Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of segment financial information

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2020 and 2019:

Quarter Ended June 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	238,155	$	13,122	$	251,277
Operations expenses	(119,296)		(11,176)		(130,472)
Income from segment operations	118,859		1,946		120,805
Interest income	1,061		726		1,787
Depreciation and amortization	(35,611)		(2,721)		(38,332)

Income (loss) from operations	$	84,309	$	(49)	$	84,260
Reconciliation to consolidated net income:
Corporate interest income					4
Income from other investments, net					1,022
General and administrative					(10,609)
Other expenses					(639)
Interest and related amortization					(26,249)
Equity in income of unconsolidated joint ventures					1,064
Early debt retirement					—
Consolidated net income					$	48,853

Total assets	$	3,998,462	$	269,712	$	4,268,174
Capital improvements	$	37,552	$	16,636	$	54,188

Quarter Ended June 30, 2019


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	233,848	$	11,836	$	245,684
Operations expenses	(116,893)		(10,558)		(127,451)
Income from segment operations	116,955		1,278		118,233
Interest income	950		846		1,796
Depreciation and amortization	(35,197)		(2,579)		(37,776)

Income (loss) from operations	$	82,708	$	(455)	$	82,253
Reconciliation to consolidated net income:
Corporate interest income					7
Income from other investments, net					879
General and administrative					(9,225)
Other expenses					(540)
Interest and related amortization					(26,024)
Equity in income of unconsolidated joint ventures					3,226
Early debt retirement					(1,491)
Consolidated net income					$	49,085

Total assets	$	3,766,573	$	247,905	$	4,014,478
Capital improvements	$	28,501	$	40,502	$	69,003

Financial information for the property operations segment

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2020		2019		2020		2019
Revenues:
Rental income	$	213,885	$	208,375	$	449,249	$	428,357
Annual membership subscriptions	12,961		12,586		26,034		24,902
Membership upgrade sales current period, gross	5,048		5,041		9,891		8,879
Membership upgrade sales upfront payments, deferred, net	(2,666)		(2,912)		(5,208)		(4,683)
Other income	9,680		10,265		20,739		20,635
Ancillary services revenues, net	(753)		493		(76)		1,774
Total property operations revenues	238,155		233,848		500,629		479,864
Expenses:
Property operating and maintenance	84,020		83,576		166,311		160,320
Real estate taxes	16,668		15,107		33,509		30,430
Sales and marketing, gross	4,276		4,214		8,254		7,623
Membership sales commissions, deferred, net	(481)		(389)		(697)		(580)
Property management	14,813		14,385		29,817		28,070
Total property operations expenses	119,296		116,893		237,194		225,863
Income from property operations segment	$	118,859	$	116,955	$	263,435	$	254,001

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2020 and 2019:


	Quarters Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	2020		2019		2020		2019
Revenues:
Rental income ^(a)	$	4,078	$	3,632	$	8,060	$	7,216
Gross revenue from home sales	8,866		7,825		20,175		14,300
Brokered resale revenues, net	178		379		439		657
Ancillary services revenues, net	—		—		—		—
Total revenues	13,122		11,836		28,674		22,173
Expenses:
Rental home operating and maintenance	1,245		1,292		2,588		2,496
Cost of home sales	8,850		8,164		20,761		14,796
Home selling expenses	1,081		1,102		2,294		2,185
Total expenses	11,176		10,558		25,643		19,477
Income from home sales and rentals operations segment	$	1,946	$	1,278	$	3,031	$	2,696

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(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.