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Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of segment financial information
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
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, 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.