Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2022 and 2021:

Quarter Ended March 31, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	325,426	$	31,100	$	356,526
Operations expenses	(154,988)		(27,828)		(182,816)
Income from segment operations	170,438		3,272		173,710
Interest income	1,377		380		1,757
Depreciation and amortization	(46,877)		(2,517)		(49,394)

Income (loss) from operations	$	124,938	$	1,135	$	126,073
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					1,904
General and administrative					(12,297)
Other expenses					(823)
Interest and related amortization					(27,464)
Equity in income of unconsolidated joint ventures					171
Early debt retirement					(516)
Consolidated net income					$	87,050

Total assets	$	5,012,335	$	252,470	$	5,264,805
Capital improvements	$	54,990	$	28,657	$	83,647

Quarter Ended March 31, 2021


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	280,998	$	19,946	$	300,944
Operations expenses	(132,980)		(17,577)		(150,557)
Income from segment operations	148,018		2,369		150,387
Interest income	1,148		615		1,763
Depreciation and amortization	(42,778)		(2,620)		(45,398)
Gain on sale of real estate, net	(59)		—		(59)
Income (loss) from operations	$	106,329	$	364	$	106,693
Reconciliation to consolidated net income:
Corporate interest income					4
Income from other investments, net					936
General and administrative					(10,512)
Other expenses					(698)
Interest and related amortization					(26,275)
Equity in income of unconsolidated joint ventures					868
Early debt retirement					(2,029)
Consolidated net income					$	68,987

Total assets	$	4,524,713	$	261,002	$	4,785,715
Capital improvements	$	36,468	$	20,310	$	56,778

Summary of 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, 2022 and 2021:


	Quarters Ended March 31,
(amounts in thousands)	2022		2021
Revenues:
Rental income	$	281,104	$	244,729
Annual membership subscriptions	15,157		13,654
Membership upgrade sales current period, gross	7,151		10,014
Membership upgrade sales upfront payments, deferred, net	(4,084)		(7,427)
Other income	13,542		10,521
Gross revenues from ancillary services	12,556		9,507
Total property operations revenues	325,426		280,998
Expenses:
Property operating and maintenance	102,590		87,630
Real estate taxes	19,457		17,850
Sales and marketing, gross	4,914		6,176
Membership sales commissions, deferred, net	(583)		(1,499)
Cost of ancillary services	5,721		3,808
Ancillary operating expenses	5,018		3,635
Property management	17,871		15,380
Total property operations expenses	154,988		132,980
Income from property operations segment	$	170,438	$	148,018

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2022 and 2021:


	Quarters Ended March 31,
(amounts in thousands)	2022		2021
Revenues:
Rental income (a)	$	3,961	$	4,293
Gross revenue from home sales and brokered resales	27,139		15,653

Total revenues	31,100		19,946
Expenses:
Rental home operating and maintenance	1,402		1,243
Cost of home sales and brokered resales	24,963		15,028
Home selling expenses	1,463		1,306
Total expenses	27,828		17,577
Income from home sales and rentals operations segment	$	3,272	$	2,369

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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.