Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2023 and 2022:

Quarter Ended March 31, 2023


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	341,737	$	24,036	$	365,773
Operations expenses	(165,023)		(20,143)		(185,166)
Income from segment operations	176,714		3,893		180,607
Interest income	1,566		514		2,080
Depreciation and amortization	(47,755)		(2,747)		(50,502)
Loss on sale of real estate and impairment, net	(2,632)		—		(2,632)
Income from operations	$	127,893	$	1,660	$	129,553
Reconciliation to consolidated net income:
Corporate interest income					8
Income from other investments, net					2,091
General and administrative					(11,661)
Other expenses					(1,468)
Interest and related amortization					(32,588)
Equity in income of unconsolidated joint ventures					524

Consolidated net income					$	86,459

Total assets	$	5,239,891	$	279,422	$	5,519,313
Capital improvements (1)	$	51,412	$	9,562	$	60,974

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(1)Amounts are restated. See Part I. Item 1. Financial Statements—Note 3. Restatement of Previously Issued Consolidated Financial Statements for more information.

Quarter Ended March 31, 2022


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	325,426	$	31,100	$	356,526
Operations expenses	(154,988)		(27,828)		(182,816)
Income from segment operations	170,438		3,272		173,710
Interest income	1,377		380		1,757
Depreciation and amortization	(46,877)		(2,517)		(49,394)

Income from operations	$	124,938	$	1,135	$	126,073
Reconciliation to consolidated net income:
Corporate interest income					2
Income from other investments, net					1,904
General and administrative (1)					(12,072)
Other expenses (1)					(1,048)
Interest and related amortization					(27,464)
Equity in income of unconsolidated joint ventures					171
Early debt retirement					(516)
Consolidated net income					$	87,050

Total assets	$	5,012,335	$	252,470	$	5,264,805
Capital improvements (2)	$	54,990	$	5,968	$	60,958

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(1)Prior period amounts have been reclassified to conform to the current period presentation.

(2)Amounts are restated. See Part I. Item 1. Financial Statements—Note 3. Restatement of Previously Issued Consolidated Financial Statements for more information.

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands)	2023		2022
Revenues:
Rental income	$	292,579	$	281,104
Annual membership subscriptions	15,970		15,157
Membership upgrade sales (1)	3,505		3,067

Other income	17,714		13,542
Gross revenues from ancillary services	11,969		12,556
Total property operations revenues	341,737		325,426
Expenses:
Property operating and maintenance	111,524		102,590
Real estate taxes	18,316		19,457
Membership sales and marketing (1)	4,838		4,331

Cost of ancillary services	5,297		5,721
Ancillary operating expenses	5,584		5,018
Property management	19,464		17,871
Total property operations expenses	165,023		154,988
Income from property operations segment	$	176,714	$	170,438

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(1)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 quarters ended March 31, 2023 and 2022:


	Quarters Ended March 31,
(amounts in thousands)	2023		2022
Revenues:
Rental income (1)	$	3,872	$	3,961
Gross revenue from home sales and brokered resales	20,164		27,139
Total revenues	24,036		31,100
Expenses:
Rental home operating and maintenance	959		1,402
Cost of home sales and brokered resales	17,844		24,963
Home selling expenses	1,340		1,463
Total expenses	20,143		27,828
Income from home sales and rentals operations segment	$	3,893	$	3,272

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(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