Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Segment Financial Information

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2021 and 2020:

Quarter Ended June 30, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	285,378	$	29,081	$	314,459
Operations expenses	(140,667)		(26,514)		(167,181)
Income from segment operations	144,711		2,567		147,278
Interest income	1,252		468		1,720
Depreciation and amortization	(45,631)		(2,685)		(48,316)
Loss on sale of real estate, net	—		—		—
Income (loss) from operations	$	100,332	$	350	$	100,682
Reconciliation to consolidated net income:
Corporate interest income					22
Income from other investments, net					1,222
General and administrative					(10,228)
Other expenses					(800)
Interest and related amortization					(27,131)
Equity in income of unconsolidated joint ventures					1,068
Early debt retirement					(755)
Consolidated net income					$	64,080

Total assets	$	4,566,507	$	257,500	$	4,824,007
Capital improvements	$	41,306	$	21,639	$	62,945

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

Six Months Ended June 30, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	558,933	$	48,867	$	607,800
Operations expenses	(266,204)		(43,931)		(310,135)
Income from segment operations	292,729		4,936		297,665
Interest income	2,400		1,083		3,483
Depreciation and amortization	(88,409)		(5,305)		(93,714)
Gain on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	206,661	$	714	$	207,375
Reconciliation to consolidated net income:
Corporate interest income					26
Income from other investments, net					2,158
General and administrative					(20,740)
Other expenses					(1,498)
Interest and related amortization					(53,406)
Equity in income of unconsolidated joint ventures					1,936
Early debt retirement					(2,784)
Consolidated net income					$	133,067

Total assets	$	4,566,507	$	257,500	$	4,824,007
Capital improvements	$	77,774	$	41,949	$	119,723

Six Months Ended June 30, 2020


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	500,629	$	28,674	$	529,303
Operations expenses	(237,194)		(25,643)		(262,837)
Income from segment operations	263,435		3,031		266,466
Interest income	2,136		1,454		3,590
Depreciation and amortization	(71,831)		(5,525)		(77,356)

Income (loss) from operations	$	193,740	$	(1,040)	$	192,700
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					1,665
General and administrative					(21,464)
Other expenses					(1,227)
Interest and related amortization					(52,322)
Equity in income of unconsolidated joint venture					1,271
Early debt retirement					(1,054)
Consolidated net income					$	119,577

Total assets	$	3,998,462	$	269,712	$	4,268,174
Capital Improvements	$	70,157	$	32,990	$	103,147

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, 2021 and 2020:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2021		2020		2021		2020
Revenues:
Rental income	$	251,420	$	213,885	$	496,149	$	449,249
Annual membership subscriptions	14,267		12,961		27,921		26,034
Membership upgrade sales current period, gross	9,207		5,048		19,221		9,891
Membership upgrade sales upfront payments, deferred, net	(6,454)		(2,666)		(13,881)		(5,208)
Other income	14,185		9,680		24,706		20,739
Ancillary services revenues, net	2,753		(753)		4,817		(76)
Total property operations revenues	285,378		238,155		558,933		500,629
Expenses:
Property operating and maintenance	101,351		84,020		188,981		166,311
Real estate taxes	17,896		16,668		35,746		33,509
Sales and marketing, gross	6,298		4,276		12,474		8,254
Membership sales commissions, deferred, net	(1,438)		(481)		(2,937)		(697)
Property management	16,560		14,813		31,940		29,817
Total property operations expenses	140,667		119,296		266,204		237,194
Income from property operations segment	$	144,711	$	118,859	$	292,729	$	263,435

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2021 and 2020:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2021		2020		2021		2020
Revenues:
Rental income (a)	$	4,278	$	4,078	$	8,571	$	8,060
Gross revenue from home sales	24,427		8,866		39,647		20,175
Brokered resale revenues, net	376		178		649		439
Ancillary services revenues, net	—		—		—		—
Total revenues	29,081		13,122		48,867		28,674
Expenses:
Rental home operating and maintenance	1,312		1,245		2,555		2,588
Cost of home sales	23,856		8,850		38,724		20,761
Home selling expenses	1,346		1,081		2,652		2,294
Total expenses	26,514		11,176		43,931		25,643
Income from home sales and rentals operations segment	$	2,567	$	1,946	$	4,936	$	3,031

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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.