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Reportable Segments
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Reportable Segments dentified two reportable segments: (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 is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2020 or 2019.
The following tables summarize our segment financial information for the quarters ended March 31, 2020 and 2019:
Quarter Ended March 31, 2020
(amounts in thousands)
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
262,474

 
$
15,552

 
$
278,026

Operations expenses
(117,898
)
 
(14,467
)
 
(132,365
)
Income from segment operations
144,576

 
1,085

 
145,661

Interest income
1,075

 
727

 
1,802

Depreciation and amortization
(36,220
)
 
(2,804
)
 
(39,024
)
Income (loss) from operations
$
109,431

 
$
(992
)
 
$
108,439

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
5

Income from other investments, net
 
 
 
 
643

General and administrative
 
 
 
 
(10,855
)
Other expenses
 
 
 
 
(588
)
Interest and related amortization
 
 
 
 
(26,073
)
Equity in income of unconsolidated joint ventures
 
 
 
 
207

Early debt retirement
 
 
 
 
(1,054
)
Consolidated net income
 
 
 
 
$
70,724

 
 
 
 
 
 
Total assets
$
3,936,862

 
$
275,602

 
$
4,212,464

Capital improvements
$
32,605

 
$
16,354

 
$
48,959


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



The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2020 and 2019:    
 
Quarters Ended March 31,
(amounts in thousands)
2020

2019
Revenues:
 
 
 
Rental income
$
235,364

 
$
219,982

Annual membership subscriptions
13,073

 
12,316

Membership upgrade sales current period, gross
4,843

 
3,838

Membership upgrade sales upfront payments, deferred, net
(2,542
)
 
(1,771
)
Other income
11,059

 
10,370

Ancillary services revenues, net
677

 
1,281

Total property operations revenues
262,474

 
246,016

Expenses:

 
 
Property operating and maintenance
82,291

 
76,744

Real estate taxes
16,841

 
15,323

Sales and marketing, gross
3,978

 
3,409

Membership sales commissions, deferred, net
(216
)
 
(191
)
Property management
15,004

 
13,685

Total property operations expenses
117,898

 
108,970

Income from property operations segment
$
144,576

 
$
137,046


The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2020 and 2019:
 
Quarters Ended March 31,
(amounts in thousands)
2020
 
2019
Revenues:
 
 
 
Rental income (a)
$
3,982

 
$
3,584

Gross revenue from home sales
11,309

 
6,475

Brokered resale revenues, net
261

 
278

Ancillary services revenues, net
—

 
—

Total revenues
15,552

 
10,337

Expenses:
 
 
 
Rental home operating and maintenance
1,343

 
1,204

Cost of home sales
11,911

 
6,632

Home selling expenses
1,213

 
1,083

Total expenses
14,467

 
8,919

Income from home sales and rentals operations segment
$
1,085

 
$
1,418

______________________
(a)
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.