v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 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 or six months ended June 30, 2026 or 2025.
The following tables summarize our segment financial information:
Quarter Ended June 30, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$376,245 $14,181 $390,426 
Operations expenses(191,551)(13,459)(205,010)
NOI184,694 722 185,416 
Reconciliation to consolidated net income:
Depreciation and amortization(53,637)
Gain/(Loss) on sale of real estate and impairment, net(507)
Interest income1,580 
Income from other investments, net5,809 
General and administrative(11,872)
Casualty-related (charges)/recoveries, net7,094 
Other expenses(1,209)
Interest and related amortization(33,824)
Equity in income/(loss) of unconsolidated joint ventures668 
Consolidated net income$99,518 
Total assets$5,493,537 $307,138 $5,800,675 
Capital improvements$55,911 $8,263 $64,174 

Quarter Ended June 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$358,381 $14,199 $372,580 
Operations expenses(184,916)(13,023)(197,939)
NOI173,465 1,176 174,641 
Reconciliation to consolidated net income:
Depreciation and amortization(52,649)
Gain/(Loss) on sale of real estate and impairment, net(683)
Interest income2,202 
Income from other investments, net2,084 
General and administrative(10,455)
Casualty-related (charges)/recoveries, net541 
Other expenses59 
Interest and related amortization(32,200)
Equity in income/(loss) of unconsolidated joint ventures(47)
Consolidated net income$83,493 
Total assets$5,465,841 $255,042 $5,720,883 
Capital improvements$55,983 $3,475 $59,458 
Six Months Ended June 30, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$757,191 $26,892 $784,083 
Operations expenses(365,327)(25,754)(391,081)
NOI391,864 1,138 393,002 
Reconciliation to consolidated net income:
Depreciation and amortization(106,773)
Gain/(Loss) on sale of real estate and impairment, net(507)
Interest income3,771 
Income from other investments, net7,583 
General and administrative(22,973)
Casualty-related (charges)/recoveries, net7,026 
Other expenses(2,442)
Interest and related amortization(67,469)
Equity in income/(loss) of unconsolidated joint ventures(209)
Consolidated net income$211,009 
Total assets$5,493,537 $307,138 $5,800,675 
Capital improvements$96,555 $12,904 $109,459 


Six Months Ended June 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$727,467 $28,191 $755,658 
Operations expenses(357,647)(24,722)(382,369)
NOI369,820 3,469 373,289 
Reconciliation to consolidated net income:
Depreciation and amortization(103,591)
Gain/(Loss) on sale of real estate and impairment, net(683)
Interest income4,440 
Income from other investments, net4,102 
General and administrative(19,694)
Casualty-related (charges)/recoveries, net324 
Other expenses(1,819)
Interest and related amortization(63,336)
Equity in income/(loss) of unconsolidated joint ventures4,854 
Consolidated net income$197,886 
Total assets$5,465,841 $255,042 $5,720,883 
Capital improvements$99,513 $5,146 $104,659 
The following table summarizes our financial information for the Property Operations segment for the quarters and six months ended June 30, 2026 and 2025:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2026202520262025
Revenues:
Rental income$326,533 $309,747 $661,785 $633,560 
Annual membership subscriptions18,819 16,902 37,118 33,244 
Membership upgrade revenue3,120 3,120 6,240 6,172 
Other income15,252 16,473 29,348 32,028 
Gross revenues from ancillary services12,521 12,139 22,700 22,463 
Total property operations revenues376,245 358,381 757,191 727,467 
Expenses:
Utility expense41,681 39,182 82,864 79,451 
Payroll32,936 31,815 61,376 60,086 
Repairs and maintenance30,849 29,495 55,274 52,384 
Insurance and other25,373 26,050 51,012 52,039 
Real estate taxes21,826 21,845 43,926 43,488 
Membership sales and marketing4,551 4,062 8,388 7,993 
Cost of ancillary services6,718 6,177 10,946 10,622 
Ancillary operating expenses5,772 5,567 11,025 10,431 
Property management21,845 20,723 40,516 41,153 
Total property operations expenses191,551 184,916 365,327 357,647 
NOI$184,694 $173,465 $391,864 $369,820 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and six months ended June 30, 2026 and 2025:
 Quarters Ended June 30,Six Months Ended June 30,
(amounts in thousands)2026202520262025
Revenues:
Rental income (1)
$3,897 $3,540 $7,691 $6,933 
Gross revenues from home sales and brokered resales10,284 10,659 19,201 21,258 
Total revenues14,181 14,199 26,892 28,191 
Expenses:
Rental home operating and maintenance1,428 1,303 2,781 2,451 
Cost of home sales and brokered resales10,185 10,299 19,557 19,546 
Home selling expenses1,846 1,421 3,416 2,725 
Total expenses13,459 13,023 25,754 24,722 
NOI$722 $1,176 $1,138 $3,469 
______________________
(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.