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Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Summary of Segment Financial Information
The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2023 and 2022:
Quarter Ended September 30, 2023
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$351,243 $32,961 $384,204 
Operations expenses(183,579)(28,502)(212,081)
Income from segment operations167,664 4,459 172,123 
Interest income1,637 631 2,268 
Depreciation and amortization(48,242)(2,726)(50,968)
Loss on sale of real estate and impairment, net(949)— (949)
Income from operations$120,110 $2,364 $122,474 
Reconciliation to consolidated net income:
Corporate interest income8 
Income from other investments, net2,333 
General and administrative(9,895)
Other expenses(1,338)
Interest and related amortization(33,434)
Equity in income of unconsolidated joint ventures661 
Early debt retirement(68)
Consolidated net income$80,741 
Total assets$5,351,993 $274,298 $5,626,291 
Capital improvements$79,750 $2,420 $82,170 

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 (1)
(11,086)
Other expenses (1)
(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$49,553 $6,026 $55,579 
______________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
Nine Months Ended September 30, 2023
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,029,609 $85,650 $1,115,259 
Operations expenses(526,052)(73,559)(599,611)
Income from segment operations503,557 12,091 515,648 
Interest income4,819 1,782 6,601 
Depreciation and amortization(144,659)(8,275)(152,934)
Loss on sale of real estate and impairment, net(3,581)— (3,581)
Income from operations$360,136 $5,598 $365,734 
Reconciliation to consolidated net income:
Corporate interest income22 
Income from other investments, net6,897 
General and administrative(38,163)
Other expenses(4,187)
Interest and related amortization(99,144)
Equity in income of unconsolidated joint ventures2,158 
Early debt retirement(68)
Consolidated net income$233,249 
Total assets$5,351,993 $274,298 $5,626,291 
Capital improvements$208,576 $22,596 $231,172 


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 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 (1)
(34,834)
Other expenses (1)
(6,880)
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$169,233 $16,683 $185,916 
________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
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 nine months ended September 30, 2023 and 2022:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2023202220232022
Revenues:
Rental income$299,781 $285,272 $877,310 $837,892 
Annual membership subscriptions16,673 16,254 48,832 47,003 
Membership upgrade sales3,744 3,308 10,863 9,543 
Other income15,658 15,580 51,283 43,316 
Gross revenues from ancillary services15,387 17,794 41,321 46,781 
Total property operations revenues351,243 338,208 1,029,609 984,535 
Expenses:
Property operating and maintenance125,081 121,692 357,660 337,363 
Real estate taxes19,017 17,734 56,165 56,373 
Membership sales and marketing5,696 5,937 16,055 15,720 
Cost of ancillary services8,226 9,765 20,562 24,639 
Ancillary operating expenses5,672 5,644 16,900 16,671 
Property management19,887 19,003 58,710 55,973 
Total property operations expenses183,579 179,775 526,052 506,739 
Income from property operations segment$167,664 $158,433 $503,557 $477,796 


The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2023 and 2022:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2023202220232022
Revenues:
Rental income (1)
$3,553 $3,744 $11,130 $11,519 
Gross revenue from home sales and brokered resales29,408 34,753 74,520 98,156 
Total revenues32,961 38,497 85,650 109,675 
Expenses:
Rental home operating and maintenance1,765 1,489 3,883 4,117 
Cost of home sales and brokered resales25,245 30,459 65,318 87,255 
Home selling expenses1,492 1,436 4,358 4,475 
Total expenses28,502 33,384 73,559 95,847 
Income from home sales and rentals operations segment$4,459 $5,113 $12,091 $13,828 
______________________
(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