Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Segment Financial Information

The following tables summarize our segment financial information for the years ended December 31, 2020, 2019, and 2018:


	Year Ended December 31, 2020
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,017,249	$	63,019	$	1,080,268
Operations expenses	(488,153)		(56,747)		(544,900)
Income from segment operations	529,096		6,272		535,368
Interest income	4,385		2,754		7,139
Depreciation and amortization	(144,235)		(10,896)		(155,131)
Gain on sale of real estate, net	—		—		—
Income (loss) from operations	$	389,246	$	(1,870)	$	387,376
Reconciliation to consolidated net income:
Corporate interest income					15
Income from other investments, net					4,026
General and administrative					(39,276)
Other expenses					(2,567)
Interest and related amortization					(102,771)
Equity in income of unconsolidated joint ventures					5,399
Early debt retirement					(10,786)
Consolidated net income					$	241,416

Total assets	$	4,160,216	$	258,753	$	4,418,969
Capital improvements	$	157,467	$	59,615	$	217,082


	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 venture					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, 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 ventures					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

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Revenues:
Rental income	$	907,305	$	864,701	$	806,785
Annual membership subscriptions	53,085		51,015		47,778
Membership upgrade sales current period, gross	21,739		19,111		15,191
Membership upgrade sales upfront payments, deferred, net	(12,062)		(10,451)		(7,380)
Other income	46,008		43,063		51,935
Ancillary services revenues, net	1,174		2,121		2,256
Total property operations revenues	1,017,249		969,560		916,565
Expenses:
Property operating and maintenance	348,394		327,917		313,003
Real estate taxes	66,120		62,338		55,892
Sales and marketing, gross	17,332		15,583		12,542
Membership sales commissions, deferred, net	(1,660)		(1,219)		(813)
Property management	57,967		56,509		53,736
Total property operations expenses	488,153		461,128		434,360
Income from property operations segment	$	529,096	$	508,432	$	482,205

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2020, 2019, and 2018:


	Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Revenues:
Rental income (1)	$	16,438	$	14,934	$	14,329
Gross revenue from home sales	45,695		34,655		36,064
Brokered resale revenues, net	886		1,372		1,290
Ancillary services revenues, net	—		—		38
Total revenues	63,019		50,961		51,721
Expenses:
Cost of home sales	46,229		35,096		37,475
Home selling expenses	4,572		4,401		4,095
Rental home operating and maintenance	5,946		5,603		6,836
Total expenses	56,747		45,100		48,406
Income from home sales and rentals operations segment	$	6,272	$	5,861	$	3,315

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(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.