XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.25.1

Reportable Segments | 3 Months Ended
--- | ---
Mar. 31, 2025
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. Each segment is primarily evaluated based on Net Operating Income (“NOI”) which is defined as total operating revenues less total operating expenses. 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 ended March 31, 2025 or 2024. The following tables summarize our segment financial information for the quarters ended March 31, 2025 and 2024: Quarter Ended March 31, 2025
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 369,086 |  |  | $ | 13,992 |  |  | $ | 383,078 |
Operations expenses | (172,731) |  |  | (11,699) |  |  | (184,430) |
NOI | 196,355 |  |  | 2,293 |  |  | 198,648 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (50,942) |
Interest income |  |  |  |  | 2,238 |
Income from other investments, net |  |  |  |  | 2,018 |
General and administrative |  |  |  |  | (9,239) |
Casualty-related charges/(recoveries), net |  |  |  |  | (217) |
Other expenses |  |  |  |  | (1,878) |
Interest and related amortization |  |  |  |  | (31,136) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 4,901 |
Consolidated net income |  |  |  |  | $ | 114,393 |
Total assets | $ | 5,398,043 |  |  | $ | 244,321 |  |  | $ | 5,642,364 |
Capital improvements | $ | 43,531 |  |  | $ | 1,671 |  |  | $ | 45,202 |
Quarter Ended March 31, 2024
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 359,736 |  |  | $ | 22,626 |  |  | $ | 382,362 |
Operations expenses | (169,405) |  |  | (19,286) |  |  | (188,691) |
NOI | 190,331 |  |  | 3,340 |  |  | 193,671 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (51,108) |
Interest income |  |  |  |  | 2,168 |
Income from other investments, net |  |  |  |  | 2,038 |
General and administrative |  |  |  |  | (11,989) |
Casualty-related charges/(recoveries), net |  |  |  |  | 14,843 |
Other expenses (1) |  |  |  |  | (1,092) |
Interest and related amortization |  |  |  |  | (33,543) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 283 |
Consolidated net income |  |  |  |  | $ | 115,271 |
Total assets | $ | 5,366,765 |  |  | $ | 263,469 |  |  | $ | 5,630,234 |
Capital improvements | $ | 51,408 |  |  | $ | 3,298 |  |  | $ | 54,706 |
_____________________ (1)Prior period amounts have been reclassified to conform to the current period presentation. The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2025 and 2024:
| Quarters Ended March 31, |  |
(amounts in thousands) | 2025 |  | 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
Rental income | $ | 323,813 |  |  | $ | 313,083 |  |  |  |  |
Annual membership subscriptions | 16,342 |  |  | 16,215 |  |  |  |  |
Membership upgrade revenue | 3,052 |  |  | 3,947 |  |  |  |  |
Other income | 15,555 |  |  | 15,548 |  |  |  |  |
Gross revenues from ancillary services | 10,324 |  |  | 10,943 |  |  |  |  |
Total property operations revenues | 369,086 |  |  | 359,736 |  |  |  |  |
Expenses: |  |  |  |  |  |  |
Utility expense | 40,269 |  |  | 39,202 |  |  |  |  |
Payroll | 28,271 |  |  | 28,268 |  |  |  |  |
Repairs & maintenance | 22,889 |  |  | 21,362 |  |  |  |  |
Insurance and other | 25,989 |  |  | 24,573 |  |  |  |  |
Real estate taxes | 21,643 |  |  | 20,787 |  |  |  |  |
Membership sales and marketing | 3,931 |  |  | 5,297 |  |  |  |  |
Cost of ancillary services | 4,445 |  |  | 5,493 |  |  |  |  |
Ancillary operating expenses | 4,864 |  |  | 4,713 |  |  |  |  |
Property management | 20,430 |  |  | 19,710 |  |  |  |  |
Total property operations expenses | 172,731 |  |  | 169,405 |  |  |  |  |
NOI | $ | 196,355 |  |  | $ | 190,331 |  |  |  |  |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2025 and 2024:
| Quarters Ended March 31, |  |
(amounts in thousands) | 2025 |  | 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
Rental income (1) | $ | 3,393 |  |  | $ | 3,516 |  |  |  |  |
Gross revenue from home sales and brokered resales | 10,599 |  |  | 19,110 |  |  |  |  |
Total revenues | 13,992 |  |  | 22,626 |  |  |  |  |
Expenses: |  |  |  |  |  |  |
Rental home operating and maintenance | 1,148 |  |  | 1,378 |  |  |  |  |
Cost of home sales and brokered resales | 9,247 |  |  | 16,474 |  |  |  |  |
Home selling expenses | 1,304 |  |  | 1,434 |  |  |  |  |
Total expenses | 11,699 |  |  | 19,286 |  |  |  |  |
NOI | $ | 2,293 |  |  | $ | 3,340 |  |  |  |  |
______________________ (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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration