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Reportable Segments
 6 Months Ended
Jun. 30, 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 or six months ended June 30, 2025 or 2024.
The following tables summarize our segment financial information for the quarters and six months ended June 30, 2025 and 2024:
Quarter Ended June 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$358,381 $14,199 $372,580 
Operations expenses(184,916)(13,023)(197,939)
NOI173,465 1,176 174,641 
Reconciliation to consolidated net income:
Depreciation and amortization(52,649)
Loss on sale of real estate and impairment, net(683)
Interest income2,202 
Income from other investments, net2,084 
General and administrative(10,455)
Casualty-related charges/(recoveries), net541 
Other expenses59 
Interest and related amortization(32,200)
Equity in income of unconsolidated joint ventures(47)
Consolidated net income$83,493 
Total assets$5,465,841 $255,042 $5,720,883 
Capital improvements$55,983 $3,475 $59,458 

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)
NOI163,936 4,145 168,081 
Reconciliation to consolidated net income:
Depreciation and amortization(51,344)
Interest income (1)
2,420 
Income from other investments, net2,630 
General and administrative(8,985)
Casualty-related charges/(recoveries), net6,170 
Other expenses(1,387)
Interest and related amortization(36,037)
Equity in income of unconsolidated joint ventures579 
Consolidated net income$82,127 
Total assets$5,391,752 $253,723 $5,645,475 
Capital improvements$58,693 $3,832 $62,525 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
Six Months Ended June 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$727,467 $28,191 $755,658 
Operations expenses(357,647)(24,722)(382,369)
NOI369,820 3,469 373,289 
Reconciliation to consolidated net income:
Depreciation and amortization(103,591)
Loss on sale of real estate and impairment, net(683)
Interest income4,440 
Income from other investments, net4,102 
General and administrative(19,694)
Casualty-related charges/(recoveries), net324 
Other expenses(1,819)
Interest and related amortization(63,336)
Equity in income of unconsolidated joint ventures4,854 
Consolidated net income$197,886 
Total assets$5,465,841 $255,042 $5,720,883 
Capital improvements$99,513 $5,146 $104,659 


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)
NOI354,267 7,485 361,752 
Reconciliation to consolidated net income:
Depreciation and amortization(102,452)
Interest income (1)
4,588 
Income from other investments, net4,668 
General and administrative(20,974)
Casualty-related charges/(recoveries), net21,013 
Other expenses (1)
(2,479)
Interest and related amortization(69,580)
Equity in income of unconsolidated joint ventures862 
Consolidated net income$197,398 
Total assets$5,391,752 $253,723 $5,645,475 
Capital improvements$110,101 $7,130 $117,231 
_____________________
(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 and six months ended June 30, 2025 and 2024:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2025202420252024
Revenues:
Rental income$309,747 $297,401 $633,560 $610,483 
Annual membership subscriptions16,902 16,369 33,244 32,584 
Membership upgrade revenue3,120 4,050 6,172 7,997 
Other income16,473 16,197 32,028 31,746 
Gross revenues from ancillary services12,139 12,970 22,463 23,913 
Total property operations revenues358,381 346,987 727,467 706,723 
Expenses:
Utility expense39,182 38,596 79,451 77,798 
Payroll31,815 31,540 60,086 59,808 
Repairs & maintenance29,495 27,179 52,384 48,541 
Insurance and other26,050 27,227 52,039 51,800 
Real estate taxes21,845 20,099 43,488 40,886 
Membership sales and marketing4,062 6,126 7,993 11,423 
Cost of ancillary services6,177 7,008 10,622 12,501 
Ancillary operating expenses5,567 5,840 10,431 10,553 
Property management20,723 19,436 41,153 39,146 
Total property operations expenses184,916 183,051 357,647 352,456 
NOI$173,465 $163,936 $369,820 $354,267 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2025 and 2024:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2025202420252024
Revenues:
Rental income (1)
$3,540 $3,387 $6,933 $6,903 
Gross revenue from home sales and brokered resales10,659 24,595 21,258 43,705 
Total revenues14,199 27,982 28,191 50,608 
Expenses:
Rental home operating and maintenance1,303 1,563 2,451 2,941 
Cost of home sales and brokered resales10,299 20,642 19,546 37,116 
Home selling expenses1,421 1,632 2,725 3,066 
Total expenses13,023 23,837 24,722 43,123 
NOI$1,176 $4,145 $3,469 $7,485 
______________________
(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.