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Reportable Segments
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
We have identified two reportable segments: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences.
All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters and nine months ended September 30, 2022 or 2021.
The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2022 and 2021:
Quarter Ended September 30, 2022
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$338,208 $38,497 $376,705 
Operations expenses(179,775)(33,384)(213,159)
Income from segment operations158,433 5,113 163,546 
Interest income1,441 422 1,863 
Depreciation and amortization(50,026)(2,521)(52,547)
Loss on sale of real estate and impairment, net(2,289)(1,458)(3,747)
Income from operations$107,559 $1,556 $109,115 
Reconciliation to consolidated net income:
Corporate interest income2 
Income from other investments, net2,399 
General and administrative(11,086)
Other expenses(1,627)
Interest and related amortization(29,759)
Equity in income of unconsolidated joint ventures1,465 
Consolidated net income$70,509 
Total assets$5,160,230 $245,216 $5,405,446 
Capital improvements$49,585 $37,994 $87,579 

Quarter Ended September 30, 2021
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$312,239 $31,954 $344,193 
Operations expenses(162,234)(28,787)(191,021)
Income from segment operations150,005 3,167 153,172 
Interest income1,320 483 1,803 
Depreciation and amortization(41,761)(2,653)(44,414)
Income (loss) from operations$109,564 $997 $110,561 
Reconciliation to consolidated net income:
Corporate interest income2 
Income from other investments, net1,238 
General and administrative(10,401)
Other expenses(797)
Interest and related amortization(27,361)
Equity in income of unconsolidated joint ventures851 
Consolidated net income$74,093 
Total assets$4,723,386 $258,474 $4,981,860 
Capital improvements$52,146 $32,169 $84,315 
Nine Months Ended September 30, 2022
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$984,535 $109,675 $1,094,210 
Operations expenses(506,739)(95,847)(602,586)
Income from segment operations477,796 13,828 491,624 
Interest income4,198 1,143 5,341 
Depreciation and amortization(145,200)(7,537)(152,737)
Loss on sale of real estate and impairment, net(2,289)(1,458)(3,747)
Income (loss) from operations$334,505 $5,976 $340,481 
Reconciliation to consolidated net income:
Corporate interest income5 
Income from other investments, net6,920 
General and administrative(35,078)
Other expenses(6,636)
Interest and related amortization(85,276)
Equity in income of unconsolidated joint ventures2,889 
Early debt retirement(1,156)
Consolidated net income$222,149 
Total assets$5,160,230 $245,216 $5,405,446 
Capital improvements$169,265 $99,349 $268,614 
Nine Months Ended September 30, 2021
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$891,166 $81,191 $972,357 
Operations expenses(448,432)(73,088)(521,520)
Income from segment operations442,734 8,103 450,837 
Interest income3,720 1,566 5,286 
Depreciation and amortization(130,169)(7,958)(138,127)
Loss on sale of real estate, net(59)— (59)
Income (loss) from operations$316,226 $1,711 $317,937 
Reconciliation to consolidated net income:
Corporate interest income28 
Income from other investments, net3,396 
General and administrative(31,141)
Other expenses(2,295)
Interest and related amortization(80,767)
Equity in income of unconsolidated joint ventures2,786 
Early debt retirement(2,784)
Consolidated net income$207,160 
Total assets$4,723,386 $258,474 $4,981,860 
Capital improvements$129,919 $74,118 $204,037 

The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2022 and 2021:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2022202120222021
Revenues:
Rental income$285,272 $265,431 $837,892 $761,580 
Annual membership subscriptions16,254 15,127 47,003 43,048 
Membership upgrade sales current period, gross11,085 10,122 27,771 29,343 
Membership upgrade sales upfront payments, deferred, net(7,777)(7,253)(18,228)(21,134)
Other income15,580 12,053 43,316 36,759 
Gross revenues from ancillary services17,794 16,759 46,781 41,570 
Total property operations revenues338,208 312,239 984,535 891,166 
Expenses:
Property operating and maintenance121,692 107,626 337,363 296,607 
Real estate taxes17,734 18,408 56,373 54,154 
Sales and marketing, gross7,143 6,513 18,466 18,987 
Membership sales commissions, deferred, net(1,206)(1,468)(2,746)(4,405)
Cost of ancillary services9,765 8,785 24,639 20,401 
Ancillary operating expenses5,644 5,355 16,671 13,733 
Property management19,003 17,015 55,973 48,955 
Total property operations expenses179,775 162,234 506,739 448,432 
Income from property operations segment$158,433 $150,005 $477,796 $442,734 
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2022 and 2021:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2022202120222021
Revenues:
Rental income (a)
$3,744 $4,142 $11,519 $12,713 
Gross revenue from home sales and brokered resales34,753 27,812 98,156 68,478 
Total revenues38,497 31,954 109,675 81,191 
Expenses:
Rental home operating and maintenance1,489 1,538 4,117 4,093 
Cost of home sales and brokered resales30,459 26,046 87,255 65,140 
Home selling expenses1,436 1,203 4,475 3,855 
Total expenses33,384 28,787 95,847 73,088 
Income from home sales and rentals operations segment$5,113 $3,167 $13,828 $8,103 
______________________
(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.