Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Segment Financial Information

The following tables summarize our segment financial information for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31, 2024
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,422,422	$	86,232	$	1,508,654
Operations expenses	(701,838)		(73,158)		(774,996)
NOI	720,584		13,074		733,658
Reconciliation to consolidated net income:
Depreciation and amortization					(203,879)
Loss on sale of real estate and impairment, net					(2,466)
Interest income					9,238
Income from other investments, net					8,274
General and administrative					(38,483)
Casualty-related charges/(recoveries), net					20,950
Other expenses					(5,533)
Interest and related amortization					(137,710)
Income tax benefit					354
Equity in income of unconsolidated joint ventures					6,248
Early debt retirement					(5,833)
Consolidated net income					$	384,818
Total assets	$	5,402,509	$	243,143	$	5,645,652
Capital improvements	$	227,942	$	13,337	$	241,279

	Year Ended December 31, 2023
(amounts in thousands)	Property Operations		Home Sales and Rentals Operations		Consolidated
Operations revenues	$	1,361,792	$	109,891	$	1,471,683
Operations expenses	(685,392)		(94,778)		(780,170)
NOI	676,400		15,113		691,513
Reconciliation to consolidated net income:
Depreciation and amortization					(203,738)
Loss on sale of real estate, net					(3,581)
Corporate interest income					9,037
Income from other investments, net					8,703
General and administrative					(47,280)
Other expenses					(5,768)
Interest and related amortization					(132,342)
Income tax benefit					10,488
Equity in income of unconsolidated joint ventures					2,713
Early debt retirement					(68)
Consolidated net income					$	329,677
Total assets	$	5,342,386	$	271,347	$	5,613,733
Capital improvements	$	290,081	$	27,005	$	317,086

	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)
NOI	634,628		18,434		653,062
Reconciliation to consolidated net income:
Depreciation and amortization					(202,362)
Interest income					7,430
Income from other investments, net					8,553
General and administrative					(44,857)
Other expenses					(8,646)
Interest and related amortization					(116,562)
Equity in income of unconsolidated joint ventures					3,363
Early debt retirement					(1,156)
Consolidated net income					$	298,825
Total assets	$	5,228,575	$	263,944	$	5,492,519
Capital Improvements	$	227,172	$	22,105	$	249,277

Summary of Financial Information for the Property Operations Segment

The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2024, 2023 and 2022:

	Years Ended December 31,
(amounts in thousands)	2024		2023		2022
Revenues:
Rental income	$	1,219,534	$	1,164,333	$	1,103,357
Annual membership subscriptions	65,883		65,379		63,215
Membership upgrade sales	16,433		14,719		12,958
Other income	75,354		67,407		56,144
Gross revenues from ancillary services	45,218		49,954		55,793
Total property operations revenues	1,422,422		1,361,792		1,291,467
Expenses:
Utility expense	159,058		155,160		147,169
Payroll	120,204		120,310		117,858
Repairs & maintenance	93,997		94,424		86,358
Insurance and other	101,510		94,618		86,379
Real estate taxes	81,966		77,993		74,145
Membership sales and marketing	22,063		20,974		20,317
Cost of ancillary services	23,525		24,192		28,969
Ancillary operating expenses	21,401		21,551		21,561
Property management	78,114		76,170		74,083
Total property operations expenses	701,838		685,392		656,839
NOI	$	720,584	$	676,400	$	634,628

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2024, 2023 and 2022:

	Years Ended December 31,
(amounts in thousands)	2024		2023		2022
Revenues:
Rental income (1)	$	13,718	$	14,626	$	15,244
Gross revenue from home sales and brokered resales	72,514		95,265		124,386
Total revenues	86,232		109,891		139,630
Expenses:
Cost of home sales and brokered resales	61,246		83,476		110,043
Home selling expenses	6,243		5,902		5,760
Rental home operating and maintenance	5,669		5,400		5,393
Total expenses	73,158		94,778		121,196
NOI	$	13,074	$	15,113	$	18,434

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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