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Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2025 and 2024:
Quarter Ended September 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$373,340 $15,232 $388,572 
Operations expenses(189,338)(13,626)(202,964)
NOI184,002 1,606 185,608 
Reconciliation to consolidated net income:
Depreciation and amortization(52,313)
Gain/(Loss) on sale of real estate and impairment, net31 
Interest income2,770 
Income from other investments, net1,972 
General and administrative(8,791)
Casualty-related charges/(recoveries), net3,748 
Other expenses(711)
Interest and related amortization(33,659)
Equity in income of unconsolidated joint ventures1,708 
Consolidated net income$100,363 
Total assets$5,478,166 $269,015 $5,747,181 
Capital improvements$66,072 $5,202 $71,274 

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)
NOI174,087 2,806 176,893 
Reconciliation to consolidated net income:
Depreciation and amortization(50,934)
Gain/(Loss) on sale of real estate and impairment, net(1,798)
Interest income (1)
2,430 
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 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
Nine Months Ended September 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,100,807 $43,423 $1,144,230 
Operations expenses(546,985)(38,348)(585,333)
NOI553,822 5,075 558,897 
Reconciliation to consolidated net income:
Depreciation and amortization(155,904)
Gain/(Loss) on sale of real estate and impairment, net(652)
Interest income7,210 
Income from other investments, net6,074 
General and administrative(28,485)
Casualty-related charges/(recoveries), net4,072 
Other expenses(2,530)
Interest and related amortization(96,995)
Equity in income of unconsolidated joint ventures6,562 
Consolidated net income$298,249 
Total assets$5,478,166 $269,015 $5,747,181 
Capital improvements$165,585 $10,348 $175,933 


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)
NOI528,354 10,291 538,645 
Reconciliation to consolidated net income:
Depreciation and amortization(153,386)
Gain/(Loss) on sale of real estate and impairment, net(1,798)
Interest income (1)
7,018 
Income from other investments, net6,860 
General and administrative(30,248)
Casualty-related charges/(recoveries), net20,422 
Other expenses (1)
(3,881)
Interest and related amortization(106,077)
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 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
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 nine months ended September 30, 2025 and 2024:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Revenues:
Rental income$323,827 $311,072 $957,387 $921,555 
Annual membership subscriptions17,868 16,714 51,112 49,298 
Membership upgrade revenue3,120 4,173 9,292 12,170 
Other income15,220 16,440 47,248 48,186 
Gross revenues from ancillary services13,305 13,905 35,768 37,818 
Total property operations revenues373,340 362,304 1,100,807 1,069,027 
Expenses:
Utility expense45,830 42,998 125,281 120,796 
Payroll32,502 32,247 92,588 92,055 
Repairs & maintenance26,710 26,072 79,094 74,613 
Insurance and other26,837 26,299 78,876 78,099 
Real estate taxes20,585 20,731 64,073 61,617 
Membership sales and marketing4,199 6,448 12,192 17,871 
Cost of ancillary services6,788 7,520 17,410 20,021 
Ancillary operating expenses5,610 5,737 16,041 16,290 
Property management20,277 20,165 61,430 59,311 
Total property operations expenses189,338 188,217 546,985 540,673 
NOI$184,002 $174,087 $553,822 $528,354 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2025 and 2024:
 Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Revenues:
Rental income (1)
$3,610 $3,396 $10,543 $10,299 
Gross revenue from home sales and brokered resales11,622 16,934 32,880 60,639 
Total revenues15,232 20,330 43,423 70,938 
Expenses:
Rental home operating and maintenance1,364 1,394 3,815 4,335 
Cost of home sales and brokered resales10,686 14,531 30,232 51,647 
Home selling expenses1,576 1,599 4,301 4,665 
Total expenses13,626 17,524 38,348 60,647 
NOI$1,606 $2,806 $5,075 $10,291 
______________________
(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.