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Reportable Segments | 9 Months Ended
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Sep. 30, 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 or nine months ended September 30, 2025 or 2024. The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2025 and 2024: Quarter Ended September 30, 2025
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 373,340 |  |  | $ | 15,232 |  |  | $ | 388,572 |
Operations expenses | (189,338) |  |  | (13,626) |  |  | (202,964) |
NOI | 184,002 |  |  | 1,606 |  |  | 185,608 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (52,313) |
Gain/(Loss) on sale of real estate and impairment, net |  |  |  |  | 31 |
Interest income |  |  |  |  | 2,770 |
Income from other investments, net |  |  |  |  | 1,972 |
General and administrative |  |  |  |  | (8,791) |
Casualty-related charges/(recoveries), net |  |  |  |  | 3,748 |
Other expenses |  |  |  |  | (711) |
Interest and related amortization |  |  |  |  | (33,659) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 1,708 |
Consolidated net income |  |  |  |  | $ | 100,363 |
Total assets | $ | 5,478,166 |  |  | $ | 269,015 |  |  | $ | 5,747,181 |
Capital improvements | $ | 66,072 |  |  | $ | 5,202 |  |  | $ | 71,274 |
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) |
NOI | 174,087 |  |  | 2,806 |  |  | 176,893 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (50,934) |
Gain/(Loss) on sale of real estate and impairment, net |  |  |  |  | (1,798) |
Interest income (1) |  |  |  |  | 2,430 |
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 |
_____________________ (1)Prior period amounts have been reclassified to conform to the current period presentation. Nine Months Ended September 30, 2025
(amounts in thousands) | Property Operations |  | Home Sales and Rentals Operations |  | Consolidated
Operations revenues | $ | 1,100,807 |  |  | $ | 43,423 |  |  | $ | 1,144,230 |
Operations expenses | (546,985) |  |  | (38,348) |  |  | (585,333) |
NOI | 553,822 |  |  | 5,075 |  |  | 558,897 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (155,904) |
Gain/(Loss) on sale of real estate and impairment, net |  |  |  |  | (652) |
Interest income |  |  |  |  | 7,210 |
Income from other investments, net |  |  |  |  | 6,074 |
General and administrative |  |  |  |  | (28,485) |
Casualty-related charges/(recoveries), net |  |  |  |  | 4,072 |
Other expenses |  |  |  |  | (2,530) |
Interest and related amortization |  |  |  |  | (96,995) |
Equity in income of unconsolidated joint ventures |  |  |  |  | 6,562 |
Consolidated net income |  |  |  |  | $ | 298,249 |
Total assets | $ | 5,478,166 |  |  | $ | 269,015 |  |  | $ | 5,747,181 |
Capital improvements | $ | 165,585 |  |  | $ | 10,348 |  |  | $ | 175,933 |
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) |
NOI | 528,354 |  |  | 10,291 |  |  | 538,645 |
Reconciliation to consolidated net income: |  |  |  |  |
Depreciation and amortization |  |  |  |  | (153,386) |
Gain/(Loss) on sale of real estate and impairment, net |  |  |  |  | (1,798) |
Interest income (1) |  |  |  |  | 7,018 |
Income from other investments, net |  |  |  |  | 6,860 |
General and administrative |  |  |  |  | (30,248) |
Casualty-related charges/(recoveries), net |  |  |  |  | 20,422 |
Other expenses (1) |  |  |  |  | (3,881) |
Interest and related amortization |  |  |  |  | (106,077) |
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 |
_____________________ (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 and nine months ended September 30, 2025 and 2024:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Rental income | $ | 323,827 |  |  | $ | 311,072 |  |  | $ | 957,387 |  |  | $ | 921,555 |
Annual membership subscriptions | 17,868 |  |  | 16,714 |  |  | 51,112 |  |  | 49,298 |
Membership upgrade revenue | 3,120 |  |  | 4,173 |  |  | 9,292 |  |  | 12,170 |
Other income | 15,220 |  |  | 16,440 |  |  | 47,248 |  |  | 48,186 |
Gross revenues from ancillary services | 13,305 |  |  | 13,905 |  |  | 35,768 |  |  | 37,818 |
Total property operations revenues | 373,340 |  |  | 362,304 |  |  | 1,100,807 |  |  | 1,069,027 |
Expenses: |  |  |  |  |  |  |
Utility expense | 45,830 |  |  | 42,998 |  |  | 125,281 |  |  | 120,796 |
Payroll | 32,502 |  |  | 32,247 |  |  | 92,588 |  |  | 92,055 |
Repairs & maintenance | 26,710 |  |  | 26,072 |  |  | 79,094 |  |  | 74,613 |
Insurance and other | 26,837 |  |  | 26,299 |  |  | 78,876 |  |  | 78,099 |
Real estate taxes | 20,585 |  |  | 20,731 |  |  | 64,073 |  |  | 61,617 |
Membership sales and marketing | 4,199 |  |  | 6,448 |  |  | 12,192 |  |  | 17,871 |
Cost of ancillary services | 6,788 |  |  | 7,520 |  |  | 17,410 |  |  | 20,021 |
Ancillary operating expenses | 5,610 |  |  | 5,737 |  |  | 16,041 |  |  | 16,290 |
Property management | 20,277 |  |  | 20,165 |  |  | 61,430 |  |  | 59,311 |
Total property operations expenses | 189,338 |  |  | 188,217 |  |  | 546,985 |  |  | 540,673 |
NOI | $ | 184,002 |  |  | $ | 174,087 |  |  | $ | 553,822 |  |  | $ | 528,354 |
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2025 and 2024:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Rental income (1) | $ | 3,610 |  |  | $ | 3,396 |  |  | $ | 10,543 |  |  | $ | 10,299 |
Gross revenue from home sales and brokered resales | 11,622 |  |  | 16,934 |  |  | 32,880 |  |  | 60,639 |
Total revenues | 15,232 |  |  | 20,330 |  |  | 43,423 |  |  | 70,938 |
Expenses: |  |  |  |  |  |  |
Rental home operating and maintenance | 1,364 |  |  | 1,394 |  |  | 3,815 |  |  | 4,335 |
Cost of home sales and brokered resales | 10,686 |  |  | 14,531 |  |  | 30,232 |  |  | 51,647 |
Home selling expenses | 1,576 |  |  | 1,599 |  |  | 4,301 |  |  | 4,665 |
Total expenses | 13,626 |  |  | 17,524 |  |  | 38,348 |  |  | 60,647 |
NOI | $ | 1,606 |  |  | $ | 2,806 |  |  | $ | 5,075 |  |  | $ | 10,291 |
______________________ (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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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