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Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):
Quarter Ended September 30, 2015
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
194,983

 
$
11,581

 
$
206,564

Operations expenses
(96,152
)
 
(10,603
)
 
(106,755
)
Income from segment operations
98,831

 
978

 
99,809

Interest income
692

 
1,037

 
1,729

Depreciation on real estate assets and rental homes
(25,703
)
 
(2,707
)
 
(28,410
)
Amortization of in-place leases
(616
)
 
—

 
(616
)
Income (loss) from operations
$
73,204

 
$
(692
)
 
72,512

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
29

Income from other investments, net
 
 
 
 
1,822

General and administrative
 
 
 
 
(7,225
)
Property rights initiatives and other
 
 
 
 
(687
)
Interest and related amortization
 
 
 
 
(26,227
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,882

Consolidated net income
 
 
 
 
$
42,106

 
 
 
 
 
 
Total assets
$
3,193,473

 
$
249,917

 
$
3,443,390

Quarter Ended September 30, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
184,270

 
$
12,737

 
$
197,007

Operations expenses
(91,939
)
 
(10,498
)
 
(102,437
)
Income from segment operations
92,331

 
2,239

 
94,570

Interest income
696

 
1,185

 
1,881

Depreciation on real estate assets and rental homes
(25,010
)
 
(2,821
)
 
(27,831
)
Amortization of in-place leases
(1,075
)
 
—

 
(1,075
)
Income from operations
$
66,942

 
$
603

 
67,545

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
21

Income from other investments, net
 
 
 
 
1,869

General and administrative
 
 
 
 
(7,623
)
Property rights initiatives and other
 
 
 
 
(751
)
Early Debt Retirement
 
 
 
 
(5,087
)
Interest and related amortization
 
 
 
 
(27,864
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,237

Gain on sale of property
 
 
 
 
929

Consolidated net income
 
 
 
 
$
30,276

 
 
 
 
 
 
Total assets
$
3,170,718

 
$
280,430

 
$
3,451,148

Nine Months Ended September 30, 2015
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
573,797

 
$
35,808

 
$
609,605

Operations expenses
(274,109
)
 
(31,303
)
 
(305,412
)
Income from segment operations
299,688

 
4,505

 
304,193

Interest income
2,114

 
3,126

 
5,240

Depreciation on real estate assets and rental homes
(76,668
)
 
(8,193
)
 
(84,861
)
Amortization of in-place leases
(1,950
)
 
—

 
(1,950
)
Income (loss) from operations
$
223,184

 
$
(562
)
 
222,622

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
74

Income from other investments, net
 
 
 
 
5,119

General and administrative
 
 
 
 
(22,172
)
Property rights initiatives and other
 
 
 
 
(1,934
)
Early debt retirement
 
 
 
 
(16,922
)
Interest and related amortization
 
 
 
 
(79,648
)
Equity in income of unconsolidated joint ventures
 
 
 
 
3,606

Consolidated net income
 
 
 
 
$
110,745

 
 
 
 
 
 
Total assets
$
3,193,473

 
$
249,917

 
$
3,443,390

Capital improvements
$
37,211

 
$
30,627

 
$
67,838


Nine Months Ended September 30, 2014
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
541,415

 
$
32,558

 
$
573,973

Operations expenses
(261,744
)
 
(26,765
)
 
(288,509
)
Income from segment operations
279,671

 
5,793

 
285,464

Interest income
2,266

 
3,339

 
5,605

Depreciation on real estate assets and rental homes
(74,815
)
 
(8,419
)
 
(83,234
)
Amortization of in-place leases
(3,791
)
 
—

 
(3,791
)
Income from operations
$
203,331

 
$
713

 
204,044

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
872

Income from other investments, net
 
 
 
 
6,098

General and administrative
 
 
 
 
(20,178
)
Property rights initiatives and other
 
 
 
 
(2,063
)
Early Debt Retirement
 
 
 
 
(5,087
)
Interest and related amortization
 
 
 
 
(84,177
)
Equity in income of unconsolidated joint ventures
 
 
 
 
3,768

Gain on sale of property
 
 
 
 
929

Consolidated net income
 
 
 
 
$
104,206

 
 
 
 
 
 
Total assets
$
3,170,718

 
$
280,430

 
$
3,451,148

Capital improvements
$
22,111

 
$
19,534

 
$
41,645
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):    
 
Quarters Ended
 
Nine Months Ended
 
September 30,
2015
 
September 30,
2014
 
September 30,
2015
 
September 30,
2014
Revenues:
 
 
 
 
 
 
 
Community base rental income
$
110,908

 
$
106,967

 
$
330,251

 
$
319,514

Resort base rental income
49,765

 
44,351

 
142,837

 
126,188

Right-to-use annual payments
11,334

 
11,404

 
33,260

 
33,859

Right-to-use contracts current period, gross
3,889

 
4,168

 
10,264

 
10,512

Right-to-use contract upfront payments, deferred, net
(1,701
)
 
(1,989
)
 
(3,929
)
 
(4,303
)
Utility and other income
20,027

 
18,581

 
58,010

 
53,070

Ancillary services revenues, net
761

 
788

 
3,104

 
2,575

Total property operations revenues
194,983

 
184,270

 
573,797

 
541,415

Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
69,227

 
66,105

 
194,522

 
186,018

Real estate taxes
12,923

 
12,263

 
38,169

 
36,905

Sales and marketing, gross
3,105

 
3,242

 
9,139

 
8,674

Right-to-use contract commissions, deferred, net
(464
)
 
(757
)
 
(1,471
)
 
(2,022
)
Property management
11,361

 
11,086

 
33,750

 
32,169

Total property operations expenses
96,152

 
91,939

 
274,109

 
261,744

Income from property operations segment
$
98,831

 
$
92,331

 
$
299,688

 
$
279,671

    
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2015 and 2014 (amounts in thousands):
 
Quarters Ended
 
Nine Months Ended
September 30,
2015
 
September 30,
2014
 
September 30,
2015
 
September 30,
2014
Revenues:
 
 
 
 
 
 
 
Gross revenue from home sales
$
7,878

 
$
8,717

 
$
24,341

 
$
20,455

Brokered resale revenues, net
290

 
336

 
941

 
916

Rental home income (a)
3,413

 
3,684

 
10,526

 
11,187

Total revenues
11,581

 
12,737

 
35,808

 
32,558

Expenses:
 
 
 
 
 
 
 
Cost of home sales
7,868

 
8,156

 
23,685

 
19,679

Home selling expenses
861

 
513

 
2,386

 
1,710

Rental home operating and maintenance
1,874

 
1,829

 
5,232

 
5,376

Total expenses
10,603

 
10,498

 
31,303

 
26,765

Income from home sales and rentals operations segment
$
978

 
$
2,239

 
$
4,505

 
$
5,793

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