XML 30 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Reportable Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
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 portfolio from regional economic influences.
All revenues were from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters or nine months ended September 30, 2024 or 2023.
The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2024 and 2023:
Quarter Ended September 30, 2024
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$362,304 $20,330 $382,634 
Operations expenses(188,217)(17,524)(205,741)
Income from segment operations174,087 2,806 176,893 
Interest income1,916 474 2,390 
Depreciation and amortization(48,528)(2,406)(50,934)
Loss on sale of real estate and impairment, net(1,798)— (1,798)
Income from operations$125,677 $874 $126,551 
Reconciliation to consolidated net income:
Corporate interest income40 
Income from other investments, net2,192 
General and administrative(9,274)
Casualty-related charges/(recoveries), net(591)
Other expenses(1,402)
Interest and related amortization(36,497)
Equity in income of unconsolidated joint ventures5,874 
Early debt retirement(30)
Consolidated net income$86,863 
Total assets$5,397,984 $246,135 $5,644,119 
Capital improvements$55,690 $2,708 $58,398 

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 
Nine Months Ended September 30, 2024
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,069,027 $70,938 $1,139,965 
Operations expenses(540,673)(60,647)(601,320)
Income from segment operations528,354 10,291 538,645 
Interest income5,361 1,487 6,848 
Depreciation and amortization(145,920)(7,466)(153,386)
Loss on sale of real estate and impairment, net(1,798)— (1,798)
Income from operations$385,997 $4,312 $390,309 
Reconciliation to consolidated net income:
Corporate interest income170 
Income from other investments, net6,860 
General and administrative(30,248)
Casualty-related charges/(recoveries), net20,422 
Other expenses(4,120)
Interest and related amortization(106,077)
Income tax benefit239 
Equity in income of unconsolidated joint ventures6,736 
Early debt retirement(30)
Consolidated net income$284,261 
Total assets$5,397,984 $246,135 $5,644,119 
Capital improvements$165,791 $9,838 $175,629 


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 
The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2024 and 2023:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2024202320242023
Revenues:
Rental income$311,072 $299,781 $921,555 $877,310 
Annual membership subscriptions16,714 16,673 49,298 48,832 
Membership upgrade sales4,173 3,744 12,170 10,863 
Other income16,440 15,658 48,186 51,283 
Gross revenues from ancillary services13,905 15,387 37,818 41,321 
Total property operations revenues362,304 351,243 1,069,027 1,029,609 
Expenses:
Property operating and maintenance127,616 125,081 365,563 357,660 
Real estate taxes20,731 19,017 61,617 56,165 
Membership sales and marketing6,448 5,696 17,871 16,055 
Cost of ancillary services7,520 8,226 20,021 20,562 
Ancillary operating expenses5,737 5,672 16,290 16,900 
Property management20,165 19,887 59,311 58,710 
Total property operations expenses188,217 183,579 540,673 526,052 
Income from property operations segment$174,087 $167,664 $528,354 $503,557 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2024 and 2023:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2024202320242023
Revenues:
Rental income (1)
$3,396 $3,553 $10,299 $11,130 
Gross revenue from home sales and brokered resales16,934 29,408 60,639 74,520 
Total revenues20,330 32,961 70,938 85,650 
Expenses:
Rental home operating and maintenance1,394 1,765 4,335 3,883 
Cost of home sales and brokered resales14,531 25,245 51,647 65,318 
Home selling expenses1,599 1,492 4,665 4,358 
Total expenses17,524 28,502 60,647 73,559 
Income from home sales and rentals operations segment$2,806 $4,459 $10,291 $12,091 
______________________
(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.