Reportable Segments We have identified two reportable segments which are: (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 portfolio from regional economic influences. All revenues were from external customers and there was no customer who contributed 10% or more of our total revenues during the quarters and nine months ended September 30, 2019 or 2018 . The following tables summarize our segment financial information for the quarters and nine months ended September 30, 2019 and 2018 : Quarter Ended September 30, 2019 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 249,632 $ 12,668 $ 262,300 Operations expenses (122,683 ) (11,070 ) (133,753 ) Income from segment operations 126,949 1,598 128,547 Interest income 985 840 1,825 Depreciation and amortization (34,273 ) (2,759 ) (37,032 ) Income (loss) from operations $ 93,661 $ (321 ) $ 93,340 Reconciliation to consolidated net income: Corporate interest income $ 6 Income from other investments, net 7,029 General and administrative (8,710 ) Other expenses (1,460 ) Interest and related amortization (25,547 ) Equity in income of unconsolidated joint ventures 3,518 Consolidated net income $ 68,176 Total assets $ 3,871,379 $ 266,092 $ 4,137,471 Capital improvements $ 26,000 $ 42,344 $ 68,344 Quarter Ended September 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 236,204 $ 13,204 $ 249,408 Operations expenses (114,384 ) (12,747 ) (127,131 ) Income from segment operations 121,820 457 122,277 Interest income 863 978 1,841 Depreciation and amortization (32,549 ) (2,431 ) (34,980 ) Income (loss) from operations $ 90,134 $ (996 ) $ 89,138 Reconciliation to consolidated net income: Corporate interest income $ 5 Income from other investments, net 5,421 General and administrative (8,816 ) Other expenses (386 ) Interest and related amortization (26,490 ) Equity in income of unconsolidated joint ventures 788 Consolidated net income $ 59,660 Total assets $ 3,630,136 $ 224,901 $ 3,855,037 Capital improvements $ 21,722 $ 25,339 $ 47,061 Nine Months Ended September 30, 2019 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 729,496 $ 34,841 $ 764,337 Operations expenses (348,546 ) (30,547 ) (379,093 ) Income from segment operations 380,950 4,294 385,244 Interest income 2,829 2,535 5,364 Depreciation and amortization (105,013 ) (7,772 ) (112,785 ) Gain on sale of real estate, net 52,507  52,507 Income (loss) from operations $ 331,273 $ (943 ) $ 330,330 Reconciliation to consolidated net income: Corporate interest income $ 21 Income from other investments, net 8,894 General and administrative (27,844 ) Other expenses (2,427 ) Interest and related amortization (77,964 ) Equity in income of unconsolidated joint ventures 8,277 Early debt retirement (1,491 ) Consolidated net income $ 237,796 Total assets $ 3,871,379 $ 266,092 $ 4,137,471 Capital improvements $ 78,907 $ 110,881 $ 189,788 Nine Months Ended September 30, 2018 (amounts in thousands) Property Operations Home Sales and Rentals Operations Consolidated Operations revenues $ 689,387 $ 38,383 $ 727,770 Operations expenses (329,942 ) (36,054 ) (365,996 ) Income from segment operations 359,445 2,329 361,774 Interest income 2,494 2,918 5,412 Depreciation and amortization (94,377 ) (7,322 ) (101,699 ) Income (loss) from operations $ 267,562 $ (2,075 ) $ 265,487 Reconciliation to consolidated net income: Corporate interest income $ 246 Income from other investments, net 9,774 General and administrative (26,523 ) Other expenses (1,096 ) Interest and related amortization (78,478 ) Equity in income of unconsolidated joint venture 3,596 Consolidated net income $ 173,006 Total assets $ 3,630,136 $ 224,901 $ 3,855,037 Capital Improvements $ 69,591 $ 58,845 $ 128,436 The following table summarizes our financial information for the Property Operations segment for the quarters and nine months ended September 30, 2019 and 2018 : Quarters Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2019 2018 2019 2018 Revenues: Rental income $ 221,306 $ 207,595 $ 649,663 $ 606,667 Right-to-use annual payments (membership subscriptions) 13,150 12,206 38,052 35,616 Right-to-use contracts current period, gross (membership upgrade sales) 5,730 4,863 14,609 11,969 Right-to-use contract upfront payments, deferred, net (3,530 ) (2,883 ) (8,213 ) (6,189 ) Other income 11,263 13,419 31,898 38,991 Ancillary services revenues, net 1,713 1,004 3,487 2,333 Total property operations revenues 249,632 236,204 729,496 689,387 Expenses: Property operating and maintenance 89,162 84,445 249,482 239,444 Real estate taxes 15,166 13,240 45,596 40,815 Sales and marketing, gross 4,063 3,568 11,686 9,685 Right-to-use contract commissions, deferred, net (313 ) (458 ) (893 ) (744 ) Property management 14,605 13,589 42,675 40,742 Total property operations expenses 122,683 114,384 348,546 329,942 Income from property operations segment $ 126,949 $ 121,820 $ 380,950 $ 359,445 The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters and nine months ended September 30, 2019 and 2018 : Quarters Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2019 2018 2019 2018 Revenues: Rental income (a) $ 3,810 $ 3,507 $ 11,026 $ 10,583 Gross revenue from home sales 8,438 9,339 22,738 26,753 Brokered resale revenues, net 420 358 1,077 1,009 Ancillary services revenues, net    38 Total revenues 12,668 13,204 34,841 38,383 Expenses: Property operating and maintenance 1,603 1,904 4,099 4,957 Cost of home sales 8,434 9,742 23,230 27,948 Home selling expenses 1,033 1,101 3,218 3,149 Total expenses 11,070 12,747 30,547 36,054 Income from home sales and rentals operations segment $ 1,598 $ 457 $ 4,294 $ 2,329 ______________________ (a) Segment information includes income related to rental homes. Income related to Site rent on rental homes is included within property operations.