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Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017 and 2016 (amounts in thousands):
Quarter Ended September 30, 2017
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
223,184

 
$
14,415

 
$
237,599

Operations expenses
(110,431
)
 
(13,528
)
 
(123,959
)
Income from segment operations
112,753

 
887

 
113,640

Interest income
773

 
1,042

 
1,815

Depreciation on real estate assets and rental homes
(27,879
)
 
(2,614
)
 
(30,493
)
Amortization of in-place leases
(138
)
 
—

 
(138
)
Income (loss) from operations
$
85,509

 
$
(685
)
 
$
84,824

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
159

Income from other investments, net
 
 
 
 
2,052

General and administrative
 
 
 
 
(7,505
)
Property rights initiatives and other
 
 
 
 
(324
)
Interest and related amortization
 
 
 
 
(25,027
)
Equity in income of unconsolidated joint ventures
 
 
 
 
686

Consolidated net income
 
 
 
 
$
54,865

 
 
 
 
 
 
Total assets
$
3,298,122

 
$
227,725

 
$
3,525,847


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




Nine Months Ended September 30, 2017
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
648,766

 
$
37,100

 
$
685,866

Operations expenses
(310,337
)
 
(33,604
)
 
(343,941
)
Income from segment operations
338,429

 
3,496

 
341,925

Interest income
2,256

 
3,122

 
5,378

Depreciation on real estate assets and rental homes
(82,939
)
 
(7,910
)
 
(90,849
)
Amortization of in-place leases
(2,128
)
 
—

 
(2,128
)
Income (loss) from operations
$
255,618

 
$
(1,292
)
 
$
254,326

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
164

Income from other investments, net
 
 
 
 
3,918

General and administrative
 
 
 
 
(23,339
)
Property rights initiatives and other
 
 
 
 
(814
)
Interest and related amortization
 
 
 
 
(74,728
)
Equity in income of unconsolidated joint ventures
 
 
 
 
2,876

Consolidated net income
 
 
 
 
$
162,403

 
 
 
 
 
 
Total assets
$
3,298,122

 
$
227,725

 
$
3,525,847

Capital improvements
$
52,040

 
$
35,837

 
$
87,877

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
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, 2017 and 2016 (amounts in thousands):    
 
Quarters Ended
 
Nine Months Ended
 
September 30,
2017
 
September 30,
2016
 
September 30,
2017
 
September 30,
2016
Revenues:
 
 
 
 
 
 
 
Community base rental income
$
123,177

 
$
117,164

 
$
365,833

 
$
346,625

Resort base rental income
58,471

 
54,486

 
169,594

 
154,652

Right-to-use annual payments
11,531

 
11,349

 
34,133

 
33,590

Right-to-use contracts current period, gross
4,208

 
3,672

 
11,212

 
9,290

Right-to-use contract upfront payments, deferred, net
(1,670
)
 
(1,327
)
 
(3,766
)
 
(2,427
)
Utility and other income
26,295

 
21,174

 
69,071

 
61,490

Ancillary services revenues, net
1,172

 
644

 
2,689

 
1,852

Total property operations revenues
223,184

 
207,162

 
648,766

 
605,072

Expenses:
 
 
 
 
 
 
 
Property operating and maintenance
80,164

 
73,410

 
221,119

 
203,011

Real estate taxes
14,006

 
13,467

 
41,986

 
39,534

Sales and marketing, gross
3,277

 
3,100

 
8,861

 
8,524

Right-to-use contract commissions, deferred, net
(176
)
 
(200
)
 
(372
)
 
(212
)
Property management
13,160

 
11,863

 
38,743

 
35,670

Total property operations expenses
110,431

 
101,640

 
310,337

 
286,527

Income from property operations segment
$
112,753

 
$
105,522

 
$
338,429

 
$
318,545







The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2017 and 2016 (amounts in thousands):
 
Quarters Ended
 
Nine Months Ended
 
September 30,
2017
 
September 30,
2016
 
September 30,
2017
 
September 30,
2016
Revenues:
 
 
 
 
 
 
 
Gross revenue from home sales
$
10,012

 
$
10,895

 
$
24,872

 
$
28,239

Brokered resale revenues, net
337

 
276

 
925

 
884

Rental home income (a)
3,592

 
3,484

 
10,829

 
10,572

Ancillary services revenues, net
474

 
—

 
474

 
—

Total revenues
14,415

 
14,655

 
37,100

 
39,695

Expenses:
 
 
 
 
 
 
 
Cost of home sales
10,377

 
10,745

 
25,391

 
28,507

Home selling expenses
1,447

 
909

 
3,301

 
2,548

Rental home operating and maintenance
1,704

 
1,768

 
4,912

 
4,874

Total expenses
13,528

 
13,422

 
33,604

 
35,929

Income from home sales and rentals operations segment
$
887

 
$
1,233

 
$
3,496

 
$
3,766

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