Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Segment Financial Information

The following tables summarize our segment financial information for the quarters and six months ended June 30, 2024 and 2023:

Quarter Ended June 30, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	346,987	$	27,982	$	374,969
Operations expenses	(183,051)		(23,837)		(206,888)
Income from segment operations	163,936		4,145		168,081
Interest income	1,759		570		2,329
Depreciation and amortization	(48,852)		(2,492)		(51,344)

Income from operations	$	116,843	$	2,223	$	119,066
Reconciliation to consolidated net income:
Corporate interest income					91
Income from other investments, net					2,630
General and administrative					(8,985)
Casualty-related charges/(recoveries), net					6,170
Other expenses					(1,387)
Interest and related amortization					(36,037)

Equity in income of unconsolidated joint ventures					579

Consolidated net income					$	82,127

Total assets	$	5,391,752	$	253,723	$	5,645,475
Capital improvements	$	58,693	$	3,832	$	62,525

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 operations	159,179		3,739		162,918
Interest income	1,616		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 income					6
Income from other investments, net					2,473
General and administrative					(16,607)
Other expenses					(1,381)
Interest and related amortization					(33,122)
Equity in income of unconsolidated joint ventures					973

Consolidated net income					$	66,049

Total assets	$	5,304,804	$	281,183	$	5,585,987
Capital improvements	$	41,350	$	10,551	$	51,901

Six Months Ended June 30, 2024


(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	706,723	$	50,608	$	757,331
Operations expenses	(352,456)		(43,123)		(395,579)
Income from segment operations	354,267		7,485		361,752
Interest income	3,445		1,013		4,458
Depreciation and amortization	(97,392)		(5,060)		(102,452)

Income from operations	$	260,320	$	3,438	$	263,758
Reconciliation to consolidated net income:
Corporate interest income					130
Income from other investments, net					4,668
General and administrative					(20,974)
Casualty-related charges/(recoveries), net					21,013
Other expenses					(2,718)
Interest and related amortization					(69,580)
Income tax benefit					239
Equity in income of unconsolidated joint ventures					862

Consolidated net income					$	197,398

Total assets	$	5,391,752	$	253,723	$	5,645,475
Capital improvements	$	110,101	$	7,130	$	117,231

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 operations	335,893		7,632		343,525
Interest income	3,182		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 income					14
Income from other investments, net					4,564
General and administrative					(28,268)
Other expenses					(2,849)
Interest and related amortization					(65,710)
Equity in income of unconsolidated joint ventures					1,497

Consolidated net income					$	152,508

Total assets	$	5,304,804	$	281,183	$	5,585,987
Capital improvements	$	128,826	$	20,176	$	149,002

Schedule of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2024 and 2023:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2024		2023		2024		2023
Revenues:
Rental income	$	297,401	$	284,950	$	610,483	$	577,529
Annual membership subscriptions	16,369		16,189		32,584		32,159
Membership upgrade sales	4,050		3,614		7,997		7,119
Other income	16,197		17,911		31,746		35,625
Gross revenues from ancillary services	12,970		13,965		23,913		25,934
Total property operations revenues	346,987		336,629		706,723		678,366
Expenses:
Property operating and maintenance	124,542		121,055		237,947		232,579
Real estate taxes	20,099		18,832		40,886		37,148
Membership sales and marketing	6,126		5,521		11,423		10,359

Cost of ancillary services	7,008		7,039		12,501		12,336
Ancillary operating expenses	5,840		5,644		10,553		11,228
Property management	19,436		19,359		39,146		38,823
Total property operations expenses	183,051		177,450		352,456		342,473
Income from property operations segment	$	163,936	$	159,179	$	354,267	$	335,893

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2024 and 2023:


	Quarters Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2024		2023		2024		2023
Revenues:
Rental income (1)	$	3,387	$	3,705	$	6,903	$	7,577
Gross revenue from home sales and brokered resales	24,595		24,948		43,705		45,112
Total revenues	27,982		28,653		50,608		52,689
Expenses:
Rental home operating and maintenance	1,563		1,159		2,941		2,118
Cost of home sales and brokered resales	20,642		22,229		37,116		40,073
Home selling expenses	1,632		1,526		3,066		2,866
Total expenses	23,837		24,914		43,123		45,057
Income from home sales and rentals operations segment	$	4,145	$	3,739	$	7,485	$	7,632

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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.