XML 61 R50.htm IDEA: XBRL DOCUMENT v3.25.3
Reportable Segments - Income from Segment (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Rental income $ 327,437 $ 314,468 $ 967,930 $ 931,854
Other income 15,220 16,440 47,248 48,186
Total revenues 393,314 387,256 1,157,514 1,153,843
Expenses:        
Real estate taxes 20,585 20,731 64,073 61,617
Membership sales and marketing 4,199 6,448 12,192 17,871
Property management        
Expenses:        
Cost of ancillary services 20,277 20,165 61,430 59,311
Operating Segments        
Revenues:        
Total revenues 388,572 382,634 1,144,230 1,139,965
Expenses:        
Total expenses 202,964 205,741 585,333 601,320
NOI 185,608 176,893 558,897 538,645
Operating Segments | Property Operations        
Revenues:        
Rental income 323,827 311,072 957,387 921,555
Other income 15,220 16,440 47,248 48,186
Total revenues 373,340 362,304 1,100,807 1,069,027
Expenses:        
Utility expense 45,830 42,998 125,281 120,796
Payroll 32,502 32,247 92,588 92,055
Repairs & maintenance 26,710 26,072 79,094 74,613
Insurance and other 26,837 26,299 78,876 78,099
Real estate taxes 20,585 20,731 64,073 61,617
Membership sales and marketing 4,199 6,448 12,192 17,871
Ancillary operating expenses 5,610 5,737 16,041 16,290
Total expenses 189,338 188,217 546,985 540,673
NOI 184,002 174,087 553,822 528,354
Operating Segments | Property Operations | Annual membership subscriptions        
Revenues:        
Contract revenue 17,868 16,714 51,112 49,298
Operating Segments | Property Operations | Membership upgrade revenue        
Revenues:        
Contract revenue 3,120 4,173 9,292 12,170
Operating Segments | Property Operations | Gross revenues from ancillary services        
Revenues:        
Contract revenue 13,305 13,905 35,768 37,818
Expenses:        
Cost of ancillary services 6,788 7,520 17,410 20,021
Operating Segments | Property Operations | Property management        
Expenses:        
Cost of ancillary services 20,277 20,165 61,430 59,311
Operating Segments | Home Sales and Rentals Operations        
Revenues:        
Rental income 3,610 3,396 10,543 10,299
Total revenues 15,232 20,330 43,423 70,938
Expenses:        
Rental home operating and maintenance 1,364 1,394 3,815 4,335
Home selling expenses 1,576 1,599 4,301 4,665
Total expenses 13,626 17,524 38,348 60,647
NOI 1,606 2,806 5,075 10,291
Operating Segments | Home Sales and Rentals Operations | Home sales and brokered resales        
Revenues:        
Contract revenue 11,622 16,934 32,880 60,639
Expenses:        
Cost of ancillary services $ 10,686 $ 14,531 $ 30,232 $ 51,647