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v3.22.2

Reportable Segments | 6 Months Ended
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Jun. 30, 2022
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 six months ended ended June 30, 2022 or 2021. The following tables summarize our segment financial information for the quarters and six months ended June 30, 2022 and 2021: Quarter Ended June 30, 2022
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 320,888 |  |  | $ | 40,078 |  |  | $ | 360,966 |
Operations expenses | (171,960) |  |  | (34,635) |  |  | (206,595) |
Income from segment operations | 148,928 |  |  | 5,443 |  |  | 154,371 |
Interest income | 1,381 |  |  | 341 |  |  | 1,722 |
Depreciation and amortization | (48,297) |  |  | (2,499) |  |  | (50,796) |
Income from operations | $ | 102,012 |  |  | $ | 3,285 |  |  | $ | 105,297 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | — |
Income from other investments, net |  |  |  |  | 2,617 |
General and administrative |  |  |  |  | (11,695) |
Other expenses |  |  |  |  | (4,189) |
Interest and related amortization |  |  |  |  | (28,053) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,253 |
Early debt retirement |  |  |  |  | (640) |
Consolidated net income |  |  |  |  | $ | 64,590 |
Total assets | $ | 5,150,884 |  |  | $ | 248,704 |  |  | $ | 5,399,588 |
Capital improvements | $ | 64,690 |  |  | $ | 32,698 |  |  | $ | 97,388 |
Quarter Ended June 30, 2021
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 297,847 |  |  | $ | 29,293 |  |  | $ | 327,140 |
Operations expenses | (153,136) |  |  | (26,726) |  |  | (179,862) |
Income from segment operations | 144,711 |  |  | 2,567 |  |  | 147,278 |
Interest income | 1,252 |  |  | 468 |  |  | 1,720 |
Depreciation and amortization | (45,631) |  |  | (2,685) |  |  | (48,316) |
Income (loss) from operations | $ | 100,332 |  |  | $ | 350 |  |  | $ | 100,682 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 22 |
Income from other investments, net |  |  |  |  | 1,222 |
General and administrative |  |  |  |  | (10,228) |
Other expenses |  |  |  |  | (800) |
Interest and related amortization |  |  |  |  | (27,131) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,068 |
Early debt retirement |  |  |  |  | (755) |
Consolidated net income |  |  |  |  | $ | 64,080 |
Total assets | $ | 4,566,507 |  |  | $ | 257,500 |  |  | $ | 4,824,007 |
Capital improvements | $ | 41,306 |  |  | $ | 21,639 |  |  | $ | 62,945 |
Six Months Ended June 30, 2022
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 646,327 |  |  | $ | 71,178 |  |  | $ | 717,505 |
Operations expenses | (326,964) |  |  | (62,463) |  |  | (389,427) |
Income from segment operations | 319,363 |  |  | 8,715 |  |  | 328,078 |
Interest income | 2,758 |  |  | 721 |  |  | 3,479 |
Depreciation and amortization | (95,174) |  |  | (5,016) |  |  | (100,190) |
Income (loss) from operations | $ | 226,947 |  |  | $ | 4,420 |  |  | $ | 231,367 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 2 |
Income from other investments, net |  |  |  |  | 4,521 |
General and administrative |  |  |  |  | (23,992) |
Other expenses |  |  |  |  | (5,009) |
Interest and related amortization |  |  |  |  | (55,517) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,424 |
Early debt retirement |  |  |  |  | (1,156) |
Consolidated net income |  |  |  |  | $ | 151,640 |
Total assets | $ | 5,150,884 |  |  | $ | 248,704 |  |  | $ | 5,399,588 |
Capital improvements | $ | 119,680 |  |  | $ | 61,355 |  |  | $ | 181,035 |
Six Months Ended June 30, 2021
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 578,927 |  |  | $ | 49,238 |  |  | $ | 628,165 |
Operations expenses | (286,198) |  |  | (44,302) |  |  | (330,500) |
Income from segment operations | 292,729 |  |  | 4,936 |  |  | 297,665 |
Interest income | 2,400 |  |  | 1,083 |  |  | 3,483 |
Depreciation and amortization | (88,409) |  |  | (5,305) |  |  | (93,714) |
Loss on sale of real estate, net | (59) |  |  | — |  |  | (59) |
Income (loss) from operations | $ | 206,661 |  |  | $ | 714 |  |  | $ | 207,375 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 26 |
Income from other investments, net |  |  |  |  | 2,158 |
General and administrative |  |  |  |  | (20,740) |
Other expenses |  |  |  |  | (1,498) |
Interest and related amortization |  |  |  |  | (53,406) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,936 |
Early debt retirement |  |  |  |  | (2,784) |
Consolidated net income |  |  |  |  | $ | 133,067 |
Total assets | $ | 4,566,507 |  |  | $ | 257,500 |  |  | $ | 4,824,007 |
Capital improvements | $ | 77,774 |  |  | $ | 41,949 |  |  | $ | 119,723 |
The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2022 and 2021:
| Quarters Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |  |
Rental income | $ | 271,516 |  |  | $ | 251,420 |  |  | $ | 552,620 |  |  | $ | 496,149 |
Annual membership subscriptions | 15,592 |  |  | 14,267 |  |  | 30,749 |  |  | 27,921 |
Membership upgrade sales current period, gross | 9,535 |  |  | 9,207 |  |  | 16,686 |  |  | 19,221 |
Membership upgrade sales upfront payments, deferred, net | (6,367) |  |  | (6,454) |  |  | (10,451) |  |  | (13,881) |
Other income | 14,195 |  |  | 14,185 |  |  | 27,736 |  |  | 24,706 |
Gross revenues from ancillary services | 16,417 |  |  | 15,222 |  |  | 28,987 |  |  | 24,811 |
Total property operations revenues | 320,888 |  |  | 297,847 |  |  | 646,327 |  |  | 578,927 |
Expenses: |  |  |  |  |  |  |
Property operating and maintenance | 113,081 |  |  | 101,351 |  |  | 215,671 |  |  | 188,981 |
Real estate taxes | 19,182 |  |  | 17,896 |  |  | 38,639 |  |  | 35,746 |
Sales and marketing, gross | 6,409 |  |  | 6,298 |  |  | 11,323 |  |  | 12,474 |
Membership sales commissions, deferred, net | (957) |  |  | (1,438) |  |  | (1,540) |  |  | (2,937) |
Cost of ancillary services | 9,138 |  |  | 7,725 |  |  | 14,874 |  |  | 11,615 |
Ancillary operating expenses | 6,008 |  |  | 4,744 |  |  | 11,027 |  |  | 8,379 |
Property management | 19,099 |  |  | 16,560 |  |  | 36,970 |  |  | 31,940 |
Total property operations expenses | 171,960 |  |  | 153,136 |  |  | 326,964 |  |  | 286,198 |
Income from property operations segment | $ | 148,928 |  |  | $ | 144,711 |  |  | $ | 319,363 |  |  | $ | 292,729 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2022 and 2021:
| Quarters Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |  |
Rental income (a) | $ | 3,814 |  |  | $ | 4,278 |  |  | $ | 7,775 |  |  | $ | 8,571 |
Gross revenue from home sales and brokered resales | 36,264 |  |  | 25,015 |  |  | 63,403 |  |  | 40,667 |
Total revenues | 40,078 |  |  | 29,293 |  |  | 71,178 |  |  | 49,238 |
Expenses: |  |  |  |  |  |  |
Rental home operating and maintenance | 1,226 |  |  | 1,312 |  |  | 2,628 |  |  | 2,555 |
Cost of home sales and brokered resales | 31,833 |  |  | 24,068 |  |  | 56,796 |  |  | 39,095 |
Home selling expenses | 1,576 |  |  | 1,346 |  |  | 3,039 |  |  | 2,652 |
Total expenses | 34,635 |  |  | 26,726 |  |  | 62,463 |  |  | 44,302 |
Income from home sales and rentals operations segment | $ | 5,443 |  |  | $ | 2,567 |  |  | $ | 8,715 |  |  | $ | 4,936 |
______________________ (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 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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