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Reportable Segments
 3 Months Ended
Mar. 31, 2016
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 identified 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. 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 are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2016 or 2015.
The following tables summarize our segment financial information for the quarters ended March 31, 2016 and 2015 (amounts in thousands):
Quarter Ended March 31, 2016
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
204,726

 
$
12,038

 
$
216,764

Operations expenses
(90,512
)
 
(10,640
)
 
(101,152
)
Income from segment operations
114,214

 
1,398

 
115,612

Interest income
718

 
918

 
1,636

Depreciation on real estate assets and rental homes
(25,965
)
 
(2,691
)
 
(28,656
)
Amortization of in-place leases
(335
)
 
—

 
(335
)
Income (loss) from operations
$
88,632

 
$
(375
)
 
88,257

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
24

Income from other investments, net
 
 
 
 
1,723

General and administrative
 
 
 
 
(7,407
)
Property rights initiatives and other
 
 
 
 
(654
)
Interest and related amortization
 
 
 
 
(25,634
)
Equity in income of unconsolidated joint ventures
 
 
 
 
881

Consolidated net income
 
 
 
 
$
57,190

 
 
 
 
 
 
Total assets
$
3,176,748

 
$
238,377

 
$
3,415,125

Capital improvements
$
9,783

 
$
12,712

 
$
22,495

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 (loss) 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 and other
 
 
 
 
(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
$
3,186,088

 
$
261,697

 
$
3,447,785

Capital improvements
$
8,887

 
$
7,373

 
$
16,260

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2016 and 2015 (amounts in thousands):    
 
Quarters Ended
 
March 31,
2016
 
March 31,
2015
Revenues:
 
 
 
Community base rental income
$
114,076

 
$
109,270

Resort base rental income
55,434

 
51,645

Right-to-use annual payments
11,054

 
10,981

Right-to-use contracts current period, gross
2,532

 
2,797

Right-to-use contract upfront payments, deferred, net
(302
)
 
(773
)
Utility and other income
20,793

 
19,082

Ancillary services revenues, net
1,139

 
1,687

Total property operations revenues
204,726

 
194,689

Expenses:
 
 
 
Property operating and maintenance
62,954

 
61,117

Real estate taxes
13,198

 
12,594

Sales and marketing, gross
2,493

 
2,522

Right-to-use contract commissions, deferred, net
104

 
(243
)
Property management
11,763

 
11,290

Total property operations expenses
90,512

 
87,280

Income from property operations segment
$
114,214

 
$
107,409

    
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2016 and 2015 (amounts in thousands):
 
Quarters Ended
March 31,
2016
 
March 31,
2015
Revenues:
 
 
 
Gross revenue from home sales
$
8,214

 
$
6,937

Brokered resale revenues, net
279

 
295

Rental home income (a)
3,545

 
3,554

Total revenues
12,038

 
10,786

Expenses:
 
 
 
Cost of home sales
8,281

 
6,724

Home selling expenses
834

 
805

Rental home operating and maintenance
1,525

 
1,669

Total expenses
10,640

 
9,198

Income from home sales and rentals operations segment
$
1,398

 
$
1,588

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