XML 29 R19.htm IDEA: XBRL DOCUMENT v3.23.2
Reportable Segments
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023 or 2022.
The following tables summarize our segment financial information for the quarters and six months ended June 30, 2023 and 2022:
Quarter Ended June 30, 2023
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$336,629 $28,653 $365,282 
Operations expenses(177,450)(24,914)(202,364)
Income from segment operations159,179 3,739 162,918 
Interest income1,616 637 2,253 
Depreciation and amortization(48,662)(2,802)(51,464)
Income from operations$112,133 $1,574 $113,707 
Reconciliation to consolidated net income:
Corporate interest income6 
Income from other investments, net2,473 
General and administrative(16,607)
Other expenses(1,381)
Interest and related amortization(33,122)
Equity in income of unconsolidated joint ventures973 
Consolidated net income$66,049 
Total assets$5,304,804 $281,183 $5,585,987 
Capital improvements$41,350 $10,551 $51,901 
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:
Income from other investments, net2,617 
General and administrative (1)
(11,695)
Other expenses (1)
(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 $4,689 $69,379 
______________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.


Six Months Ended June 30, 2023
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$678,366 $52,689 $731,055 
Operations expenses(342,473)(45,057)(387,530)
Income from segment operations335,893 7,632 343,525 
Interest income3,182 1,151 4,333 
Depreciation and amortization(96,417)(5,549)(101,966)
Loss on sale of real estate and impairment, net(2,632)— (2,632)
Income from operations$240,026 $3,234 $243,260 
Reconciliation to consolidated net income:
Corporate interest income14 
Income from other investments, net4,564 
General and administrative(28,268)
Other expenses(2,849)
Interest and related amortization(65,710)
Equity in income of unconsolidated joint ventures1,497 
Consolidated net income$152,508 
Total assets$5,304,804 $281,183 $5,585,987 
Capital improvements$128,826 $20,176 $149,002 
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 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 (1)
(23,992)
Other expenses (1)
(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 $10,657 $130,337 
________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.


The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2023 and 2022:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2023202220232022
Revenues:
Rental income$284,950 $271,516 $577,529 $552,620 
Annual membership subscriptions16,189 15,592 32,159 30,749 
Membership upgrade sales3,614 3,168 7,119 6,235 
Other income17,911 14,195 35,625 27,736 
Gross revenues from ancillary services13,965 16,417 25,934 28,987 
Total property operations revenues336,629 320,888 678,366 646,327 
Expenses:
Property operating and maintenance121,055 113,081 232,579 215,671 
Real estate taxes18,832 19,182 37,148 38,639 
Membership sales and marketing5,521 5,452 10,359 9,783 
Cost of ancillary services7,039 9,138 12,336 14,874 
Ancillary operating expenses5,644 6,008 11,228 11,027 
Property management19,359 19,099 38,823 36,970 
Total property operations expenses177,450 171,960 342,473 326,964 
Income from property operations segment$159,179 $148,928 $335,893 $319,363 
The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended ended June 30, 2023 and 2022:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2023202220232022
Revenues:
Rental income (1)
$3,705 $3,814 $7,577 $7,775 
Gross revenue from home sales and brokered resales24,948 36,264 45,112 63,403 
Total revenues28,653 40,078 52,689 71,178 
Expenses:
Rental home operating and maintenance1,159 1,226 2,118 2,628 
Cost of home sales and brokered resales22,229 31,833 40,073 56,796 
Home selling expenses1,526 1,576 2,866 3,039 
Total expenses24,914 34,635 45,057 62,463 
Income from home sales and rentals operations segment$3,739 $5,443 $7,632 $8,715 
______________________
(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