v3.26.3
Reportable Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 or 2025.
The following tables summarize our segment financial information:
Quarter Ended September 30, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$392,000 $14,664 $406,664 
Operations expenses(194,569)(14,169)(208,738)
NOI197,431 495 197,926 
Reconciliation to consolidated net income:
Depreciation and amortization(54,898)
Interest income1,335 
Income from other investments, net1,904 
General and administrative(9,573)
Casualty-related (charges)/recoveries, net(245)
Other expenses(1,181)
Interest and related amortization(34,607)
Income tax (expense)/benefit(12,065)
Equity in income/(loss) of unconsolidated joint ventures654 
Consolidated net income$89,250 
Total assets$5,439,013 $325,993 $5,765,006 
Capital improvements$41,960 $8,773 $50,733 

Quarter Ended September 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$373,340 $15,232 $388,572 
Operations expenses(189,338)(13,626)(202,964)
NOI184,002 1,606 185,608 
Reconciliation to consolidated net income:
Depreciation and amortization(52,313)
Gain/(Loss) on sale of real estate and impairment, net31 
Interest income2,770 
Income from other investments, net1,972 
General and administrative(8,791)
Casualty-related (charges)/recoveries, net3,748 
Other expenses (1)
(1,229)
Interest and related amortization(33,659)
Income tax (expense)/benefit (1)
518 
Equity in income/(loss) of unconsolidated joint ventures1,708 
Consolidated net income$100,363 
Total assets$5,478,166 $269,015 $5,747,181 
Capital improvements$66,072 $5,202 $71,274 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
Nine Months Ended September 30, 2026
For the Nine Months Ended September 30, 2026
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,149,191 $41,556 $1,190,747 
Operations expenses(559,896)(39,923)(599,819)
NOI589,295 1,633 590,928 
Reconciliation to consolidated net income:
Depreciation and amortization(161,671)
Gain/(Loss) on sale of real estate and impairment, net(507)
Interest income5,106 
Income from other investments, net9,487 
General and administrative(32,546)
Casualty-related (charges)/recoveries, net6,781 
Other expenses(3,623)
Interest and related amortization(102,076)
Income tax (expense)/benefit(12,065)
Equity in income/(loss) of unconsolidated joint ventures445 
Consolidated net income$300,259 
Total assets$5,439,013 $325,993 $5,765,006 
Capital improvements$138,515 $21,677 $160,192 

Nine Months Ended September 30, 2025
For the Nine Months Ended September 30, 2025
(amounts in thousands)Property
Operations		Home Sales
and Rentals
Operations		Consolidated
Operations revenues$1,100,807 $43,423 $1,144,230 
Operations expenses(546,985)(38,348)(585,333)
NOI553,822 5,075 558,897 
Reconciliation to consolidated net income:
Depreciation and amortization(155,904)
Gain/(Loss) on sale of real estate and impairment, net(652)
Interest income7,210 
Income from other investments, net6,074 
General and administrative(28,485)
Casualty-related (charges)/recoveries, net4,072 
Other expenses (1)
(3,674)
Interest and related amortization(96,995)
Income tax (expense)/benefit (1)
1,144 
Equity in income/(loss) of unconsolidated joint ventures6,562 
Consolidated net income$298,249 
Total assets$5,478,166 $269,015 $5,747,181 
Capital improvements$165,585 $10,348 $175,933 
_____________________
(1)Prior period amounts have been reclassified to conform to the current period presentation.
The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2026 and 2025:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Revenues:
Rental income$340,296 $323,827 $1,002,081 $957,387 
Annual membership subscriptions19,509 17,868 56,627 51,112 
Membership upgrade revenue3,120 3,120 9,360 9,292 
Other income15,337 15,220 44,685 47,248 
Gross revenues from ancillary services13,738 13,305 36,438 35,768 
Total property operations revenues392,000 373,340 1,149,191 1,100,807 
Expenses:
Utility expense47,286 45,830 130,150 125,281 
Payroll33,184 32,502 94,560 92,588 
Repairs and maintenance28,188 26,710 83,462 79,094 
Insurance and other24,596 26,837 75,608 78,876 
Real estate taxes22,075 20,585 66,001 64,073 
Membership sales and marketing4,817 4,199 13,205 12,192 
Cost of ancillary services7,286 6,788 18,232 17,410 
Ancillary operating expenses5,782 5,610 16,807 16,041 
Property management21,355 20,277 61,871 61,430 
Total property operations expenses194,569 189,338 559,896 546,985 
NOI$197,431 $184,002 $589,295 $553,822 

The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2026 and 2025:
Quarters Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Revenues:
Rental income (1)
$4,009 $3,610 $11,700 $10,543 
Gross revenues from home sales and brokered resales10,655 11,622 29,856 32,880 
Total revenues14,664 15,232 41,556 43,423 
Expenses:
Rental home operating and maintenance1,643 1,364 4,424 3,815 
Cost of home sales and brokered resales10,730 10,686 30,287 30,232 
Home selling expenses1,796 1,576 5,212 4,301 
Total expenses14,169 13,626 39,923 38,348 
NOI$495 $1,606 $1,633 $5,075 
______________________
(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.