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Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
 
Year Ended December 31, 2018
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
916,565

 
$
51,721

 
$
968,286

Operations expenses
(434,360
)
 
(48,406
)
 
(482,766
)
Income from segment operations
482,205

 
3,315

 
485,520

Interest income
3,374

 
3,898

 
7,272

Depreciation and amortization
(127,399
)
 
(9,810
)
 
(137,209
)
Gain on sale of real estate, net
—

 
—

 
—

Income (loss) from operations
$
358,180

 
$
(2,597
)
 
$
355,583

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
253

Income from other investments, net
 
 
 
 
10,842

General and administrative
 
 
 
 
(37,684
)
Other expenses
 
 
 
 
(1,483
)
Interest and related amortization
 
 
 
 
(104,993
)
Equity in income of unconsolidated joint venture
 
 
 
 
4,939

Early debt retirement
 
 
 
 
(1,071
)
Consolidated net income
 
 
 
 
$
226,386

 
 
 
 
 
 
Total assets
$
3,692,510

 
$
233,298

 
$
3,925,808

Capital Improvements
$
94,015

 
$
87,607

 
$
181,622


The following tables summarize our segment financial information for the years ended December 31, 2019, 2018, and 2017:
 
Year Ended December 31, 2019
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
969,560

 
$
50,961

 
$
1,020,521

Operations expenses
(461,128
)
 
(45,100
)
 
(506,228
)
Income from segment operations
508,432

 
5,861

 
514,293

Interest income
3,856

 
3,324

 
7,180

Depreciation and amortization
(141,472
)
 
(10,638
)
 
(152,110
)
Gain on sale of real estate, net
52,507

 
—

 
52,507

Income (loss) from operations
$
423,323

 
$
(1,453
)
 
$
421,870

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
27

Income from other investments, net
 
 
 
 
9,528

General and administrative
 
 
 
 
(35,679
)
Other expenses
 
 
 
 
(2,865
)
Interest and related amortization
 
 
 
 
(104,223
)
Equity in income of unconsolidated joint ventures
 
 
 
 
8,755

Early debt retirement
 
 
 
 
(1,491
)
Consolidated net income
 
 
 
 
$
295,922

 
 
 
 
 
 
Total assets
$
3,878,770

 
$
272,505

 
$
4,151,275

Capital improvements
$
116,349

 
$
141,644

 
$
257,993



 
Year Ended December 31, 2017
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
859,582

 
$
52,355

 
$
911,937

Operations expenses
(411,465
)
 
(47,309
)
 
(458,774
)
Income from segment operations
448,117

 
5,046

 
453,163

Interest income
3,048

 
4,192

 
7,240

Depreciation and amortization
(113,072
)
 
(10,614
)
 
(123,686
)
Gain on sale of real estate, net
—

 
—

 
—

Income (loss) from operations
$
338,093

 
$
(1,376
)
 
$
336,717

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
340

Income from other investments, net
 
 
 
 
5,795

General and administrative
 
 
 
 
(31,737
)
Other expenses
 
 
 
 
(1,148
)
Interest and related amortization
 
 
 
 
(100,570
)
Equity in income of unconsolidated joint ventures
 
 
 
 
3,765

Early debt retirement
 
 
 
 
(2,785
)
Consolidated net income
 
 
 
 
$
210,377

 
 
 
 
 
 
Total assets
$
3,386,084

 
$
223,948

 
$
3,610,032

Capital Improvements
$
76,112

 
$
49,938

 
$
126,050
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2019, 2018, and 2017: 
 
Years Ended December 31,
(amounts in thousands)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Rental income
$
864,701

 
$
806,785

 
$
754,072

Annual membership subscriptions
51,015

 
47,778

 
45,798

Membership upgrade sales current period, gross
19,111

 
15,191

 
14,132

Membership upgrade sales upfront payments, deferred, net
(10,451
)
 
(7,380
)
 
(4,108
)
Other income
43,063

 
51,935

 
47,599

Ancillary services revenues, net
2,121

 
2,256

 
2,089

Total property operations revenues
969,560

 
916,565

 
859,582

Expenses:
 
 
 
 
 
Property operating and maintenance
327,917

 
313,003

 
294,119

Real estate taxes
62,338

 
55,892

 
55,010

Sales and marketing, gross
15,583

 
12,542

 
11,438

Membership sales commissions, deferred, net
(1,219
)
 
(813
)
 
(354
)
Property management
56,509

 
53,736

 
51,252

Total property operations expenses
461,128

 
434,360

 
411,465

Income from property operations segment
$
508,432

 
$
482,205

 
$
448,117


The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2019, 2018, and 2017: 
 
Years Ended December 31,
(amounts in thousands)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Rental income (1)
$
14,934

 
$
14,329

 
$
14,344

Gross revenue from home sales
34,655

 
36,064

 
36,302

Brokered resale revenues, net
1,372

 
1,290

 
1,235

Ancillary services revenues, net
—

 
38

 
474

Total revenues
50,961

 
51,721

 
52,355

Expenses:
 
 
 
 
 
Cost of home sales
35,096

 
37,475

 
36,513

Home selling expenses
4,401

 
4,095

 
4,186

Rental home operating and maintenance
5,603

 
6,836

 
6,610

Total expenses
45,100

 
48,406

 
47,309

Income from home sales and rentals operations segment
$
5,861

 
$
3,315

 
$
5,046

_____________________
(1)  
Rental income within Home Sales and Rentals Operations does not include base rent related to the rental home Sites. Base rent is included within property operations.