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Reportable Segments
 3 Months Ended
Mar. 31, 2019
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 were from external customers and there was no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2019 or 2018.
The following tables summarize our segment financial information for the quarters ended March 31, 2019 and 2018:
Quarter Ended March 31, 2019
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
246,016

 
$
10,337

 
$
256,353

Operations expenses
(108,970
)
 
(8,919
)
 
$
(117,889
)
Income from segment operations
137,046

 
1,418

 
$
138,464

Interest income
894

 
850

 
$
1,744

Depreciation and amortization
(35,543
)
 
(2,434
)
 
$
(37,977
)
Gain on sale of real estate, net
52,507

 
—

 
$
52,507

Income (loss) from operations
$
154,904

 
$
(166
)
 
$
154,738

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
7

Income from other investments, net
 
 
 
 
986

General and administrative
 
 
 
 
(9,909
)
Other expenses
 
 
 
 
(427
)
Interest and related amortization
 
 
 
 
(26,393
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,533

Consolidated net income
 
 
 
 
$
120,535

 
 
 
 
 
 
Total assets
$
3,771,453

 
$
237,424

 
$
4,008,877

Capital improvements
$
24,406

 
$
28,035

 
$
52,441


Quarter Ended March 31, 2018
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
231,016

 
$
12,119

 
$
243,135

Operations expenses
(105,512
)
 
(11,073
)
 
(116,585
)
Income from segment operations
125,504

 
1,046

 
126,550

Interest income
808

 
907

 
1,715

Depreciation and amortization
(29,874
)
 
(2,500
)
 
(32,374
)
Income (loss) from operations
$
96,438

 
$
(547
)
 
$
95,891

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
235

Income from other investments, net
 
 
 
 
940

General and administrative
 
 
 
 
(8,038
)
Other expenses
 
 
 
 
(343
)
Interest and related amortization
 
 
 
 
(25,703
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,195

Consolidated net income
 
 
 
 
$
64,177

 
 
 
 
 
 
Total assets
$
3,547,466

 
$
142,617

 
$
3,690,083

Capital improvements
$
21,267

 
$
10,049

 
$
31,316


The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2019 and 2018:    
 
Quarters Ended March 31,
(amounts in thousands)
2019

2018
Revenues:
 
 
 
Rental income
$
219,982

 
$
203,478

Right-to-use annual payments
12,316

 
11,519

Right-to-use contracts current period, gross
3,838

 
3,162

Right-to-use contract upfront payments, deferred, net
(1,771
)
 
(1,285
)
Other income
10,370

 
13,036

Ancillary services revenues, net
1,281

 
1,106

Total property operations revenues
246,016

 
231,016

Expenses:
 
 
 
Property operating and maintenance
76,744

 
74,908

Real estate taxes
15,323

 
14,135

Sales and marketing, gross
3,409

 
2,812

Right-to-use contract commissions, deferred, net
(191
)
 
(24
)
Property management
13,685

 
13,681

Total property operations expenses
108,970

 
105,512

Income from property operations segment
$
137,046

 
$
125,504


The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2019 and 2018:
 
Quarters Ended March 31,
(amounts in thousands)
2019
 
2018
Revenues:
 
 
 
Rental income (a)
$
3,584

 
$
3,515

Gross revenue from home sales
6,475

 
8,309

Brokered resale revenues, net
278

 
282

Ancillary services revenues, net
—

 
13

Total revenues
10,337

 
12,119

Expenses:
 
 
 
Property operating and maintenance
1,204

 
1,424

Cost of home sales
6,632

 
8,574

Home selling expenses
1,083

 
1,075

Total expenses
8,919

 
11,073

Income from home sales and rentals operations segment
$
1,418

 
$
1,046

______________________
(a)
Segment information includes income related to rental homes. Income related to Site rent on rental homes is included within property operations.