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Reportable Segments
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Reportable Segments
Reportable Segments
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, 2017 or 2016.
The following tables summarize our segment financial information for the quarters ended March 31, 2017 and March 31, 2016 (amounts in thousands):                                
 
Quarter Ended March 31, 2017
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
218,988

 
$
10,874

 
$
229,862

Operations expenses
(97,257
)
 
(9,595
)
 
(106,852
)
Income from segment operations
121,731

 
1,279

 
123,010

Interest income
729

 
1,038

 
1,767

Depreciation on real estate assets and rental homes
(27,410
)
 
(2,699
)
 
(30,109
)
Amortization of in-place leases
(1,032
)
 
—

 
(1,032
)
Income (loss) from operations
$
94,018

 
$
(382
)
 
$
93,636

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
3

Income from other investments, net
 
 
 
 
757

General and administrative
 
 
 
 
(7,373
)
Property rights initiatives and other
 
 
 
 
(219
)
Interest and related amortization
 
 
 
 
(24,879
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,150

Consolidated net income
 
 
 
 
$
63,075

 
 
 
 
 
 
Total assets
$
3,247,523

 
$
223,518

 
$
3,471,041

Capital improvements
$
13,198

 
$
11,156

 
$
24,354


 
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 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


The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2017 and March 31, 2016 (amounts in thousands):    
 
Quarters Ended
 
 
March 31,
2017
 
March 31,
2016
 
Revenues:
 
 
 
 
Community base rental income
$
120,692

 
$
114,076

 
Resort base rental income
61,068

 
55,434

 
Right-to-use annual payments
11,252

 
11,054

 
Right-to-use contracts current period, gross
3,206

 
2,532

 
Right-to-use contract upfront payments, deferred, net
(775
)
 
(302
)
 
Utility and other income
22,126

 
20,793

 
Ancillary services revenues, net
1,419

 
1,139

 
Total property operations revenues
218,988

 
204,726

 
Expenses:
 
 
 
 
Property operating and maintenance
68,054

 
62,954

 
Real estate taxes
14,037

 
13,198

 
Sales and marketing, gross
2,690

 
2,493

 
Right-to-use contract commissions, deferred, net
(84
)
 
104

 
Property management
12,560

 
11,763

 
Total property operations expenses
97,257

 
90,512

 
Income from property operations segment
$
121,731

 
$
114,214

 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2017 and 2016 (amounts in thousands):
 
Quarters Ended
 
March 31,
2017
 
March 31,
2016
 
Revenues:
 
 
 
 
Gross revenue from home sales
$
7,027

 
$
8,214

 
Brokered resale revenues, net
242

 
279

 
Rental home income (a)
3,605

 
3,545

 
Total revenues
10,874

 
12,038

 
Expenses:
 
 
 
 
Cost of home sales
7,119

 
8,281

 
Home selling expenses
925

 
834

 
Rental home operating and maintenance
1,551

 
1,525

 
Total expenses
9,595

 
10,640

 
Income from home sales and rentals operations segment
$
1,279

 
$
1,398

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