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Reportable Segments | 12 Months Ended
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Dec. 31, 2024
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”). 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. The CODM, who is our President and Chief Executive Officer, uses Net Operating Income ("NOI") as the primary financial measure to evaluate segment performance. NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The CODM regularly uses NOI predominately in comparing current financial performance with past financial performance, identifying business trends, and forecasting future periods in making resource allocation decisions and managing expenses to maximize value for the Company and its shareholders. 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, 2024, 2023 and 2022. 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 |
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 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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