Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of segment financial information

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

Financial information for the property operations segment

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

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