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Reportable Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
Operating segments are defined as components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”). 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. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total portfolio from regional economic influences.
The CODM, who is our Vice Chairman and Chief Executive Officer, uses Net Operating Income (“NOI”) as the primary financial measure to evaluate segment performance. NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization. The CODM regularly uses NOI predominately in comparing current financial performance with past financial performance, identifying business trends, and forecasting future periods in making resource allocation decisions and managing expenses to maximize value for the Company and its shareholders.
All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the years ended December 31, 2025, 2024 and 2023.
The following tables summarize our segment financial information:
For the Year Ended December 31, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues1,456,083 56,955 1,513,038 
Operations expenses(711,640)(50,620)(762,260)
NOI744,443 6,335 750,778 
Reconciliation to consolidated net income:
Depreciation and amortization(208,895)
Gain/(Loss) on sale of real estate and impairment, net919 
Interest income9,572 
Income from other investments, net8,772 
General and administrative(37,510)
Casualty-related charges/(recoveries), net4,487 
Other expenses(4,850)
Interest and related amortization(131,005)
Income tax benefit3,273 
Equity in income of unconsolidated joint ventures6,520 
Consolidated net income$402,061 
Total assets$5,466,181 $279,212 $5,745,393 
Capital improvements$219,613 $17,478 $237,091 
For the Year Ended December 31, 2024
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues1,422,422 86,232 1,508,654 
Operations expenses(701,838)(73,158)(774,996)
NOI720,584 13,074 733,658 
Reconciliation to consolidated net income:
Depreciation and amortization(203,879)
Gain/(Loss) on sale of real estate and impairment, net(2,466)
Interest income9,238 
Income from other investments, net8,274 
General and administrative(38,483)
Casualty-related charges/(recoveries), net20,950 
Other expenses(5,533)
Interest and related amortization(137,710)
Income tax benefit354 
Equity in income of unconsolidated joint ventures6,248 
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 

For the Year Ended December 31, 2023
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues1,361,792 109,891 1,471,683 
Operations expenses(685,392)(94,778)(780,170)
NOI676,400 15,113 691,513 
Reconciliation to consolidated net income:
Depreciation and amortization(203,738)
Gain/(Loss) on sale of real estate and impairment, net(3,581)
Interest income9,037 
Income from other investments, net8,703 
General and administrative(47,280)
Other expenses(5,768)
Interest and related amortization(132,342)
Income tax benefit10,488 
Equity in income of unconsolidated joint ventures2,713 
Early debt retirement(68)
Consolidated net income329,677 
Total assets5,342,386 $271,347 $5,613,733 
Capital Improvements$290,081 $27,005 $317,086 
The following table summarizes our financial information for the Property Operations segment:
For the Years Ended December 31,
(amounts in thousands)202520242023
Revenues:
Rental income$1,268,243 $1,219,534 $1,164,333 
Annual membership subscriptions69,266 65,883 65,379 
Membership upgrade revenue12,412 16,433 14,719 
Other income62,794 75,354 67,407 
Gross revenues from ancillary services43,368 45,218 49,954 
Total property operations revenues1,456,083 1,422,422 1,361,792 
Expenses:
Utility expense164,397 159,058 155,160 
Payroll120,715 120,204 120,310 
Repairs & maintenance99,178 93,997 94,424 
Insurance and other103,914 101,510 94,618 
Real estate taxes85,148 81,966 77,993 
Membership sales and marketing16,069 22,063 20,974 
Cost of ancillary services20,787 23,525 24,192 
Ancillary operating expenses20,648 21,401 21,551 
Property management80,784 78,114 76,170 
Total property operations expenses711,640 701,838 685,392 
NOI$744,443 $720,584 $676,400 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:
For the Years Ended December 31,
(amounts in thousands)202520242023
Revenues:
Rental income (1)
$14,289 $13,718 $14,626 
Gross revenue from home sales and brokered resales42,666 72,514 95,265 
Total revenues56,955 86,232 109,891 
Expenses:
Cost of home sales and brokered resales39,548 61,246 83,476 
Home selling expenses5,864 6,243 5,902 
Rental home operating and maintenance5,208 5,669 5,400 
Total expenses50,620 73,158 94,778 
NOI$6,335 $13,074 $15,113 
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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