Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Segment Financial Information

The following tables summarize our segment financial information for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31, 2021
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,143,606	$	116,517	$	1,260,123
Operations expenses	(550,574)		(105,179)		(655,753)
Income from segment operations	593,032		11,338		604,370
Interest income	5,068		1,918		6,986
Depreciation and amortization	(177,897)		(10,547)		(188,444)
Gain on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	420,144	$	2,709	$	422,853
Reconciliation to consolidated net income:
Corporate interest income					30
Income from other investments, net					4,555
General and administrative					(40,717)
Other expenses					(3,100)
Interest and related amortization					(108,718)
Equity in income of unconsolidated joint ventures					3,881
Early debt retirement					(2,784)
Consolidated net income					$	276,000

Total assets	$	5,056,991	$	250,880	$	5,307,871
Capital improvements	$	193,895	$	96,395	$	290,290


	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)

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 venture					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 ventures					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

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, 2021, 2020 and 2019:


	Years Ended December 31,
(amounts in thousands)	2021		2020		2019
Revenues:
Rental income	$	1,015,879	$	907,305	$	864,701
Annual membership subscriptions	58,251		53,085		51,015
Membership upgrade sales current period, gross	36,270		21,739		19,111
Membership upgrade sales upfront payments, deferred, net	(25,079)		(12,062)		(10,451)
Other income	50,298		46,008		43,063
Ancillary services revenues, net	7,987		1,174		2,121
Total property operations revenues	1,143,606		1,017,249		969,560
Expenses:
Property operating and maintenance	393,256		348,394		327,917
Real estate taxes	72,671		66,120		62,338
Sales and marketing, gross	23,743		17,332		15,583
Membership sales commissions, deferred, net	(5,075)		(1,660)		(1,219)
Property management	65,979		57,967		56,509
Total property operations expenses	550,574		488,153		461,128
Income from property operations segment	$	593,032	$	529,096	$	508,432

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2021, 2020 and 2019:


	Years Ended December 31,
(amounts in thousands)	2021		2020		2019
Revenues:
Rental income (1)	$	16,696	$	16,438	$	14,934
Gross revenue from home sales	98,457		45,695		34,655
Brokered resale revenues, net	1,364		886		1,372

Total revenues	116,517		63,019		50,961
Expenses:
Cost of home sales	94,314		46,229		35,096
Home selling expenses	5,138		4,572		4,401
Rental home operating and maintenance	5,727		5,946		5,603
Total expenses	105,179		56,747		45,100
Income from home sales and rentals operations segment	$	11,338	$	6,272	$	5,861

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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.