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Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Segment Financial Information
The following tables summarize the Company’s segment financial information (amounts in thousands):
Year Ended December 31, 2012
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
669,270

 
$
23,805

 
$
693,075

Operations expenses
(320,726
)
 
(18,245
)
 
(338,971
)
Income from segment operations
348,544

 
5,560

 
354,104

Interest income
3,075

 
6,488

 
9,563

Depreciation on real estate and rental homes
(98,713
)
 
(6,204
)
 
(104,917
)
Amortization of in-place leases
(44,010
)
 
(1,112
)
 
(45,122
)
Income from operations
$
208,896

 
$
4,732

 
213,628

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
7,239

General and administrative
 
 
 
 
(26,744
)
Acquisition costs
 
 
 
 
(180
)
Interest and related amortization
 
 
 
 
(124,524
)
Rent control initiatives and other
 
 
 
 
(1,456
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,899

Gain on sale of property, net of tax
 
 
 
 
4,596

Consolidated net income
 
 
 
 
$
74,458

Total assets
$
3,078,304

 
$
319,922

 
$
3,398,226

Capital improvements
$
30,863

 
$
44,397

 
$
75,260
Year Ended December 31, 2011  
 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
560,883

 
$
14,864

 
$
575,747

Operations expenses
(279,748
)
 
(12,122
)
 
(291,870
)
Income from segment operations
281,135

 
2,742

 
283,877

Interest income
3,377

 
3,340

 
6,717

Depreciation on real estate and rental homes
(79,923
)
 
(4,334
)
 
(84,257
)
Amortization of in-place leases
(27,707
)
 
(772
)
 
(28,479
)
Income from operations
$
176,882

 
$
976

 
177,858

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
6,735

General and administrative
 
 
 
 
(23,833
)
Acquisition costs
 
 
 
 
(18,493
)
Interest and related amortization
 
 
 
 
(99,668
)
Rent control initiatives and other
 
 
 
 
(2,043
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,948

Consolidated net income
 
 
 
 
$
42,504

Total assets
$
3,274,200

 
$
221,901

 
$
3,496,101

Capital improvements
$
26,224

 
$
35,808

 
$
62,032
Year Ended December 31, 2010
 
Property
Operations
 
Home Sales
and  Rentals
Operations
 
Consolidated
Operations revenues
$
495,150

 
$
11,990

 
$
507,140

Operations expenses
(257,616
)
 
(10,585
)
 
(268,201
)
Income from segment operations
237,534

 
1,405

 
238,939

Interest income
3,263

 
782

 
4,045

Depreciation on real estate and rental homes
(68,067
)
 
(2,885
)
 
(70,952
)
Income from operations
$
172,730

 
$
(698
)
 
172,032

Reconciliation to Consolidated net income
 
 
 
 
 
Other revenues
 
 
 
 
6,114

General and administrative
 
 
 
 
(22,559
)
Goodwill impairment
 
 
 
 
(3,635
)
Interest and related amortization
 
 
 
 
(91,151
)
Rent control initiatives and other
 
 
 
 
(2,200
)
Equity in income of unconsolidated joint ventures
 
 
 
 
2,027

Loss from sale of property
 
 
 
 
(231
)
Consolidated net income
 
 
 
 
$
60,397

Total assets
$
1,914,578

 
$
133,817

 
$
2,048,395

Capital improvements
$
28,852

 
$
19,777

 
$
48,629
Financial Information for Operation Segments
The following table summarizes the Company’s financial information for the Property Operations segment for the years ended December 31, 2012, 2011, and 2010 (amounts in thousands): 
 
 
December 31,
2012
 
December 31,
2011
 
December 31,
2010
Revenues:
 
 
 
 
 
 
Community base rental income
 
$
414,170

 
$
318,851

 
$
259,351

Resort base rental income
 
134,327

 
130,489

 
129,481

Right-to-use annual payments
 
47,662

 
49,122

 
49,831

Right-to-use contracts current period, gross
 
13,433

 
17,856

 
19,496

Right-to-use contracts current period, deferred
 
(6,694
)
 
(11,936
)
 
(14,856
)
Utility income and other
 
64,432

 
53,843

 
48,357

Ancillary services revenues, net
 
1,940

 
2,658

 
3,490

Total property operations revenues
 
669,270

 
560,883

 
495,150

Expenses:
 
 
 
 
 
 
Property operating and maintenance
 
226,952

 
200,623

 
185,786

Real estate taxes
 
47,623

 
37,619

 
32,110

Sales and marketing, gross
 
10,846

 
11,219

 
12,606

Sales and marketing deferred commissions, net
 
(3,155
)
 
(4,789
)
 
(5,525
)
Property management
 
38,460

 
35,076

 
32,639

Total property operations expenses
 
320,726

 
279,748

 
257,616

Income from property operations segment
 
$
348,544

 
$
281,135

 
$
237,534

The following table summarizes the Company’s financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2012, 2011, and 2010 (amounts in thousands): 
 
December 31,
2012
 
December 31,
2011
 
December 31,
2010
Revenues:
 
 
 
 
 
Gross revenue from home sales
$
8,566

 
$
6,088

 
$
6,120

Brokered resale revenues, net
1,174

 
806

 
918

Rental home income (a)
14,065

 
7,970

 
4,952

Total revenues
23,805

 
14,864

 
11,990

Expenses:
 
 
 
 
 
Cost of home sales
9,475

 
5,683

 
5,396

Home selling expenses
1,411

 
1,589

 
2,078

Rental home operating and maintenance
7,359

 
4,850

 
3,111

Total expenses
18,245

 
12,122

 
10,585

Income from home sales and rentals operations segment
$
5,560

 
$
2,742

 
$
1,405

(a)
Does not include approximately $36.2 million, $23.9 million, and $15.3 million of site rental income included in Community base rental income for the years ended December 31, 2012, 2011, and 2010, respectively.