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Reportable Segments
 3 Months Ended
Mar. 31, 2015
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. 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, 2015 or 2014.
The following tables summarize our segment financial information for the quarters ended March 31, 2015 and 2014 (amounts in thousands):
Quarter Ended March 31, 2015
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
194,689

 
$
10,786

 
$
205,475

Operations expenses
(87,280
)
 
(9,198
)
 
(96,478
)
Income from segment operations
107,409

 
1,588

 
108,997

Interest income
709

 
1,089

 
1,798

Depreciation on real estate assets and rental homes
(25,356
)
 
(2,760
)
 
(28,116
)
Amortization of in-place leases
(665
)
 
—

 
(665
)
Income from operations
$
82,097

 
$
(83
)
 
82,014

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
22

Income from other investments, net
 
 
 
 
1,119

General and administrative
 
 
 
 
(7,406
)
Property rights initiatives
 
 
 
 
(553
)
Early debt retirement
 
 
 
 
(16,991
)
Interest and related amortization
 
 
 
 
(27,276
)
Equity in income of unconsolidated joint ventures
 
 
 
 
884

Consolidated net income
 
 
 
 
$
31,813

 
 
 
 
 
 
Total assets
$
3,207,091

 
$
261,703

 
$
3,468,794

Capital improvements
$
8,887

 
$
7,373

 
$
16,260

Quarter Ended March 31, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
183,217

 
$
9,230

 
$
192,447

Operations expenses
(83,821
)
 
(7,845
)
 
(91,666
)
Income from segment operations
99,396

 
1,385

 
100,781

Interest income
797

 
1,109

 
1,906

Depreciation on real estate assets 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

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2015 and 2014 (amounts in thousands):    
 
Quarters Ended
 
March 31,
2015
 
March 31,
2014
Revenues:
 
 
 
Community base rental income
$
109,270

 
$
106,045

Resort base rental income
51,645

 
44,949

Right-to-use annual payments
10,981

 
11,214

Right-to-use contracts current period, gross
2,797

 
3,081

Right-to-use contract upfront payments, deferred, net
(773
)
 
(1,147
)
Utility and other income
19,082

 
17,571

Ancillary services revenues, net
1,687

 
1,504

Total property operations revenues
194,689

 
183,217

Expenses:
 
 
 
Property operating and maintenance
61,117

 
58,696

Real estate taxes
12,594

 
12,485

Sales and marketing, gross
2,522

 
2,563

Right-to-use contract commissions, deferred, net
(243
)
 
(555
)
Property management
11,290

 
10,632

Total property operations expenses
87,280

 
83,821

Income from property operations segment
$
107,409

 
$
99,396

    
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2015 and 2014 (amounts in thousands):
 
Quarters Ended
March 31,
2015
 
March 31,
2014
Revenues:
 
 
 
Gross revenue from home sales
$
6,937

 
$
5,178

Brokered resale revenues, net
295

 
295

Rental home income (a)
3,554

 
3,757

Total revenues
10,786

 
9,230

Expenses:
 
 
 
Cost of home sales
6,724

 
5,368

Home selling expenses
805

 
569

Rental home operating and maintenance
1,669

 
1,908

Total expenses
9,198

 
7,845

Income from home sales and rentals operations segment
$
1,588

 
$
1,385

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