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Reportable Segments
 12 Months Ended
Dec. 31, 2023
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”). The CODM evaluates and assesses performance on a monthly basis. Segment operating performance is measured on Net Operating Income (“NOI”). NOI is defined as total operating revenues less total operating expenses. Segments are assessed before interest income and depreciation and amortization.
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.
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, 2023, 2022 and 2021.
The following tables summarize our segment financial information for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31, 2023
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,361,792 $109,891 $1,471,683 
Operations expenses(685,392)(94,778)(780,170)
Income from segment operations676,400 15,113 691,513 
Interest income6,473 2,512 8,985 
Depreciation and amortization(192,857)(10,881)(203,738)
Loss on sale of real estate and impairment, net(3,581)— (3,581)
Income from operations$486,435 $6,744 $493,179 
Reconciliation to consolidated net income:
Corporate interest income52 
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 income$329,677 
Total assets$5,342,386 $271,347 $5,613,733 
Capital improvements$290,081 $27,005 $317,086 
Year Ended December 31, 2022
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,291,467 $139,630 $1,431,097 
Operations expenses(656,839)(121,196)(778,035)
Income from segment operations634,628 18,434 653,062 
Interest income5,722 1,701 7,423 
Depreciation and amortization(192,302)(10,060)(202,362)
Income (loss) from operations$448,048 $10,075 $458,123 
Reconciliation to consolidated net income:
Corporate interest income7 
Income from other investments, net8,553 
General and administrative(44,857)
Other expenses(8,646)
Interest and related amortization(116,562)
Equity in income of unconsolidated joint ventures3,363 
Early debt retirement(1,156)
Consolidated net income$298,825 
Total assets$5,228,575 $263,944 $5,492,519 
Capital improvements$227,172 $22,105 $249,277 

Year Ended December 31, 2021
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,187,535 $117,297 $1,304,832 
Operations expenses(594,503)(105,959)(700,462)
Income from segment operations593,032 11,338 604,370 
Interest income5,068 1,918 6,986 
Depreciation and amortization(177,897)(10,547)(188,444)
Loss on sale of real estate, net(59)— (59)
Income (loss) from operations$420,144 $2,709 $422,853 
Reconciliation to consolidated net income:
Corporate interest income30 
Income from other investments, net4,555 
General and administrative(39,576)
Other expenses(4,241)
Interest and related amortization(108,718)
Equity in income of unconsolidated joint ventures3,881 
Early debt retirement(2,784)
Consolidated net income$276,000 
Total assets$5,056,991 $250,880 $5,307,871 
Capital Improvements$193,895 $10,370 $204,265 
The following table summarizes our financial information for the Property Operations segment for the years ended December 31, 2023, 2022 and 2021:
Years Ended December 31,
(amounts in thousands)202320222021
Revenues:
Rental income$1,164,333 $1,103,357 $1,015,879 
Annual membership subscriptions65,379 63,215 58,251 
Membership upgrade sales14,719 12,958 11,191 
Other income67,407 56,144 50,298 
Gross revenues from ancillary services49,954 55,793 51,916 
Total property operations revenues1,361,792 1,291,467 1,187,535 
Expenses:
Property operating and maintenance464,512 437,764 393,256 
Real estate taxes77,993 74,145 72,671 
Membership sales and marketing20,974 20,317 18,668 
Cost of ancillary services24,192 28,969 25,529 
Ancillary operating expenses21,551 21,561 18,400 
Property management76,170 74,083 65,979 
Total property operations expenses685,392 656,839 594,503 
Income from property operations segment$676,400 $634,628 $593,032 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the years ended December 31, 2023, 2022 and 2021:
Years Ended December 31,
(amounts in thousands)202320222021
Revenues:
Rental income (1)
$14,626 $15,244 $16,696 
Gross revenue from home sales and brokered resales95,265 124,386 100,601 
Total revenues109,891 139,630 117,297 
Expenses:
Cost of home sales and brokered resales83,476 110,043 95,094 
Home selling expenses5,902 5,760 5,138 
Rental home operating and maintenance5,400 5,393 5,727 
Total expenses94,778 121,196 105,959 
Income from home sales and rentals operations segment$15,113 $18,434 $11,338 
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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.