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Reportable Segments (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Summary of Segment Financial Information | The following tables summarize our segment financial information for the years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31, 2022
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,291,467 |  |  | $ | 139,630 |  |  | $ | 1,431,097 |
Operations expenses | (656,839) |  |  | (121,196) |  |  | (778,035) |
Income from segment operations | 634,628 |  |  | 18,434 |  |  | 653,062 |
Interest income | 5,722 |  |  | 1,701 |  |  | 7,423 |
Depreciation and amortization | (192,302) |  |  | (10,060) |  |  | (202,362) |
Income (loss) from operations | $ | 448,048 |  |  | $ | 10,075 |  |  | $ | 458,123 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 7 |
Income from other investments, net |  |  |  |  | 8,553 |
General and administrative |  |  |  |  | (44,857) |
Other expenses |  |  |  |  | (8,646) |
Interest and related amortization |  |  |  |  | (116,562) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 3,363 |
Early debt retirement |  |  |  |  | (1,156) |
Consolidated net income |  |  |  |  | $ | 298,825 |
Total assets | $ | 5,228,575 |  |  | $ | 263,944 |  |  | $ | 5,492,519 |
Capital improvements (1) | $ | 227,172 |  |  | $ | 22,105 |  |  | $ | 249,277 |
_____________________ (1)Amounts are restated See Item 8. Financial Statements and Supplementary Data—Note 3, Restatement of Previously Issued Consolidated Financial Statements for more information.
| Year Ended December 31, 2021
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,187,535 |  |  | $ | 117,297 |  |  | $ | 1,304,832 |
Operations expenses | (594,503) |  |  | (105,959) |  |  | (700,462) |
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) |
Loss 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 |  |  |  |  | (39,576) |
Other expenses |  |  |  |  | (4,241) |
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 (1) | $ | 193,895 |  |  | $ | 10,370 |  |  | $ | 204,265 |
| Year Ended December 31, 2020
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,044,098 |  |  | $ | 63,525 |  |  | $ | 1,107,623 |
Operations expenses | (515,002) |  |  | (57,253) |  |  | (572,255) |
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 ventures |  |  |  |  | 5,399 |
Early debt retirement |  |  |  |  | (10,786) |
Consolidated net income |  |  |  |  | $ | 241,416 |
Total assets | $ | 4,160,216 |  |  | $ | 258,753 |  |  | $ | 4,418,969 |
Capital Improvements (1) | $ | 157,467 |  |  | $ | 10,490 |  |  | $ | 167,957 |
_____________________ (1)Amounts are restated See Item 8. Financial Statements and Supplementary Data—Note 3, Restatement of Previously Issued Consolidated Financial Statements for more information.
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, 2022, 2021 and 2020:
| Years Ended December 31,
(amounts in thousands) | 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
Rental income | $ | 1,103,357 |  |  | $ | 1,015,879 |  |  | $ | 907,305 |
Annual membership subscriptions | 63,215 |  |  | 58,251 |  |  | 53,085 |
Membership upgrade sales (1) | 12,958 |  |  | 11,191 |  |  | 9,677 |
Other income | 56,144 |  |  | 50,298 |  |  | 46,008 |
Gross revenues from ancillary services | 55,793 |  |  | 51,916 |  |  | 28,023 |
Total property operations revenues | 1,291,467 |  |  | 1,187,535 |  |  | 1,044,098 |
Expenses: |  |  |  |  |
Property operating and maintenance | 437,764 |  |  | 393,256 |  |  | 348,394 |
Real estate taxes | 74,145 |  |  | 72,671 |  |  | 66,120 |
Membership sales and marketing (1) | 20,317 |  |  | 18,668 |  |  | 15,672 |
Cost of ancillary services | 28,969 |  |  | 25,529 |  |  | 12,920 |
Ancillary operating expenses | 21,561 |  |  | 18,400 |  |  | 13,929 |
Property management | 74,083 |  |  | 65,979 |  |  | 57,967 |
Total property operations expenses | 656,839 |  |  | 594,503 |  |  | 515,002 |
Income from property operations segment | $ | 634,628 |  |  | $ | 593,032 |  |  | $ | 529,096 |
_____________________ (1)Beginning with the quarter ended June 30, 2023, we present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2022, 2021 and 2020:
| Years Ended December 31,
(amounts in thousands) | 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
Rental income (1) | $ | 15,244 |  |  | $ | 16,696 |  |  | $ | 16,438 |
Gross revenue from home sales and brokered resales | 124,386 |  |  | 100,601 |  |  | 47,087 |
Total revenues | 139,630 |  |  | 117,297 |  |  | 63,525 |
Expenses: |  |  |  |  |
Cost of home sales and brokered resales | 110,043 |  |  | 95,094 |  |  | 46,735 |
Home selling expenses | 5,760 |  |  | 5,138 |  |  | 4,572 |
Rental home operating and maintenance | 5,393 |  |  | 5,727 |  |  | 5,946 |
Total expenses | 121,196 |  |  | 105,959 |  |  | 57,253 |
Income from home sales and rentals operations segment | $ | 18,434 |  |  | $ | 11,338 |  |  | $ | 6,272 |
_____________________ (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.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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