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Reportable Segments | 9 Months Ended
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Sep. 30, 2024
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 or nine months ended September 30, 2024 or 2023. The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2024 and 2023: Quarter Ended September 30, 2024
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 362,304 |  |  | $ | 20,330 |  |  | $ | 382,634 |
Operations expenses | (188,217) |  |  | (17,524) |  |  | (205,741) |
Income from segment operations | 174,087 |  |  | 2,806 |  |  | 176,893 |
Interest income | 1,916 |  |  | 474 |  |  | 2,390 |
Depreciation and amortization | (48,528) |  |  | (2,406) |  |  | (50,934) |
Loss on sale of real estate and impairment, net | (1,798) |  |  | — |  |  | (1,798) |
Income from operations | $ | 125,677 |  |  | $ | 874 |  |  | $ | 126,551 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 40 |
Income from other investments, net |  |  |  |  | 2,192 |
General and administrative |  |  |  |  | (9,274) |
Casualty-related charges/(recoveries), net |  |  |  |  | (591) |
Other expenses |  |  |  |  | (1,402) |
Interest and related amortization |  |  |  |  | (36,497) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 5,874 |
Early debt retirement |  |  |  |  | (30) |
Consolidated net income |  |  |  |  | $ | 86,863 |
Total assets | $ | 5,397,984 |  |  | $ | 246,135 |  |  | $ | 5,644,119 |
Capital improvements | $ | 55,690 |  |  | $ | 2,708 |  |  | $ | 58,398 |
Quarter Ended September 30, 2023
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 351,243 |  |  | $ | 32,961 |  |  | $ | 384,204 |
Operations expenses | (183,579) |  |  | (28,502) |  |  | (212,081) |
Income from segment operations | 167,664 |  |  | 4,459 |  |  | 172,123 |
Interest income | 1,637 |  |  | 631 |  |  | 2,268 |
Depreciation and amortization | (48,242) |  |  | (2,726) |  |  | (50,968) |
Loss on sale of real estate and impairment, net | (949) |  |  | — |  |  | (949) |
Income from operations | $ | 120,110 |  |  | $ | 2,364 |  |  | $ | 122,474 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 8 |
Income from other investments, net |  |  |  |  | 2,333 |
General and administrative |  |  |  |  | (9,895) |
Other expenses |  |  |  |  | (1,338) |
Interest and related amortization |  |  |  |  | (33,434) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 661 |
Early debt retirement |  |  |  |  | (68) |
Consolidated net income |  |  |  |  | $ | 80,741 |
Total assets | $ | 5,351,993 |  |  | $ | 274,298 |  |  | $ | 5,626,291 |
Capital improvements | $ | 79,750 |  |  | $ | 2,420 |  |  | $ | 82,170 |
Nine Months Ended September 30, 2024
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,069,027 |  |  | $ | 70,938 |  |  | $ | 1,139,965 |
Operations expenses | (540,673) |  |  | (60,647) |  |  | (601,320) |
Income from segment operations | 528,354 |  |  | 10,291 |  |  | 538,645 |
Interest income | 5,361 |  |  | 1,487 |  |  | 6,848 |
Depreciation and amortization | (145,920) |  |  | (7,466) |  |  | (153,386) |
Loss on sale of real estate and impairment, net | (1,798) |  |  | — |  |  | (1,798) |
Income from operations | $ | 385,997 |  |  | $ | 4,312 |  |  | $ | 390,309 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 170 |
Income from other investments, net |  |  |  |  | 6,860 |
General and administrative |  |  |  |  | (30,248) |
Casualty-related charges/(recoveries), net |  |  |  |  | 20,422 |
Other expenses |  |  |  |  | (4,120) |
Interest and related amortization |  |  |  |  | (106,077) |
Income tax benefit |  |  |  |  | 239 |
Equity in income of unconsolidated joint ventures |  |  |  |  | 6,736 |
Early debt retirement |  |  |  |  | (30) |
Consolidated net income |  |  |  |  | $ | 284,261 |
Total assets | $ | 5,397,984 |  |  | $ | 246,135 |  |  | $ | 5,644,119 |
Capital improvements | $ | 165,791 |  |  | $ | 9,838 |  |  | $ | 175,629 |
Nine Months Ended September 30, 2023
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,029,609 |  |  | $ | 85,650 |  |  | $ | 1,115,259 |
Operations expenses | (526,052) |  |  | (73,559) |  |  | (599,611) |
Income from segment operations | 503,557 |  |  | 12,091 |  |  | 515,648 |
Interest income | 4,819 |  |  | 1,782 |  |  | 6,601 |
Depreciation and amortization | (144,659) |  |  | (8,275) |  |  | (152,934) |
Loss on sale of real estate and impairment, net | (3,581) |  |  | — |  |  | (3,581) |
Income from operations | $ | 360,136 |  |  | $ | 5,598 |  |  | $ | 365,734 |
Reconciliation to consolidated net income: |  |  |  |  |
Corporate interest income |  |  |  |  | 22 |
Income from other investments, net |  |  |  |  | 6,897 |
General and administrative |  |  |  |  | (38,163) |
Other expenses |  |  |  |  | (4,187) |
Interest and related amortization |  |  |  |  | (99,144) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 2,158 |
Early debt retirement |  |  |  |  | (68) |
Consolidated net income |  |  |  |  | $ | 233,249 |
Total assets | $ | 5,351,993 |  |  | $ | 274,298 |  |  | $ | 5,626,291 |
Capital improvements | $ | 208,576 |  |  | $ | 22,596 |  |  | $ | 231,172 |
The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2024 and 2023:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental income | $ | 311,072 |  |  | $ | 299,781 |  |  | $ | 921,555 |  |  | $ | 877,310 |
Annual membership subscriptions | 16,714 |  |  | 16,673 |  |  | 49,298 |  |  | 48,832 |
Membership upgrade sales | 4,173 |  |  | 3,744 |  |  | 12,170 |  |  | 10,863 |
Other income | 16,440 |  |  | 15,658 |  |  | 48,186 |  |  | 51,283 |
Gross revenues from ancillary services | 13,905 |  |  | 15,387 |  |  | 37,818 |  |  | 41,321 |
Total property operations revenues | 362,304 |  |  | 351,243 |  |  | 1,069,027 |  |  | 1,029,609 |
Expenses: |  |  |  |  |  |  |
Property operating and maintenance | 127,616 |  |  | 125,081 |  |  | 365,563 |  |  | 357,660 |
Real estate taxes | 20,731 |  |  | 19,017 |  |  | 61,617 |  |  | 56,165 |
Membership sales and marketing | 6,448 |  |  | 5,696 |  |  | 17,871 |  |  | 16,055 |
Cost of ancillary services | 7,520 |  |  | 8,226 |  |  | 20,021 |  |  | 20,562 |
Ancillary operating expenses | 5,737 |  |  | 5,672 |  |  | 16,290 |  |  | 16,900 |
Property management | 20,165 |  |  | 19,887 |  |  | 59,311 |  |  | 58,710 |
Total property operations expenses | 188,217 |  |  | 183,579 |  |  | 540,673 |  |  | 526,052 |
Income from property operations segment | $ | 174,087 |  |  | $ | 167,664 |  |  | $ | 528,354 |  |  | $ | 503,557 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2024 and 2023:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Rental income (1) | $ | 3,396 |  |  | $ | 3,553 |  |  | $ | 10,299 |  |  | $ | 11,130 |
Gross revenue from home sales and brokered resales | 16,934 |  |  | 29,408 |  |  | 60,639 |  |  | 74,520 |
Total revenues | 20,330 |  |  | 32,961 |  |  | 70,938 |  |  | 85,650 |
Expenses: |  |  |  |  |  |  |
Rental home operating and maintenance | 1,394 |  |  | 1,765 |  |  | 4,335 |  |  | 3,883 |
Cost of home sales and brokered resales | 14,531 |  |  | 25,245 |  |  | 51,647 |  |  | 65,318 |
Home selling expenses | 1,599 |  |  | 1,492 |  |  | 4,665 |  |  | 4,358 |
Total expenses | 17,524 |  |  | 28,502 |  |  | 60,647 |  |  | 73,559 |
Income from home sales and rentals operations segment | $ | 2,806 |  |  | $ | 4,459 |  |  | $ | 10,291 |  |  | $ | 12,091 |
______________________ (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. 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