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Reportable Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Segment Financial Information | The following tables summarize our segment financial information for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31, 2024
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,422,422 |  |  | $ | 86,232 |  |  | $ | 1,508,654 |
Operations expenses | (701,838) |  |  | (73,158) |  |  | (774,996) |
NOI | 720,584 |  |  | 13,074 |  |  | 733,658 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (203,879) |
Loss on sale of real estate and impairment, net |  |  |  |  | (2,466) |
Interest income |  |  |  |  | 9,238 |
Income from other investments, net |  |  |  |  | 8,274 |
General and administrative |  |  |  |  | (38,483) |
Casualty-related charges/(recoveries), net |  |  |  |  | 20,950 |
Other expenses |  |  |  |  | (5,533) |
Interest and related amortization |  |  |  |  | (137,710) |
Income tax benefit |  |  |  |  | 354 |
Equity in income of unconsolidated joint ventures |  |  |  |  | 6,248 |
Early debt retirement |  |  |  |  | (5,833) |
Consolidated net income |  |  |  |  | $ | 384,818 |
Total assets | $ | 5,402,509 |  |  | $ | 243,143 |  |  | $ | 5,645,652 |
Capital improvements | $ | 227,942 |  |  | $ | 13,337 |  |  | $ | 241,279 |
| 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) |
NOI | 676,400 |  |  | 15,113 |  |  | 691,513 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (203,738) |
Loss on sale of real estate, net |  |  |  |  | (3,581) |
Corporate interest income |  |  |  |  | 9,037 |
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) |
NOI | 634,628 |  |  | 18,434 |  |  | 653,062 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (202,362) |
Interest income |  |  |  |  | 7,430 |
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 |
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, 2024, 2023 and 2022:
| Years Ended December 31,
(amounts in thousands) | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |
Rental income | $ | 1,219,534 |  |  | $ | 1,164,333 |  |  | $ | 1,103,357 |
Annual membership subscriptions | 65,883 |  |  | 65,379 |  |  | 63,215 |
Membership upgrade sales | 16,433 |  |  | 14,719 |  |  | 12,958 |
Other income | 75,354 |  |  | 67,407 |  |  | 56,144 |
Gross revenues from ancillary services | 45,218 |  |  | 49,954 |  |  | 55,793 |
Total property operations revenues | 1,422,422 |  |  | 1,361,792 |  |  | 1,291,467 |
Expenses: |  |  |  |  |
Utility expense | 159,058 |  |  | 155,160 |  |  | 147,169 |
Payroll | 120,204 |  |  | 120,310 |  |  | 117,858 |
Repairs & maintenance | 93,997 |  |  | 94,424 |  |  | 86,358 |
Insurance and other | 101,510 |  |  | 94,618 |  |  | 86,379 |
Real estate taxes | 81,966 |  |  | 77,993 |  |  | 74,145 |
Membership sales and marketing | 22,063 |  |  | 20,974 |  |  | 20,317 |
Cost of ancillary services | 23,525 |  |  | 24,192 |  |  | 28,969 |
Ancillary operating expenses | 21,401 |  |  | 21,551 |  |  | 21,561 |
Property management | 78,114 |  |  | 76,170 |  |  | 74,083 |
Total property operations expenses | 701,838 |  |  | 685,392 |  |  | 656,839 |
NOI | $ | 720,584 |  |  | $ | 676,400 |  |  | $ | 634,628 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2024, 2023 and 2022:
| Years Ended December 31,
(amounts in thousands) | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |
Rental income (1) | $ | 13,718 |  |  | $ | 14,626 |  |  | $ | 15,244 |
Gross revenue from home sales and brokered resales | 72,514 |  |  | 95,265 |  |  | 124,386 |
Total revenues | 86,232 |  |  | 109,891 |  |  | 139,630 |
Expenses: |  |  |  |  |
Cost of home sales and brokered resales | 61,246 |  |  | 83,476 |  |  | 110,043 |
Home selling expenses | 6,243 |  |  | 5,902 |  |  | 5,760 |
Rental home operating and maintenance | 5,669 |  |  | 5,400 |  |  | 5,393 |
Total expenses | 73,158 |  |  | 94,778 |  |  | 121,196 |
NOI | $ | 13,074 |  |  | $ | 15,113 |  |  | $ | 18,434 |
_____________________ (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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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