XML 46 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Reportable Segments
 3 Months Ended
Mar. 31, 2014
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. The chief operating decision maker evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income, depreciation and amortization of in-place leases.
We have two reportable segments which are: (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.
All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2014 or 2013.




The following tables summarize our segment financial information for the quarters ended March 31, 2014 and 2013 (amounts in thousands):
Quarter Ended March 31, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
183,059

 
$
9,230

 
$
192,289

Operations expenses
(83,663
)
 
(7,845
)
 
(91,508
)
Income from segment operations
99,396

 
1,385

 
100,781

Interest income
797

 
1,109

 
1,906

Depreciation on real estate and rental homes
(24,858
)
 
(2,784
)
 
(27,642
)
Amortization of in-place leases
(1,315
)
 
—

 
(1,315
)
Income from operations
$
74,020

 
$
(290
)
 
73,730

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
791

Income from other investments, net
 
 
 
 
1,601

General and administrative
 
 
 
 
(5,760
)
Interest and related amortization
 
 
 
 
(28,048
)
Property rights initiatives
 
 
 
 
(311
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,887

Consolidated net income
 
 
 
 
$
43,890

 
 
 
 
 
 
Total assets
$
3,118,684

 
$
291,878

 
$
3,410,562

Capital improvements
$
4,994

 
$
5,006

 
$
10,000

Quarter Ended March 31, 2013
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
172,990

 
$
6,407

 
$
179,397

Operations expenses
(79,486
)
 
(5,178
)
 
(84,664
)
Income from segment operations
93,504

 
1,229

 
94,733

Interest income
801

 
977

 
1,778

Depreciation on real estate and rental homes
(24,375
)
 
(1,645
)
 
(26,020
)
Amortization of in-place leases
(159
)
 
—

 
(159
)
Income from operations
$
69,771

 
$
561

 
70,332

Reconciliation to Consolidated net income
 
 
 
 
 
Corporate interest income
 
 
 
 
120

Income from other investments, net
 
 
 
 
2,480

General and administrative
 
 
 
 
(6,711
)
Interest and related amortization
 
 
 
 
(30,123
)
Property rights initiatives
 
 
 
 
(232
)
Equity in income of unconsolidated joint ventures
 
 
 
 
576

Discontinued operations
 
 
 
 
3,068

Gain on sale of property, net of tax
 
 
 
 
958

Consolidated net income
 
 
 
 
$
40,468

 
 
 
 
 
 
Assets held for use
$
3,012,069

 
$
294,692

 
$
3,306,761

Assets held for disposition (a)
 
 
 
 
$
119,805

Total assets
 
 
 
 
$
3,426,566

Capital improvements
$
4,311

 
$
12,726

 
$
17,037

______________________
(a)
Asset balances as of March 31, 2013 for Properties held for disposition, have been reclassified to “Assets held for disposition.”

The following table summarizes our financial information for the Property Operations segment, specific to continuing operations, for the quarters ended March 31, 2014 and 2013 (amounts in thousands):    
 
Quarters Ended
 
March 31,
2014
 
March 31,
2013
Revenues:
 
 
 
Community base rental income
$
106,045

 
$
100,776

Resort base rental income
44,949

 
40,739

Right-to-use annual payments
11,214

 
11,523

Right-to-use contracts current period, gross
2,923

 
2,831

Right-to-use contracts current period, deferred
(1,147
)
 
(1,040
)
Utility income and other
17,571

 
16,683

Ancillary services revenues, net
1,504

 
1,478

Total property operations revenues
183,059

 
172,990

Expenses:
 
 
 
Property operating and maintenance
58,696

 
55,055

Real estate taxes
12,485

 
12,400

Sales and marketing, gross
2,405

 
2,361

Sales and marketing deferred commissions, net
(555
)
 
(463
)
Property management
10,632

 
10,133

Total property operations expenses
83,663

 
79,486

Income from property operations segment
$
99,396

 
$
93,504

The following table summarizes our financial information for the Home Sales and Rentals Operations segment, specific to continuing operations, for the quarters ended March 31, 2014 and 2013 (amounts in thousands):
 
Quarters Ended
March 31,
2014
 
March 31,
2013
Revenues:
 
 
 
Gross revenue from home sales
$
5,178

 
$
2,696

Brokered resale revenues, net
295

 
317

Rental home income (a)
3,757

 
3,394

Total revenues
9,230

 
6,407

Expenses:
 
 
 
Cost of home sales
5,368

 
2,781

Home selling expenses
569

 
527

Rental home operating and maintenance
1,908

 
1,870

Total expenses
7,845

 
5,178

Income from home sales and rentals operations segment
$
1,385

 
$
1,229

______________________
(a)
Segment information does not include Site rental income included in Community base rental income.