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Reportable Segments
 3 Months Ended
Mar. 31, 2025
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. Each segment is primarily evaluated based on Net Operating Income (“NOI”) which is defined as total operating revenues less total operating expenses. 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 ended March 31, 2025 or 2024.
The following tables summarize our segment financial information for the quarters ended March 31, 2025 and 2024:
Quarter Ended March 31, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$369,086 $13,992 $383,078 
Operations expenses(172,731)(11,699)(184,430)
NOI196,355 2,293 198,648 
Reconciliation to consolidated net income:
Depreciation and amortization(50,942)
Interest income2,238 
Income from other investments, net2,018 
General and administrative(9,239)
Casualty-related charges/(recoveries), net(217)
Other expenses(1,878)
Interest and related amortization(31,136)
Equity in income of unconsolidated joint ventures4,901 
Consolidated net income$114,393 
Total assets$5,398,043 $244,321 $5,642,364 
Capital improvements$43,531 $1,671 $45,202 

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)
NOI190,331 3,340 193,671 
Reconciliation to consolidated net income:
Depreciation and amortization(51,108)
Interest income2,168 
Income from other investments, net2,038 
General and administrative(11,989)
Casualty-related charges/(recoveries), net14,843 
Other expenses (1)
(1,092)
Interest and related amortization(33,543)
Equity in income of unconsolidated joint ventures283 
Consolidated net income$115,271 
Total assets$5,366,765 $263,469 $5,630,234 
Capital improvements$51,408 $3,298 $54,706 
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(1)Prior period amounts have been reclassified to conform to the current period presentation.
The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2025 and 2024:
 Quarters Ended March 31,
(amounts in thousands)20252024
Revenues:
Rental income$323,813 $313,083 
Annual membership subscriptions16,342 16,215 
Membership upgrade revenue3,052 3,947 
Other income15,555 15,548 
Gross revenues from ancillary services10,324 10,943 
Total property operations revenues369,086 359,736 
Expenses:
Utility expense40,269 39,202 
Payroll28,271 28,268 
Repairs & maintenance22,889 21,362 
Insurance and other25,989 24,573 
Real estate taxes21,643 20,787 
Membership sales and marketing3,931 5,297 
Cost of ancillary services4,445 5,493 
Ancillary operating expenses4,864 4,713 
Property management20,430 19,710 
Total property operations expenses172,731 169,405 
NOI$196,355 $190,331 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2025 and 2024:
 Quarters Ended March 31,
(amounts in thousands)20252024
Revenues:
Rental income (1)
$3,393 $3,516 
Gross revenue from home sales and brokered resales10,599 19,110 
Total revenues13,992 22,626 
Expenses:
Rental home operating and maintenance1,148 1,378 
Cost of home sales and brokered resales9,247 16,474 
Home selling expenses1,304 1,434 
Total expenses11,699 19,286 
NOI$2,293 $3,340 
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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.