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Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Summary of Segment Financial Information
The following tables summarize our segment financial information for the quarters and six months ended June 30, 2022 and 2021:
Quarter Ended June 30, 2022
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$320,888 $40,078 $360,966 
Operations expenses(171,960)(34,635)(206,595)
Income from segment operations148,928 5,443 154,371 
Interest income1,381 341 1,722 
Depreciation and amortization(48,297)(2,499)(50,796)
Income from operations$102,012 $3,285 $105,297 
Reconciliation to consolidated net income:
Corporate interest income— 
Income from other investments, net2,617 
General and administrative(11,695)
Other expenses(4,189)
Interest and related amortization(28,053)
Equity in income of unconsolidated joint ventures1,253 
Early debt retirement(640)
Consolidated net income$64,590 
Total assets$5,150,884 $248,704 $5,399,588 
Capital improvements$64,690 $32,698 $97,388 
Quarter Ended June 30, 2021
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$297,847 $29,293 $327,140 
Operations expenses(153,136)(26,726)(179,862)
Income from segment operations144,711 2,567 147,278 
Interest income1,252 468 1,720 
Depreciation and amortization(45,631)(2,685)(48,316)
Income (loss) from operations$100,332 $350 $100,682 
Reconciliation to consolidated net income:
Corporate interest income22 
Income from other investments, net1,222 
General and administrative(10,228)
Other expenses(800)
Interest and related amortization(27,131)
Equity in income of unconsolidated joint ventures1,068 
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 
Six Months Ended June 30, 2022
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$646,327 $71,178 $717,505 
Operations expenses(326,964)(62,463)(389,427)
Income from segment operations319,363 8,715 328,078 
Interest income2,758 721 3,479 
Depreciation and amortization(95,174)(5,016)(100,190)
Income (loss) from operations$226,947 $4,420 $231,367 
Reconciliation to consolidated net income:
Corporate interest income2 
Income from other investments, net4,521 
General and administrative(23,992)
Other expenses(5,009)
Interest and related amortization(55,517)
Equity in income of unconsolidated joint ventures1,424 
Early debt retirement(1,156)
Consolidated net income$151,640 
Total assets$5,150,884 $248,704 $5,399,588 
Capital improvements$119,680 $61,355 $181,035 
Six Months Ended June 30, 2021
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$578,927 $49,238 $628,165 
Operations expenses(286,198)(44,302)(330,500)
Income from segment operations292,729 4,936 297,665 
Interest income2,400 1,083 3,483 
Depreciation and amortization(88,409)(5,305)(93,714)
Loss on sale of real estate, net(59)— (59)
Income (loss) from operations$206,661 $714 $207,375 
Reconciliation to consolidated net income:
Corporate interest income26 
Income from other investments, net2,158 
General and administrative(20,740)
Other expenses(1,498)
Interest and related amortization(53,406)
Equity in income of unconsolidated joint ventures1,936 
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 
Summary of 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, 2022 and 2021:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2022202120222021
Revenues:
Rental income$271,516 $251,420 $552,620 $496,149 
Annual membership subscriptions15,592 14,267 30,749 27,921 
Membership upgrade sales current period, gross9,535 9,207 16,686 19,221 
Membership upgrade sales upfront payments, deferred, net(6,367)(6,454)(10,451)(13,881)
Other income14,195 14,185 27,736 24,706 
Gross revenues from ancillary services16,417 15,222 28,987 24,811 
Total property operations revenues320,888 297,847 646,327 578,927 
Expenses:
Property operating and maintenance113,081 101,351 215,671 188,981 
Real estate taxes19,182 17,896 38,639 35,746 
Sales and marketing, gross6,409 6,298 11,323 12,474 
Membership sales commissions, deferred, net(957)(1,438)(1,540)(2,937)
Cost of ancillary services9,138 7,725 14,874 11,615 
Ancillary operating expenses6,008 4,744 11,027 8,379 
Property management19,099 16,560 36,970 31,940 
Total property operations expenses171,960 153,136 326,964 286,198 
Income from property operations segment$148,928 $144,711 $319,363 $292,729 
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2022 and 2021:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2022202120222021
Revenues:
Rental income (a)
$3,814 $4,278 $7,775 $8,571 
Gross revenue from home sales and brokered resales36,264 25,015 63,403 40,667 
Total revenues40,078 29,293 71,178 49,238 
Expenses:
Rental home operating and maintenance1,226 1,312 2,628 2,555 
Cost of home sales and brokered resales31,833 24,068 56,796 39,095 
Home selling expenses1,576 1,346 3,039 2,652 
Total expenses34,635 26,726 62,463 44,302 
Income from home sales and rentals operations segment$5,443 $2,567 $8,715 $4,936 
______________________
(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.