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Reportable Segments | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”). The CODM evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. 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 total portfolio from regional economic influences. All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2023, 2022 and 2021. The following tables summarize our segment financial information for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31, 2023
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,361,792 |  |  | $ | 109,891 |  |  | $ | 1,471,683 |
Operations expenses | (685,392) |  |  | (94,778) |  |  | (780,170) |
Income from segment operations | 676,400 |  |  | 15,113 |  |  | 691,513 |
Interest income | 6,473 |  |  | 2,512 |  |  | 8,985 |
Depreciation and amortization | (192,857) |  |  | (10,881) |  |  | (203,738) |
Loss on sale of real estate and impairment, net | (3,581) |  |  | — |  |  | (3,581) |
Income from operations | $ | 486,435 |  |  | $ | 6,744 |  |  | $ | 493,179 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 52 |
Income from other investments, net |  |  |  |  | 8,703 |
General and administrative |  |  |  |  | (47,280) |
Other expenses |  |  |  |  | (5,768) |
Interest and related amortization |  |  |  |  | (132,342) |
Income tax benefit |  |  |  |  | 10,488 |
Equity in income of unconsolidated joint ventures |  |  |  |  | 2,713 |
Early debt retirement |  |  |  |  | (68) |
Consolidated net income |  |  |  |  | $ | 329,677 |
Total assets | $ | 5,342,386 |  |  | $ | 271,347 |  |  | $ | 5,613,733 |
Capital improvements | $ | 290,081 |  |  | $ | 27,005 |  |  | $ | 317,086 |
| 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 | $ | 227,172 |  |  | $ | 22,105 |  |  | $ | 249,277 |
| 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 | $ | 193,895 |  |  | $ | 10,370 |  |  | $ | 204,265 |
The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2023, 2022 and 2021:
| Years Ended December 31,
(amounts in thousands) | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
Rental income | $ | 1,164,333 |  |  | $ | 1,103,357 |  |  | $ | 1,015,879 |
Annual membership subscriptions | 65,379 |  |  | 63,215 |  |  | 58,251 |
Membership upgrade sales | 14,719 |  |  | 12,958 |  |  | 11,191 |
Other income | 67,407 |  |  | 56,144 |  |  | 50,298 |
Gross revenues from ancillary services | 49,954 |  |  | 55,793 |  |  | 51,916 |
Total property operations revenues | 1,361,792 |  |  | 1,291,467 |  |  | 1,187,535 |
Expenses: |  |  |  |  |
Property operating and maintenance | 464,512 |  |  | 437,764 |  |  | 393,256 |
Real estate taxes | 77,993 |  |  | 74,145 |  |  | 72,671 |
Membership sales and marketing | 20,974 |  |  | 20,317 |  |  | 18,668 |
Cost of ancillary services | 24,192 |  |  | 28,969 |  |  | 25,529 |
Ancillary operating expenses | 21,551 |  |  | 21,561 |  |  | 18,400 |
Property management | 76,170 |  |  | 74,083 |  |  | 65,979 |
Total property operations expenses | 685,392 |  |  | 656,839 |  |  | 594,503 |
Income from property operations segment | $ | 676,400 |  |  | $ | 634,628 |  |  | $ | 593,032 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2023, 2022 and 2021:
| Years Ended December 31,
(amounts in thousands) | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
Rental income (1) | $ | 14,626 |  |  | $ | 15,244 |  |  | $ | 16,696 |
Gross revenue from home sales and brokered resales | 95,265 |  |  | 124,386 |  |  | 100,601 |
Total revenues | 109,891 |  |  | 139,630 |  |  | 117,297 |
Expenses: |  |  |  |  |
Cost of home sales and brokered resales | 83,476 |  |  | 110,043 |  |  | 95,094 |
Home selling expenses | 5,902 |  |  | 5,760 |  |  | 5,138 |
Rental home operating and maintenance | 5,400 |  |  | 5,393 |  |  | 5,727 |
Total expenses | 94,778 |  |  | 121,196 |  |  | 105,959 |
Income from home sales and rentals operations segment | $ | 15,113 |  |  | $ | 18,434 |  |  | $ | 11,338 |
_____________________ (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 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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