Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the quarters ended March 31, 2024 and 2023:

Quarter Ended March 31, 2024

(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	359,736	$	22,626	$	382,362
Operations expenses	(169,405)		(19,286)		(188,691)
Income from segment operations	190,331		3,340		193,671
Interest income	1,686		443		2,129
Depreciation and amortization	(48,540)		(2,568)		(51,108)
Income from operations	$	143,477	$	1,215	$	144,692
Reconciliation to consolidated net income:
Corporate interest income					39
Income from other investments, net					2,038
General and administrative					(11,989)
Casualty-related charges/(recoveries), net					14,843
Other expenses					(1,331)
Interest and related amortization					(33,543)
Income tax benefit					239
Equity in income of unconsolidated joint ventures					283
Consolidated net income					$	115,271
Total assets	$	5,366,765	$	263,469	$	5,630,234
Capital improvements	$	51,408	$	3,298	$	54,706

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	$	51,412	$	9,562	$	60,974

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, 2024 and 2023:

	Quarters Ended March 31,
(amounts in thousands)	2024		2023
Revenues:
Rental income	$	313,083	$	292,579
Annual membership subscriptions	16,215		15,970
Membership upgrade sales	3,947		3,505
Other income	15,548		17,714
Gross revenues from ancillary services	10,943		11,969
Total property operations revenues	359,736		341,737
Expenses:
Property operating and maintenance	113,405		111,524
Real estate taxes	20,787		18,316
Membership sales and marketing	5,297		4,838
Cost of ancillary services	5,493		5,297
Ancillary operating expenses	4,713		5,584
Property management	19,710		19,464
Total property operations expenses	169,405		165,023
Income from property operations segment	$	190,331	$	176,714

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2024 and 2023:

	Quarters Ended March 31,
(amounts in thousands)	2024		2023
Revenues:
Rental income (1)	$	3,516	$	3,872
Gross revenue from home sales and brokered resales	19,110		20,164
Total revenues	22,626		24,036
Expenses:
Rental home operating and maintenance	1,378		959
Cost of home sales and brokered resales	16,474		17,844
Home selling expenses	1,434		1,340
Total expenses	19,286		20,143
Income from home sales and rentals operations segment	$	3,340	$	3,893

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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