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Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize our segment financial information for the quarters and six months ended June 30, 2016 and 2015 (amounts in thousands):
Quarter Ended June 30, 2016
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
193,184

 
$
13,002

 
$
206,186

Operations expenses
(94,375
)
 
(11,867
)
 
(106,242
)
Income from segment operations
98,809

 
1,135

 
99,944

Interest income
736

 
867

 
1,603

Depreciation on real estate assets and rental homes
(26,317
)
 
(2,712
)
 
(29,029
)
Amortization of in-place leases
(428
)
 
—

 
(428
)
Income (loss) from operations
$
72,800

 
$
(710
)
 
72,090

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
22

Income from other investments, net
 
 
 
 
2,270

General and administrative
 
 
 
 
(8,255
)
Property rights initiatives and other
 
 
 
 
(527
)
Interest and related amortization
 
 
 
 
(25,561
)
Equity in income of unconsolidated joint ventures
 
 
 
 
765

Consolidated net income
 
 
 
 
$
40,804

 
 
 
 
 
 
Total assets
$
3,249,375

 
$
236,200

 
$
3,485,575

Quarter Ended June 30, 2015
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
184,125

 
$
13,441

 
$
197,566

Operations expenses
(90,677
)
 
(11,502
)
 
(102,179
)
Income from segment operations
93,448

 
1,939

 
95,387

Interest income
713

 
1,001

 
1,714

Depreciation on real estate assets and rental homes
(25,586
)
 
(2,749
)
 
(28,335
)
Amortization of in-place leases
(669
)
 
—

 
(669
)
Income from operations
$
67,906

 
$
191

 
68,097

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
22

Income from other investments, net
 
 
 
 
2,178

General and administrative
 
 
 
 
(7,541
)
Property rights initiatives and other
 
 
 
 
(694
)
Early debt retirement
 
 
 
 
69

Interest and related amortization
 
 
 
 
(26,145
)
Equity in income of unconsolidated joint ventures
 
 
 
 
840

Consolidated net income
 
 
 
 
$
36,826

 
 
 
 
 
 
Total assets
$
3,192,050

 
$
255,458

 
$
3,447,508
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 six months ended June 30, 2016 and 2015 (amounts in thousands):    
 
Quarters Ended
 
Six Months Ended
 
June 30,
2016
 
June 30,
2015
 
June 30,
2016
 
June 30,
2015
Revenues:
 
 
 
 
 
 
 
Community base rental income
$
115,385

 
$
110,073

 
$
229,461

 
$
219,343

Resort base rental income
44,732

 
41,427

 
100,166

 
93,072

Right-to-use annual payments
11,187

 
10,945

 
22,241

 
21,926

Right-to-use contracts current period, gross
3,086

 
3,578

 
5,618

 
6,375

Right-to-use contract upfront payments, deferred, net
(798
)
 
(1,455
)
 
(1,100
)
 
(2,228
)
Utility and other income
19,523

 
18,901

 
40,316

 
37,983

Ancillary services revenues, net
69

 
656

 
1,208

 
2,343

Total property operations revenues
193,184

 
184,125

 
397,910

 
378,814

Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
66,647

 
64,178

 
129,601

 
125,295

Real estate taxes
12,869

 
12,652

 
26,067

 
25,246

Sales and marketing, gross
2,931

 
3,512

 
5,424

 
6,034

Right-to-use contract commissions, deferred, net
(116
)
 
(764
)
 
(12
)
 
(1,007
)
Property management
12,044

 
11,099

 
23,807

 
22,389

Total property operations expenses
94,375

 
90,677

 
184,887

 
177,957

Income from property operations segment
$
98,809

 
$
93,448

 
$
213,023

 
$
200,857

    
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2016 and 2015 (amounts in thousands):
 
Quarters Ended
 
Six Months Ended
June 30,
2016
 
June 30,
2015
 
June 30,
2016
 
June 30,
2015
Revenues:
 
 
 
 
 
 
 
Gross revenue from home sales
$
9,130

 
$
9,526

 
$
17,344

 
$
16,463

Brokered resale revenues, net
329

 
356

 
608

 
651

Rental home income (a)
3,543

 
3,559

 
7,088

 
7,113

Total revenues
13,002

 
13,441

 
25,040

 
24,227

Expenses:
 
 
 
 
 
 
 
Cost of home sales
9,481

 
9,093

 
17,762

 
15,817

Home selling expenses
805

 
720

 
1,639

 
1,525

Rental home operating and maintenance
1,581

 
1,689

 
3,106

 
3,358

Total expenses
11,867

 
11,502

 
22,507

 
20,700

Income from home sales and rentals operations segment
$
1,135

 
$
1,939

 
$
2,533

 
$
3,527

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