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Reportable Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Reportable Segments
Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”). The CODM evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization.
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 total portfolio from regional economic influences.
All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2022, 2021 and 2020.
The following tables summarize our segment financial information for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31, 2022
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,291,467 $139,630 $1,431,097 
Operations expenses(656,839)(121,196)(778,035)
Income from segment operations634,628 18,434 653,062 
Interest income5,722 1,701 7,423 
Depreciation and amortization(192,302)(10,060)(202,362)
Income (loss) from operations$448,048 $10,075 $458,123 
Reconciliation to consolidated net income:
Corporate interest income7 
Income from other investments, net8,553 
General and administrative(44,857)
Other expenses(8,646)
Interest and related amortization(116,562)
Equity in income of unconsolidated joint ventures3,363 
Early debt retirement(1,156)
Consolidated net income$298,825 
Total assets$5,228,575 $263,944 $5,492,519 
Capital improvements (1)
$227,172 $22,105 $249,277 
_____________________
(1)Amounts are restated See Item 8. Financial Statements and Supplementary Data—Note 3, Restatement of Previously Issued Consolidated Financial Statements for more information.
Year Ended December 31, 2021
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,187,535 $117,297 $1,304,832 
Operations expenses(594,503)(105,959)(700,462)
Income from segment operations593,032 11,338 604,370 
Interest income5,068 1,918 6,986 
Depreciation and amortization(177,897)(10,547)(188,444)
Loss on sale of real estate, net(59)— (59)
Income (loss) from operations$420,144 $2,709 $422,853 
Reconciliation to consolidated net income:
Corporate interest income30 
Income from other investments, net4,555 
General and administrative(39,576)
Other expenses(4,241)
Interest and related amortization(108,718)
Equity in income of unconsolidated joint ventures3,881 
Early debt retirement(2,784)
Consolidated net income$276,000 
Total assets$5,056,991 $250,880 $5,307,871 
Capital improvements (1)
$193,895 $10,370 $204,265 
_____________________
(1)Amounts are restated See Item 8. Financial Statements and Supplementary Data—Note 3, Restatement of Previously Issued Consolidated Financial Statements for more information.
Year Ended December 31, 2020
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,044,098 $63,525 $1,107,623 
Operations expenses(515,002)(57,253)(572,255)
Income from segment operations529,096 6,272 535,368 
Interest income4,385 2,754 7,139 
Depreciation and amortization(144,235)(10,896)(155,131)
Income (loss) from operations$389,246 $(1,870)$387,376 
Reconciliation to consolidated net income:
Corporate interest income15 
Income from other investments, net4,026 
General and administrative(39,276)
Other expenses(2,567)
Interest and related amortization(102,771)
Equity in income of unconsolidated joint ventures5,399 
Early debt retirement(10,786)
Consolidated net income$241,416 
Total assets$4,160,216 $258,753 $4,418,969 
Capital Improvements (1)
$157,467 $10,490 $167,957 
_____________________
(1)Amounts are restated See Item 8. Financial Statements and Supplementary Data—Note 3, Restatement of Previously Issued Consolidated Financial Statements for more information.
The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2022, 2021 and 2020:
Years Ended December 31,
(amounts in thousands)202220212020
Revenues:
Rental income$1,103,357 $1,015,879 $907,305 
Annual membership subscriptions63,215 58,251 53,085 
Membership upgrade sales (1)
12,958 11,191 9,677 
Other income56,144 50,298 46,008 
Gross revenues from ancillary services55,793 51,916 28,023 
Total property operations revenues1,291,467 1,187,535 1,044,098 
Expenses:
Property operating and maintenance437,764 393,256 348,394 
Real estate taxes74,145 72,671 66,120 
Membership sales and marketing (1)
20,317 18,668 15,672 
Cost of ancillary services28,969 25,529 12,920 
Ancillary operating expenses21,561 18,400 13,929 
Property management74,083 65,979 57,967 
Total property operations expenses656,839 594,503 515,002 
Income from property operations segment$634,628 $593,032 $529,096 
_____________________
(1)Beginning with the quarter ended June 30, 2023, we present membership upgrade sales and related commissions on a net basis in the Consolidated Statements of Income and Comprehensive Income.

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2022, 2021 and 2020:
Years Ended December 31,
(amounts in thousands)202220212020
Revenues:
Rental income (1)
$15,244 $16,696 $16,438 
Gross revenue from home sales and brokered resales124,386 100,601 47,087 
Total revenues139,630 117,297 63,525 
Expenses:
Cost of home sales and brokered resales110,043 95,094 46,735 
Home selling expenses5,760 5,138 4,572 
Rental home operating and maintenance5,393 5,727 5,946 
Total expenses121,196 105,959 57,253 
Income from home sales and rentals operations segment$18,434 $11,338 $6,272 
_____________________
(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.