XML 40 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2016
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, 2016 and 2015 (amounts in thousands):
Quarter Ended September 30, 2016
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
207,162

 
$
14,655

 
$
221,817

Operations expenses
(101,640
)
 
(13,422
)
 
(115,062
)
Income from segment operations
105,522

 
1,233

 
106,755

Interest income
711

 
1,056

 
1,767

Depreciation on real estate assets and rental homes
(26,804
)
 
(2,714
)
 
(29,518
)
Amortization of in-place leases
(1,376
)
 
—

 
(1,376
)
Income (loss) from operations
$
78,053

 
$
(425
)
 
$
77,628

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
—

Income from other investments, net
 
 
 
 
2,581

General and administrative
 
 
 
 
(7,653
)
Property rights initiatives and other
 
 
 
 
(855
)
Interest and related amortization
 
 
 
 
(25,440
)
Equity in income of unconsolidated joint ventures
 
 
 
 
496

Consolidated net income
 
 
 
 
$
46,757

 
 
 
 
 
 
Total assets
$
3,238,699

 
$
231,684

 
$
3,470,383

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 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




Nine Months Ended September 30, 2016
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
605,072

 
$
39,695

 
$
644,767

Operations expenses
(286,527
)
 
(35,929
)
 
(322,456
)
Income from segment operations
318,545

 
3,766

 
322,311

Interest income
2,164

 
2,841

 
5,005

Depreciation on real estate assets and rental homes
(79,086
)
 
(8,117
)
 
(87,203
)
Amortization of in-place leases
(2,139
)
 
—

 
(2,139
)
Income (loss) from operations
$
239,484

 
$
(1,510
)
 
$
237,974

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
47

Income from other investments, net
 
 
 
 
6,574

General and administrative
 
 
 
 
(23,315
)
Property rights initiatives and other
 
 
 
 
(2,036
)
Interest and related amortization
 
 
 
 
(76,635
)
Equity in income of unconsolidated joint ventures
 
 
 
 
2,142

Consolidated net income
 
 
 
 
$
144,751

 
 
 
 
 
 
Total assets
$
3,238,699

 
$
231,684

 
$
3,470,383

Capital improvements
$
38,758

 
$
48,558

 
$
87,316

    
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 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
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, 2016 and 2015 (amounts in thousands):    
 
Quarters Ended
 
Nine Months Ended
 
September 30,
2016
 
September 30,
2015
 
September 30,
2016
 
September 30,
2015
Revenues:
 
 
 
 
 
 
 
Community base rental income
$
117,164

 
$
110,908

 
$
346,625

 
$
330,251

Resort base rental income
54,486

 
49,765

 
154,652

 
142,837

Right-to-use annual payments
11,349

 
11,334

 
33,590

 
33,260

Right-to-use contracts current period, gross
3,672

 
3,889

 
9,290

 
10,264

Right-to-use contract upfront payments, deferred, net
(1,327
)
 
(1,701
)
 
(2,427
)
 
(3,929
)
Utility and other income
21,174

 
20,027

 
61,490

 
58,010

Ancillary services revenues, net
644

 
761

 
1,852

 
3,104

Total property operations revenues
207,162

 
194,983

 
605,072

 
573,797

Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
73,410

 
69,227

 
203,011

 
194,522

Real estate taxes
13,467

 
12,923

 
39,534

 
38,169

Sales and marketing, gross
3,100

 
3,105

 
8,524

 
9,139

Right-to-use contract commissions, deferred, net
(200
)
 
(464
)
 
(212
)
 
(1,471
)
Property management
11,863

 
11,361

 
35,670

 
33,750

Total property operations expenses
101,640

 
96,152

 
286,527

 
274,109

Income from property operations segment
$
105,522

 
$
98,831

 
$
318,545

 
$
299,688

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2016 and 2015 (amounts in thousands):
 
Quarters Ended
 
Nine Months Ended
September 30,
2016
 
September 30,
2015
 
September 30,
2016
 
September 30,
2015
Revenues:
 
 
 
 
 
 
 
Gross revenue from home sales
$
10,895

 
$
7,878

 
$
28,239

 
$
24,341

Brokered resale revenues, net
276

 
290

 
884

 
941

Rental home income (a)
3,484

 
3,413

 
10,572

 
10,526

Total revenues
14,655

 
11,581

 
39,695

 
35,808

Expenses:
 
 
 
 
 
 
 
Cost of home sales
10,745

 
7,868

 
28,507

 
23,685

Home selling expenses
909

 
861

 
2,548

 
2,386

Rental home operating and maintenance
1,768

 
1,874

 
4,874

 
5,232

Total expenses
13,422

 
10,603

 
35,929

 
31,303

Income from home sales and rentals operations segment
$
1,233

 
$
978

 
$
3,766

 
$
4,505

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