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Reportable Segments
 3 Months Ended
Mar. 31, 2026
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. Segments are assessed before interest income and depreciation and amortization. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the total 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, 2026 or 2025.
The following tables summarize our segment financial information:
Quarter Ended March 31, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues380,946 12,711 393,657 
Operations expenses(173,776)(12,295)(186,071)
NOI207,170 416 207,586 
Reconciliation to consolidated net income:
Depreciation and amortization(53,136)
Interest income2,191 
Income from other investments, net1,774 
General and administrative(11,101)
Casualty-related charges/(recoveries), net(68)
Other expenses(1,233)
Interest and related amortization(33,645)
Equity in income/(loss) of unconsolidated joint ventures(877)
Consolidated net income$111,491 
Total assets$5,458,404 290,264 $5,748,668 
Capital improvements$40,645 $4,640 45,285 

Quarter Ended March 31, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues369,086 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/(loss) 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 
The following table summarizes our financial information for the Property Operations segment:
 
For the Quarters Ended March 31,
(amounts in thousands)20262025
Revenues:
Rental income$335,252 $323,813 
Annual membership subscriptions18,299 16,342 
Membership upgrade revenue3,120 3,052 
Other income14,096 15,555 
Gross revenues from ancillary services10,179 10,324 
Total property operations revenues380,946 369,086 
Expenses:
Utility expense41,183 40,269 
Payroll28,440 28,271 
Repairs and maintenance24,425 22,889 
Insurance and other25,639 25,989 
Real estate taxes22,100 21,643 
Membership sales and marketing3,837 3,931 
Cost of ancillary services4,228 4,445 
Ancillary operating expenses5,253 4,864 
Property management18,671 20,430 
Total property operations expenses173,776 172,731 
NOI$207,170 $196,355 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment:
 
For the Quarters Ended March 31,
(amounts in thousands)20262025
Revenues:
Rental income (1)
$3,794 $3,393 
Gross revenues from home sales and brokered resales8,917 10,599 
Total revenues12,711 13,992 
Expenses:
Rental home operating and maintenance1,353 1,148 
Cost of home sales and brokered resales9,372 9,247 
Home selling expenses1,570 1,304 
Total expenses12,295 11,699 
NOI$416 $2,293 
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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.