,068 |  |  | 1,918 |  |  | 6,986 |
Depreciation and amortization | (177,897) |  |  | (10,547) |  |  | (188,444) |
Gain on sale of real estate, net | (59) |  |  | — |  |  | (59) |
Income (loss) from operations | $ | 420,144 |  |  | $ | 2,709 |  |  | $ | 422,853 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 30 |
Income from other investments, net |  |  |  |  | 4,555 |
General and administrative |  |  |  |  | (40,717) |
Other expenses |  |  |  |  | (3,100) |
Interest and related amortization |  |  |  |  | (108,718) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 3,881 |
Early debt retirement |  |  |  |  | (2,784) |
Consolidated net income |  |  |  |  | $ | 276,000 |
Total assets | $ | 5,056,991 |  |  | $ | 250,880 |  |  | $ | 5,307,871 |
Capital improvements | $ | 193,895 |  |  | $ | 96,395 |  |  | $ | 290,290 |
| Year Ended December 31, 2020
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,017,249 |  |  | $ | 63,019 |  |  | $ | 1,080,268 |
Operations expenses | (488,153) |  |  | (56,747) |  |  | (544,900) |
Income from segment operations | 529,096 |  |  | 6,272 |  |  | 535,368 |
Interest income | 4,385 |  |  | 2,754 |  |  | 7,139 |
Depreciation and amortization | (144,235) |  |  | (10,896) |  |  | (155,131) |
Income (loss) from operations | $ | 389,246 |  |  | $ | (1,870) |  |  | $ | 387,376 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 15 |
Income from other investments, net |  |  |  |  | 4,026 |
General and administrative |  |  |  |  | (39,276) |
Other expenses |  |  |  |  | (2,567) |
Interest and related amortization |  |  |  |  | (102,771) |
Equity in income of unconsolidated joint venture |  |  |  |  | 5,399 |
Early debt retirement |  |  |  |  | (10,786) |
Consolidated net income |  |  |  |  | $ | 241,416 |
Total assets | $ | 4,160,216 |  |  | $ | 258,753 |  |  | $ | 4,418,969 |
Capital Improvements | $ | 157,467 |  |  | $ | 59,615 |  |  | $ | 217,082 |
| Year Ended December 31, 2019
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 969,560 |  |  | $ | 50,961 |  |  | $ | 1,020,521 |
Operations expenses | (461,128) |  |  | (45,100) |  |  | (506,228) |
Income from segment operations | 508,432 |  |  | 5,861 |  |  | 514,293 |
Interest income | 3,856 |  |  | 3,324 |  |  | 7,180 |
Depreciation and amortization | (141,472) |  |  | (10,638) |  |  | (152,110) |
Gain on sale of real estate, net | 52,507 |  |  | — |  |  | 52,507 |
Income (loss) from operations | $ | 423,323 |  |  | $ | (1,453) |  |  | $ | 421,870 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 27 |
Income from other investments, net |  |  |  |  | 9,528 |
General and administrative |  |  |  |  | (35,679) |
Other expenses |  |  |  |  | (2,865) |
Interest and related amortization |  |  |  |  | (104,223) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 8,755 |
Early debt retirement |  |  |  |  | (1,491) |
Consolidated net income |  |  |  |  | $ | 295,922 |
Total assets | $ | 3,878,770 |  |  | $ | 272,505 |  |  | $ | 4,151,275 |
Capital Improvements | $ | 116,349 |  |  | $ | 141,644 |  |  | $ | 257,993 |
Summary of Financial Information for the Property Operations Segment | The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2021, 2020 and 2019:
| Years Ended December 31,
(amounts in thousands) | 2021 |  | 2020 |  | 2019
Revenues: |  |  |  |  |
Rental income | $ | 1,015,879 |  |  | $ | 907,305 |  |  | $ | 864,701 |
Annual membership subscriptions | 58,251 |  |  | 53,085 |  |  | 51,015 |
Membership upgrade sales current period, gross | 36,270 |  |  | 21,739 |  |  | 19,111 |
Membership upgrade sales upfront payments, deferred, net | (25,079) |  |  | (12,062) |  |  | (10,451) |
Other income | 50,298 |  |  | 46,008 |  |  | 43,063 |
Ancillary services revenues, net | 7,987 |  |  | 1,174 |  |  | 2,121 |
Total property operations revenues | 1,143,606 |  |  | 1,017,249 |  |  | 969,560 |
Expenses: |  |  |  |  |
Property operating and maintenance | 393,256 |  |  | 348,394 |  |  | 327,917 |
Real estate taxes | 72,671 |  |  | 66,120 |  |  | 62,338 |
Sales and marketing, gross | 23,743 |  |  | 17,332 |  |  | 15,583 |
Membership sales commissions, deferred, net | (5,075) |  |  | (1,660) |  |  | (1,219) |
Property management | 65,979 |  |  | 57,967 |  |  | 56,509 |
Total property operations expenses | 550,574 |  |  | 488,153 |  |  | 461,128 |
Income from property operations segment | $ | 593,032 |  |  | $ | 529,096 |  |  | $ | 508,432 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2021, 2020 and 2019:
| Years Ended December 31,
(amounts in thousands) | 2021 |  | 2020 |  | 2019
Revenues: |  |  |  |  |
Rental income (1) | $ | 16,696 |  |  | $ | 16,438 |  |  | $ | 14,934 |
Gross revenue from home sales | 98,457 |  |  | 45,695 |  |  | 34,655 |
Brokered resale revenues, net | 1,364 |  |  | 886 |  |  | 1,372 |
Total revenues | 116,517 |  |  | 63,019 |  |  | 50,961 |
Expenses: |  |  |  |  |
Cost of home sales | 94,314 |  |  | 46,229 |  |  | 35,096 |
Home selling expenses | 5,138 |  |  | 4,572 |  |  | 4,401 |
Rental home operating and maintenance | 5,727 |  |  | 5,946 |  |  | 5,603 |
Total expenses | 105,179 |  |  | 56,747 |  |  | 45,100 |
Income from home sales and rentals operations segment | $ | 11,338 |  |  | $ | 6,272 |  |  | $ | 5,861 |
_____________________ (1) 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.

X
- 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
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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