Cover Page
Cover Page - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jul. 20, 2021 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Jun. 30, 2021 | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | MD | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Document Transition Report | false | ||
Entity File Number | 1-12616 | ||
Trading Symbol | SUI | ||
Entity Registrant Name | SUN COMMUNITIES INC | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 115,903,246 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Security Exchange Name | NYSE | ||
Entity Tax Identification Number | 38-2730780 | ||
Entity Address, Address Line One | 27777 Franklin Rd, | ||
Entity Address, Address Line Two | Suite 200, | ||
Entity Address, City or Town | Southfield, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48034 | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
City Area Code | 248 | ||
Local Phone Number | 208-2500 | ||
Entity Central Index Key | 0000912593 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | Q2 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land | $ 2,412,629 | $ 2,119,364 |
Land improvements and buildings | 8,995,041 | 8,480,597 |
Rental homes and improvements | 622,397 | 637,603 |
Furniture, fixtures and equipment | 529,549 | 447,039 |
Investment property | 12,559,616 | 11,684,603 |
Accumulated depreciation | (2,165,564) | (1,968,812) |
Real Estate Investment Property, Net, Total | 10,394,052 | 9,715,791 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 119,612 | 92,641 |
Marketable securities | 153,049 | 124,726 |
Inventory of manufactured homes | 43,686 | 46,643 |
Notes and other receivables, net | 262,333 | 221,650 |
Collateralized receivables, net | 295,663 | 305,611 |
Other Assets | 324,278 | 270,691 |
Total Assets | 12,040,990 | 11,206,586 |
LIABILITIES | ||
Secured Debt | 3,457,734 | 3,489,983 |
Unsecured Debt | 853,441 | 1,267,093 |
Line of credit and other | 1,197,181 | |
Distributions payable | 98,429 | 86,988 |
Advanced reservation deposits and rent | 290,913 | 187,730 |
Accounts Payable | 214,200 | 148,435 |
Other Liabilities | 184,846 | 134,650 |
Total Liabilities | 5,099,563 | 5,314,879 |
Temporary Equity | 285,603 | 264,379 |
STOCKHOLDERS' EQUITY | ||
Common Stock, Value, Issued | 1,159 | 1,076 |
Additional paid-in capital | 8,163,095 | 7,087,658 |
Accumulated other comprehensive income | 5,197 | 3,178 |
Distributions in excess of accumulated earnings | (1,614,243) | (1,566,636) |
Total Sun Communities, Inc. stockholders' equity | 6,555,208 | 5,525,276 |
Noncontrolling interests: | ||
Common and preferred OP units | 82,865 | 85,968 |
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7) | 17,751 | 16,084 |
Total noncontrolling interests | 100,616 | 102,052 |
Total Stockholders' Equity | 6,655,824 | 5,627,328 |
Total Liabilities, Temporary Equity and Stockholders' Equity | 12,040,990 | 11,206,586 |
Goodwill | 448,317 | 428,833 |
Intangible Assets, Net (Including Goodwill) | 295,663 | 305,611 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net, Total | 508,055 | 438,918 |
Other Assets | 32,817 | 24,554 |
Total Assets | 540,872 | 463,472 |
LIABILITIES | ||
Secured Debt | 74,571 | 47,706 |
Unsecured Debt | 35,249 | 35,249 |
Preferred OP units - mandatorily redeemable | 35,249 | 35,249 |
Other Liabilities | 44,944 | 21,957 |
Total Liabilities | 154,764 | 104,912 |
Noncontrolling interests: | ||
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7) | 17,751 | 16,084 |
Preferred Equity, Mandatorily Redeemable [Member] | ||
LIABILITIES | ||
Preferred OP units - mandatorily redeemable | 35,249 | 35,249 |
Aspen Series B3 Preferred Operating Partnership Units [Member] | ||
LIABILITIES | ||
Secured Debt | 34,663 | |
Preferred OP units - mandatorily redeemable | 34,663 | |
Estimate of Fair Value Measurement | Fair Value, Recurring | ||
LIABILITIES | ||
Secured Debt | 3,511,703 | 3,588,901 |
Unsecured Debt | $ 863,383 | $ 1,267,093 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment property, net | $ 10,394,052 | $ 9,715,791 |
Other assets | 324,278 | 270,691 |
Secured debt | 3,457,734 | 3,489,983 |
Temporary Equity, Consolidated VIE | 27,491 | 28,469 |
Other liabilities | $ 184,846 | $ 134,650 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares Issued | 115,889,000 | 107,626,000 |
Common Stock, Shares Outstanding | 115,889,000 | 107,626,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES | ||||
Real property | $ 405,905 | $ 251,127 | $ 736,518 | $ 509,476 |
Home sales | 81,848 | 38,530 | 134,047 | 79,117 |
Service, retail, dining and entertainment | 106,452 | 7,700 | 157,064 | 12,803 |
Interest | 2,719 | 2,635 | 5,350 | 4,985 |
Brokerage commissions and other, net | 6,939 | 3,274 | 12,899 | 7,187 |
Total Revenues | 603,863 | 303,266 | 1,045,878 | 613,568 |
Expenses | ||||
Property operating and maintenance | 129,961 | 70,804 | 233,514 | 140,638 |
Real estate tax | 23,202 | 17,723 | 45,610 | 34,899 |
Home costs and selling | 58,763 | 32,051 | 100,353 | 66,090 |
Service, retail, dining and entertainment | 78,585 | 7,242 | 124,016 | 13,924 |
Business Combination, Integration Related Costs | (201) | 0 | 1,031 | 0 |
General and administrative | 45,127 | 26,527 | 83,330 | 51,876 |
Catastrophic event-related charges, net | 355 | (566) | 2,769 | 40 |
Depreciation and amortization | 126,423 | 87,265 | 249,727 | 170,954 |
Gain (Loss) on Extinguishment of Debt | 8,108 | 1,930 | 8,108 | 5,209 |
Interest | 37,681 | 31,428 | 77,198 | 63,844 |
Interest on mandatorily redeemable preferred OP units / equity | 1,041 | 1,042 | 2,077 | 2,083 |
Total Expenses | 509,045 | 275,446 | 927,733 | 549,557 |
Income Before Other Items | 94,818 | 27,820 | 118,145 | 64,011 |
Remeasurement Of Marketable Securities | 27,494 | 24,519 | 31,155 | (4,128) |
Gain / (loss) on foreign currency translation | (264) | 10,374 | (239) | (7,105) |
Other expense, net | (660) | (821) | (1,759) | (1,793) |
Loss on Remeasurement of Notes Receivable | 93 | 246 | 469 | (1,866) |
State and Local Income Tax Expense (Benefit), Continuing Operations | (1,245) | (119) | (1,016) | (569) |
Loss on Remeasurement of Investment | (115) | 1,132 | (11) | (1,059) |
Deferred Income Tax Expense (Benefit) | (66) | 112 | 81 | (242) |
Net Income | 120,849 | 63,355 | 148,790 | 47,877 |
Less: Preferred return to preferred OP units / equity | 3,035 | 1,584 | 5,899 | 3,154 |
Less: Income attributable to noncontrolling interests | 7,044 | 2,861 | 7,339 | 1,899 |
Net Income Attributable to Sun Communities, Inc. | 110,770 | 58,910 | ||
Net Income Attributable to Sun Communities, Inc. Common Stockholders | $ 110,770 | $ 58,910 | $ 135,552 | $ 42,824 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding - basic | 112,082 | 95,859 | 110,007 | 94,134 |
Weighted average common shares outstanding - diluted | 112,082 | 95,860 | 112,593 | 94,525 |
Earnings per share: | ||||
Earnings Per Share, Basic | $ 0.98 | $ 0.61 | $ 1.22 | $ 0.45 |
Earnings Per Share, Diluted | $ 0.98 | $ 0.61 | $ 1.22 | $ 0.45 |
Distributions from Affiliate | $ 794 | $ 92 | $ 1,965 | $ 144 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 120,849 | $ 63,355 | $ 148,790 | $ 47,877 |
Foreign currency translation gain / (loss) adjustment | (1,220) | 3,872 | (2,115) | (3,428) |
Total Comprehensive Income | 122,069 | 67,227 | 150,905 | 44,449 |
Less: Comprehensive income attributable to noncontrolling interests | (7,100) | (2,883) | (7,435) | (1,615) |
Comprehensive Income attributable to Sun Communities, Inc. | $ 114,969 | $ 64,344 | $ 143,470 | $ 42,834 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net Cash Provided By Operating Activities | $ 470,708 | $ 302,027 |
INVESTING ACTIVITIES: | ||
Investment in properties | (300,430) | (268,708) |
Acquisitions of properties, net of cash acquired | (593,336) | (78,869) |
Proceeds from dispositions of assets and depreciated homes, net | 42,731 | 24,459 |
Issuance of notes and other receivables | (12,773) | (25,044) |
Repayments of notes and other receivables | 2,840 | 1,719 |
Investments in nonconsolidated affiliates | (11,200) | (23,743) |
Distributions from nonconsolidated affiliates | 6,682 | 2,070 |
Net Cash Used For Investing Activities | (865,486) | (368,116) |
FINANCING ACTIVITIES: | ||
Issuance of common stock, OP units and preferred OP units, net | 1,059,861 | 621,415 |
Borrowings on lines of credit | 1,797,612 | 1,217,289 |
Payments on lines of credit | (2,801,742) | (1,279,468) |
Proceeds from issuance of other debt | 598,990 | 230,000 |
Payments on other debt | (34,911) | (208,592) |
Fees paid in connection with extinguishment of debt | (195) | (6,226) |
Distributions to stockholders, OP unit holders and preferred OP unit holders | (187,795) | (150,422) |
Payments for deferred financing costs | (10,338) | (3,331) |
Net Cash Provided By Financing Activities | 421,482 | 420,665 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 267 | (192) |
Net change in cash, cash equivalents and restricted cash | 26,971 | 354,384 |
Cash, cash equivalents and restricted cash, beginning of period | 92,641 | 34,830 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 119,612 | 389,214 |
SUPPLEMENTAL INFORMATION: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 77,740 | 65,822 |
Cash paid for interest on mandatorily redeemable debt | 2,077 | 2,083 |
Cash paid for income taxes | 1,137 | 441 |
Noncash investing and financing activities | ||
Change in distributions declared and outstanding | 11,380 | 7,781 |
Conversion of common and preferred OP units | 1,447 | 577 |
Asset held for sale | 14,921 | 5,770 |
Common Stock And OP Units | ||
Noncash investing and financing activities | ||
Stock Issued During Period, Value, New Issues, Series A-4 Preferred OP Units | 0 | 10,114 |
Series E Preferred OP Units | ||
Noncash investing and financing activities | ||
Stock Issued During Period, Value, New Issues, Series A-4 Preferred OP Units | 0 | 9,000 |
Series F Preferred OP Units | ||
Noncash investing and financing activities | ||
Stock Issued During Period, Value, New Issues, Series A-4 Preferred OP Units | 0 | 9,000 |
Series J Preferred Op Units | ||
Noncash investing and financing activities | ||
Stock Issued During Period, Value, New Issues, Series A-4 Preferred OP Units | 24,000 | 0 |
Contingent Consideration Liability | ||
Noncash investing and financing activities | ||
Noncash Or Part Noncash Acquisition, Noncash Financial Or Equity Instrument Consideration, Escrow | $ 3,439 | $ 0 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Interest Costs Capitalized | $ 2,392 | $ 4,561 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands | Total | Temporary Equity | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Non-controlling Interests | Total Stockholders' Equity | Total Equity | Common OP UnitsTemporary Equity | Common OP UnitsCommon Stock | Common OP UnitsAdditional Paid-in Capital | Common OP UnitsNon-controlling Interests | Common OP UnitsTotal Equity |
Beginning Balance at Dec. 31, 2019 | $ 78,004 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity Interests | 98 | |||||||||||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 181 | $ 8,819 | $ 9,000 | $ 9,000 | ||||||||||
Net income / (loss) | (1,195) | |||||||||||||
Distributions | (457) | |||||||||||||
Ending Balance at Mar. 31, 2020 | 76,450 | |||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 932 | 5,213,264 | $ (1,393,141) | $ (1,331) | 56,228 | 3,875,952 | 3,953,956 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of common stock and common OP units, net | 1 | (7,141) | (7,140) | (7,140) | ||||||||||
Conversion of OP units | (446) | 446 | 0 | |||||||||||
Equity interests | 85 | 85 | (13) | |||||||||||
Share-based compensation - amortization and forfeitures | 4,928 | 93 | 5,021 | 5,021 | ||||||||||
Foreign currency translation | (6,994) | (306) | (7,300) | (7,300) | ||||||||||
Remeasurement Of Notes Receivable And Equity Method Investments | 1,953 | 1,953 | 1,953 | |||||||||||
Net income / (loss) | (14,514) | 231 | (14,283) | (15,478) | ||||||||||
Distributions | (73,730) | (2,918) | (76,648) | (77,105) | ||||||||||
Ending Balance at Mar. 31, 2020 | 933 | 5,211,678 | (1,479,424) | (8,325) | 61,608 | 3,786,470 | 3,862,920 | |||||||
Beginning Balance at Dec. 31, 2019 | 78,004 | |||||||||||||
Ending Balance at Jun. 30, 2020 | 83,982 | |||||||||||||
Beginning Balance at Dec. 31, 2019 | 932 | 5,213,264 | (1,393,141) | (1,331) | 56,228 | 3,875,952 | 3,953,956 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Change in carrying value of temporary equity | $ (3,428) | |||||||||||||
Asset held for sale | 5,770 | |||||||||||||
Ending Balance at Jun. 30, 2020 | 983 | 5,847,598 | (1,496,542) | (4,475) | 71,805 | 4,419,369 | 4,503,351 | |||||||
Beginning Balance at Mar. 31, 2020 | 76,450 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity Interests | (641) | |||||||||||||
Net income / (loss) | (300) | |||||||||||||
Distributions | (492) | |||||||||||||
Ending Balance at Jun. 30, 2020 | 83,982 | |||||||||||||
Beginning Balance at Mar. 31, 2020 | 933 | 5,211,678 | (1,479,424) | (8,325) | 61,608 | 3,786,470 | 3,862,920 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of common stock and common OP units, net | 49 | 628,506 | 10,114 | 638,669 | 638,669 | |||||||||
Conversion of OP units | 0 | $ 0 | $ (1) | $ (130) | $ 131 | |||||||||
Equity interests | 67 | 0 | 67 | 708 | ||||||||||
Issuance of Series F preferred OP units | (8,965) | (8,965) | ||||||||||||
Share-based compensation - amortization and forfeitures | 7,284 | 92 | 7,376 | 7,376 | ||||||||||
Change in carrying value of temporary equity | 3,872 | |||||||||||||
Foreign currency translation | 3,850 | 22 | 3,872 | 3,872 | ||||||||||
Net income / (loss) | 58,910 | 60,492 | 3,163 | 63,655 | 63,355 | |||||||||
Distributions | (77,635) | (2,971) | (80,606) | (81,098) | ||||||||||
Ending Balance at Jun. 30, 2020 | 983 | 5,847,598 | (1,496,542) | (4,475) | 71,805 | 4,419,369 | 4,503,351 | |||||||
Beginning Balance at Dec. 31, 2020 | 264,379 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity Interests | 52 | |||||||||||||
Net income / (loss) | (1,568) | |||||||||||||
Distributions | (1,804) | |||||||||||||
Ending Balance at Mar. 31, 2021 | 261,059 | |||||||||||||
Beginning Balance at Dec. 31, 2020 | 5,627,328 | 1,076 | 7,087,658 | (1,566,636) | 3,178 | 102,052 | 5,627,328 | 5,891,707 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of common stock and common OP units, net | 42 | 522,222 | 522,264 | 522,264 | ||||||||||
Conversion of OP units | 0 | (1,150) | 1,150 | |||||||||||
Equity interests | 52 | 52 | 0 | |||||||||||
Share-based compensation - amortization and forfeitures | 7,118 | 62 | 7,180 | 7,180 | ||||||||||
Foreign currency translation | 855 | 40 | 895 | 895 | ||||||||||
Other | (20) | 758 | (141) | 597 | 597 | |||||||||
Net income / (loss) | 27,647 | 1,862 | 29,509 | 27,941 | ||||||||||
Distributions | (92,823) | (3,260) | (96,083) | (97,887) | ||||||||||
Ending Balance at Mar. 31, 2021 | 1,118 | 7,618,128 | (1,631,044) | 4,033 | 99,403 | 6,091,638 | 6,352,697 | |||||||
Beginning Balance at Dec. 31, 2020 | 264,379 | |||||||||||||
Ending Balance at Jun. 30, 2021 | 285,603 | |||||||||||||
Beginning Balance at Dec. 31, 2020 | 5,627,328 | 1,076 | 7,087,658 | (1,566,636) | 3,178 | 102,052 | 5,627,328 | 5,891,707 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Change in carrying value of temporary equity | (2,115) | |||||||||||||
Asset held for sale | 14,921 | |||||||||||||
Ending Balance at Jun. 30, 2021 | 6,655,824 | 1,159 | 8,163,095 | (1,614,243) | 5,197 | 100,616 | 6,655,824 | 6,941,427 | ||||||
Beginning Balance at Mar. 31, 2021 | 261,059 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Equity Interests | 53 | |||||||||||||
Net income / (loss) | 2,448 | |||||||||||||
Distributions | (1,957) | |||||||||||||
Ending Balance at Jun. 30, 2021 | 285,603 | |||||||||||||
Beginning Balance at Mar. 31, 2021 | 1,118 | 7,618,128 | (1,631,044) | 4,033 | 99,403 | 6,091,638 | 6,352,697 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of common stock and common OP units, net | 40 | 537,557 | 537,597 | 537,597 | ||||||||||
Conversion of OP units | $ (1) | $ (296) | $ 297 | $ 0 | ||||||||||
Equity interests | 53 | 53 | 0 | |||||||||||
Issuance of Series F preferred OP units | $ (24,000) | (24,000) | ||||||||||||
Share-based compensation - amortization and forfeitures | 7,099 | 74 | 7,173 | 7,173 | ||||||||||
Change in carrying value of temporary equity | (1,220) | |||||||||||||
Foreign currency translation | 1,164 | 56 | 1,220 | 1,220 | ||||||||||
Other | 15 | (836) | (821) | (821) | ||||||||||
Net income / (loss) | 110,770 | 113,804 | 4,597 | 118,401 | 120,849 | |||||||||
Distributions | (96,188) | (3,143) | (99,331) | (101,288) | ||||||||||
Ending Balance at Jun. 30, 2021 | $ 6,655,824 | $ 1,159 | $ 8,163,095 | $ (1,614,243) | $ 5,197 | $ 100,616 | $ 6,655,824 | $ 6,941,427 |
Equity and Temporary Equity Equ
Equity and Temporary Equity Equity and Temporary Equity, Dividends Payable Table (Details) - Common Stock $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / shares | |
Dividends Payable [Line Items] | |
Dividends per common share | $ / shares | $ 0.83 |
Payments of dividends | $ | $ 98,320 |
Equity and Temporary Equity E_2
Equity and Temporary Equity Equity and Temporary Equity, Schedule of Sale of Common Stock (Details) - USD ($) $ in Millions | Jun. 04, 2021 | Mar. 02, 2021 | Sep. 30, 2018 |
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 500 | ||
Issuance of common stock and common OP units, net | $ 1,100 | $ 163.8 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS") and Safe Harbor Marinas, LLC ("Safe Harbor") are referred to herein as the "Company," "us," "we," and "our." We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All intercompany transactions have been eliminated in consolidation. During the three months ended March 31, 2021, we changed our organizational structure from a two-segment to a three-segment structure as a result of the recent acquisition of Safe Harbor and its internal organization. The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2021, we report our financial results consistent with our newly realigned operating segments. All prior period amounts are recast to conform to the way we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. The most significant changes were the combining of rental home revenue with real property revenue, the combining of rental home operating and maintenance expenses with property operating expenses, and the combining of home selling expenses with cost of home sales. Vacation rental home rent has been reclassified from ancillary income into real property. In addition, ancillary revenues and expenses have been renamed service, retail, dining & entertainment. There was no impact to prior period net income, stockholders equity or cash flows for any of the reclassifications. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 18, 2021 (our "2020 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2020 Annual Report. Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") resorts and (iii) Marinas. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue The following tables detail our revenue by major source (in thousands): Three Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 199,948 $ 132,463 $ 73,494 $ 405,905 $ 181,713 $ 69,414 N/A $ 251,127 Home sales 69,922 11,926 — 81,848 35,074 3,456 N/A 38,530 Service, retail, dining and entertainment 1,850 22,364 82,238 106,452 1,074 6,626 N/A 7,700 Interest 2,084 621 14 2,719 2,140 495 N/A 2,635 Brokerage commissions and other, net 3,338 3,600 1 6,939 1,605 1,669 N/A 3,274 Total Revenues $ 277,142 $ 170,974 $ 155,747 $ 603,863 $ 221,606 $ 81,660 N/A $ 303,266 (1) Recast to reflect segment changes. Six Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 398,722 $ 213,068 $ 124,728 $ 736,518 $ 365,039 $ 144,437 N/A $ 509,476 Home sales 115,254 18,793 — 134,047 70,857 8,260 N/A 79,117 Service, retail, dining and entertainment 3,714 26,758 126,592 157,064 3,126 9,677 N/A 12,803 Interest 4,170 1,158 22 5,350 4,138 847 N/A 4,985 Brokerage commissions and other, net 6,151 6,202 546 12,899 3,730 3,457 N/A 7,187 Total Revenues $ 528,011 $ 265,979 $ 251,888 $ 1,045,878 $ 446,890 $ 166,678 N/A $ 613,568 (1) Recast to reflect segment changes. Our revenue consists of Real property revenue at our MH, RV and marina properties, revenue from Home sales, Service, retail, dining and entertainment revenue, Interest income, and Brokerage commissions and other revenue. The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, " Leases ." We account for all revenue from contracts with customers following ASC 606, " Revenue from Contracts with Customers " except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies," in our 2020 Annual Report. |
Real Estate Acquisitions
Real Estate Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions | Real Estate Acquisitions and Dispositions 2021 Acquisitions During the six months ended June 30, 2021, we acquired the following communities, resorts and marinas: Community Name Type Sites, Wet Slips and State / Province Month Acquired Sun Outdoors Association Island RV: asset acquisition 294 NY January Blue Water Beach Resort RV: asset acquisition 177 UT February Tranquility MHC MH: asset acquisition 25 FL February Islamorada and Angler House (1) Marina: asset acquisition 251 FL February Prime Martha's Vineyard (1) Marina: asset acquisition 390 MA March Pleasant Beach Campground RV: asset acquisition 102 ON, Canada March Cherrystone Family Camping Resort RV: asset acquisition 669 VA March Beachwood Resort RV: asset acquisition 672 WA March ThemeWorld RV Resort RV: asset acquisition 148 FL April Sylvan Glen Estates (2) MH: asset acquisition 476 MI April Shelter Island Boatyard Marina: asset acquisition 55 CA May Lauderdale Marine Center Marina: asset acquisition 202 FL May Apponaug Harbor (3) Marina: asset acquisition 378 RI June Cabrillo Isle (4) Marina: business combination 483 CA June Marathon Marina Marina: asset acquisition 147 FL June Total 4,469 (1) Includes two marinas. (2) In conjunction with the acquisition, we issued 240,000 Series J preferred OP units. As of June 30, 2021, 240,000 Series J preferred OP units were outstanding. (3) Combined with an existing adjacent marina. (4) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of the marinas was contingent on receiving third party consent. The following table summarizes the amount of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the MH community, RV resort and marina acquisitions completed during the six months ended June 30, 2021 (in thousands): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity Total consideration Asset Acquisition Sun Outdoors Association Island $ 14,965 $ — $ 41 $ (248) $ 14,758 $ 14,758 $ — $ 14,758 Blue Water Beach Resort 9,000 — — (151) 8,849 8,849 — 8,849 Tranquility MHC 1,250 — — (1) 1,249 1,249 — 1,249 Islamorada and Angler House (1) 18,001 22 269 (317) 17,975 17,975 — 17,975 Prime Martha's Vineyard (1) 22,258 138 127 (573) 21,950 21,950 — 21,950 Pleasant Beach Campground 1,531 — 57 1 1,589 1,589 — 1,589 Cherrystone Family Camping Resort 59,669 — 231 (2,029) 57,871 57,871 — 57,871 Beachwood Resort 14,004 — 211 (7,616) 6,599 6,599 — 6,599 ThemeWorld RV Resort 25,000 — — (104) 24,896 24,896 — 24,896 Sylvan Glen Estates 23,469 20 531 (269) 23,751 (249) 24,000 23,751 Shelter Island Boatyard 9,520 132 402 (85) 9,969 9,969 — 9,969 Lauderdale Marine Center 336,992 — 3,282 958 341,232 341,232 — 341,232 Apponaug Harbor 6,540 — 89 (689) 5,940 5,940 — 5,940 Marathon Marina 19,129 19 261 (227) 19,182 19,182 — 19,182 Business Combination (2) Cabrillo Isle 37,647 — 10,073 (703) 47,017 47,017 — 47,017 Total $ 598,975 $ 331 $ 15,574 $ (12,053) $ 602,827 $ 578,827 $ 24,000 $ 602,827 (1) Includes two marinas. (2) Refer to Note 5, "Goodwill and Other Intangibles Assets," for additional detail on goodwill and other intangible assets. As of June 30, 2021, we have incurred and capitalized $5.6 million of transaction costs which have been capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. As of June 30, 2021, we also incurred $1.0 million of business combination expenses which are expensed for purchases deemed to be business combinations. The following unaudited pro forma financial information presents the results of our operations for the three and six months ended June 30, 2021 and 2020, as if the properties combined in 2021 had been acquired on January 1, 2020. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and purchase accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisition been consummated on January 1, 2020 (in thousands, except per-share data): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Total revenues $ 605,163 $ 304,552 $ 1,048,426 $ 616,121 Net income attributable to Sun Communities, Inc. common stockholders $ 111,075 $ 59,421 $ 136,258 $ 43,782 Net income per share attributable to Sun Communities, Inc. common stockholders - basic $ 0.99 $ 0.62 $ 1.24 $ 0.47 Net income per share attributable to Sun Communities, Inc. common stockholders - diluted $ 0.99 $ 0.62 $ 1.24 $ 0.46 Real Estate Held-For-Sale We periodically classify real estate assets as "held-for-sale." An asset is classified as held-for-sale after an active program to sell an asset has commenced and when the sale is probable. Within "Other Assets, net" on the Consolidated Balance Sheets is approximately $14.9 million of real estate held-for-sale as of June 30, 2021. Refer to Note 18, "Subsequent Events," for information regarding real estate acquisitions and dispositions completed after June 30, 2021. 2020 Acquisitions and dispositions For the year ended December 31, 2020, we acquired the following communities, resorts and marinas. Community Name Type Sites, Wet Slips and Dry Storage Spaces Development Sites State Month Acquired Cape Cod (1) RV: asset acquisition 230 — MA January Jellystone Natural Bridge RV: asset acquisition 299 — VA February Forest Springs (2) MH: asset acquisition 372 — CA May Crown Villa RV: asset acquisition 123 — OR June Flamingo Lake RV: asset acquisition 421 — FL July Woodsmoke RV: asset acquisition 300 — FL September Jellystone Lone Star RV: asset acquisition 344 — TX September El Capitan & Ocean Mesa (3)(4) RV: asset acquisition 266 109 CA September Highland Green Estates & Troy Villa (5) MH: asset acquisition 1,162 — MI September Safe Harbor Marinas (6) Marina: business combination 37,305 — Various October Safe Harbor Hideaway Bay (7) Marina: business combination 628 — GA November Gig Harbor RV: asset acquisition 115 — WA November Maine MH Portfolio (8) MH: asset acquisition 1,083 — ME November Safe Harbor Anacapa Isle (7) Marina: business combination 453 — CA December Mears Annapolis Marina: asset acquisitions 184 — MD December Wickford Marina: asset acquisitions 60 — RI December Rybovich Portfolio (9) Marina: business combination 78 — FL December Rockland Marina: asset acquisitions 173 — ME December Mouse Mountain MH / RV: asset acquisition 304 — FL December Lakeview Mobile Estates MH: asset acquisition 296 — CA December Shenandoah Acres RV: asset acquisition 522 — VA December Jellystone at Barton Lake RV: asset acquisition 555 — IN December Kittatinny Portfolio (4) RV: asset acquisition 527 — NY & PA December Total 45,800 109 (1) In conjunction with the acquisition, we issued Series E preferred OP units. As of December 31, 2020, 90,000 Series E preferred OP units were outstanding. (2) In conjunction with the acquisition, we issued Series F preferred OP units and common OP units. As of December 31, 2020, 90,000 Series F preferred OP units, specific to this acquisition, were outstanding. (3) In conjunction with the acquisition, we issued Series G preferred OP units. As of December 31, 2020, 240,710 Series G preferred OP units were outstanding. (4) Includes two RV resorts. (5) Includes two communities. (6) Includes 99 owned marinas located in 22 states. In conjunction with the acquisition, we issued Series H preferred OP units. As of December 31, 2020, 581,407 Series H preferred OP units were outstanding. (7) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of marinas was contingent on receiving third party consents. (8) Includes six communities. (9) Includes two marinas. In conjunction with the acquisition, we issued Series I preferred OP units. As of December 31, 2020, 922,000 Series I preferred OP units were outstanding. The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2020 (in thousands): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Goodwill, In-place leases and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Debt assumed Temporary and permanent equity Total consideration Asset Acquisition Cape Cod $ 13,350 $ — $ 150 $ (295) $ 13,205 $ 4,205 $ — $ 9,000 $ 13,205 Jellystone Natural Bridge 11,364 — 80 (391) 11,053 11,053 — — 11,053 Forest Springs 51,949 1,337 2,160 (107) 55,339 36,260 — 19,079 55,339 Crown Villa 16,792 — — (230) 16,562 16,562 — — 16,562 Flamingo Lake 34,000 — — (155) 33,845 33,845 — — 33,845 Woodsmoke 25,120 40 840 (461) 25,539 25,539 — — 25,539 Jellystone Lone Star 21,000 — — (703) 20,297 20,297 — — 20,297 El Capitan & Ocean Mesa 69,690 — — (10,321) 59,369 32,108 — 27,261 59,369 Highland Green Estates & Troy Villa 60,988 1,679 2,030 (15) 64,682 64,682 — — 64,682 Gig Harbor 15,250 — — (22) 15,228 15,228 — — 15,228 Maine MH Portfolio 79,890 — 1,359 30 81,279 72,479 8,800 — 81,279 Mears Annapolis 24,354 — 6,922 (546) 30,730 30,730 — — 30,730 Wickford 3,468 — 42 (121) 3,389 3,389 — — 3,389 Rockland 15,082 348 101 (368) 15,163 15,163 — — 15,163 Mouse Mountain 15,221 — 279 (4) 15,496 15,496 — — 15,496 Lakeview Mobile Estates 22,917 195 638 (72) 23,678 23,678 — — 23,678 Shenandoah Acres 16,166 — 834 (197) 16,803 16,803 — — 16,803 Jellystone at Barton Lake 23,462 — 538 (397) 23,603 23,603 — — 23,603 Kittatinny Portfolio 16,220 — 30 29 16,279 16,279 — — 16,279 Business Combination (1) Safe Harbor Marinas 1,643,879 5,700 418,033 (26,831) 2,040,781 1,141,797 829,000 69,984 2,040,781 Hideaway Bay 26,218 23 7,242 (1,077) 32,406 32,406 — — 32,406 Anacapa Isle 10,924 — 3,146 60 14,130 14,130 — — 14,130 Rybovich Portfolio (2) 122,064 620 249,840 (37) 372,487 258,123 — 114,364 372,487 Total $ 2,339,368 $ 9,942 $ 694,264 $ (42,231) $ 3,001,343 $ 1,923,855 $ 837,800 $ 239,688 $ 3,001,343 (1) Refer to Note 5, "Goodwill and Other Intangibles Assets," for additional detail on goodwill and other intangible assets. (2) Purchase price allocations were preliminary as of December 31, 2020 and were adjusted as of March 31, 2021 based on revised purchase price allocations. As of December 31, 2020, we have incurred $23.0 million of expensed business combination transaction costs (in relation to the acquisition Safe Harbor, Hideaway Bay, Anacapa Isle, and the Rybovich Portfolio, as each such acquisition meets the criteria to be accounted for as business combination), and $13.4 million of capitalized transaction costs for asset acquisitions which have been allocated among the various categories above. Land for Expansion / Development During the year ended December 31, 2020, we acquired eight land parcels which are located in Orange Beach, Alabama; Jensen Beach, Florida; Citra Lakes, Florida; Comal County, Texas; and Menifee, California for total consideration of $9.7 million. Seven of the land parcels are adjacent to existing communities. Dispositions Real estate held-for-sale of $32.1 million as of December 31, 2020, was reclassified from Other assets, net to various line items on the Consolidated Balance Sheets during the three months ended March 31, 2021, as the sale of those assets was no longer probable. As of March 31, 2021, the primary reclassifications were $34.5 million of assets within Investment property, net and $3.8 million within Other liabilities on the Consolidated Balance Sheets. On July 1, 2020, we sold a manufactured housing community located in Montana, containing 226 sites, for $12.6 million. The gain from the sale of the property was approximately $5.6 million. |
Notes And Other Receivables
Notes And Other Receivables | 6 Months Ended |
Jun. 30, 2021 | |
Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract] | |
Notes And Other Receivables | Notes and Other Receivables The following table sets forth certain information regarding notes and other receivables (in thousands): June 30, 2021 December 31, 2020 Installment notes receivable on manufactured homes, net $ 82,506 $ 85,866 Notes receivable from real estate developers 61,955 52,638 Other receivables, net 117,872 83,146 Total Notes and Other Receivables, net $ 262,333 $ 221,650 Installment Notes Receivable on Manufactured Homes Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820 " Fair Value Measurements and Disclosures. " The balances of installment notes receivable of $82.5 million (net of fair value adjustment of $0.8 million) and $85.9 million (net of fair value adjustment of $1.3 million) as of June 30, 2021 and December 31, 2020, respectively, are collateralized by manufactured homes. The notes represent financing to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.7 percent and 14.9 years as of June 30, 2021, and 7.8 percent and 15.2 years as of December 31, 2020, respectively. Refer to Note 14, "Fair Value of Financial Instruments," for additional detail. The change in the aggregate balance of the installment notes receivable is as follows (in thousands): Six Months Ended Year Ended June 30, 2021 December 31, 2020 Beginning balance of gross installment notes receivable $ 87,142 $ 96,225 Financed sale of manufactured homes 3,933 5,014 Adjustment for notes receivable related to assets held for sale 45 (477) Principal payments and payoffs from our customers (6,177) (8,977) Principal reduction from repossessed homes (1,627) (4,643) Ending balance of gross installment notes receivable 83,316 87,142 Beginning balance of allowance for losses on installment notes receivables — (645) Initial fair value option adjustment — 645 Ending balance of allowance for losses on installment notes receivables — — Beginning balance of fair value adjustments on gross installment notes receivable (1,276) — Initial fair value option adjustment — 991 Adjustment for notes receivable related to assets held for sale (3) 7 Fair value adjustment 469 (2,274) Fair value adjustments on gross installment notes receivable (810) (1,276) Ending balance of installment notes receivable, net $ 82,506 $ 85,866 Notes Receivable from Real Estate Developers Notes receivable from real estate developers are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820 " Fair Value Measurements and Disclosures. " As of June 30, 2021 and December 31, 2020, the notes receivable balances of $62.0 million and $52.6 million, respectively are primarily comprised of construction loans provided to real estate developers. The notes receivable from real estate developers have a net weighted average interest rate and maturity of 6.3 percent and 1.4 years as of June 30, 2021, and 6.2 percent and 1.8 years as of December 31, 2020, respectively. As of June 30, 2021, real estate developers collectively have $11.6 million of undrawn funds on their loans. There were no material adjustments to the fair value of notes receivable from the real estate developers for the six months ended June 30, 2021 and 2020. Refer to Note 14, "Fair Value of Financial Instruments." Other Receivables, net As of June 30, 2021, other receivables were comprised of amounts due from: home sale proceeds of $47.8 million, marina customers for storage service and lease payments of $28.3 million (net of allowance of $1.7 million), insurance receivables of $11.2 million, residents for rent, utility charges, fees and other pass through charges of $10.1 million (net of allowance of $5.8 million) and other receivables of $20.5 million. As of December 31, 2020, other receivables were comprised of amounts due from: home sale proceeds of $23.6 million, marina customers for storage services and lease payments of $19.2 million (net of allowance of $1.4 million), insurance receivables of $13.6 million, residents for rent, utility charges, fees and other pass through charges of $7.1 million (net of allowance of $7.2 million) and other receivables of $19.6 million. In June 2020, we made a convertible secured loan to Rezplot Systems LLC, a nonconsolidated affiliate in which we have a 50 percent ownership interest. The note allows for a principal amount of up to $10.0 million to be drawn down over a period of three years, bears an interest rate of 3.0 percent and is secured by all the assets of Rezplot Systems LLC. The outstanding balances were $5.6 million and $2.0 million as of June 30, 2021 and December 31, 2020, respectively, and are included in the Notes and other receivables, net line item on the Consolidated Balance Sheets. Refer to Note 6, "Investment in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangibles Assets Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, and franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill, and Other intangible assets, net on the Consolidated Balance Sheets. The gross carrying amounts and accumulated amortization of our intangible assets are as follows (in thousands): June 30, 2021 December 31, 2020 Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Goodwill Indefinite $ 448,317 N/A $ 428,833 N/A In-place leases (1) Expected term 155,075 (109,559) 145,531 (92,327) Non-competition agreements 5 years 10,000 (1,000) 10,000 — Trademarks and trade names Various (2) 116,500 (417) 116,500 — Customer relationships 7 - 10 years 107,958 (6,691) 108,000 (2,371) Franchise agreements and other intangible assets 5.5 - 20 years 28,355 (4,558) 23,856 (3,578) Total $ 866,205 $ (122,225) $ 832,720 $ (98,276) (1) In-place leases as of June 30, 2021 include amounts related to certain assets previously held-for-sale, and included in Other assets, net, as of year ended December 31, 2020. Assets previously classified as held-for-sale were reclassified to held for investment as of January 1, 2021. (2) All trademarks and trade names have an indefinite useful life except for one that has a three year useful life as of the acquisition date. Goodwill impairment Upon review of the qualitative factors in accordance with ASC 350-20, " Goodwill and Other ," we determined that no impairment indicators existed as of June 30, 2021 and December 31, 2020. As a result, there was no impairment of goodwill during the six months ended June 30, 2021. Goodwill was preliminary as of December 31, 2020, subject to revisions based on purchase price allocations for the Safe Harbor and Rybovich business combination acquisitions which are reflected in the revised goodwill balance at June 30, 2021. There was an incremental acquisition during the quarter ended June 30, 2021 which resulted in additional goodwill. Other intangible assets, net Amortization expenses related to the Other intangible assets are as follows (in thousands): Three Months Ended Six Months Ended Intangible Asset Amortization Expense June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 In-place leases $ 6,977 $ 3,580 $ 16,793 $ 7,031 Non-competition agreements 500 — 1,000 — Trademarks and trade names 209 — 417 — Customer relationships 2,709 — 4,320 — Franchise fees and other intangible assets 492 204 982 409 Total $ 10,887 $ 3,784 $ 23,512 $ 7,440 We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in thousands): Remainder 2021 2022 2023 2024 2025 In-place leases $ 10,418 $ 12,216 $ 8,730 $ 5,836 $ 4,996 Non-competition agreements 1,000 2,000 2,000 2,000 2,000 Trademarks and trade names 417 833 833 — — Customer relationships 5,418 10,837 10,837 10,837 10,837 Franchise agreements and other intangible assets 993 1,986 1,957 1,893 1,872 Total $ 18,246 $ 27,872 $ 24,357 $ 20,566 $ 19,705 |
Investment In Affiliates
Investment In Affiliates | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Affiliates | Investment in Nonconsolidated Affiliates Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC Topic 323, " Investments - Equity Method and Joint Ventures ." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income from nonconsolidated affiliates line item on the Consolidated Statements of Operations. RezPlot Systems LLC ("Rezplot") At June 30, 2021 and December 31, 2020, we had a 50 percent ownership interest in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019. Sungenia joint venture ("Sungenia JV") At June 30, 2021 and December 31, 2020, we had a 50 percent ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group in November 2018, to establish and grow a manufactured housing community development program in Australia. GTSC LLC ( "GTSC" ) At June 30, 2021 and December 31, 2020, we had a 40 percent ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities. Origen Financial Services, LLC ("OFS") At June 30, 2021 and December 31, 2020, we had a 22.9 percent ownership interest in OFS, an end-to-end online resident screening and document management suite. SV Lift, LLC ("SV Lift") At June 30, 2021 and December 31, 2020, we had a 50 percent ownership interest in SV Lift, which owns, operates and leases an aircraft. The investment balance in each nonconsolidated affiliate is as follows (in thousands): Six Months Ended Year Ended Investment June 30, 2021 December 31, 2020 Investment in RezPlot $ 2,091 $ 3,047 Investment in Sungenia JV 27,071 26,890 Investment in GTSC 29,677 25,495 Investment in OFS 278 152 Investment in SV Lift 3,203 3,490 Total $ 62,320 $ 59,074 The income / (loss) from each nonconsolidated affiliate is as follows (in thousands): Three Months Ended Six Months Ended Income / (Loss) from Nonconsolidated Affiliates June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 RezPlot equity loss $ (469) $ (654) $ (956) $ (1,154) Sungenia JV equity income 75 262 809 147 GTSC equity income 1,416 700 2,597 1,460 OFS equity income 97 42 126 80 SV Lift equity loss (325) (258) (611) (389) Total Income from Nonconsolidated Affiliates $ 794 $ 92 $ 1,965 $ 144 The change in the GTSC investment balance is as follows (in thousands): Six Months Ended Year Ended June 30, 2021 December 31, 2020 Beginning balance $ 25,495 $ 18,488 Initial fair value option adjustment — 317 Contributions 10,876 19,030 Distributions (9,280) (14,676) Equity earnings 2,597 3,944 Fair value adjustment (11) (1,608) Ending Balance $ 29,677 $ 25,495 The change in the Sungenia JV investment balance is as follows (in thousands): Six Months Ended Year Ended June 30, 2021 December 31, 2020 Beginning balance $ 26,890 $ 11,995 Cumulative translation adjustment (628) 2,180 Contributions — 12,377 Equity earnings 809 338 Ending Balance $ 27,071 $ 26,890 |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
DisclosureofVariableInterestEntities [Abstract] | |
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities The Operating Partnership We consolidate the Operating Partnership under the guidance set forth in ASC 810 " Consolidation ." We evaluated whether Operating Partnership met the criteria for classification as variable interest entity ("VIE") or, alternatively, voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits. Sun NG RV Resorts LLC ("Sun NG Resorts"); Rudgate Village SPE, LLC, Rudgate Clinton SPE, LLC, and Rudgate Clinton Estates SPE, LLC (collectively, "Rudgate"); Sun NG Whitewater RV Resorts LLC; FPG Sun Menifee 80 LLC, SHM South Fork JV, LLC We consolidate Sun NG Resorts, Rudgate, Sun NG Whitewater RV Resorts LLC, FPG Sun Menifee 80 LLC and SHM South Fork JV, LLC under the guidance set forth in ASC Topic 810 " Consolidation ." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of, and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 8, "Debt and Line of Credit," for additional information on Sun NG Resorts and Note 9, "Equity and Temporary Equity," for additional information on Sun NG Resorts, Sun NG Whitewater RV Resorts LLC, FPG Sun Menifee 80 LLC and SHM South Fork JV, LLC. The following table summarizes the assets and liabilities of Sun NG Resorts, Rudgate, Sun NG Whitewater RV Resorts LLC, FPG Sun Menifee 80 LLC and SHM South Fork JV, LLC included in our Consolidated Balance Sheets after eliminations (in thousands): June 30, 2021 December 31, 2020 Assets Investment property, net $ 508,055 $ 438,918 Other assets, net 32,817 24,554 Total Assets $ 540,872 $ 463,472 Liabilities and Other Equity Secured debt $ 74,571 $ 47,706 Unsecured debt 35,249 35,249 Other liabilities 44,944 21,957 Total Liabilities 154,764 104,912 Temporary equity 27,491 28,469 Noncontrolling interests (including SHM South Fork JV, LLC) 17,751 16,084 Total Liabilities and Other Equity $ 200,006 $ 149,465 Investment property, net and Other assets, net related to the consolidated VIEs, with the exception of the Operating Partnership, comprised approximately 4.5 percent and 4.1 percent of our consolidated total assets at June 30, 2021 and December 31, 2020, respectively. Secured debt, Unsecured debt and Other liabilities comprised 3.0 percent and 2.0 percent of our consolidated total liabilities at June 30, 2021 and December 31, 2020, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0 percent of our consolidated total equity at June 30, 2021 and December 31, 2020, respectively. |
Debt And Lines Of Credit
Debt And Lines Of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt and Line of Credit The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands except statistical information): Carrying Amount Weighted Average Weighted Average June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Secured Debt Mortgage term loans - Life Companies $ 1,642,185 $ 1,658,239 15.8 16.3 3.991 % 3.990 % Mortgage term loans - FNMA 1,146,146 1,150,924 8.6 9.1 3.226 % 3.230 % Mortgage term loans - CMBS 264,364 267,205 2.4 2.9 4.789 % 4.789 % Mortgage term loans - FMCC 365,402 368,599 3.4 3.9 3.853 % 3.854 % Total Mortgage Term Loans 3,418,097 3,444,967 Collateralized term loan 39,637 45,016 2.3 2.8 1.300 % 1.310 % Total Secured Debt 3,457,734 3,489,983 Unsecured Debt Senior unsecured notes 591,688 — 10.0 0.0 2.700 % — % Line of credit and other debt 191,841 1,197,181 3.9 3.7 0.928 % 2.107 % Preferred equity - Sun NG Resorts - mandatorily redeemable 35,249 35,249 3.3 3.8 6.000 % 6.000 % Preferred OP units - mandatorily redeemable 34,663 34,663 4.6 5.1 5.932 % 5.932 % Total Unsecured Debt 853,441 1,267,093 Total Debt $ 4,311,175 $ 4,757,076 10.4 9.4 3.519 % 3.370 % Secured Debt Mortgage Term Loans During the six months ended June 30, 2021, no mortgage term loans were paid off. During the year ended December 31, 2020, we paid off the following mortgage term loans (in thousands except statistical information): Three Months Ended Repayment Amount Fixed Interest Rate Maturity Date (Gain) / Loss on Extinguishment of Debt June 30, 2020 $ 52,710 (1) 5.980 % (3) March 1, 2021 $ 1,930 March 31, 2020 $ 99,607 5.837 % March 1, 2021 $ 3,403 $ 19,922 (2) 5.830 % (3) July 1, 2020 $ (124) (1) Includes four mortgage term loans, two due to mature on March 1, 2021, one due to mature on July 11, 2021 and the other due to mature on December 1, 2021. (2) Includes four mortgage term loans due to mature on July 1, 2020. (3) The interest rate represents the weighted average interest rate on mortgage term loans. During the six months ended June 30, 2021, we did not enter into any new mortgage term loans. During the year ended December 31, 2020, we entered into the following mortgage term loans (in thousands except statistical information): Three Months Ended Loan Amount Term Interest Maturity December 31, 2020 $ 268,800 (1) 12 2.662 % (2) May 1, 2030 March 31, 2020 $ 230,000 15 2.995 % April 1, 2035 (1) Includes three mortgage term loans, one for $8.8 million due to mature on May 1, 2030 and two for $39.5 million and $220.5 million, due to mature on November 1, 2032. (2) The interest rate represents the weighted average interest rate on mortgage term loans. The mortgage term loans totaling $3.4 billion as of June 30, 2021, are secured by 192 properties comprised of 76,408 sites representing approximately $3.2 billion of net book value. Collateralized Term Loan In October 2019, we assumed a term loan facility, in the amount of $58.0 million in relation to an acquisition. The term loan has a four-year term ending October 29, 2023, and bears interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.20 percent to 2.05 percent. As of June 30, 2021, the margin based on our leverage ratio was 1.20 percent. The outstanding balance was $39.6 million at June 30, 2021 and $45.0 million at December 31, 2020. These balances are recorded in the Secured debt line item on the Consolidated Balance Sheets. The collateralized term loan balance as of June 30, 2021, is secured by 31 properties comprised of 5,165 sites representing approximately $375.2 million of net book value. Unsecured Debt Senior Unsecured Notes On June 28, 2021, we issued $600.0 million of senior unsecured notes with an interest rate of 2.70 percent and a ten-year term, due 2031 (the "2031 Notes"). Interest on the senior unsecured notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2022. The net proceeds from the offering were approximately $592.4 million, after deducting underwriters' discounts and estimated offering expenses. The proceeds were used to pay down borrowings under our line of credit. The outstanding balance was $591.7 million at June 30, 2021. This balance is recorded in the Unsecured debt line item on the Consolidated Balance Sheets. Line of Credit On June 14, 2021, we entered into a new credit agreement (the "New Credit Agreement") with certain lenders. The New Credit Agreement combined and replaced our prior $750.0 million credit facility, which was scheduled to mature on May 21, 2023, (the "A&R Facility"), and the $1.8 billion credit facility between Safe Harbor and certain lenders, which was scheduled to mature on October 11, 2024 (the "Safe Harbor Facility"). The Safe Harbor Facility was terminated in connection with the execution of the New Credit Agreement. We repaid all amounts due and outstanding under the Safe Harbor Facility on or prior to such effective date. We recognized a Loss on extinguishment of debt in our Consolidated Statement of Operations related to the termination of the A&R Facility and the Safe Harbor Facility of $0.2 million and $7.9 million, respectively. Pursuant to the New Credit Agreement, we may borrow up to $2.0 billion under a revolving loan (the "New Credit Facility"). The New Credit Facility is available to fund all of the Company's business, including its marina business conducted by Safe Harbor. The New Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings (with the consent of the lenders) in an amount not to exceed $1.0 billion with the option to treat all, or a portion, of such additional funds as an incremental term loan. The New Credit Facility has a four-year term ending June 14, 2025, and, at our option, the maturity date may be extended for two additional six-month periods, subject to the satisfaction of certain conditions. However, the maturity date with respect to $500.0 million of available borrowing under the New Credit Facility is October 11, 2024, which, under the terms of the New Credit Agreement, may not be extended. The New Credit Facility bears interest at a floating rate based on the Adjusted Eurocurrency Rate or Australian Bank Bill Swap Bid Rate (BBSY), plus a margin that is determined based on the Company's credit ratings calculated in accordance with the New Credit Agreement, which can range from 0.725 percent to 1.400 percent. As of June 30, 2021, the margin based on our credit ratings was 0.850 percent on the New Credit Facility. At the lenders' option, the New Credit Facility will become immediately due and payable upon an event of default under the New Credit Agreement. We had $190.3 million of borrowings on the New Credit Facility as of June 30, 2021, all scheduled to mature June 14, 2025. As of December 31, 2020, we had $40.4 million of borrowings on the revolving loan and no borrowings on the term loan under our A&R Facility, respectively. As of December 31, 2020, we had $652.0 million and $500.0 million of borrowings under the revolving loan and term loan under Safe Harbor Facility, respectively. These balances are recorded in the Unsecured debt line item on the Consolidated Balance Sheets. The New Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the New Credit Facility, but does reduce the borrowing amount available. At June 30, 2021 and December 31, 2020, we had approximately $3.2 million and $2.4 million (including none and $0.3 million associated with Safe Harbor's prior credit facility) of outstanding letters of credit, respectively. Floor Plan We have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us at least a 12-month notice of their intent to terminate the agreement. The interest rate is 100 basis points over the greater of the prime rate as quoted in the Wall Street Journal on the first business day of each month or 6.0 percent. At June 30, 2021, the effective interest rate was 7.0 percent. The outstanding balance was $1.5 million as of June 30, 2021 and $4.8 million as of December 31, 2020. These balances are recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Preferred Equity - Sun NG Resorts - mandatorily redeemable In connection with the investment in Sun NG Resorts, $35.3 million of mandatorily redeemable Preferred Equity ("Preferred Equity - Sun NG Resorts") was purchased by unrelated third parties. The Preferred Equity - Sun NG Resorts carries a preferred rate of return of 6.0 percent per annum. The Preferred Equity - Sun NG Resorts has a seven Preferred OP Units - mandatorily redeemable Preferred OP units at June 30, 2021 and December 31, 2020 include $34.7 million of Aspen preferred OP units issued by the Operating Partnership. As of June 30, 2021, these units are convertible indirectly into 394,814 shares of our common stock. In January 2020, we amended the Operating Partnership's partnership agreement. The amendment extended the automatic redemption date and reduced the annual distribution rate for 270,000 of the Aspen preferred OP units (the "Extended Units"). Subject to certain limitations, at any time prior to January 1, 2024 (or prior to January 1, 2034 with respect to the Extended Units), the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units; or (b) if the ten-day average closing price is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0 percent of the amount by which the ten-day average closing price exceeds $68.00 per share, by (ii) the ten-day average closing price. The current preferred distribution rate is 3.8 percent on the Extended Units and 6.5 percent on all other Aspen preferred OP units. On January 2, 2024 (or January 2, 2034 with respect to the Extended Units), we are required to redeem for cash all Aspen preferred OP units that have not been converted to common OP units. As of June 30, 2021, 270,000 of the Extended Units and 1,013,819 other Aspen preferred units were outstanding. These balances are recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Covenants The mortgage term loans, collateralized term loans, senior unsecured notes, New Credit Facility and floor plan are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the New Credit Facility, which contains minimum fixed charge coverage ratio, maximum leverage, distribution ratios and variable rate indebtedness and (b) senior unsecured notes, which contain a total debt to total assets, secured debt to total assets, consolidated income available for debt service to debt service and unencumbered total asset value to unsecured debt covenants. At June 30, 2021, we were in compliance with all covenants. In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, any of our other subsidiaries or any other person or entity. Off-Balance Sheet Arrangements - Nonconsolidated Affiliate Indebtedness GTSC - During September 2019, GTSC, a nonconsolidated affiliate in which we have a 40 percent ownership interest, entered into a warehouse line of credit with a maximum loan amount of $125.0 million. During September 2020 and May 2021, the maximum amount was increased to $180.0 million and $230.0 million, respectively with an option to increase to $255.0 million subject to lender's consent. As of June 30, 2021, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $201.9 million (of which our proportionate share is $80.8 million). As of December 31, 2020, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $167.7 million (of which our proportionate share is $67.1 million). The debt bears interest at a variable rate based on LIBOR plus 1.65 percent per annum and matures on September 15, 2023. Sungenia JV - During May 2020, Sungenia JV, a nonconsolidated affiliate in which we have a 50 percent ownership interest, entered into a debt facility agreement with a maximum loan amount of 27.0 million Australian dollars, or $20.3 million converted at the June 30, 2021 exchange rate. As of June 30, 2021, the aggregate carrying amount of debt, including both our and our partners' share, incurred by Sungenia JV was $6.5 million (of which our proportionate share is $3.2 million). As of December 31, 2020, the aggregate carrying amount of debt, including both our and our partners' share, incurred by Sungenia JV was $6.7 million (of which our proportionate share is $3.3 million). The debt bears interest at a variable rate based on the BBSY rate plus 2.05 percent per annum and is available for a minimum of three years. |
Equity and Temporary Equity
Equity and Temporary Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity and Temporary Equity | Equity and Temporary Equity Permanent Equity Universal Shelf Registration Statement On April 5, 2021, in connection with the expiration of our universal shelf registration statement on Form S-3, that was filed with the SEC on April 6, 2018, we filed a new universal shelf registration statement on Form S-3 with the SEC. The new universal shelf registration statement was deemed automatically effective and provides for the registration of unspecified amounts of equity and debt securities. We have the authority to issue 200,000,000 shares of capital stock, of which 180,000,000 shares are common stock, par value $0.01 per share, and 20,000,000 are shares of preferred stock, par value $0.01 per share. As of June 30, 2021, we had 115,889,185 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. Public Equity Offerings On March 2, 2021, we priced a $1.1 billion underwritten public offering of an aggregate of 8,050,000 shares at a public offering price of $140.00 per share, before underwriting discounts and commissions. The offering consisted of 4,000,000 shares offered directly by us and 4,050,000 shares offered under a forward equity sales agreement (the "March 2021 Forward Equity Offering"). We sold the 4,000,000 shares on March 9, 2021 and received net proceeds of $537.6 million after deducting expenses related to the offering. In May and June 2021, we completed the physical settlement of the remaining 4,050,000 shares and received net proceeds of $539.7 million after deducting expenses related to the offering. Proceeds from the offering were used to acquire assets and pay down the Safe Harbor Facility. On September 30, 2020 and October 1, 2020, we entered into two forward sale agreements (the "September 2020 Forward Equity Offerings") relating to an underwritten registered public offering of 9,200,000 shares of our common stock at a public offering price of $139.50 per share. The offering closed on October 5, 2020. On October 26, 2020, we physically settled the September 2020 Forward Equity Offering (by the delivery of shares of our common stock). Proceeds from the offering were approximately $1.23 billion after deducting expenses related to the offering. We used the net proceeds of this offering to fund the cash portion of the acquisition of Safe Harbor, and for working capital and general corporate purposes. In May 2020, we closed an underwritten registered public offering of 4,968,000 shares of common stock. Proceeds from the offering were $633.1 million after deducting expenses related to the offering. We used the net proceeds of this offering to repay borrowings outstanding under the revolving loan under our senior credit facility. At the Market Offering Sales Agreements On June 4, 2021, we entered into an At the Market Offering Sales Agreement (the "Sales Agreement") with certain sales agents, and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $500.0 million of our common stock, through the sales agents, acting as our sales agents or, if applicable, as forward sellers, or directly to the sales agents as principals for their own accounts. The sales agents and forward sellers are entitled to compensation in an agreed amount not to exceed 2.0 percent of the gross price per share for any shares sold under the Sales Agreement. There were no issuances of common stock under the new Sales Agreement during the six months ended June 30, 2021. Upon entering into the Sales Agreement, we simultaneously terminated our previous At the Market Offering Sales Agreement entered into in July 2017. There were no issuances of common stock under the prior sales agreement during the six months ended June 30, 2021 or during the year ended December 31, 2020. From inception through termination of the prior sales agreement, we sold shares of our common stock for gross proceeds of $163.8 million. Issuances of Common Stock and Common OP Units in Connection with the Acquisition of Certain Properties In December 2020, in connection with the acquisition of the Rybovich Portfolio, we issued 130,475 Common OP units. In October 2020, in connection with the acquisition of Safe Harbor, we issued 55,403 Common OP units. In May 2020, in connection with the acquisition of the Forest Springs community, we issued 82,420 Common OP units. Equity Interests - SHM South Fork JV, LLC In October 2020, in conjunction with the acquisition of Safe Harbor, we indirectly acquired $4.3 million of Safe Harbor's equity interest in SHM South Fork JV, LLC, a joint venture created for the purpose of acquiring land and constructing a marina in Fort Lauderdale, Florida. The Safe Harbor Equity Interests - SHM South Fork JV, LLC balance was $4.1 million and $4.3 million at the six months ended June 30, 2021 and the year December 31, 2020, respectively. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. Issuance of Series E Preferred OP Units In January 2020, we issued 90,000 Series E preferred OP units in connection with the acquisition of Cape Cod RV Resort. The Series E preferred OP units have a stated issuance price of $100.00 per OP Unit and carry a preferred return of 5.25 percent until the second anniversary of the issuance date. Commencing with the second anniversary of the issuance date, the Series E Preferred OP Units carry a preferred return of 5.50 percent. Commencing the first anniversary of the issuance date, subject to certain limitations, each Series E Preferred OP Unit can be exchanged for our common stock equal to the quotient obtained by dividing $100.00 by $145.00 (as such ratio is subject to adjustments for certain capital events). As of June 30, 2021, 90,000 Series E preferred OP Units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Temporary Equity Issuance of Preferred OP Units Issuance of Series J Preferred OP Units - In April 2021, we issued 240,000 Series J preferred OP units in connection with the acquisition of the Sylvan Glen. The Series J preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 2.85 percent. Subject to certain limitations, at any time after the Series J issuance date, each Series J preferred OP unit can be exchanged for a number of shares of our common stock equal to the quotient obtained by dividing $100.00 by $165.00 (as such ratio is subject to adjustments for certain capital events) at the holder's option. Each holder may require redemption in cash (i) during the 30-day period following a change of control of the Company or (ii) any time after the fifth anniversary of the Series J issuance date. As of June 30, 2021, 240,000 Series J preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Issuance of Series I Preferred OP Units - In December 2020, we issued 922,000 Series I preferred OP units in connection with the acquisition of the Rybovich Portfolio. The Series I preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 3.0 percent. Subject to certain limitations, at any time after the Series I issuance date, each Series I preferred OP unit can be exchanged for a number of shares of our common stock equal to the quotient obtained by dividing $100.00 by $164.00 (as such ratio is subject to adjustments for certain capital events) at the holder's option. Each holder may require redemption in cash after the fifth anniversary of the Series I issuance date or upon the holder's death. As of June 30, 2021, 922,000 Series I preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Issuance of Series H Preferred OP Units - In October 2020, we issued 581,407 Series H preferred OP units in connection with the acquisition of Safe Harbor. The Series H preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 3.0 percent. Subject to certain limitations, at any time after the Series H issuance date, each Series H preferred OP unit can be exchanged for a number of shares of our common stock equal to the quotient obtained by dividing $100.00 by $164.00 (as such ratio is subject to adjustments for certain capital events) at the holder's option. Each holder may require redemption in cash after the fifth anniversary of the Series H issuance date or upon the holder's death. As of June 30, 2021, 581,407 Series H preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Issuance of Series G Preferred OP Units - In September 2020, we issued 260,710 Series G preferred OP units in connection with the acquisition of El Capitan & Ocean Mesa Resorts. The Series G preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 3.2 percent. Subject to certain limitations, at any time after the Series G issuance date, each Series G preferred OP unit can be exchanged for a number of shares of our common stock equal to the quotient obtained by dividing $100.00 by $155.00 (as such ratio is subject to adjustments for certain capital events) at the holder's option. Each holder may require redemption in cash after the fifth anniversary of the Series G issuance date or upon the holder's death. As of June 30, 2021, 240,710 Series G preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Issuance of Series F Preferred OP Units - In May 2020, we issued 90,000 Series F preferred OP units in connection with the acquisition of Forest Springs. The Series F preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 3.0 percent. Subject to certain limitations, at any time after the Series F issuance date, each Series F preferred OP unit can be exchanged for a number of shares of our common stock equal to the quotient obtained by dividing $100.00 by $160.00 (as such ratio is subject to adjustments for certain capital events) at the holder's option. Each holder may require redemption in cash after the fifth anniversary of the Series F issuance date or upon the holder's death. As of June 30, 2021, 90,000 Series F preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Issuance of Series D Preferred OP Units - In February 2019, we issued 488,958 Series D preferred OP units in connection with the acquisition of Country Village Estates. The Series D preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 3.75 percent until the second anniversary of the issuance date. Commencing with the second anniversary of the issuance date, the Series D preferred OP units carry a preferred return of 4.0 percent. Commencing with the first anniversary of the issuance date, each Series D preferred OP unit can be exchanged for our common stock equal to the quotient obtained by dividing $100.00 by $125.00 (as such ratio is subject to adjustments for certain capital events) at the holder's option. The holders may require redemption in cash after the fifth anniversary of the Series D issuance date or upon the holder's death. As of June 30, 2021, 488,958 Series D preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. Equity Interests Equity Interest - FPG Sun Menifee 80 LLC - In October 2020, in connection with the investment in land for future development in the city of Menifee in California, at the property known as FPG Sun Menifee 80, LLC, Foremost Pacific Group, LLC, "FPG," purchased $0.1 million of common equity interest in the land (referred to as "Equity Interest - FPG Sun Menifee 80 LLC"). The Equity Interest - FPG Sun Menifee 80 LLC does not have a fixed maturity date. Upon the occurrence of certain events, either FPG or Sun FPG Venture LLC, our subsidiary, can trigger a process under which we may be required to purchase the Equity Interests - FPG Sun Menifee 80 LLC from FPG. The Equity Interest - FPG Sun Menifee 80 LLC balance was $0.1 million at the six months ended June 30, 2021 and December 31, 2020. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. Equity Interest - NG Sun Whitewater LLC - In August 2019, in connection with the investment in land at the property known as Whitewater, NG Sun Whitewater LLC purchased $2.4 million of common equity interest in Sun NG Whitewater RV Resorts LLC (referred to as "Equity Interest - NG Sun Whitewater LLC"). The Equity Interest - NG Sun Whitewater LLC does not have a fixed maturity date. Upon the occurrence of certain events, either NG Sun Whitewater LLC or Sun NG LLC, our subsidiary, can trigger a process under which we may be required to purchase the Equity Interest - NG Sun Whitewater LLC from NG Sun Whitewater LLC. The Equity Interest - NG Sun Whitewater LLC balance was $5.1 million at the six months ended June 30, 2021 and year ended December 31, 2020. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. Equity Interest - NG Sun LLC - In June 2018, in connection with the investment in Sun NG Resorts, unrelated third parties purchased $6.5 million of Series B preferred equity interests and $15.4 million of common equity interest in Sun NG Resorts (herein jointly referred to as "Equity Interest - NG Sun LLC"). In April and September 2020, in connection with the acquisitions of Glen Ellis RV Park and Lone Star RV Park, $3.0 million of Series B preferred equity interests were converted to common equity interests. The Series B preferred equity interests carry a preferred return at a rate that, at any time, is equal to the interest rate on Sun NG Resorts' indebtedness at such time. The current rate of return is 5.0 percent. The Equity Interest - NG Sun LLC does not have a fixed maturity date and can be redeemed in the fourth quarters of 2024, 2025 and 2026 at the holders' option. Sun NG LLC, our subsidiary, has the right during certain periods each year, with or without cause, or for cause at any time, to elect to buy NG Sun LLC's interest. During a limited period in 2022, NG Sun LLC has the right to put its interest to Sun NG LLC. If either party exercises their option, the property management agreement will be terminated, and we are required to purchase the remaining interests of NG Sun LLC and the property management agreement at fair value. The Equity Interest - NG Sun LLC balance was $22.3 million at the six months ended June 30, 2021 and year ended December 31, 2020. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 8, "Debt and Line of Credit," for additional information. Conversions Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of stock and OP units to shares of our common stock at any time. Below is the activity of conversions during the six months ended June 30, 2021 and 2020: Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP unit 1.0000 37,862 37,862 26,105 26,105 Series A-1 preferred OP unit 2.4390 6,610 16,119 9,114 22,226 (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. Distributions Distributions declared for the three months ended June 30, 2021 were as follows: Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Thousands) Common Stock, Common OP units and Restricted Stock 6/30/2021 7/15/2021 $ 0.83 $ 98,320 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of June 30, 2021, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan ("2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan ("2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. During the six months ended June 30, 2021 and 2020, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type Vesting Anniversary Percentage 2021 Executive Officers 2015 Equity Incentive Plan 54,000 $ 151.89 (1) Time Based 20.0% annually over 5 years 2021 Executive Officers 2015 Equity Incentive Plan 81,000 (2) $ 94.32 (2) Market Condition 3rd 100.0 % 2021 Executive Officers 2015 Equity Incentive Plan 15,000 $ 151.89 (1) Time Based 33.3% annually over 3 years 2021 Executive Officers 2015 Equity Incentive Plan 15,000 (3) $ 87.49 (3) Market Condition 3rd 100.0 % 2021 Key Employees 2015 Equity Incentive Plan 28,856 $ 151.89 (1) Time Based 33.3% annually over 3 years 2021 Key Employees 2015 Equity Incentive Plan 61,550 $ 143.28 (1) Time Based 20.0% annually over 5 years 2021 Executive Officers 2015 Equity Incentive Plan 3,400 $ 147.19 (1) Time Based 20.0% annually over 5 years 2021 Executive Officers 2015 Equity Incentive Plan 5,100 (4) $ 96.41 (4) Market Condition 3rd 100.0 % 2021 Directors 2004 Non-Employee Director Option Plan 1,509 $ 147.19 (1) Time Based 3rd 100.0 % 2021 Directors 2004 Non-Employee Director Option Plan 10,200 $ 148.44 (1) Time Based 3rd 100.0 % 2020 Key Employees 2015 Equity Incentive Plan 13,873 $ 140.39 (1) Time Based 20.0% annually over 5 years 2020 Executive Officers 2015 Equity Incentive Plan 69,368 $ 137.63 (1) Time Based 20.0% annually over 5 years 2020 Key Employees 2015 Equity Incentive Plan 1,500 $ 143.20 (1) Time Based 20.0% annually over 5 years 2020 Key Employees 2015 Equity Incentive Plan 51,790 $ 162.42 (1) Time Based 20.0% annually over 5 years 2020 Executive Officers 2015 Equity Incentive Plan 46,000 $ 165.97 (1) Time Based 20.0% annually over 5 years 2020 Executive Officers 2015 Equity Incentive Plan 69,000 (5) $ 125.47 (5) Market Condition 3rd 100.0 % 2020 Directors 2004 Non-Employee Director Option Plan 10,200 $ 147.97 (1) Time Based 3rd 100.0 % (1) The fair values of the grants were determined by using the average closing price of our common stock on the dates the shares were issued. (2) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $151.89. Based on the Monte Carlo simulation we expect 62.1 percent of the 81,000 shares to vest. (3) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $151.89. Based on the Monte Carlo simulation we expect 57.6 percent of the 15,000 shares to vest. (4) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $147.19. Based on the Monte Carlo simulation we expect 65.5 percent of the 5,100 shares to vest. (5) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $165.97. Based on the Monte Carlo simulation we expect 75.6 percent of the 69,000 shares to vest. Vesting The vesting requirements for 285,224 and 248,155 restricted shares granted to our executives, directors and employees were satisfied during the six months ended June 30, 2021 and 2020, respectively. Stock Options During the six months ended June 30, 2021, 1,500 shares of common stock were issued in connection with the exercise of stock options with net proceeds of less than $0.1 million. There were no stock options outstanding as of June 30, 2021. During the six months ended June 30, 2020, no stock options were exercised. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting ASC Topic 280, " Segment Reporting " ("ASC 280"), establishes standards for the way the business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," Effective January 1, 2021, we transitioned from a two-segment to a three-segment structure as a result of the recent acquisition of Safe Harbor and its internal organization. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities and is in the business of acquiring, operating and developing ground up MH communities to provide affordable housing solutions to residents. The MH segment also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The RV segment owns, operates, develops, or has an interest in, a portfolio of RV resorts and is in the business of acquiring, operating and developing ground up RV resorts throughout the U.S. and in Canada. It also provides leasing services for vacation rentals within the RV resorts. The marina segment owns, operates, has an interest in a portfolio, and develops marinas, and is in the business of acquiring, and operating marinas throughout the U.S. with the majority of such marinas concentrated in coastal regions and others located in various inland regions. Hybrid properties are classified to a segment based on the predominant site counts at the properties. A presentation of segment financial information is summarized as follows (in thousands): Three Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marinas Consolidated MH RV Marinas Consolidated Operating revenues $ 271,720 $ 166,753 $ 155,732 $ 594,205 $ 217,861 $ 79,496 N/A $ 297,357 Property operating expenses 111,628 85,968 92,915 290,511 83,431 44,389 N/A 127,820 Net Operating Income $ 160,092 $ 80,785 $ 62,817 $ 303,694 $ 134,430 $ 35,107 N/A $ 169,537 Adjustments to arrive at net income Interest income 2,719 2,635 Brokerage commissions and other revenues, net 6,939 3,274 General and administrative expense (45,127) (26,527) Catastrophic event-related charges, net (355) 566 Business combination expense, net 201 — Depreciation and amortization (126,423) (87,265) Loss on extinguishment of debt (see Note 8) (8,108) (1,930) Interest expense (37,681) (31,428) Interest on mandatorily redeemable preferred OP units / equity (1,041) (1,042) Loss on remeasurement of marketable securities 27,494 24,519 Gain / (loss) on foreign currency translation (264) 10,374 Other expense, net (660) (821) Loss on remeasurement of notes receivable 93 246 Income from nonconsolidated affiliates (see Note 6) 794 92 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (115) 1,132 Current tax expense (1,245) (119) Deferred tax benefit / (expense) (see Note 12) (66) 112 Net Income 120,849 63,355 Less: Preferred return to preferred OP units / equity 3,035 1,584 Less: Income attributable to noncontrolling interests 7,044 2,861 Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 110,770 $ 58,910 (1) Recast to reflect segment changes. Six Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marinas Consolidated MH RV Marinas Consolidated Revenues $ 517,690 $ 258,619 $ 251,320 $ 1,027,629 $ 439,022 $ 162,374 N/A $ 601,396 Operating expenses / Cost of sales 208,318 138,064 157,111 503,493 168,502 87,049 N/A 255,551 Net Operating Income / Gross Profit $ 309,372 $ 120,555 $ 94,209 $ 524,136 $ 270,520 $ 75,325 N/A $ 345,845 Adjustments to arrive at net income Interest income 5,350 4,985 Brokerage commissions and other revenues, net 12,899 7,187 General and administrative expense (83,330) (51,876) Catastrophic event-related charges, net (2,769) (40) Business combination expense, net (1,031) — Depreciation and amortization (249,727) (170,954) Loss on extinguishment of debt (see Note 8) (8,108) (5,209) Interest expense (77,198) (63,844) Interest on mandatorily redeemable preferred OP units / equity (2,077) (2,083) Gain / (loss) on remeasurement of marketable securities 31,155 (4,128) Loss on foreign currency translation (239) (7,105) Other expense, net (1,759) (1,793) Gain / (loss) on remeasurement of notes receivable 469 (1,866) Income from nonconsolidated affiliates (see Note 6) 1,965 144 Loss on remeasurement of investment in nonconsolidated affiliates (11) (1,059) Current tax expense (1,016) (569) Deferred tax benefit (see Note 12) 81 242 Net Income 148,790 47,877 Less: Preferred return to preferred OP units / equity 5,899 3,154 Less: Income attributable to noncontrolling interests 7,339 1,899 Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 135,552 $ 42,824 (1) Recast to reflect segment changes. June 30, 2021 December 31, 2020 (1) MH RV Marinas Consolidated MH RV Marinas Consolidated Identifiable Assets Investment property, net $ 4,815,014 $ 3,251,466 $ 2,327,572 $ 10,394,052 $ 4,823,174 $ 3,038,686 $ 1,853,931 $ 9,715,791 Cash, cash equivalents and restricted cash 61,163 33,278 25,171 119,612 53,152 28,919 10,570 92,641 Marketable securities 99,119 53,930 — 153,049 80,776 43,950 — 124,726 Inventory of manufactured homes 33,064 10,622 — 43,686 33,448 13,195 — 46,643 Notes and other receivables, net 167,642 55,027 39,664 262,333 144,027 44,002 33,621 221,650 Goodwill — — 448,317 448,317 — — 428,833 428,833 Other intangible assets, net 29,394 23,601 242,668 295,663 33,998 23,819 247,794 305,611 Other assets, net 181,702 45,797 96,779 324,278 184,917 38,075 47,699 270,691 Total Assets $ 5,387,098 $ 3,473,721 $ 3,180,171 $ 12,040,990 $ 5,353,492 $ 3,230,646 $ 2,622,448 $ 11,206,586 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted earnings per share using the more dilutive of the treasury stock method and the two-class method. From time to time, we enter into forward equity sales agreements, which are discussed in Note 9, "Equity and Temporary Equity," We considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. The common shares issued upon the settlement of the forward equity sales agreements, weighted for the period these common shares are outstanding, are usually included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding - diluted. Our potentially dilutive securities include potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series I preferred OP units, Series J preferred OP units and Aspen preferred OP Units, which, if converted or exercised, may impact dilution. Diluted earnings per share considers the impact of potentially dilutive securities except when the potential common shares have an antidilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable dividends and participate equally with common stock with respect to dividends issued or declared, and thus, are participating securities, requiring the two-class method of computing earnings per share. The two-class method determines earnings per share by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The remaining potential dilutive common shares do not contain rights to dividends and are included in the computation of diluted earnings per share. Computations of basic and diluted earnings per share were as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Numerator Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 110,770 $ 58,910 $ 135,552 $ 42,824 Less: allocation to restricted stock awards 691 340 829 128 Basic earnings - Net Income attributable to common stockholders after allocation to restricted stock awards $ 110,079 $ 58,570 $ 134,723 $ 42,696 Add: allocation to restricted stock awards — — — 128 Add: allocation to common equity — — 3,142 — Diluted earnings - Net Income attributable to common stockholders after allocation to restricted stock awards (1) $ 110,079 $ 58,570 $ 137,865 $ 42,824 Denominator Weighted average common shares outstanding 112,082 95,859 110,007 94,134 Add: dilutive stock options — 1 — 1 Add: dilutive restricted stock — — — 390 Add: common equity — — 2,586 — Diluted weighted average common shares and securities (1) 112,082 95,860 112,593 94,525 Earnings Per Share Available to Common Stockholders After Allocation Basic earnings per share $ 0.98 $ 0.61 $ 1.22 $ 0.45 Diluted earnings per share (1) $ 0.98 $ 0.61 $ 1.22 $ 0.45 (1) For the three and six months ended June 30, 2021, and the three months ended June 30, 2020, diluted earnings per share was calculated using the two-class method as the application of this method resulted in a more dilutive earnings per share for those periods. We have excluded certain convertible securities from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 June 30, 2020 Common OP units 2,569 (1) 2,477 A-1 preferred OP units 703 300 A-3 preferred OP units 75 40 Aspen preferred OP units 395 1,284 Series C preferred OP units 340 310 Series D preferred OP units 391 489 Series E preferred OP units 62 90 Series F preferred OP units 56 90 Series G preferred OP units 155 — Series H preferred OP units 355 — Series I preferred OP units 562 — Series J preferred OP units 145 — Total Securities 5,808 5,080 (1) For the six months ended June 30, 2021, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, debt, and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, " Fair Value Measurements and Disclosures ." The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: ASC Topic 820 " Fair Value Measurements and Disclosures ," requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumption. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access; Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated by observable market data; and Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use. Assets by Hierarchy Level The table below sets forth our financial assets and liabilities (in thousands) that required disclosure of fair value on a recurring basis as of June 30, 2021. The table presents the carrying values and fair values of our financial instruments as of June 30, 2021 and December 31, 2020, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These are classified as Level 1 in the hierarchy. June 30, 2021 Financial Assets Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Cash, cash equivalents and restricted cash $ 119,612 $ 119,612 $ — $ — $ 119,612 Marketable securities 153,049 153,049 — — 153,049 Installment notes receivable on manufactured homes, net 82,506 — — 82,506 82,506 Notes receivable from real estate developers 61,955 — — 61,955 61,955 Total assets measured at fair value $ 417,122 $ 272,661 $ — $ 144,461 $ 417,122 Financial Liabilities Mortgage term loans $ 3,418,097 $ — $ 3,418,097 $ — $ 3,472,066 Collateralized term loan 39,637 — 39,637 — 39,637 Total secured debt 3,457,734 — 3,457,734 — 3,511,703 Senior unsecured notes 591,688 — 591,688 — 601,630 Line of credit and other unsecured debt 261,753 — 261,753 — 261,753 Total unsecured debt 853,441 — 853,441 — 863,383 Other financial liabilities (contingent consideration) 18,101 — — 18,101 18,101 Total liabilities measured at fair value $ 4,329,276 $ — $ 4,311,175 $ 18,101 $ 4,393,187 December 31, 2020 Financial Assets Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Cash, cash equivalents and restricted cash $ 92,641 $ 92,641 $ — $ — $ 92,641 Marketable securities 124,726 124,726 — — 124,726 Installment notes receivable on manufactured homes, net 85,866 — 85,866 — 85,866 Notes receivable from real estate developers 52,638 — 52,638 — 52,638 Total assets measured at fair value $ 355,871 $ 217,367 $ 138,504 $ — $ 355,871 Financial Liabilities (a) Mortgage term loans $ 3,444,967 $ — $ 3,444,967 $ — $ 3,543,885 Collateralized term loan 45,016 — 45,016 — 45,016 Total secured debt 3,489,983 — 3,489,983 — 3,588,901 Line of credit and other unsecured debt 1,267,093 — 1,267,093 — 1,267,093 Total unsecured debt 1,267,093 — 1,267,093 — 1,267,093 Other financial liabilities (contingent consideration) 15,842 — — 15,842 15,842 Total liabilities measured at fair value $ 4,772,918 $ — $ 4,757,076 $ 15,842 $ 4,871,836 (a) Senior unsecured notes not included above as it was not issued until June 2021. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash, Cash Equivalents and Restricted Cash The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of the instrument. These are classified as Level 1 in the hierarchy. Marketable Securities Marketable securities held by us and accounted for under the ASC 321 " Investment Equity Securities " are measured at fair value. Any change in fair value is recognized in the Consolidated Statement of Operations in Remeasurement of marketable securities in accordance with ASU 2016-01 " Financial Instruments - Overall (Subtopic 825-10): Recognition and measurement of financial assets and financial liabilities ." The fair value is measured by the quoted unadjusted share price which is readily available in active markets (Level 1). The change in the marketable securities balance is as follows (in thousands): Six Months Ended Year Ended June 30, 2021 December 31, 2020 Beginning Balance $ 124,725 $ 94,727 Additional purchase — 11,757 Change in fair value measurement 31,130 6,132 Foreign currency translation adjustment (4,002) 10,138 Dividend reinvestment, net of tax 1,196 1,971 Ending Balance $ 153,049 $ 124,725 Installment Notes Receivable on Manufactured Homes Installment notes receivable on manufactured homes are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables," for additional information. Notes Receivable from Real Estate Developers Notes receivable from real estate developers are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured by underlying collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information. Secured Debt Mortgage term loans - the fair value of mortgage term loans is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information. Collateralized term loan - the fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates. The estimated fair value of our indebtedness as of June 30, 2021 approximated its gross carrying value. Unsecured Debt Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information. Line of credit and other unsecured debt - consists primarily of our New Credit Facility. We have variable rates on our New Credit Facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates. The estimated fair value of our indebtedness as of June 30, 2021, approximated its gross carrying value. Other Financial Liabilities We estimate the fair value of our contingent consideration liability based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3). Level 3 Reconciliation, Measurements and Transfers We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. Our assessment resulted in a net transfer into Level 3 of $138.5 million related to installment notes receivable on manufactured homes and notes from real estate developers during the six months ended June 30, 2021. Inputs that are used to derive the fair value for installment notes receivables on manufactured homes and notes receivable from real estate developers transferred to Level 3 from Level 2 during the quarter ended March 31, 2021 as significant inputs used to value those instruments inclusive of default rates, interest rates, recovery rates, and counterparty performance rely heavily on internally sourced assumptions as opposed to observable market-based inputs. The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2021 (in thousands): Three Months Ended June 30, 2021 Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers Other Liabilities (Contingent Consideration) Level 3 beginning balance at March 31, 2021 $ 84,109 $ 58,286 $ 18,156 Transfer to level 3 — — — Transfer out of level 3 — — — Net earnings 93 — 72 Purchases and issuances 2,721 4,348 238 Sales and settlements (3,990) (331) — Other adjustments (427) (348) (365) Level 3 ending balance at June 30, 2021 $ 82,506 $ 61,955 $ 18,101 Six Months Ended June 30, 2021 Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers Other Liabilities (Contingent Consideration) Level 3 beginning balance at December 31, 2020 $ — $ — $ 15,842 Transfer to level 3 85,866 52,638 — Transfer out of level 3 — — — Net earnings 469 — 143 Purchases and issuances 3,933 11,140 3,439 Sales and settlements (7,804) (593) — Other adjustments 42 (1,230) (1,323) Level 3 ending balance at June 30, 2021 $ 82,506 $ 61,955 $ 18,101 Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgement is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of June 30, 2021. As such, our estimates of fair value could differ significantly from the actual carrying value. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Legal Proceedings We are involved in various legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2026. Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2021 (Excluding six months ended June 30, 2021) $ 3,905 $ 154 $ 4,059 2022 6,704 214 6,918 2023 6,733 197 6,930 2024 7,102 4,070 11,172 2025 7,093 — 7,093 Thereafter 98,166 — 98,166 Total Lease Payments $ 129,703 $ 4,635 $ 134,338 Less: Imputed interest (51,962) (309) (52,271) Present Value of Lease Liabilities $ 77,741 $ 4,326 $ 82,067 Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands): Description Financial Statement Classification As of As of Lease Assets ROU asset obtained in exchange for new finance lease liabilities Investment property, net $ 4,391 $ 4,350 ROU asset obtained in exchange for new operating lease liabilities Other assets, net $ 88,244 $ 48,419 ROU asset obtained relative to below market operating lease Other assets, net $ 27,238 $ 27,614 Lease Liabilities Finance lease liabilities Other liabilities $ 4,326 $ 4,334 Operating lease liabilities Other liabilities $ 77,741 $ 49,964 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands): Three Months Ended Six Months Ended Description Financial Statement Classification June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Finance Lease Expense Interest on lease liabilities Interest expense $ 26 $ 26 $ 52 $ 52 Operating lease cost General and administrative expense, Property operating and maintenance 2,304 977 4,452 1,804 Variable lease cost Property operating and maintenance 1,819 420 3,118 746 Short term lease cost Property operating and maintenance 77 — 138 — Total Lease Expense $ 4,226 $ 1,423 $ 7,760 $ 2,602 Lease term, discount rates and additional information for finance and operating leases are as follows: As of Lease Term and Discount Rate June 30, 2021 Weighted-average Remaining Lease Terms (years) Finance lease 2.97 Operating lease 26.50 Weighted-average Discount Rate Finance lease 2.44 % Operating lease 3.84 % Six Months Ended Other Information (in thousands) June 30, 2021 June 30, 2020 Cash Paid for Amounts Included in The Measurement of Lease Liabilities Operating cash flow from operating leases $ 2,402 $ 1,147 Financing cash flow from finance leases 63 15 Total Cash Paid On Lease Liabilities $ 2,465 $ 1,162 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or marina properties as of June 30, 2021. Over 95 percent of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of June 30, 2021, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our marinas and RV properties as of the six months ended June 30, 2021 where we are the lessor include: Maturity of Lease Payments (in thousands) Operating Leases 2021 (Excluding six months ended June 30, 2021) $ 9,683 2022 15,583 2023 13,244 2024 8,230 2025 4,601 Thereafter 5,105 Total Undiscounted Cash Flows $ 56,446 The components of lease income were as follows (in thousands): Three Months Ended Six Months Ended Description June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating Leases Fixed lease income $ 5,396 $ 312 $ 9,053 $ 623 Variable lease income (1) $ 1,242 $ 401 $ 2,270 $ 798 |
Leases | Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2026. Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2021 (Excluding six months ended June 30, 2021) $ 3,905 $ 154 $ 4,059 2022 6,704 214 6,918 2023 6,733 197 6,930 2024 7,102 4,070 11,172 2025 7,093 — 7,093 Thereafter 98,166 — 98,166 Total Lease Payments $ 129,703 $ 4,635 $ 134,338 Less: Imputed interest (51,962) (309) (52,271) Present Value of Lease Liabilities $ 77,741 $ 4,326 $ 82,067 Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands): Description Financial Statement Classification As of As of Lease Assets ROU asset obtained in exchange for new finance lease liabilities Investment property, net $ 4,391 $ 4,350 ROU asset obtained in exchange for new operating lease liabilities Other assets, net $ 88,244 $ 48,419 ROU asset obtained relative to below market operating lease Other assets, net $ 27,238 $ 27,614 Lease Liabilities Finance lease liabilities Other liabilities $ 4,326 $ 4,334 Operating lease liabilities Other liabilities $ 77,741 $ 49,964 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands): Three Months Ended Six Months Ended Description Financial Statement Classification June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Finance Lease Expense Interest on lease liabilities Interest expense $ 26 $ 26 $ 52 $ 52 Operating lease cost General and administrative expense, Property operating and maintenance 2,304 977 4,452 1,804 Variable lease cost Property operating and maintenance 1,819 420 3,118 746 Short term lease cost Property operating and maintenance 77 — 138 — Total Lease Expense $ 4,226 $ 1,423 $ 7,760 $ 2,602 Lease term, discount rates and additional information for finance and operating leases are as follows: As of Lease Term and Discount Rate June 30, 2021 Weighted-average Remaining Lease Terms (years) Finance lease 2.97 Operating lease 26.50 Weighted-average Discount Rate Finance lease 2.44 % Operating lease 3.84 % Six Months Ended Other Information (in thousands) June 30, 2021 June 30, 2020 Cash Paid for Amounts Included in The Measurement of Lease Liabilities Operating cash flow from operating leases $ 2,402 $ 1,147 Financing cash flow from finance leases 63 15 Total Cash Paid On Lease Liabilities $ 2,465 $ 1,162 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or marina properties as of June 30, 2021. Over 95 percent of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of June 30, 2021, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our marinas and RV properties as of the six months ended June 30, 2021 where we are the lessor include: Maturity of Lease Payments (in thousands) Operating Leases 2021 (Excluding six months ended June 30, 2021) $ 9,683 2022 15,583 2023 13,244 2024 8,230 2025 4,601 Thereafter 5,105 Total Undiscounted Cash Flows $ 56,446 The components of lease income were as follows (in thousands): Three Months Ended Six Months Ended Description June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating Leases Fixed lease income $ 5,396 $ 312 $ 9,053 $ 623 Variable lease income (1) $ 1,242 $ 401 $ 2,270 $ 798 |
Leases | Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2021 (Excluding six months ended June 30, 2021) $ 3,905 $ 154 $ 4,059 2022 6,704 214 6,918 2023 6,733 197 6,930 2024 7,102 4,070 11,172 2025 7,093 — 7,093 Thereafter 98,166 — 98,166 Total Lease Payments $ 129,703 $ 4,635 $ 134,338 Less: Imputed interest (51,962) (309) (52,271) Present Value of Lease Liabilities $ 77,741 $ 4,326 $ 82,067 Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands): Description Financial Statement Classification As of As of Lease Assets ROU asset obtained in exchange for new finance lease liabilities Investment property, net $ 4,391 $ 4,350 ROU asset obtained in exchange for new operating lease liabilities Other assets, net $ 88,244 $ 48,419 ROU asset obtained relative to below market operating lease Other assets, net $ 27,238 $ 27,614 Lease Liabilities Finance lease liabilities Other liabilities $ 4,326 $ 4,334 Operating lease liabilities Other liabilities $ 77,741 $ 49,964 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands): Three Months Ended Six Months Ended Description Financial Statement Classification June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Finance Lease Expense Interest on lease liabilities Interest expense $ 26 $ 26 $ 52 $ 52 Operating lease cost General and administrative expense, Property operating and maintenance 2,304 977 4,452 1,804 Variable lease cost Property operating and maintenance 1,819 420 3,118 746 Short term lease cost Property operating and maintenance 77 — 138 — Total Lease Expense $ 4,226 $ 1,423 $ 7,760 $ 2,602 Lease term, discount rates and additional information for finance and operating leases are as follows: As of Lease Term and Discount Rate June 30, 2021 Weighted-average Remaining Lease Terms (years) Finance lease 2.97 Operating lease 26.50 Weighted-average Discount Rate Finance lease 2.44 % Operating lease 3.84 % Six Months Ended Other Information (in thousands) June 30, 2021 June 30, 2020 Cash Paid for Amounts Included in The Measurement of Lease Liabilities Operating cash flow from operating leases $ 2,402 $ 1,147 Financing cash flow from finance leases 63 15 Total Cash Paid On Lease Liabilities $ 2,465 $ 1,162 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or marina properties as of June 30, 2021. Over 95 percent of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of June 30, 2021, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our marinas and RV properties as of the six months ended June 30, 2021 where we are the lessor include: Maturity of Lease Payments (in thousands) Operating Leases 2021 (Excluding six months ended June 30, 2021) $ 9,683 2022 15,583 2023 13,244 2024 8,230 2025 4,601 Thereafter 5,105 Total Undiscounted Cash Flows $ 56,446 The components of lease income were as follows (in thousands): Three Months Ended Six Months Ended Description June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating Leases Fixed lease income $ 5,396 $ 312 $ 9,053 $ 623 Variable lease income (1) $ 1,242 $ 401 $ 2,270 $ 798 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform" (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by the reference rate reform, if certain criteria are met. The provisions of this standard are available for election through December 31, 2022. As of June 30, 2021, we do not expect the reference rate reform will have a material impact on our Consolidated Financial Statements as the majority of our debt is fixed. In August 2020, the FASB issued ASU 2020-06, Debt - "Debt with Conversion and Other Options" (Subtopic 470-20) and "Derivatives and Hedging - Contracts in Entity's Own Equity" (Subtopic 815-40): "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, " Debt: Debt with Conversion and Other Options ," which requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer's own stock and classified in stockholders' equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, " Earnings Per Share ," to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. We are currently evaluating the impact that ASU 2020-06 may have on our Consolidated Financial Statements and related disclosure. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisitions Subsequent to the quarter ended June 30, 2021, we acquired the following MH, RV and marina properties: Property Name Property Type Sites, Wet Slips and Dry Storage Spaces Development City State / Province Total Allen Harbor Marina 165 N/A North Kingstown RI $ 4.0 Cisco Grove Campground & RV RV 18 407 Emigrant Gap CA 6.6 Four Leaf Portfolio (1) MH 2,714 171 Various MI / IN 215.0 Harborage Yacht Club Marina 300 N/A Stuart FL 22.0 Total Subsequent Acquisitions 3,197 578 $ 247.6 (1) Contains nine MH communities. Dispositions On July 2, 2021, we closed on a sale of two MH communities located in Anderson, IN and O'Fallon, MO, containing 175 and 502 sites, respectively, for $67.5 million. The assets and liabilities associated with the transaction were classified as held-for-sale on the Consolidated Balance Sheets as of June 30, 2021. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables detail our revenue by major source (in thousands): Three Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 199,948 $ 132,463 $ 73,494 $ 405,905 $ 181,713 $ 69,414 N/A $ 251,127 Home sales 69,922 11,926 — 81,848 35,074 3,456 N/A 38,530 Service, retail, dining and entertainment 1,850 22,364 82,238 106,452 1,074 6,626 N/A 7,700 Interest 2,084 621 14 2,719 2,140 495 N/A 2,635 Brokerage commissions and other, net 3,338 3,600 1 6,939 1,605 1,669 N/A 3,274 Total Revenues $ 277,142 $ 170,974 $ 155,747 $ 603,863 $ 221,606 $ 81,660 N/A $ 303,266 (1) Recast to reflect segment changes. Six Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 398,722 $ 213,068 $ 124,728 $ 736,518 $ 365,039 $ 144,437 N/A $ 509,476 Home sales 115,254 18,793 — 134,047 70,857 8,260 N/A 79,117 Service, retail, dining and entertainment 3,714 26,758 126,592 157,064 3,126 9,677 N/A 12,803 Interest 4,170 1,158 22 5,350 4,138 847 N/A 4,985 Brokerage commissions and other, net 6,151 6,202 546 12,899 3,730 3,457 N/A 7,187 Total Revenues $ 528,011 $ 265,979 $ 251,888 $ 1,045,878 $ 446,890 $ 166,678 N/A $ 613,568 |
Real Estate Acquisitions (Table
Real Estate Acquisitions (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition | For the year ended December 31, 2020, we acquired the following communities, resorts and marinas. Community Name Type Sites, Wet Slips and Dry Storage Spaces Development Sites State Month Acquired Cape Cod (1) RV: asset acquisition 230 — MA January Jellystone Natural Bridge RV: asset acquisition 299 — VA February Forest Springs (2) MH: asset acquisition 372 — CA May Crown Villa RV: asset acquisition 123 — OR June Flamingo Lake RV: asset acquisition 421 — FL July Woodsmoke RV: asset acquisition 300 — FL September Jellystone Lone Star RV: asset acquisition 344 — TX September El Capitan & Ocean Mesa (3)(4) RV: asset acquisition 266 109 CA September Highland Green Estates & Troy Villa (5) MH: asset acquisition 1,162 — MI September Safe Harbor Marinas (6) Marina: business combination 37,305 — Various October Safe Harbor Hideaway Bay (7) Marina: business combination 628 — GA November Gig Harbor RV: asset acquisition 115 — WA November Maine MH Portfolio (8) MH: asset acquisition 1,083 — ME November Safe Harbor Anacapa Isle (7) Marina: business combination 453 — CA December Mears Annapolis Marina: asset acquisitions 184 — MD December Wickford Marina: asset acquisitions 60 — RI December Rybovich Portfolio (9) Marina: business combination 78 — FL December Rockland Marina: asset acquisitions 173 — ME December Mouse Mountain MH / RV: asset acquisition 304 — FL December Lakeview Mobile Estates MH: asset acquisition 296 — CA December Shenandoah Acres RV: asset acquisition 522 — VA December Jellystone at Barton Lake RV: asset acquisition 555 — IN December Kittatinny Portfolio (4) RV: asset acquisition 527 — NY & PA December Total 45,800 109 (1) In conjunction with the acquisition, we issued Series E preferred OP units. As of December 31, 2020, 90,000 Series E preferred OP units were outstanding. (2) In conjunction with the acquisition, we issued Series F preferred OP units and common OP units. As of December 31, 2020, 90,000 Series F preferred OP units, specific to this acquisition, were outstanding. (3) In conjunction with the acquisition, we issued Series G preferred OP units. As of December 31, 2020, 240,710 Series G preferred OP units were outstanding. (4) Includes two RV resorts. (5) Includes two communities. (6) Includes 99 owned marinas located in 22 states. In conjunction with the acquisition, we issued Series H preferred OP units. As of December 31, 2020, 581,407 Series H preferred OP units were outstanding. (7) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of marinas was contingent on receiving third party consents. (8) Includes six communities. (9) Includes two marinas. In conjunction with the acquisition, we issued Series I preferred OP units. As of December 31, 2020, 922,000 Series I preferred OP units were outstanding. | During the six months ended June 30, 2021, we acquired the following communities, resorts and marinas: Community Name Type Sites, Wet Slips and State / Province Month Acquired Sun Outdoors Association Island RV: asset acquisition 294 NY January Blue Water Beach Resort RV: asset acquisition 177 UT February Tranquility MHC MH: asset acquisition 25 FL February Islamorada and Angler House (1) Marina: asset acquisition 251 FL February Prime Martha's Vineyard (1) Marina: asset acquisition 390 MA March Pleasant Beach Campground RV: asset acquisition 102 ON, Canada March Cherrystone Family Camping Resort RV: asset acquisition 669 VA March Beachwood Resort RV: asset acquisition 672 WA March ThemeWorld RV Resort RV: asset acquisition 148 FL April Sylvan Glen Estates (2) MH: asset acquisition 476 MI April Shelter Island Boatyard Marina: asset acquisition 55 CA May Lauderdale Marine Center Marina: asset acquisition 202 FL May Apponaug Harbor (3) Marina: asset acquisition 378 RI June Cabrillo Isle (4) Marina: business combination 483 CA June Marathon Marina Marina: asset acquisition 147 FL June Total 4,469 (1) Includes two marinas. (2) In conjunction with the acquisition, we issued 240,000 Series J preferred OP units. As of June 30, 2021, 240,000 Series J preferred OP units were outstanding. (3) Combined with an existing adjacent marina. (4) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of the marinas was contingent on receiving third party consent. |
Schedule of Purchase Price Allocation | The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2020 (in thousands): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Goodwill, In-place leases and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Debt assumed Temporary and permanent equity Total consideration Asset Acquisition Cape Cod $ 13,350 $ — $ 150 $ (295) $ 13,205 $ 4,205 $ — $ 9,000 $ 13,205 Jellystone Natural Bridge 11,364 — 80 (391) 11,053 11,053 — — 11,053 Forest Springs 51,949 1,337 2,160 (107) 55,339 36,260 — 19,079 55,339 Crown Villa 16,792 — — (230) 16,562 16,562 — — 16,562 Flamingo Lake 34,000 — — (155) 33,845 33,845 — — 33,845 Woodsmoke 25,120 40 840 (461) 25,539 25,539 — — 25,539 Jellystone Lone Star 21,000 — — (703) 20,297 20,297 — — 20,297 El Capitan & Ocean Mesa 69,690 — — (10,321) 59,369 32,108 — 27,261 59,369 Highland Green Estates & Troy Villa 60,988 1,679 2,030 (15) 64,682 64,682 — — 64,682 Gig Harbor 15,250 — — (22) 15,228 15,228 — — 15,228 Maine MH Portfolio 79,890 — 1,359 30 81,279 72,479 8,800 — 81,279 Mears Annapolis 24,354 — 6,922 (546) 30,730 30,730 — — 30,730 Wickford 3,468 — 42 (121) 3,389 3,389 — — 3,389 Rockland 15,082 348 101 (368) 15,163 15,163 — — 15,163 Mouse Mountain 15,221 — 279 (4) 15,496 15,496 — — 15,496 Lakeview Mobile Estates 22,917 195 638 (72) 23,678 23,678 — — 23,678 Shenandoah Acres 16,166 — 834 (197) 16,803 16,803 — — 16,803 Jellystone at Barton Lake 23,462 — 538 (397) 23,603 23,603 — — 23,603 Kittatinny Portfolio 16,220 — 30 29 16,279 16,279 — — 16,279 Business Combination (1) Safe Harbor Marinas 1,643,879 5,700 418,033 (26,831) 2,040,781 1,141,797 829,000 69,984 2,040,781 Hideaway Bay 26,218 23 7,242 (1,077) 32,406 32,406 — — 32,406 Anacapa Isle 10,924 — 3,146 60 14,130 14,130 — — 14,130 Rybovich Portfolio (2) 122,064 620 249,840 (37) 372,487 258,123 — 114,364 372,487 Total $ 2,339,368 $ 9,942 $ 694,264 $ (42,231) $ 3,001,343 $ 1,923,855 $ 837,800 $ 239,688 $ 3,001,343 (1) Refer to Note 5, "Goodwill and Other Intangibles Assets," for additional detail on goodwill and other intangible assets. (2) Purchase price allocations were preliminary as of December 31, 2020 and were adjusted as of March 31, 2021 based on revised purchase price allocations. | The following table summarizes the amount of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the MH community, RV resort and marina acquisitions completed during the six months ended June 30, 2021 (in thousands): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity Total consideration Asset Acquisition Sun Outdoors Association Island $ 14,965 $ — $ 41 $ (248) $ 14,758 $ 14,758 $ — $ 14,758 Blue Water Beach Resort 9,000 — — (151) 8,849 8,849 — 8,849 Tranquility MHC 1,250 — — (1) 1,249 1,249 — 1,249 Islamorada and Angler House (1) 18,001 22 269 (317) 17,975 17,975 — 17,975 Prime Martha's Vineyard (1) 22,258 138 127 (573) 21,950 21,950 — 21,950 Pleasant Beach Campground 1,531 — 57 1 1,589 1,589 — 1,589 Cherrystone Family Camping Resort 59,669 — 231 (2,029) 57,871 57,871 — 57,871 Beachwood Resort 14,004 — 211 (7,616) 6,599 6,599 — 6,599 ThemeWorld RV Resort 25,000 — — (104) 24,896 24,896 — 24,896 Sylvan Glen Estates 23,469 20 531 (269) 23,751 (249) 24,000 23,751 Shelter Island Boatyard 9,520 132 402 (85) 9,969 9,969 — 9,969 Lauderdale Marine Center 336,992 — 3,282 958 341,232 341,232 — 341,232 Apponaug Harbor 6,540 — 89 (689) 5,940 5,940 — 5,940 Marathon Marina 19,129 19 261 (227) 19,182 19,182 — 19,182 Business Combination (2) Cabrillo Isle 37,647 — 10,073 (703) 47,017 47,017 — 47,017 Total $ 598,975 $ 331 $ 15,574 $ (12,053) $ 602,827 $ 578,827 $ 24,000 $ 602,827 (1) Includes two marinas. (2) Refer to Note 5, "Goodwill and Other Intangibles Assets," for additional detail on goodwill and other intangible assets. |
Business Acquisition, Pro Forma Information | Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Total revenues $ 605,163 $ 304,552 $ 1,048,426 $ 616,121 Net income attributable to Sun Communities, Inc. common stockholders $ 111,075 $ 59,421 $ 136,258 $ 43,782 Net income per share attributable to Sun Communities, Inc. common stockholders - basic $ 0.99 $ 0.62 $ 1.24 $ 0.47 Net income per share attributable to Sun Communities, Inc. common stockholders - diluted $ 0.99 $ 0.62 $ 1.24 $ 0.46 |
Notes And Other Receivables (Ta
Notes And Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract] | |
Schedule of notes and other receivables | The following table sets forth certain information regarding notes and other receivables (in thousands): June 30, 2021 December 31, 2020 Installment notes receivable on manufactured homes, net $ 82,506 $ 85,866 Notes receivable from real estate developers 61,955 52,638 Other receivables, net 117,872 83,146 Total Notes and Other Receivables, net $ 262,333 $ 221,650 |
Schedule of Installment Notes Receivable | The change in the aggregate balance of the installment notes receivable is as follows (in thousands): Six Months Ended Year Ended June 30, 2021 December 31, 2020 Beginning balance of gross installment notes receivable $ 87,142 $ 96,225 Financed sale of manufactured homes 3,933 5,014 Adjustment for notes receivable related to assets held for sale 45 (477) Principal payments and payoffs from our customers (6,177) (8,977) Principal reduction from repossessed homes (1,627) (4,643) Ending balance of gross installment notes receivable 83,316 87,142 Beginning balance of allowance for losses on installment notes receivables — (645) Initial fair value option adjustment — 645 Ending balance of allowance for losses on installment notes receivables — — Beginning balance of fair value adjustments on gross installment notes receivable (1,276) — Initial fair value option adjustment — 991 Adjustment for notes receivable related to assets held for sale (3) 7 Fair value adjustment 469 (2,274) Fair value adjustments on gross installment notes receivable (810) (1,276) Ending balance of installment notes receivable, net $ 82,506 $ 85,866 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our intangible assets are as follows (in thousands): June 30, 2021 December 31, 2020 Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Goodwill Indefinite $ 448,317 N/A $ 428,833 N/A In-place leases (1) Expected term 155,075 (109,559) 145,531 (92,327) Non-competition agreements 5 years 10,000 (1,000) 10,000 — Trademarks and trade names Various (2) 116,500 (417) 116,500 — Customer relationships 7 - 10 years 107,958 (6,691) 108,000 (2,371) Franchise agreements and other intangible assets 5.5 - 20 years 28,355 (4,558) 23,856 (3,578) Total $ 866,205 $ (122,225) $ 832,720 $ (98,276) (1) In-place leases as of June 30, 2021 include amounts related to certain assets previously held-for-sale, and included in Other assets, net, as of year ended December 31, 2020. Assets previously classified as held-for-sale were reclassified to held for investment as of January 1, 2021. (2) All trademarks and trade names have an indefinite useful life except for one that has a three year useful life as of the acquisition date. |
Schedule of Intangible Assets Amortization Expense | Amortization expenses related to the Other intangible assets are as follows (in thousands): Three Months Ended Six Months Ended Intangible Asset Amortization Expense June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 In-place leases $ 6,977 $ 3,580 $ 16,793 $ 7,031 Non-competition agreements 500 — 1,000 — Trademarks and trade names 209 — 417 — Customer relationships 2,709 — 4,320 — Franchise fees and other intangible assets 492 204 982 409 Total $ 10,887 $ 3,784 $ 23,512 $ 7,440 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in thousands): Remainder 2021 2022 2023 2024 2025 In-place leases $ 10,418 $ 12,216 $ 8,730 $ 5,836 $ 4,996 Non-competition agreements 1,000 2,000 2,000 2,000 2,000 Trademarks and trade names 417 833 833 — — Customer relationships 5,418 10,837 10,837 10,837 10,837 Franchise agreements and other intangible assets 993 1,986 1,957 1,893 1,872 Total $ 18,246 $ 27,872 $ 24,357 $ 20,566 $ 19,705 |
Investment In Affiliates (Table
Investment In Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The investment balance in each nonconsolidated affiliate is as follows (in thousands): Six Months Ended Year Ended Investment June 30, 2021 December 31, 2020 Investment in RezPlot $ 2,091 $ 3,047 Investment in Sungenia JV 27,071 26,890 Investment in GTSC 29,677 25,495 Investment in OFS 278 152 Investment in SV Lift 3,203 3,490 Total $ 62,320 $ 59,074 The income / (loss) from each nonconsolidated affiliate is as follows (in thousands): Three Months Ended Six Months Ended Income / (Loss) from Nonconsolidated Affiliates June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 RezPlot equity loss $ (469) $ (654) $ (956) $ (1,154) Sungenia JV equity income 75 262 809 147 GTSC equity income 1,416 700 2,597 1,460 OFS equity income 97 42 126 80 SV Lift equity loss (325) (258) (611) (389) Total Income from Nonconsolidated Affiliates $ 794 $ 92 $ 1,965 $ 144 |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
DisclosureofVariableInterestEntities [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities of Sun NG Resorts, Rudgate, Sun NG Whitewater RV Resorts LLC, FPG Sun Menifee 80 LLC and SHM South Fork JV, LLC included in our Consolidated Balance Sheets after eliminations (in thousands): June 30, 2021 December 31, 2020 Assets Investment property, net $ 508,055 $ 438,918 Other assets, net 32,817 24,554 Total Assets $ 540,872 $ 463,472 Liabilities and Other Equity Secured debt $ 74,571 $ 47,706 Unsecured debt 35,249 35,249 Other liabilities 44,944 21,957 Total Liabilities 154,764 104,912 Temporary equity 27,491 28,469 Noncontrolling interests (including SHM South Fork JV, LLC) 17,751 16,084 Total Liabilities and Other Equity $ 200,006 $ 149,465 |
Debt And Lines Of Credit (Table
Debt And Lines Of Credit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt and lines of credit [Table Text Block] | The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands except statistical information): Carrying Amount Weighted Average Weighted Average June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Secured Debt Mortgage term loans - Life Companies $ 1,642,185 $ 1,658,239 15.8 16.3 3.991 % 3.990 % Mortgage term loans - FNMA 1,146,146 1,150,924 8.6 9.1 3.226 % 3.230 % Mortgage term loans - CMBS 264,364 267,205 2.4 2.9 4.789 % 4.789 % Mortgage term loans - FMCC 365,402 368,599 3.4 3.9 3.853 % 3.854 % Total Mortgage Term Loans 3,418,097 3,444,967 Collateralized term loan 39,637 45,016 2.3 2.8 1.300 % 1.310 % Total Secured Debt 3,457,734 3,489,983 Unsecured Debt Senior unsecured notes 591,688 — 10.0 0.0 2.700 % — % Line of credit and other debt 191,841 1,197,181 3.9 3.7 0.928 % 2.107 % Preferred equity - Sun NG Resorts - mandatorily redeemable 35,249 35,249 3.3 3.8 6.000 % 6.000 % Preferred OP units - mandatorily redeemable 34,663 34,663 4.6 5.1 5.932 % 5.932 % Total Unsecured Debt 853,441 1,267,093 Total Debt $ 4,311,175 $ 4,757,076 10.4 9.4 3.519 % 3.370 % During the six months ended June 30, 2021, no mortgage term loans were paid off. During the year ended December 31, 2020, we paid off the following mortgage term loans (in thousands except statistical information): Three Months Ended Repayment Amount Fixed Interest Rate Maturity Date (Gain) / Loss on Extinguishment of Debt June 30, 2020 $ 52,710 (1) 5.980 % (3) March 1, 2021 $ 1,930 March 31, 2020 $ 99,607 5.837 % March 1, 2021 $ 3,403 $ 19,922 (2) 5.830 % (3) July 1, 2020 $ (124) (1) Includes four mortgage term loans, two due to mature on March 1, 2021, one due to mature on July 11, 2021 and the other due to mature on December 1, 2021. (2) Includes four mortgage term loans due to mature on July 1, 2020. (3) The interest rate represents the weighted average interest rate on mortgage term loans. During the six months ended June 30, 2021, we did not enter into any new mortgage term loans. During the year ended December 31, 2020, we entered into the following mortgage term loans (in thousands except statistical information): Three Months Ended Loan Amount Term Interest Maturity December 31, 2020 $ 268,800 (1) 12 2.662 % (2) May 1, 2030 March 31, 2020 $ 230,000 15 2.995 % April 1, 2035 (1) Includes three mortgage term loans, one for $8.8 million due to mature on May 1, 2030 and two for $39.5 million and $220.5 million, due to mature on November 1, 2032. (2) The interest rate represents the weighted average interest rate on mortgage term loans. |
Equity and Temporary Equity (Ta
Equity and Temporary Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Activity of Conversions | Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of stock and OP units to shares of our common stock at any time. Below is the activity of conversions during the six months ended June 30, 2021 and 2020: Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP unit 1.0000 37,862 37,862 26,105 26,105 Series A-1 preferred OP unit 2.4390 6,610 16,119 9,114 22,226 (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. |
Schedule of Dividends Payable | Distributions declared for the three months ended June 30, 2021 were as follows: Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Thousands) Common Stock, Common OP units and Restricted Stock 6/30/2021 7/15/2021 $ 0.83 $ 98,320 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Restricted Stock Granted | During the six months ended June 30, 2021 and 2020, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type Vesting Anniversary Percentage 2021 Executive Officers 2015 Equity Incentive Plan 54,000 $ 151.89 (1) Time Based 20.0% annually over 5 years 2021 Executive Officers 2015 Equity Incentive Plan 81,000 (2) $ 94.32 (2) Market Condition 3rd 100.0 % 2021 Executive Officers 2015 Equity Incentive Plan 15,000 $ 151.89 (1) Time Based 33.3% annually over 3 years 2021 Executive Officers 2015 Equity Incentive Plan 15,000 (3) $ 87.49 (3) Market Condition 3rd 100.0 % 2021 Key Employees 2015 Equity Incentive Plan 28,856 $ 151.89 (1) Time Based 33.3% annually over 3 years 2021 Key Employees 2015 Equity Incentive Plan 61,550 $ 143.28 (1) Time Based 20.0% annually over 5 years 2021 Executive Officers 2015 Equity Incentive Plan 3,400 $ 147.19 (1) Time Based 20.0% annually over 5 years 2021 Executive Officers 2015 Equity Incentive Plan 5,100 (4) $ 96.41 (4) Market Condition 3rd 100.0 % 2021 Directors 2004 Non-Employee Director Option Plan 1,509 $ 147.19 (1) Time Based 3rd 100.0 % 2021 Directors 2004 Non-Employee Director Option Plan 10,200 $ 148.44 (1) Time Based 3rd 100.0 % 2020 Key Employees 2015 Equity Incentive Plan 13,873 $ 140.39 (1) Time Based 20.0% annually over 5 years 2020 Executive Officers 2015 Equity Incentive Plan 69,368 $ 137.63 (1) Time Based 20.0% annually over 5 years 2020 Key Employees 2015 Equity Incentive Plan 1,500 $ 143.20 (1) Time Based 20.0% annually over 5 years 2020 Key Employees 2015 Equity Incentive Plan 51,790 $ 162.42 (1) Time Based 20.0% annually over 5 years 2020 Executive Officers 2015 Equity Incentive Plan 46,000 $ 165.97 (1) Time Based 20.0% annually over 5 years 2020 Executive Officers 2015 Equity Incentive Plan 69,000 (5) $ 125.47 (5) Market Condition 3rd 100.0 % 2020 Directors 2004 Non-Employee Director Option Plan 10,200 $ 147.97 (1) Time Based 3rd 100.0 % (1) The fair values of the grants were determined by using the average closing price of our common stock on the dates the shares were issued. (2) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $151.89. Based on the Monte Carlo simulation we expect 62.1 percent of the 81,000 shares to vest. (3) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $151.89. Based on the Monte Carlo simulation we expect 57.6 percent of the 15,000 shares to vest. (4) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $147.19. Based on the Monte Carlo simulation we expect 65.5 percent of the 5,100 shares to vest. (5) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $165.97. Based on the Monte Carlo simulation we expect 75.6 percent of the 69,000 shares to vest. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A presentation of segment financial information is summarized as follows (in thousands): Three Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marinas Consolidated MH RV Marinas Consolidated Operating revenues $ 271,720 $ 166,753 $ 155,732 $ 594,205 $ 217,861 $ 79,496 N/A $ 297,357 Property operating expenses 111,628 85,968 92,915 290,511 83,431 44,389 N/A 127,820 Net Operating Income $ 160,092 $ 80,785 $ 62,817 $ 303,694 $ 134,430 $ 35,107 N/A $ 169,537 Adjustments to arrive at net income Interest income 2,719 2,635 Brokerage commissions and other revenues, net 6,939 3,274 General and administrative expense (45,127) (26,527) Catastrophic event-related charges, net (355) 566 Business combination expense, net 201 — Depreciation and amortization (126,423) (87,265) Loss on extinguishment of debt (see Note 8) (8,108) (1,930) Interest expense (37,681) (31,428) Interest on mandatorily redeemable preferred OP units / equity (1,041) (1,042) Loss on remeasurement of marketable securities 27,494 24,519 Gain / (loss) on foreign currency translation (264) 10,374 Other expense, net (660) (821) Loss on remeasurement of notes receivable 93 246 Income from nonconsolidated affiliates (see Note 6) 794 92 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (115) 1,132 Current tax expense (1,245) (119) Deferred tax benefit / (expense) (see Note 12) (66) 112 Net Income 120,849 63,355 Less: Preferred return to preferred OP units / equity 3,035 1,584 Less: Income attributable to noncontrolling interests 7,044 2,861 Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 110,770 $ 58,910 (1) Recast to reflect segment changes. Six Months Ended June 30, 2021 June 30, 2020 (1) MH RV Marinas Consolidated MH RV Marinas Consolidated Revenues $ 517,690 $ 258,619 $ 251,320 $ 1,027,629 $ 439,022 $ 162,374 N/A $ 601,396 Operating expenses / Cost of sales 208,318 138,064 157,111 503,493 168,502 87,049 N/A 255,551 Net Operating Income / Gross Profit $ 309,372 $ 120,555 $ 94,209 $ 524,136 $ 270,520 $ 75,325 N/A $ 345,845 Adjustments to arrive at net income Interest income 5,350 4,985 Brokerage commissions and other revenues, net 12,899 7,187 General and administrative expense (83,330) (51,876) Catastrophic event-related charges, net (2,769) (40) Business combination expense, net (1,031) — Depreciation and amortization (249,727) (170,954) Loss on extinguishment of debt (see Note 8) (8,108) (5,209) Interest expense (77,198) (63,844) Interest on mandatorily redeemable preferred OP units / equity (2,077) (2,083) Gain / (loss) on remeasurement of marketable securities 31,155 (4,128) Loss on foreign currency translation (239) (7,105) Other expense, net (1,759) (1,793) Gain / (loss) on remeasurement of notes receivable 469 (1,866) Income from nonconsolidated affiliates (see Note 6) 1,965 144 Loss on remeasurement of investment in nonconsolidated affiliates (11) (1,059) Current tax expense (1,016) (569) Deferred tax benefit (see Note 12) 81 242 Net Income 148,790 47,877 Less: Preferred return to preferred OP units / equity 5,899 3,154 Less: Income attributable to noncontrolling interests 7,339 1,899 Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 135,552 $ 42,824 (1) Recast to reflect segment changes. |
Reconciliation of Assets from Segment to Consolidated | June 30, 2021 December 31, 2020 (1) MH RV Marinas Consolidated MH RV Marinas Consolidated Identifiable Assets Investment property, net $ 4,815,014 $ 3,251,466 $ 2,327,572 $ 10,394,052 $ 4,823,174 $ 3,038,686 $ 1,853,931 $ 9,715,791 Cash, cash equivalents and restricted cash 61,163 33,278 25,171 119,612 53,152 28,919 10,570 92,641 Marketable securities 99,119 53,930 — 153,049 80,776 43,950 — 124,726 Inventory of manufactured homes 33,064 10,622 — 43,686 33,448 13,195 — 46,643 Notes and other receivables, net 167,642 55,027 39,664 262,333 144,027 44,002 33,621 221,650 Goodwill — — 448,317 448,317 — — 428,833 428,833 Other intangible assets, net 29,394 23,601 242,668 295,663 33,998 23,819 247,794 305,611 Other assets, net 181,702 45,797 96,779 324,278 184,917 38,075 47,699 270,691 Total Assets $ 5,387,098 $ 3,473,721 $ 3,180,171 $ 12,040,990 $ 5,353,492 $ 3,230,646 $ 2,622,448 $ 11,206,586 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Computations of basic and diluted earnings per share were as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Numerator Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 110,770 $ 58,910 $ 135,552 $ 42,824 Less: allocation to restricted stock awards 691 340 829 128 Basic earnings - Net Income attributable to common stockholders after allocation to restricted stock awards $ 110,079 $ 58,570 $ 134,723 $ 42,696 Add: allocation to restricted stock awards — — — 128 Add: allocation to common equity — — 3,142 — Diluted earnings - Net Income attributable to common stockholders after allocation to restricted stock awards (1) $ 110,079 $ 58,570 $ 137,865 $ 42,824 Denominator Weighted average common shares outstanding 112,082 95,859 110,007 94,134 Add: dilutive stock options — 1 — 1 Add: dilutive restricted stock — — — 390 Add: common equity — — 2,586 — Diluted weighted average common shares and securities (1) 112,082 95,860 112,593 94,525 Earnings Per Share Available to Common Stockholders After Allocation Basic earnings per share $ 0.98 $ 0.61 $ 1.22 $ 0.45 Diluted earnings per share (1) $ 0.98 $ 0.61 $ 1.22 $ 0.45 (1) For the three and six months ended June 30, 2021, and the three months ended June 30, 2020, diluted earnings per share was calculated using the two-class method as the application of this method resulted in a more dilutive earnings per share for those periods. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 June 30, 2020 Common OP units 2,569 (1) 2,477 A-1 preferred OP units 703 300 A-3 preferred OP units 75 40 Aspen preferred OP units 395 1,284 Series C preferred OP units 340 310 Series D preferred OP units 391 489 Series E preferred OP units 62 90 Series F preferred OP units 56 90 Series G preferred OP units 155 — Series H preferred OP units 355 — Series I preferred OP units 562 — Series J preferred OP units 145 — Total Securities 5,808 5,080 (1) For the six months ended June 30, 2021, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Three Months Ended June 30, 2021 Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers Other Liabilities (Contingent Consideration) Level 3 beginning balance at March 31, 2021 $ 84,109 $ 58,286 $ 18,156 Transfer to level 3 — — — Transfer out of level 3 — — — Net earnings 93 — 72 Purchases and issuances 2,721 4,348 238 Sales and settlements (3,990) (331) — Other adjustments (427) (348) (365) Level 3 ending balance at June 30, 2021 $ 82,506 $ 61,955 $ 18,101 |
Leases (Tables)
Leases (Tables) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Lease, Cost [Table Text Block] | Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands): Description Financial Statement Classification As of As of Lease Assets ROU asset obtained in exchange for new finance lease liabilities Investment property, net $ 4,391 $ 4,350 ROU asset obtained in exchange for new operating lease liabilities Other assets, net $ 88,244 $ 48,419 ROU asset obtained relative to below market operating lease Other assets, net $ 27,238 $ 27,614 Lease Liabilities Finance lease liabilities Other liabilities $ 4,326 $ 4,334 Operating lease liabilities Other liabilities $ 77,741 $ 49,964 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in thousands): Three Months Ended Six Months Ended Description Financial Statement Classification June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Finance Lease Expense Interest on lease liabilities Interest expense $ 26 $ 26 $ 52 $ 52 Operating lease cost General and administrative expense, Property operating and maintenance 2,304 977 4,452 1,804 Variable lease cost Property operating and maintenance 1,819 420 3,118 746 Short term lease cost Property operating and maintenance 77 — 138 — Total Lease Expense $ 4,226 $ 1,423 $ 7,760 $ 2,602 | |
Finance Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2021 (Excluding six months ended June 30, 2021) $ 3,905 $ 154 $ 4,059 2022 6,704 214 6,918 2023 6,733 197 6,930 2024 7,102 4,070 11,172 2025 7,093 — 7,093 Thereafter 98,166 — 98,166 Total Lease Payments $ 129,703 $ 4,635 $ 134,338 Less: Imputed interest (51,962) (309) (52,271) Present Value of Lease Liabilities $ 77,741 $ 4,326 $ 82,067 | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of the six months ended June 30, 2021 where we are the lessee include: Maturity of Lease Liabilities (in thousands) Operating Leases Finance Leases Total 2021 (Excluding six months ended June 30, 2021) $ 3,905 $ 154 $ 4,059 2022 6,704 214 6,918 2023 6,733 197 6,930 2024 7,102 4,070 11,172 2025 7,093 — 7,093 Thereafter 98,166 — 98,166 Total Lease Payments $ 129,703 $ 4,635 $ 134,338 Less: Imputed interest (51,962) (309) (52,271) Present Value of Lease Liabilities $ 77,741 $ 4,326 $ 82,067 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - segment | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of Operating Segments | 2 | 3 |
Revenue (Details)
Revenue (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Mar. 31, 2021segment | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020segment | |
Disaggregation of Revenue [Line Items] | ||||||
Real property | $ 405,905 | $ 251,127 | $ 736,518 | $ 509,476 | ||
Revenues | 603,863 | 303,266 | $ 1,045,878 | 613,568 | ||
Number of Operating Segments | segment | 2 | 3 | ||||
Number of reportable segments | segment | 3 | 2 | ||||
Income From Real Property [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 405,905 | 251,127 | $ 736,518 | 509,476 | ||
Revenue From Home Sales [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 81,848 | 38,530 | 134,047 | 79,117 | ||
Ancillary Revenues [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 106,452 | 7,700 | 157,064 | 12,803 | ||
Interest [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 2,719 | 2,635 | 5,350 | 4,985 | ||
Brokerage Commissions And Other Revenues, Net [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 6,939 | 3,274 | 12,899 | 7,187 | ||
Real Property Operations Segment [Member] | Income From Real Property [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 199,948 | 181,713 | 398,722 | 365,039 | ||
Real Property Operations Segment [Member] | Revenue From Home Sales [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 69,922 | 35,074 | 115,254 | 70,857 | ||
Real Property Operations Segment [Member] | Ancillary Revenues [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 1,850 | 1,074 | 3,714 | 3,126 | ||
Real Property Operations Segment [Member] | Interest [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 2,084 | 2,140 | 4,170 | 4,138 | ||
Real Property Operations Segment [Member] | Brokerage Commissions And Other Revenues, Net [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 3,338 | 1,605 | 6,151 | 3,730 | ||
Home Sales and Home Rentals Segment [Member] | Income From Real Property [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 132,463 | 69,414 | 213,068 | 144,437 | ||
Home Sales and Home Rentals Segment [Member] | Revenue From Home Sales [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 11,926 | 3,456 | 18,793 | 8,260 | ||
Home Sales and Home Rentals Segment [Member] | Ancillary Revenues [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 22,364 | 6,626 | 26,758 | 9,677 | ||
Home Sales and Home Rentals Segment [Member] | Interest [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 621 | 495 | 1,158 | 847 | ||
Home Sales and Home Rentals Segment [Member] | Brokerage Commissions And Other Revenues, Net [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 3,600 | 1,669 | 6,202 | 3,457 | ||
Marinas | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 155,747 | 251,888 | ||||
Marinas | Income From Real Property [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 73,494 | 124,728 | ||||
Marinas | Revenue From Home Sales [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 0 | 0 | ||||
Marinas | Ancillary Revenues [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 82,238 | 126,592 | ||||
Marinas | Interest [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 14 | 22 | ||||
Marinas | Brokerage Commissions And Other Revenues, Net [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Real property | 1 | 546 | ||||
MH | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 277,142 | 221,606 | 528,011 | 446,890 | ||
RV | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 170,974 | $ 81,660 | $ 265,979 | $ 166,678 |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset, Reclassified to Receivable | $ 47.8 |
Real Estate Acquisitions, Sched
Real Estate Acquisitions, Schedule of Business Acquisitions, by Acquisition (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
May 31, 2020shares | Mar. 31, 2021USD ($)community | Jun. 30, 2021USD ($)sitemarinacommunityshares | Dec. 31, 2020site | Dec. 31, 2020shares | Dec. 31, 2020USD ($) | Dec. 31, 2020development_site | Dec. 31, 2020segment | Oct. 31, 2020shares | Sep. 30, 2020shares | |
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 109 | |||||||||
Number of marinas owned (in marinas) | 2 | 99 | ||||||||
Investment in property | $ 598,975,000 | $ 2,339,368,000 | ||||||||
Inventory of manufactured homes, boat parts and retail related items | 331,000 | 9,942,000 | ||||||||
In-place leases, goodwill and other intangible assets | 15,574,000 | 694,264,000 | ||||||||
Other assets / (liabilities), net | (12,053,000) | 42,231,000 | ||||||||
Total identifiable assets acquired net of liabilities assumed | 602,827,000 | 3,001,343,000 | ||||||||
Cash and escrow | $ 1,923,855,000 | 578,827,000 | ||||||||
Debt assumed | 837,800,000 | |||||||||
Temporary and permanent equity | 239,688,000 | 24,000,000 | ||||||||
Total consideration | 3,001,343,000 | $ 602,827,000 | ||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 4,469 | 45,800 | ||||||||
Safe Harbor Wickford Cove | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | 3,468,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 42,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 3,389,000 | |||||||||
Cash and escrow | 3,389,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 3,389,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | (121,000) | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 60 | |||||||||
Safe Harbor Rockland | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | 15,082,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 348,000 | |||||||||
In-place leases, goodwill and other intangible assets | 101,000 | |||||||||
Other assets / (liabilities), net | 368,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 15,163,000 | |||||||||
Cash and escrow | 15,163,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 15,163,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 173 | |||||||||
Safe Harbor Mears Annapolis | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | 24,354,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 6,922,000 | |||||||||
Other assets / (liabilities), net | 546,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 30,730,000 | |||||||||
Cash and escrow | 30,730,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 30,730,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 184 | |||||||||
Series E Preferred OP Units | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares outstanding (in shares) | shares | 90,000 | 90,000 | ||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 90,000 | |||||||||
Series F Preferred OP Units | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares outstanding (in shares) | shares | 90,000 | 90,000 | ||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 90,000 | |||||||||
Series G Preferred OP Units | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 240,710 | 240,710 | 260,710 | |||||||
Series H Preferred OP Units | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares outstanding (in shares) | shares | 581,407 | |||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 581,407 | 581,407 | ||||||||
Series I Preferred OP Units | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares outstanding (in shares) | shares | 922,000 | |||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 922,000 | |||||||||
Cape Cod | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 13,350,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 150,000 | |||||||||
Other assets / (liabilities), net | 295,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 13,205,000 | |||||||||
Cash and escrow | 4,205,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 9,000,000 | |||||||||
Total consideration | 13,205,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 230 | |||||||||
Blue Water Beach Resort | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 11,364,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 80,000 | |||||||||
Other assets / (liabilities), net | 391,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 11,053,000 | |||||||||
Cash and escrow | 11,053,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 11,053,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 299 | |||||||||
Forest Springs | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | 372 | 0 | ||||||||
Investment in property | 51,949,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 1,337,000 | |||||||||
In-place leases, goodwill and other intangible assets | 2,160,000 | |||||||||
Other assets / (liabilities), net | 107,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 55,339,000 | |||||||||
Cash and escrow | 36,260,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 19,079,000 | |||||||||
Total consideration | 55,339,000 | |||||||||
Forest Springs | Common OP Units | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Equity interest issued or issuable, number of shares (in shares) | shares | 82,420 | |||||||||
Cherrystone Family Camping Resort | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 16,792,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | 230,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 16,562,000 | |||||||||
Cash and escrow | 16,562,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 16,562,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 123 | |||||||||
Beachwood Resort | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 34,000,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | 155,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 33,845,000 | |||||||||
Cash and escrow | 33,845,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 33,845,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 421 | |||||||||
Woodsmoke [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 25,120,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 40,000 | |||||||||
In-place leases, goodwill and other intangible assets | 840,000 | |||||||||
Other assets / (liabilities), net | 461,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 25,539,000 | |||||||||
Cash and escrow | 25,539,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 25,539,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 300 | |||||||||
Jellystone Lone Star [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 21,000,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | 703,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 20,297,000 | |||||||||
Cash and escrow | 20,297,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 20,297,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 344 | |||||||||
El Capitan & Ocean Mesa [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 109 | |||||||||
Number of communities impaired | community | 2 | |||||||||
Investment in property | $ 37,647,000 | 69,690,000 | ||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | 0 | ||||||||
In-place leases, goodwill and other intangible assets | 10,073,000 | 0 | ||||||||
Other assets / (liabilities), net | (703,000) | 10,321,000 | ||||||||
Total identifiable assets acquired net of liabilities assumed | 47,017,000 | 59,369,000 | ||||||||
Cash and escrow | 32,108,000 | 47,017,000 | ||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 27,261,000 | 0 | ||||||||
Total consideration | 59,369,000 | $ 47,017,000 | ||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 266 | |||||||||
Highland Green Estates & Troy Villa [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 60,988,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 1,679,000 | |||||||||
In-place leases, goodwill and other intangible assets | 2,030,000 | |||||||||
Other assets / (liabilities), net | 15,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 64,682,000 | |||||||||
Cash and escrow | 64,682,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 64,682,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 1,162 | |||||||||
Associate Island KOA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 294 | |||||||||
Blue Water | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 9,000,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | (151,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 8,849,000 | |||||||||
Cash and escrow | 8,849,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 8,849,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 177 | |||||||||
Tranquility MHC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 1,250,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | (1,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 1,249,000 | |||||||||
Cash and escrow | 1,249,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 1,249,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 25 | |||||||||
Pleasant Beach Campground | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 1,531,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 57,000 | |||||||||
Other assets / (liabilities), net | 1,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 1,589,000 | |||||||||
Cash and escrow | 1,589,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 1,589,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 102 | |||||||||
Cherrystone Family Camping | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 59,669,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 231,000 | |||||||||
Other assets / (liabilities), net | (2,029,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 57,871,000 | |||||||||
Cash and escrow | 57,871,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 57,871,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 669 | |||||||||
Beachwood | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 14,004,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 211,000 | |||||||||
Other assets / (liabilities), net | (7,616,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 6,599,000 | |||||||||
Cash and escrow | 6,599,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 6,599,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 672 | |||||||||
Safe Harbor Marinas | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 5,700,000 | |||||||||
Other assets / (liabilities), net | 26,831,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 2,040,781,000 | |||||||||
Debt assumed | 829,000,000 | |||||||||
Business Combination, Considered Transferred, Deferred Payment | 2,040,781,000 | |||||||||
Asset Acquisition, Payments to Acquire Businesses, Gross | 1,141,797,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 418,033,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,643,879,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 69,984,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 37,305 | |||||||||
Islamorada and Angler House | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total identifiable assets acquired net of liabilities assumed | $ 17,975,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 17,975,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 251 | |||||||||
Gig Harbor | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 15,250,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | 22,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 15,228,000 | |||||||||
Cash and escrow | 15,228,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 15,228,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 115 | |||||||||
Maine MH Portfolio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Number of communities impaired | community | 6 | 6 | ||||||||
Investment in property | 79,890,000 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | 30,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 81,279,000 | |||||||||
Cash and escrow | $ 72,479,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 81,279,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,359,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 8,800,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 1,083 | |||||||||
Mouse Mountain | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 15,221,000 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | (4,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 15,496,000 | |||||||||
Cash and escrow | 15,496,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 15,496,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 279,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 304 | |||||||||
Lakeview Mobile Estates | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 22,917,000 | |||||||||
In-place leases, goodwill and other intangible assets | 195,000 | |||||||||
Other assets / (liabilities), net | (72,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 23,678,000 | |||||||||
Cash and escrow | 23,678,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 23,678,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 638,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 296 | |||||||||
Shenandoah Acres | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 16,166,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 834,000 | |||||||||
Other assets / (liabilities), net | 197,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 16,803,000 | |||||||||
Cash and escrow | 16,803,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 16,803,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 522 | |||||||||
Jellystone at Barton Lake | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 23,462,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 538,000 | |||||||||
Other assets / (liabilities), net | 397,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 23,603,000 | |||||||||
Cash and escrow | 23,603,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 23,603,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 555 | |||||||||
Kittatinny Portfolio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Investment in property | 16,220,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 30,000 | |||||||||
Other assets / (liabilities), net | (29,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 16,279,000 | |||||||||
Cash and escrow | 16,279,000 | |||||||||
Debt assumed | 0 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | 16,279,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 527 | |||||||||
Safe Harbor Hideaway Bay | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 23,000 | |||||||||
Other assets / (liabilities), net | 1,077,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 32,406,000 | |||||||||
Debt assumed | 0 | |||||||||
Business Combination, Considered Transferred, Deferred Payment | 32,406,000 | |||||||||
Asset Acquisition, Payments to Acquire Businesses, Gross | 32,406,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 7,242,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26,218,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 628 | |||||||||
Safe Harbor Anacapa Isle | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | (60,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 14,130,000 | |||||||||
Debt assumed | 0 | |||||||||
Business Combination, Considered Transferred, Deferred Payment | 14,130,000 | |||||||||
Asset Acquisition, Payments to Acquire Businesses, Gross | 14,130,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 3,146,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,924,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 453 | |||||||||
Safe Harbor Rybovich Portfolio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Number of marinas owned (in marinas) | marina | 2 | |||||||||
In-place leases, goodwill and other intangible assets | 620,000 | |||||||||
Other assets / (liabilities), net | 37,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 372,487,000 | |||||||||
Debt assumed | 0 | |||||||||
Business Combination, Considered Transferred, Deferred Payment | 372,487,000 | |||||||||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 258,123,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 249,840,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 122,064,000 | |||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 114,364,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 78 | |||||||||
Prime Martha's Vineyard | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total identifiable assets acquired net of liabilities assumed | $ 21,950,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 21,950,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 390 | |||||||||
Safe Harbor Wickford Cove | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Safe Harbor Rockland | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Safe Harbor Mears Annapolis | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development Sites | development_site | 0 | |||||||||
Themeworld RV | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 25,000,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 0 | |||||||||
Other assets / (liabilities), net | (104,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 24,896,000 | |||||||||
Cash and escrow | 24,896,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 24,896,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 148 | |||||||||
Sylvan Glen Estates | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 23,469,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 20,000 | |||||||||
In-place leases, goodwill and other intangible assets | 531,000 | |||||||||
Other assets / (liabilities), net | (269,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 23,751,000 | |||||||||
Cash and escrow | (249,000) | |||||||||
Temporary and permanent equity | 24,000,000 | |||||||||
Total consideration | $ 23,751,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 476 | |||||||||
Shelter Island | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 9,520,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 132,000 | |||||||||
In-place leases, goodwill and other intangible assets | 402,000 | |||||||||
Other assets / (liabilities), net | (85,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 9,969,000 | |||||||||
Cash and escrow | 9,969,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 9,969,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 55 | |||||||||
Lauderdale Marine Center | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 336,992,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 3,282,000 | |||||||||
Other assets / (liabilities), net | 958,000 | |||||||||
Total identifiable assets acquired net of liabilities assumed | 341,232,000 | |||||||||
Cash and escrow | 341,232,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 341,232,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 202 | |||||||||
Apponaug Harbor | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 6,540,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||||||||
In-place leases, goodwill and other intangible assets | 89,000 | |||||||||
Other assets / (liabilities), net | (689,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 5,940,000 | |||||||||
Cash and escrow | 5,940,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 5,940,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 378 | |||||||||
Cabrillo Isle | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 483 | |||||||||
Marathon Marina | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in property | $ 19,129,000 | |||||||||
Inventory of manufactured homes, boat parts and retail related items | 19,000 | |||||||||
In-place leases, goodwill and other intangible assets | 261,000 | |||||||||
Other assets / (liabilities), net | (227,000) | |||||||||
Total identifiable assets acquired net of liabilities assumed | 19,182,000 | |||||||||
Cash and escrow | 19,182,000 | |||||||||
Temporary and permanent equity | 0 | |||||||||
Total consideration | $ 19,182,000 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 147 |
Real Estate Acquisitions, Sch_2
Real Estate Acquisitions, Schedule of Purchase Price Allocation (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)marina | Dec. 31, 2020USD ($)segment | |
Business Acquisition [Line Items] | |||
Capitalized transaction costs | $ 5,600,000 | ||
At acquistion date | |||
Investment in property | 598,975,000 | $ 2,339,368,000 | |
Inventory of manufactured homes, boat parts and retail related items | 331,000 | 9,942,000 | |
In-place leases, goodwill and other intangible assets | 15,574,000 | 694,264,000 | |
Other assets / (liabilities), net | (12,053,000) | 42,231,000 | |
Total identifiable assets acquired and liabilities assumed | 602,827,000 | 3,001,343,000 | |
Consideration | |||
Cash and escrow | $ 1,923,855,000 | 578,827,000 | |
Debt assumed | $ 837,800,000 | ||
Temporary and permanent equity | 239,688,000 | 24,000,000 | |
Total consideration | 3,001,343,000 | $ 602,827,000 | |
Number of marinas owned (in marinas) | 2 | 99 | |
Islamorada and Angler House | |||
Consideration | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 17,975,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (317,000) | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 269,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 18,001,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 22,000 | ||
Prime Martha's Vineyard | |||
Consideration | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 21,950,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (573,000) | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 127,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,258,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 138,000 | ||
Number of marinas owned (in marinas) | marina | 2 | ||
Cape Cod | |||
At acquistion date | |||
Investment in property | $ 13,350,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 150,000 | ||
Other assets / (liabilities), net | 295,000 | ||
Total identifiable assets acquired and liabilities assumed | 13,205,000 | ||
Consideration | |||
Cash and escrow | 4,205,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 9,000,000 | ||
Total consideration | 13,205,000 | ||
Blue Water Beach Resort | |||
At acquistion date | |||
Investment in property | 11,364,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 80,000 | ||
Other assets / (liabilities), net | 391,000 | ||
Total identifiable assets acquired and liabilities assumed | 11,053,000 | ||
Consideration | |||
Cash and escrow | 11,053,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 11,053,000 | ||
Forest Springs | |||
At acquistion date | |||
Investment in property | 51,949,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 1,337,000 | ||
In-place leases, goodwill and other intangible assets | 2,160,000 | ||
Other assets / (liabilities), net | 107,000 | ||
Total identifiable assets acquired and liabilities assumed | 55,339,000 | ||
Consideration | |||
Cash and escrow | 36,260,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 19,079,000 | ||
Total consideration | 55,339,000 | ||
Cherrystone Family Camping Resort | |||
At acquistion date | |||
Investment in property | 16,792,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | 230,000 | ||
Total identifiable assets acquired and liabilities assumed | 16,562,000 | ||
Consideration | |||
Cash and escrow | 16,562,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 16,562,000 | ||
Beachwood Resort | |||
At acquistion date | |||
Investment in property | 34,000,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | 155,000 | ||
Total identifiable assets acquired and liabilities assumed | 33,845,000 | ||
Consideration | |||
Cash and escrow | 33,845,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 33,845,000 | ||
Woodsmoke [Member] | |||
At acquistion date | |||
Investment in property | 25,120,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 40,000 | ||
In-place leases, goodwill and other intangible assets | 840,000 | ||
Other assets / (liabilities), net | 461,000 | ||
Total identifiable assets acquired and liabilities assumed | 25,539,000 | ||
Consideration | |||
Cash and escrow | 25,539,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 25,539,000 | ||
Jellystone Lone Star [Member] | |||
At acquistion date | |||
Investment in property | 21,000,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | 703,000 | ||
Total identifiable assets acquired and liabilities assumed | 20,297,000 | ||
Consideration | |||
Cash and escrow | 20,297,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 20,297,000 | ||
El Capitan & Ocean Mesa [Member] | |||
At acquistion date | |||
Investment in property | $ 37,647,000 | 69,690,000 | |
Inventory of manufactured homes, boat parts and retail related items | 0 | 0 | |
In-place leases, goodwill and other intangible assets | 10,073,000 | 0 | |
Other assets / (liabilities), net | (703,000) | 10,321,000 | |
Total identifiable assets acquired and liabilities assumed | 47,017,000 | 59,369,000 | |
Consideration | |||
Cash and escrow | 32,108,000 | 47,017,000 | |
Debt assumed | 0 | ||
Temporary and permanent equity | 27,261,000 | 0 | |
Total consideration | 59,369,000 | 47,017,000 | |
Highland Green Estates & Troy Villa [Member] | |||
At acquistion date | |||
Investment in property | 60,988,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 1,679,000 | ||
In-place leases, goodwill and other intangible assets | 2,030,000 | ||
Other assets / (liabilities), net | 15,000 | ||
Total identifiable assets acquired and liabilities assumed | 64,682,000 | ||
Consideration | |||
Cash and escrow | 64,682,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 64,682,000 | ||
Blue Water | |||
At acquistion date | |||
Investment in property | 9,000,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | (151,000) | ||
Total identifiable assets acquired and liabilities assumed | 8,849,000 | ||
Consideration | |||
Cash and escrow | 8,849,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 8,849,000 | ||
Tranquility MHC | |||
At acquistion date | |||
Investment in property | 1,250,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | (1,000) | ||
Total identifiable assets acquired and liabilities assumed | 1,249,000 | ||
Consideration | |||
Cash and escrow | 1,249,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 1,249,000 | ||
Pleasant Beach Campground | |||
At acquistion date | |||
Investment in property | 1,531,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 57,000 | ||
Other assets / (liabilities), net | 1,000 | ||
Total identifiable assets acquired and liabilities assumed | 1,589,000 | ||
Consideration | |||
Cash and escrow | 1,589,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 1,589,000 | ||
Cherrystone Family Camping | |||
At acquistion date | |||
Investment in property | 59,669,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 231,000 | ||
Other assets / (liabilities), net | (2,029,000) | ||
Total identifiable assets acquired and liabilities assumed | 57,871,000 | ||
Consideration | |||
Cash and escrow | 57,871,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 57,871,000 | ||
Beachwood | |||
At acquistion date | |||
Investment in property | 14,004,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 211,000 | ||
Other assets / (liabilities), net | (7,616,000) | ||
Total identifiable assets acquired and liabilities assumed | 6,599,000 | ||
Consideration | |||
Cash and escrow | 6,599,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | $ 6,599,000 | ||
Gig Harbor | |||
At acquistion date | |||
Investment in property | 15,250,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | 22,000 | ||
Total identifiable assets acquired and liabilities assumed | 15,228,000 | ||
Consideration | |||
Cash and escrow | 15,228,000 | ||
Debt assumed | 0 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 15,228,000 | ||
Safe Harbor Marinas | |||
At acquistion date | |||
In-place leases, goodwill and other intangible assets | 5,700,000 | ||
Other assets / (liabilities), net | 26,831,000 | ||
Total identifiable assets acquired and liabilities assumed | 2,040,781,000 | ||
Consideration | |||
Debt assumed | 829,000,000 | ||
Asset Acquisition, Payments to Acquire Businesses, Gross | 1,141,797,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 69,984,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,643,879,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 418,033,000 | ||
Safe Harbor Hideaway Bay | |||
At acquistion date | |||
In-place leases, goodwill and other intangible assets | 23,000 | ||
Other assets / (liabilities), net | 1,077,000 | ||
Total identifiable assets acquired and liabilities assumed | 32,406,000 | ||
Consideration | |||
Debt assumed | 0 | ||
Asset Acquisition, Payments to Acquire Businesses, Gross | 32,406,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26,218,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 7,242,000 | ||
Safe Harbor Anacapa Isle | |||
At acquistion date | |||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | (60,000) | ||
Total identifiable assets acquired and liabilities assumed | 14,130,000 | ||
Consideration | |||
Debt assumed | 0 | ||
Asset Acquisition, Payments to Acquire Businesses, Gross | 14,130,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,924,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | 3,146,000 | ||
Safe Harbor Rybovich Portfolio | |||
At acquistion date | |||
In-place leases, goodwill and other intangible assets | 620,000 | ||
Other assets / (liabilities), net | 37,000 | ||
Total identifiable assets acquired and liabilities assumed | 372,487,000 | ||
Consideration | |||
Debt assumed | 0 | ||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 258,123,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 114,364,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 122,064,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Goodwill And Other Intangibles | $ 249,840,000 | ||
Number of marinas owned (in marinas) | marina | 2 | ||
Islamorada and Angler House | |||
At acquistion date | |||
Total identifiable assets acquired and liabilities assumed | $ 17,975,000 | ||
Consideration | |||
Temporary and permanent equity | 0 | ||
Total consideration | 17,975,000 | ||
Prime Martha's Vineyard | |||
At acquistion date | |||
Total identifiable assets acquired and liabilities assumed | 21,950,000 | ||
Consideration | |||
Temporary and permanent equity | 0 | ||
Total consideration | 21,950,000 | ||
Themeworld RV | |||
At acquistion date | |||
Investment in property | 25,000,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 0 | ||
Other assets / (liabilities), net | (104,000) | ||
Total identifiable assets acquired and liabilities assumed | 24,896,000 | ||
Consideration | |||
Cash and escrow | 24,896,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 24,896,000 | ||
Sylvan Glen Estates | |||
At acquistion date | |||
Investment in property | 23,469,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 20,000 | ||
In-place leases, goodwill and other intangible assets | 531,000 | ||
Other assets / (liabilities), net | (269,000) | ||
Total identifiable assets acquired and liabilities assumed | 23,751,000 | ||
Consideration | |||
Cash and escrow | (249,000) | ||
Temporary and permanent equity | 24,000,000 | ||
Total consideration | 23,751,000 | ||
Shelter Island | |||
At acquistion date | |||
Investment in property | 9,520,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 132,000 | ||
In-place leases, goodwill and other intangible assets | 402,000 | ||
Other assets / (liabilities), net | (85,000) | ||
Total identifiable assets acquired and liabilities assumed | 9,969,000 | ||
Consideration | |||
Cash and escrow | 9,969,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 9,969,000 | ||
Apponaug Harbor | |||
At acquistion date | |||
Investment in property | 6,540,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 89,000 | ||
Other assets / (liabilities), net | (689,000) | ||
Total identifiable assets acquired and liabilities assumed | 5,940,000 | ||
Consideration | |||
Cash and escrow | 5,940,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 5,940,000 | ||
Lauderdale Marine Center | |||
At acquistion date | |||
Investment in property | 336,992,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 3,282,000 | ||
Other assets / (liabilities), net | 958,000 | ||
Total identifiable assets acquired and liabilities assumed | 341,232,000 | ||
Consideration | |||
Cash and escrow | 341,232,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 341,232,000 | ||
Marathon Marina | |||
At acquistion date | |||
Investment in property | 19,129,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 19,000 | ||
In-place leases, goodwill and other intangible assets | 261,000 | ||
Other assets / (liabilities), net | (227,000) | ||
Total identifiable assets acquired and liabilities assumed | 19,182,000 | ||
Consideration | |||
Cash and escrow | 19,182,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | 19,182,000 | ||
Sun Outdoors | |||
At acquistion date | |||
Investment in property | 14,965,000 | ||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||
In-place leases, goodwill and other intangible assets | 41,000 | ||
Other assets / (liabilities), net | (248,000) | ||
Total identifiable assets acquired and liabilities assumed | 14,758,000 | ||
Consideration | |||
Cash and escrow | 14,758,000 | ||
Temporary and permanent equity | 0 | ||
Total consideration | $ 14,758,000 |
Real Estate Acquisitions, Pro F
Real Estate Acquisitions, Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Acquisitions - 2019 | ||||
Business Acquisition [Line Items] | ||||
Total revenues | $ 304,552 | $ 616,121 | ||
Net income attributable to Sun Communities, Inc. common stockholders | $ 59,421 | $ 43,782 | ||
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ 0.62 | $ 0.47 | ||
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ 0.62 | $ 0.46 | ||
Acquisitions - 2020 | ||||
Business Acquisition [Line Items] | ||||
Total revenues | $ 605,163 | $ 1,048,426 | ||
Net income attributable to Sun Communities, Inc. common stockholders | $ 111,075 | $ 136,258 | ||
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ 0.99 | $ 1.24 | ||
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ 0.99 | $ 1.24 |
Real Estate Acquisitions, Narra
Real Estate Acquisitions, Narrative (Details) $ in Thousands | Jul. 01, 2020USD ($)site | Jun. 30, 2021USD ($)marinashares | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)marinashares | Jun. 30, 2020USD ($)landParcel | Apr. 30, 2021shares | Dec. 31, 2020USD ($)segmentproperties |
Business Acquisition [Line Items] | ||||||||
Total consideration | $ 3,001,343 | $ 602,827 | ||||||
Number of marinas owned (in marinas) | 2 | 2 | 99 | |||||
Capitalized transaction costs | $ 5,600 | $ 5,600 | ||||||
Business Combination, Integration Related Costs | (201) | 23,000 | $ 0 | 1,031 | $ 0 | |||
Real Estate Held-for-sale | 14,900 | 14,900 | $ 32,100 | |||||
Number Of Housing Sites Sold | site | 226 | |||||||
Business Combination, Integration Related Costs | (201) | 23,000 | $ 0 | 1,031 | $ 0 | |||
Capitalized transaction costs | $ 5,600 | $ 5,600 | ||||||
Number Of Land Parcels Acquired | landParcel | 8 | |||||||
Payments to Acquire Land | $ 9,700 | |||||||
Number Of Land Parcels Acquired Adjacent To Existing Communities | landParcel | 7 | |||||||
Investment Property | ||||||||
Business Acquisition [Line Items] | ||||||||
Real Estate Reclassified from Held for Sale to Held and used | 34,500 | |||||||
Other Liabilities | ||||||||
Business Acquisition [Line Items] | ||||||||
Real Estate Reclassified from Held for Sale to Held and used | $ 3,800 | |||||||
Series J Preferred Op Units | ||||||||
Business Acquisition [Line Items] | ||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 240,000 | 240,000 | 240,000 | |||||
Safe Harbor Marinas | ||||||||
Business Acquisition [Line Items] | ||||||||
Capitalized transaction costs | 13,400 | |||||||
Capitalized transaction costs | $ 13,400 | |||||||
Business Combinations and Assets Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of States in which Entity Operates | properties | 22 | |||||||
Prime Martha's Vineyard | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of marinas owned (in marinas) | marina | 2 | 2 | ||||||
Marathon Marina | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration | $ 19,182 | |||||||
Business Combination, Integration Related Costs | $ 1,000 | |||||||
Business Combination, Integration Related Costs | $ 1,000 | |||||||
Countryside Village | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration received | $ 12,600 | |||||||
Gain on disposition of property | $ 5,600 |
Notes and Other Receivables, Sc
Notes and Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 262,333 | $ 221,650 |
Installment notes receivable on manufactured homes, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 82,506 | 85,866 |
Notes receivable from real estate developers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 61,955 | 52,638 |
Other receivables, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 117,872 | $ 83,146 |
Notes And Other Receivables - N
Notes And Other Receivables - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivable with imputed interest, net | $ 82,506 | $ 85,866 | ||
Accounts and Financing Receivable, after Allowance for Credit Loss | 262,333 | 221,650 | ||
Undrawn Funds On Loans | 11,600 | |||
Notes Receivable, Fair Value Disclosure | 61,955 | 52,638 | ||
Other receivables for rent, water, sewer usage | 10,100 | 7,100 | ||
Allowance for rent, water, sewer usage receivables | (5,800) | (7,200) | ||
Contract with Customer, Asset, Reclassified to Receivable | 47,800 | |||
Insurance receivables | 11,200 | 13,600 | ||
Other Receivables, Storage And Lease Payments, Marina | 28,300 | 19,200 | ||
Home sale proceeds | 23,600 | |||
Home sale proceeds | 23,600 | |||
Other Receivables, Storage And Lease Payments, Marina | $ 28,300 | 19,200 | ||
RezPlot [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Ownership percentage | 50.00% | |||
Debt instrument, face amount | $ 10,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||
Convertible Notes Payable | $ 5,600 | |||
Convertible Notes Payable | 5,600 | |||
RezPlot [Member] | Convertible Secured Promissory Note | Convertible Debt | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Convertible Notes Payable | 2,000 | |||
Convertible Notes Payable | 2,000 | |||
Marinas | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for rent, water, sewer usage receivables | (1,700) | (1,400) | ||
Installment notes receivable on manufactured homes, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 82,506 | $ 85,866 | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 7.70% | 7.80% | ||
Receivable With Imputed Interest, Term | 14 years 10 months 24 days | 15 years 2 months 12 days | ||
Notes receivable from real estate developers | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 61,955 | $ 52,638 | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 6.30% | 6.20% | ||
Receivable With Imputed Interest, Term | 1 year 4 months 24 days | 1 year 9 months 18 days | ||
Other receivables, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 117,872 | $ 83,146 | ||
Financing Receivable, Allowance for Credit Loss | (1,300) | |||
Financing Receivable, Allowance for Credit Loss | (1,300) | |||
Reported Value Measurement | Installment notes receivable on manufactured homes, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | 20,500 | 19,600 | ||
Fair Value, Recurring | Installment notes receivable on manufactured homes, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable, fair value adjustment | (800) | 0 | $ (1,276) | $ 991 |
Fair Value, Recurring | Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable, fair value adjustment | (810) | (1,276) | ||
Accounts and Financing Receivable, after Allowance for Credit Loss | 82,506 | 85,866 | ||
Fair Value, Recurring | Reported Value Measurement | Installment notes receivable on manufactured homes, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable, fair value adjustment | 469 | (2,274) | ||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 82,506 | $ 85,866 |
Notes and Other Receivables, _2
Notes and Other Receivables, Schedule of installment notes receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable with imputed interest, net | $ 82,506 | $ 85,866 | |||
Installment notes receivable on manufactured homes, gross | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 87,142 | 87,142 | |||
Financed sales of manufactured homes | 5,014 | 3,933 | |||
Principal payments and payoffs from our customers | (8,977) | (6,177) | |||
Principal reduction from repossessed homes | 4,643 | 1,627 | |||
Ending balance | 83,316 | ||||
Assets Held For Sale, Adjustment Of Notes Receivable | (477) | 45 | |||
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 0 | 0 | |||
Ending balance | 0 | ||||
Increase to reserve balance | 645 | 0 | |||
Fair Value, Recurring | Installment notes receivable on manufactured homes, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable, fair value adjustment | (800) | 0 | $ (1,276) | $ 991 | |
Assets Held For Sale, Adjustment Of Notes Receivable | $ 7 | (3) | |||
Fair Value, Recurring | Reported Value Measurement | Installment notes receivable on manufactured homes, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable, fair value adjustment | 469 | (2,274) | |||
Fair Value, Recurring | Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable, fair value adjustment | $ (810) | $ (1,276) |
Intangible Assets Intangible _2
Intangible Assets Intangible Assets, Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 866,205,000 | $ 832,720,000 |
Accumulated Amortization | (122,225,000) | (98,276,000) |
Goodwill | 448,317,000 | 428,833,000 |
Goodwill, Impairment Loss | 0 | 0 |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 155,075,000 | 145,531,000 |
Accumulated Amortization | (109,559,000) | (92,327,000) |
2023 | 5,836,000 | |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 28,355,000 | 23,856,000 |
Accumulated Amortization | (4,558,000) | (3,578,000) |
2023 | $ 20,566,000 | |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Gross Carrying Amount | $ 10,000,000 | 10,000,000 |
Accumulated Amortization | (1,000,000) | 0 |
2023 | 0 | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 107,958,000 | 108,000,000 |
Accumulated Amortization | (6,691,000) | (2,371,000) |
2023 | $ 1,893,000 | |
Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Gross Carrying Amount | $ 116,500,000 | 116,500,000 |
Accumulated Amortization | (417,000) | $ 0 |
2023 | $ 10,837,000 | |
Minimum [Member] | Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years 6 months | |
Minimum [Member] | Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Maximum [Member] | Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Maximum [Member] | Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Intangible Assets Intangible _3
Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 10,887 | $ 3,784 | $ 23,512 | $ 7,440 |
Leases, Acquired-in-Place [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 6,977 | 3,580 | 16,793 | 7,031 |
Franchise Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 492 | 204 | 982 | 409 |
Noncompete Agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 500 | 0 | 1,000 | 0 |
Trademarks and Trade Names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 209 | 0 | 417 | 0 |
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 2,709 | $ 0 | $ 4,320 | $ 0 |
Intangible Assets, Intangibles
Intangible Assets, Intangibles Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 993 |
2021 | 1,986 |
2022 | 1,957 |
2023 | 1,893 |
2024 | 1,872 |
Franchise Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 18,246 |
2021 | 27,872 |
2022 | 24,357 |
2023 | 20,566 |
2024 | 19,705 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 10,418 |
2021 | 12,216 |
2022 | 8,730 |
2023 | 5,836 |
2024 | 4,996 |
Leases, Acquired-in-Place, Market Adjustment | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,000 |
2021 | 2,000 |
2022 | 2,000 |
2023 | 2,000 |
2024 | 2,000 |
Noncompete Agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 417 |
2021 | 833 |
2022 | 833 |
2023 | 0 |
2024 | 0 |
Trademarks and Trade Names | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 5,418 |
2021 | 10,837 |
2022 | 10,837 |
2023 | 10,837 |
2024 | $ 10,837 |
Investment In Affiliates , Narr
Investment In Affiliates , Narrative (Details) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
RezPlot [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | ||
Sungenia JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | ||
GTSC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 40.00% | 40.00% | |
Origen Financial Services [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 22.90% | 22.90% | |
SV Lift [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | 50.00% |
Investment in Affiliates, Inves
Investment in Affiliates, Investment Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | $ 794 | $ 92 | $ 1,965 | $ 144 | ||
Equity Method Investments | 62,320 | 62,320 | $ 59,074 | |||
RezPlot [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | (469) | (654) | (956) | (1,154) | ||
Equity Method Investments | 2,091 | 2,091 | 3,047 | |||
Sungenia JV [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 75 | 262 | 809 | 147 | 338 | |
Equity Method Investments | 27,071 | 27,071 | 26,890 | $ 11,995 | ||
Equity Method Investment, Cumulative Translation Adjustment | (628) | 2,180 | ||||
Payments to Acquire Equity Method Investments | 0 | 12,377 | ||||
GTSC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 1,416 | 700 | 2,597 | 1,460 | 3,944 | |
Equity Method Investment, Fair Value Adjustment | (11) | (1,608) | ||||
Equity Method Investments | 29,677 | 29,677 | 25,495 | $ 18,488 | ||
Equity Method Investments, Initial Fair Value Adjustment | 0 | 317 | ||||
Equity Method Investment, Cash Contributions | 10,876 | 19,030 | ||||
Proceeds from Equity Method Investment, Distribution | (9,280) | (14,676) | ||||
Origen Financial Services [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 97 | 42 | 126 | 80 | ||
Equity Method Investments | 278 | 278 | 152 | |||
SV Lift [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | (325) | $ (258) | (611) | $ (389) | ||
Equity Method Investments | $ 3,203 | $ 3,203 | $ 3,490 |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities, Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investment property, net | $ 10,394,052 | $ 9,715,791 |
Other Assets | 324,278 | 270,691 |
Secured Debt | 3,457,734 | 3,489,983 |
Other Liabilities | 184,846 | 134,650 |
Liabilities | 5,099,563 | 5,314,879 |
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7) | $ 17,751 | $ 16,084 |
VIE as a Percentage of Consolidated Assets | 4.50% | 4.10% |
VIE as a Percentage of Consolidated Liabilities | 3.00% | 2.00% |
VIE as a Percentage of Total Equity | 1.00% | |
Assets | $ 12,040,990 | $ 11,206,586 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment property, net | 508,055 | 438,918 |
Other Assets | 32,817 | 24,554 |
Secured Debt | 74,571 | 47,706 |
Preferred OP units - mandatorily redeemable | 35,249 | 35,249 |
Other Liabilities | 44,944 | 21,957 |
Liabilities | 154,764 | 104,912 |
Equity Interests | 27,491 | 28,469 |
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7) | 17,751 | 16,084 |
Total Liabilities and Stockholder's Equity | 200,006 | 149,465 |
Assets | $ 540,872 | $ 463,472 |
Debt And Lines Of Credit , Sche
Debt And Lines Of Credit , Schedule of debt and lines of credit (Details) - USD ($) | Jun. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Document Period End Date | Jun. 30, 2021 | ||||||
Secured debt | $ 3,457,734,000 | $ 3,457,734,000 | $ 3,489,983,000 | ||||
Unsecured Debt | $ 853,441,000 | $ 853,441,000 | $ 1,267,093,000 | ||||
Debt weighted average to maturity, years | 10 years 4 months 24 days | 9 years 4 months 24 days | |||||
Weighted average interest rate | 3.519% | 3.519% | 3.37% | ||||
Mortgage Term Loans | $ 3,418,097,000 | $ 3,418,097,000 | $ 3,444,967,000 | ||||
Loans Pledged as Collateral | 39,637,000 | 39,637,000 | 45,016,000 | ||||
Line of credit and other | 1,197,181,000 | ||||||
Total debt | 4,311,175,000 | 4,311,175,000 | 4,757,076,000 | ||||
Gain (Loss) on Extinguishment of Debt | (8,108,000) | $ (1,930,000) | (8,108,000) | $ (5,209,000) | |||
Collateralized term loans - CMBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured debt | $ 1,146,146,000 | $ 1,146,146,000 | $ 267,205,000 | ||||
Debt weighted average to maturity, years | 8 years 7 months 6 days | 2 years 10 months 24 days | |||||
Weighted average interest rate | 3.226% | 3.226% | 4.789% | ||||
Secured borrowing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 230,000,000 | $ 268,800,000 | |||||
Secured debt | $ 3,400,000,000 | $ 3,400,000,000 | |||||
Debt instrument term | 15 years | 12 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.995% | 2.662% | |||||
Preferred OP units [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured debt | 34,663,000 | 34,663,000 | |||||
Preferred OP units - mandatorily redeemable | $ 34,663,000 | ||||||
Debt weighted average to maturity, years | 5 years 1 month 6 days | ||||||
Weighted average interest rate | 5.932% | ||||||
Preferred Equity, Mandatorily Redeemable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Preferred OP units - mandatorily redeemable | $ 35,249,000 | $ 35,249,000 | $ 35,249,000 | ||||
Debt instrument term | 3 years 3 months 18 days | ||||||
Debt weighted average to maturity, years | 3 years 9 months 18 days | ||||||
Weighted average interest rate | 6.00% | 6.00% | 6.00% | ||||
Senior Unsecured NOtes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 600,000,000 | ||||||
Unsecured Debt | $ 591,688,000 | $ 591,688,000 | $ 0 | ||||
Debt instrument term | 10 years | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||
Debt weighted average to maturity, years | 10 years | 0 years | |||||
Weighted average interest rate | 2.70% | 2.70% | 0.00% | ||||
Senior Unsecured Notes1 | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured Debt | $ 591,700,000 | $ 591,700,000 | |||||
Matures December 1, 2021, 5.98 Percent Interest Rate | Secured borrowing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Reduction in secured borrowing balance | $ 52,710,000 | 0 | |||||
Interest rate | 5.98% | 5.98% | |||||
Gain (Loss) on Extinguishment of Debt | $ 1,930,000 | ||||||
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured debt | $ 365,402,000 | $ 365,402,000 | $ 1,150,924,000 | ||||
Debt weighted average to maturity, years | 3 years 4 months 24 days | 9 years 1 month 6 days | |||||
Weighted average interest rate | 3.853% | 3.853% | 3.23% | ||||
Life Companies [Member] | Collateralized Mortgage Backed Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured debt | $ 1,642,185,000 | $ 1,642,185,000 | $ 1,658,239,000 | ||||
Debt weighted average to maturity, years | 15 years 9 months 18 days | 16 years 3 months 18 days | |||||
Weighted average interest rate | 3.991% | 3.991% | 3.99% | ||||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured debt | $ 264,364,000 | $ 264,364,000 | $ 368,599,000 | ||||
Debt weighted average to maturity, years | 2 years 4 months 24 days | 3 years 10 months 24 days | |||||
Weighted average interest rate | 4.789% | 4.789% | 3.854% | ||||
Collateralized Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt weighted average to maturity, years | 2 years 3 months 18 days | 2 years 9 months 18 days | |||||
Weighted average interest rate | 1.30% | 1.30% | 1.31% | ||||
Reported Value Measurement | |||||||
Debt Instrument [Line Items] | |||||||
Secured debt | $ 3,457,734,000 | $ 3,457,734,000 | $ 3,489,983,000 | ||||
Unsecured Debt | $ 853,441,000 | $ 853,441,000 | $ 1,267,093,000 | ||||
Reported Value Measurement | Secured borrowing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt weighted average to maturity, years | 4 years 7 months 6 days | ||||||
Weighted average interest rate | 5.932% | 5.932% | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit and other | $ 191,841,000 | $ 191,841,000 | |||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt weighted average to maturity, years | 3 years 10 months 24 days | 3 years 8 months 12 days | |||||
Weighted average interest rate | 0.928% | 0.928% | 2.107% |
Debt And Lines Of Credit , Narr
Debt And Lines Of Credit , Narrative - Collateralized Term Loans (Details) | Jun. 28, 2021USD ($) | Oct. 31, 2019USD ($) | Jun. 30, 2021USD ($)siteloanspropertiesRate | Jun. 30, 2020USD ($)loansRate | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)siteloanspropertiesRate | Jun. 30, 2020USD ($)loansRate | Dec. 31, 2020USD ($)siteRate | Jun. 14, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 22, 2020USD ($) | Apr. 25, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ 8,108,000 | $ 1,930,000 | $ 8,108,000 | $ 5,209,000 | ||||||||
Weighted average interest rate | Rate | 3.519% | 3.519% | 3.37% | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 4,469 | 4,469 | 45,800 | |||||||||
Debt weighted average to maturity, length | 10 years 4 months 24 days | 9 years 4 months 24 days | ||||||||||
Total debt | $ 3,457,734,000 | $ 3,457,734,000 | $ 3,489,983,000 | |||||||||
Document Period End Date | Jun. 30, 2021 | |||||||||||
Long-term Debt | $ 201,900,000 | 201,900,000 | $ 6,500,000 | |||||||||
Line of credit and other | 1,197,181,000 | |||||||||||
Unsecured Debt | 853,441,000 | 853,441,000 | 1,267,093,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 190,300,000 | 190,300,000 | 40,400,000 | |||||||||
Line of credit and other | $ 191,841,000 | 191,841,000 | ||||||||||
Safe Harbor | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ (7,900,000) | |||||||||||
Line of credit, borrowing capacity | $ 1,800,000,000 | |||||||||||
Collateralized Term Loan 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Collateralized Term Loans | loans | 4 | 3 | 4 | 3 | ||||||||
Collateralized Term Loan 2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Collateralized Term Loans | loans | 2 | 1 | 2 | 1 | ||||||||
Collateralized Term Loan 3 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number Of Collateralized Term Loans | loans | 1 | 2 | 1 | 2 | ||||||||
A&R Facility [Member] | Safe Harbor | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ (200,000) | |||||||||||
Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 230,000,000 | $ 268,800,000 | ||||||||||
Debt instrument term | 15 years | 12 years | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.995% | 2.662% | ||||||||||
Total debt | $ 3,400,000,000 | 3,400,000,000 | ||||||||||
Long-term Debt | $ 0 | |||||||||||
Secured Debt [Member] | Collateralized Term Loan 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | 8,800,000 | |||||||||||
Secured Debt [Member] | Collateralized Term Loan 2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | 39,500,000 | |||||||||||
Secured Debt [Member] | Collateralized Term Loan 3 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | 220,500,000 | |||||||||||
Secured Debt [Member] | Matures December 1, 2021, 5.98 Percent Interest Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ (1,930,000) | |||||||||||
Reduction in secured borrowing balance | $ 52,710,000 | $ 0 | ||||||||||
Interest rate | Rate | 5.98% | 5.98% | ||||||||||
Long-term Debt | $ 500,000,000 | |||||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Weighted average interest rate | Rate | 3.226% | 3.226% | 4.789% | |||||||||
Debt weighted average to maturity, length | 8 years 7 months 6 days | 2 years 10 months 24 days | ||||||||||
Total debt | $ 1,146,146,000 | $ 1,146,146,000 | $ 267,205,000 | |||||||||
Collateralized Mortgage Backed Securities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net book value of properties securing collateralized term loans | $ 3,200,000,000 | $ 3,200,000,000 | ||||||||||
Senior Unsecured NOtes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 600,000,000 | |||||||||||
Debt instrument term | 10 years | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||||||||
Weighted average interest rate | Rate | 2.70% | 2.70% | 0.00% | |||||||||
Debt weighted average to maturity, length | 10 years | 0 years | ||||||||||
Proceeds from Issuance of Debt | $ 592,400,000 | |||||||||||
Unsecured Debt | $ 591,688,000 | $ 591,688,000 | $ 0 | |||||||||
Term Loan [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument term | 4 years | |||||||||||
Line of credit, borrowing capacity | 500,000,000 | 500,000,000 | $ 1,000,000,000 | |||||||||
Line of credit and other | $ 58,000,000 | $ 39,600,000 | $ 39,600,000 | $ 45,000,000 | $ 2,000,000,000 | |||||||
Term Loan [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis points | 0.85% | |||||||||||
Term Loan [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis points | 0.725% | |||||||||||
Term Loan [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis points | 1.40% | |||||||||||
Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Incremental | $ 750,000,000 | |||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Weighted average interest rate | Rate | 0.928% | 0.928% | 2.107% | |||||||||
Debt weighted average to maturity, length | 3 years 10 months 24 days | 3 years 8 months 12 days | ||||||||||
Long-term Debt | $ 652,000,000 | |||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, number of properties securing a debt instument | properties | 31 | 31 | ||||||||||
Debt Instrument, Net Book Value of Property Securing Debt | $ 375,200,000 | $ 375,200,000 | ||||||||||
Line of credit variable interest rate | Rate | 1.20% | 1.20% | ||||||||||
Debt Instrument, Number of Sites Securing Debt | properties | 5,165 | 5,165 | ||||||||||
Line of Credit [Member] | Term Loan [Member] | Minimum [Member] | Eurodollar [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | Rate | 1.20% | |||||||||||
Line of Credit [Member] | Term Loan [Member] | Maximum [Member] | Eurodollar [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | Rate | 2.05% | 2.05% | ||||||||||
Senior Unsecured Notes1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unsecured Debt | $ 591,700,000 | $ 591,700,000 | ||||||||||
Properties securing debt [Member] | Collateralized Mortgage Backed Securities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 76,408 | 76,408 | ||||||||||
Debt Instrument, number of properties securing a debt instument | properties | 192 | 192 |
Debt And Lines Of Credit , Na_2
Debt And Lines Of Credit , Narrative - Aspen Preferred OP Units and Series B-3 preferred OP units (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($)Rate | Mar. 31, 2020USD ($)Rate | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)Rate | Dec. 31, 2020USD ($)shares$ / sharesRate | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2015$ / shares | |
Debt Instrument [Line Items] | ||||||||||
Convertible units to shares (in shares) | shares | 1,013,819 | |||||||||
Financial Instruments Subject to Mandatory Redemption, Rate Of Return | 6.00% | |||||||||
Gain (Loss) on Extinguishment of Debt | $ (8,108,000) | $ (1,930,000) | $ (8,108,000) | $ (5,209,000) | ||||||
Preferred Equity, Mandatorily Redeemable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Financial Instruments Subject to Mandatory Redemption, Value of Shares Issued | $ 33,400,000 | $ 35,300,000 | ||||||||
Preferred OP units - mandatorily redeemable | 35,249,000 | 35,249,000 | $ 35,249,000 | |||||||
Temporary Equity, Term | 7 years | |||||||||
Preferred OP units [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible units to shares (in shares) | shares | 270,000 | |||||||||
Debt Instrument, Interest Rate During Period | Rate | 6.50% | |||||||||
Preferred OP units - mandatorily redeemable | $ 34,663,000 | |||||||||
Preferred OP units [Member] | Convertible debt - Aspen Preferred OP Units January 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 34,700,000 | $ 34,700,000 | $ 34,700,000 | |||||||
Convertible units to shares (in shares) | shares | 394,814 | |||||||||
Debt Instrument, Interest Rate During Period | Rate | 3.80% | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 27 | $ 68 | ||||||||
Debt Instrument, Convertible, Percent Of Amount By Which The Market Price Of Common Stock Exceeds Threshold | Rate | 25.00% | |||||||||
Conversion of Stock, Shares Converted | shares | 0.397 | |||||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 230,000,000 | $ 268,800,000 | ||||||||
Secured Debt [Member] | Matures December 1, 2021, 5.98 Percent Interest Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in secured borrowing balance | $ 52,710,000 | $ 0 | ||||||||
Interest rate | Rate | 5.98% | 5.98% | ||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,930,000 | |||||||||
Secured Debt [Member] | Matures March 1, 2021, 5.837 Percent Interest Rate [Member] [Domain] [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in secured borrowing balance | $ 99,607,000 | |||||||||
Interest rate | Rate | 5.837% | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 3,403,000 | |||||||||
Secured Debt [Member] | Matures July 1, 2020, 5.86 Percent Interest Rate [Member] [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in secured borrowing balance | $ 19,922,000 | |||||||||
Interest rate | Rate | 5.83% | |||||||||
Gain (Loss) on Extinguishment of Debt | $ (124,000) |
Debt And Lines Of Credit , Na_3
Debt And Lines Of Credit , Narrative - Line of Credit (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
May 31, 2021USD ($) | Jun. 30, 2021USD ($)sharesRate | Dec. 31, 2020USD ($)shares$ / sharesRate | Jun. 14, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021AUD ($) | Dec. 22, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Apr. 25, 2017USD ($) | Dec. 31, 2015$ / shares | |
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 201,900,000 | $ 6,500,000 | |||||||||||
Lines of credit | $ 1,197,181,000 | ||||||||||||
Weighted average interest rate | Rate | 3.519% | 3.37% | |||||||||||
Debt weighted average to maturity, length | 10 years 4 months 24 days | 9 years 4 months 24 days | |||||||||||
Convertible units to shares (in shares) | shares | 1,013,819 | ||||||||||||
Safe Harbor | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Letters of credit outstanding, amount | $ 0 | $ 300,000 | |||||||||||
Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Letters of credit outstanding, amount | 3,200,000 | 2,400,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Incremental | $ 750,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Incremental | $ 750,000,000 | ||||||||||||
Line of credit - manufactured home floor plan facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit, borrowing capacity | 12,000,000 | ||||||||||||
Lines of credit | 1,500,000 | $ 4,800,000 | |||||||||||
Preferred OP units [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Weighted average interest rate | Rate | 5.932% | ||||||||||||
Debt weighted average to maturity, length | 5 years 1 month 6 days | ||||||||||||
Debt Instrument, Interest Rate During Period | Rate | 6.50% | ||||||||||||
Convertible units to shares (in shares) | shares | 270,000 | ||||||||||||
Preferred OP units [Member] | Convertible debt - Aspen Preferred OP Units January 2024 [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, face amount | $ 34,700,000 | $ 34,700,000 | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 27 | $ 68 | |||||||||||
Conversion of Stock, Shares Converted | shares | 0.397 | ||||||||||||
Debt Instrument, Convertible, Percent Of Amount By Which The Market Price Of Common Stock Exceeds Threshold | Rate | 25.00% | ||||||||||||
Debt Instrument, Interest Rate During Period | Rate | 3.80% | ||||||||||||
Convertible units to shares (in shares) | shares | 394,814 | ||||||||||||
Secured Debt [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 0 | ||||||||||||
Debt instrument, face amount | $ 268,800,000 | $ 230,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.662% | 2.995% | |||||||||||
Prime Rate [Member] | Line of credit - manufactured home floor plan facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Basis points | Rate | 10000.00% | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 190,300,000 | $ 40,400,000 | |||||||||||
Lines of credit | $ 191,841,000 | ||||||||||||
Revolving Credit Facility [Member] | Safe Harbor | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit, borrowing capacity | $ 1,800,000,000 | ||||||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 652,000,000 | ||||||||||||
Weighted average interest rate | Rate | 0.928% | 2.107% | |||||||||||
Debt weighted average to maturity, length | 3 years 10 months 24 days | 3 years 8 months 12 days | |||||||||||
Revolving Credit Facility [Member] | Term Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit, borrowing capacity | $ 500,000,000 | $ 1,000,000,000 | |||||||||||
Lines of credit | $ 39,600,000 | $ 45,000,000 | $ 2,000,000,000 | $ 58,000,000 | |||||||||
Revolving Credit Facility [Member] | Eurodollar [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit variable interest rate | Rate | 1.20% | ||||||||||||
Revolving Credit Facility [Member] | Eurodollar [Member] | Term Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Basis points | 0.85% | ||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Basis points | 0.725% | ||||||||||||
Minimum [Member] | Term Loan [Member] | Eurodollar [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | Rate | 1.20% | ||||||||||||
Maximum [Member] | Prime Rate [Member] | Line of credit - manufactured home floor plan facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | Rate | 7.00% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.00% | ||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Basis points | 1.40% | ||||||||||||
Maximum [Member] | Term Loan [Member] | Eurodollar [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | Rate | 2.05% | ||||||||||||
GTSC [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit, borrowing capacity | $ 180,000,000 | $ 125,000,000 | |||||||||||
Long-term Debt | $ 80,800,000 | $ 67,100,000 | |||||||||||
Ownership percentage | 40.00% | 40.00% | |||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 230,000,000 | $ 255,000,000 | |||||||||||
RezPlot [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument, face amount | $ 10,000,000 | ||||||||||||
Ownership percentage | 50.00% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||||
Convertible Notes Payable | $ 5,600,000 | ||||||||||||
Sungenia JV [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit, borrowing capacity | 20,300,000 | $ 27 | |||||||||||
Long-term Debt | $ 3,200,000 | ||||||||||||
Ownership percentage | 50.00% | 50.00% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.05% | ||||||||||||
GTSC [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 167,700,000 | ||||||||||||
GTSC [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Basis points | 1.65% | ||||||||||||
Sungenia JV [Member] | Total Sungenia Debt | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 6,700,000 | ||||||||||||
Sungenia JV [Member] | JV Debt, Affiliated Entity Portion | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 3,300,000 |
Equity and Temporary Equity, Na
Equity and Temporary Equity, Narrative (Details) $ / shares in Units, $ in Thousands | Oct. 05, 2021USD ($) | Jun. 04, 2021USD ($) | Apr. 05, 2021$ / sharesshares | Mar. 02, 2021USD ($)$ / sharesshares | Apr. 30, 2021$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Oct. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020$ / sharesshares | May 31, 2020USD ($)shares | Feb. 28, 2020 | Jan. 31, 2020 | Aug. 31, 2019USD ($) | Feb. 28, 2019$ / sharesRateshares | Jun. 30, 2018USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesRateshares | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020shares | Sep. 30, 2018USD ($) | Oct. 01, 2020salesAgreement |
Class of Stock [Line Items] | |||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 200,000,000 | 8,050,000 | 9,200,000 | 4,968,000 | |||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 140 | $ 139.50 | $ 139.50 | $ 139.50 | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 537,600 | $ 633,100 | $ 539,700 | ||||||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ | $ 2,400 | ||||||||||||||||||||||
Issuance of common stock and common OP units, net | $ | $ 1,100,000 | $ 163,800 | |||||||||||||||||||||
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ | $ 500,000 | ||||||||||||||||||||||
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement | 2.00% | ||||||||||||||||||||||
Temporary Equity, Dividends For Term Two, Percentage | 3.00% | ||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction, Direct | 4,000,000 | ||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction, Forward Equity Sales | 4,050,000 | ||||||||||||||||||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||||||||||||||||||
Common Stock, Shares Issued | 107,626,000 | 115,889,000 | 115,889,000 | 115,889,000 | |||||||||||||||||||
Common Stock, Shares Outstanding | 107,626,000 | 115,889,000 | 115,889,000 | 115,889,000 | |||||||||||||||||||
Number Of Forward Sales Agreements | salesAgreement | 2 | ||||||||||||||||||||||
Shares Issued Under New Sales Agreement | 0 | ||||||||||||||||||||||
Share Issuance Prior To New Sales Agreement | 0 | ||||||||||||||||||||||
Series E Preferred OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Temporary Equity, Dividends For Term One, Percentage | 5.25% | ||||||||||||||||||||||
Series A-4 Preferred Stock, Shares Issued | 90,000 | 90,000 | 90,000 | ||||||||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | ||||||||||||||||||||||
Temporary Equity, Dividends For Term Two, Percentage | Rate | 5.50% | ||||||||||||||||||||||
Shares outstanding (in shares) | 90,000 | 90,000 | 90,000 | 90,000 | |||||||||||||||||||
Series E Preferred OP Units | Maximum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 145 | ||||||||||||||||||||||
Series E Preferred OP Units | Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||||||||||||||||||
Series D Preferred OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Temporary Equity, Dividends For Term One, Percentage | 3.75% | ||||||||||||||||||||||
Series A-4 Preferred Stock, Shares Issued | 488,958 | ||||||||||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | ||||||||||||||||||||||
Temporary Equity, Dividends For Term Two, Percentage | Rate | 4.00% | ||||||||||||||||||||||
Shares outstanding (in shares) | 488,958 | 488,958 | 488,958 | ||||||||||||||||||||
Series D Preferred OP Units | Maximum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 160 | 125 | |||||||||||||||||||||
Series D Preferred OP Units | Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends per common share | $ / shares | $ 0.83 | ||||||||||||||||||||||
Payments of dividends | $ | $ 98,320 | ||||||||||||||||||||||
Series F Preferred OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Series A-4 Preferred Stock, Shares Issued | 90,000 | ||||||||||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | ||||||||||||||||||||||
Shares outstanding (in shares) | 90,000 | 90,000 | 90,000 | 90,000 | |||||||||||||||||||
Series F Preferred OP Units | Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||||||||||||||||||
Series G Preferred OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Temporary Equity, Dividends For Term One, Percentage | 3.20% | ||||||||||||||||||||||
Series A-4 Preferred Stock, Shares Issued | 240,710 | 260,710 | 240,710 | 240,710 | 240,710 | ||||||||||||||||||
Series G Preferred OP Units | Maximum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 155 | ||||||||||||||||||||||
Series G Preferred OP Units | Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||||||||||||||||||
Series H Preferred OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Temporary Equity, Dividends For Term One, Percentage | 3.00% | ||||||||||||||||||||||
Series A-4 Preferred Stock, Shares Issued | 581,407 | 581,407 | 581,407 | 581,407 | |||||||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | ||||||||||||||||||||||
Shares outstanding (in shares) | 581,407 | ||||||||||||||||||||||
Series H Preferred OP Units | Maximum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 164 | ||||||||||||||||||||||
Series H Preferred OP Units | Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||||||||||||||||||
Series J Preferred Op Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Temporary Equity, Dividends For Term One, Percentage | 2.85% | ||||||||||||||||||||||
Series A-4 Preferred Stock, Shares Issued | 240,000 | 240,000 | 240,000 | 240,000 | |||||||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | ||||||||||||||||||||||
Shares outstanding (in shares) | 240,000 | 240,000 | 240,000 | ||||||||||||||||||||
Series J Preferred Op Units | Maximum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 165 | ||||||||||||||||||||||
Series J Preferred Op Units | Minimum [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||||||||||||||||||
Shelf Registration | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Common Stock, Shares Issued | 115,889,185 | 115,889,185 | 115,889,185 | ||||||||||||||||||||
Common Stock, Shares Outstanding | 115,889,185 | 115,889,185 | 115,889,185 | ||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | ||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 180,000,000 | ||||||||||||||||||||||
Issuance of common stock and common OP units, net | $ | $ 40 | $ 42 | $ 49 | $ 1 | |||||||||||||||||||
Conversion of Common OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | 37,862 | 26,105 | |||||||||||||||||||||
Conversion of Common OP Units | Common OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | 37,862 | 26,105 | |||||||||||||||||||||
Series A-1 Preferred OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | 16,119 | 22,226 | |||||||||||||||||||||
Series A-1 Preferred OP Units | Common OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | 6,610 | 9,114 | |||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 20,000,000 | ||||||||||||||||||||||
NG Sun LLC [Member] | Sun NG RV Resorts [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Variable Interest Entity, Equity Interests Issued, Floating Rate | 5.00% | ||||||||||||||||||||||
NG Sun LLC [Member] | Common Stock | Sun NG RV Resorts [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ | $ 6,500 | ||||||||||||||||||||||
Sun NG RV Resorts [Member] | Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ | 3,000 | ||||||||||||||||||||||
Sun NG RV Resorts [Member] | Common Stock | Sun NG RV Resorts [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ | $ 15,400 | $ 22,300 | |||||||||||||||||||||
NG Sun Whitewater [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Variable Interest Entity, Equity Interest | $ | $ 5,100 | $ 5,100 | 5,100 | 5,100 | |||||||||||||||||||
Sun Menifee | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Payments to Acquire Limited Partnership Interests | $ | $ 100 | ||||||||||||||||||||||
Noncontrolling Interest in Limited Partnerships | $ | $ 100 | $ 100 | $ 100 | ||||||||||||||||||||
Forecast | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,230,000 | ||||||||||||||||||||||
Forest Springs | Common OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Equity interest issued or issuable, number of shares (in shares) | 82,420 | ||||||||||||||||||||||
Safe Harbor Rybovich | Common OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Equity interest issued or issuable, number of shares (in shares) | 130,475 | ||||||||||||||||||||||
Safe Harbor | Common OP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Equity interest issued or issuable, number of shares (in shares) | 55,403 |
Equity and Temporary Equity, Co
Equity and Temporary Equity, Conversion of Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2020$ / shares | May 31, 2020shares | Feb. 28, 2020 | Jan. 31, 2020$ / shares | Feb. 28, 2019$ / sharesRateshares | Jun. 30, 2021USD ($)$ / sharesRateshares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020shares | Dec. 31, 2020shares | Oct. 31, 2020USD ($) | |
Conversion of Stock [Line Items] | ||||||||||
Temporary Equity, Dividends For Term Two, Percentage | 3.00% | |||||||||
SHM South Fork | Safe Harbor | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Real Estate Investments, Joint Ventures | $ | $ 4.1 | $ 4.1 | $ 4.3 | |||||||
Conversion of Common OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Conversion of units | 37,862 | 26,105 | ||||||||
Series A-1 Preferred OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Conversion of units | 16,119 | 22,226 | ||||||||
Series D Preferred OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Temporary Equity, Dividends For Term Two, Percentage | Rate | 4.00% | |||||||||
Temporary Equity, Shares Issued | 488,958 | |||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||||||||
Temporary Equity, Dividends For Term One, Percentage | 3.75% | |||||||||
Temporary Equity, Shares Outstanding | 488,958 | 488,958 | ||||||||
Series D Preferred OP Units | Minimum [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | |||||||||
Series D Preferred OP Units | Maximum [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 160 | 125 | ||||||||
Common OP Units | Conversion of Common OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Conversion Rate | 1 | |||||||||
Conversion of units | 37,862 | 26,105 | ||||||||
Common OP Units | Series A-1 Preferred OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Conversion Rate | 2.4390 | |||||||||
Conversion of units | 6,610 | 9,114 | ||||||||
Series I Preferred OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Temporary Equity, Shares Issued | 922,000 | |||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||||||||
Temporary Equity, Dividends For Term One, Percentage | 3.00% | |||||||||
Temporary Equity, Shares Outstanding | 922,000 | 922,000 | ||||||||
Series I Preferred OP Units | Maximum [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 164 | |||||||||
Series E Preferred OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Temporary Equity, Dividends For Term Two, Percentage | Rate | 5.50% | |||||||||
Temporary Equity, Shares Issued | 90,000 | 90,000 | ||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||||||||
Temporary Equity, Dividends For Term One, Percentage | 5.25% | |||||||||
Temporary Equity, Shares Outstanding | 90,000 | 90,000 | 90,000 | |||||||
Series E Preferred OP Units | Minimum [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | |||||||||
Series E Preferred OP Units | Maximum [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 145 | |||||||||
Series F Preferred OP Units | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Temporary Equity, Shares Issued | 90,000 | |||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||||||||
Temporary Equity, Shares Outstanding | 90,000 | 90,000 | 90,000 | |||||||
Series F Preferred OP Units | Minimum [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021numberOfPlans$ / sharesshares | Jun. 30, 2020 | Jun. 30, 2021USD ($)numberOfPlans$ / sharesshares | Jun. 30, 2020$ / sharesshares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number Of Share-Based Compensation Plans | numberOfPlans | 2 | 2 | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Fair Value Assumptions, Percent Expected To Vest | 62.10% | 65.50% | 57.60% | 75.60% | ||
Granted, shares (in shares) | 69,368 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 285,224 | 248,155 | ||||
Share-based Payment Arrangement, Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercises in period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,500 | |||||
Proceeds from Stock Options Exercised | $ | $ 0.1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | ||||
Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value | $ / shares | $ 137.63 | |||||
Key Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 13,873 | |||||
Weighted average grant date fair value | $ / shares | $ 140.39 | |||||
Time Based [Member] | Director [Member] | Restricted Stock [Member] | 2004 Non-employee Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 10,200 | |||||
Weighted average grant date fair value | $ / shares | $ 147.97 | |||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Price | $ / shares | $ 151.89 | $ 151.89 | $ 147.19 | $ 165.97 | ||
Award Date One [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 54,000 | |||||
Weighted average grant date fair value | $ / shares | $ 151.89 | |||||
Award Date One [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 20.00% | 20.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | ||||
Award Date One [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 1,509 | |||||
Weighted average grant date fair value | $ / shares | $ 147.19 | |||||
Award Date One [Member] | Director [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
Award Date One [Member] | Director [Member] | Restricted Stock [Member] | 2004 Non-employee Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
Award Date One [Member] | Key Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 28,856 | |||||
Weighted average grant date fair value | $ / shares | $ 151.89 | |||||
Award Date One [Member] | Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.30% | 20.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 5 years | ||||
Award Date Two [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 81,000 | |||||
Weighted average grant date fair value | $ / shares | $ 94.32 | |||||
Award Date Two [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | 20.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Award Date Two [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 10,200 | |||||
Award Date Two [Member] | Director [Member] | 2004 Non-employee Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value | $ / shares | $ 148.44 | |||||
Award Date Two [Member] | Director [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
Award Date Two [Member] | Key Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 61,550 | |||||
Weighted average grant date fair value | $ / shares | $ 143.28 | |||||
Award Date Two [Member] | Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 20.00% | 20.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | ||||
Award Date Two [Member] | Time Based [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 46,000 | |||||
Weighted average grant date fair value | $ / shares | $ 165.97 | |||||
Award Date Two [Member] | Time Based [Member] | Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 1,500 | |||||
Weighted average grant date fair value | $ / shares | $ 143.20 | |||||
Award Date Three | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 15,000 | |||||
Weighted average grant date fair value | $ / shares | $ 151.89 | |||||
Award Date Three | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.30% | 100.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Award Date Three | Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 20.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Award Date Three | Time Based [Member] | Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 51,790 | |||||
Weighted average grant date fair value | $ / shares | $ 162.42 | |||||
Award Date Three | Market Condition [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 69,000 | |||||
Weighted average grant date fair value | $ / shares | $ 125.47 | |||||
Award Date Four | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 15,000 | |||||
Weighted average grant date fair value | $ / shares | $ 87.49 | |||||
Award Date Four | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
Award Date Five | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 3,400 | |||||
Weighted average grant date fair value | $ / shares | $ 147.19 | |||||
Award Date Five | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 20.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Award Date Six | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, shares (in shares) | 5,100 | |||||
Award Date Six | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value | $ / shares | $ 96.41 | |||||
Award Date Six | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting, Seasonality (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021USD ($)segment | Dec. 31, 2020USD ($)segment | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | segment | 3 | 2 | ||||
Assets | $ 11,206,586 | $ 12,040,990 | $ 11,206,586 | |||
Goodwill | $ 428,833 | 448,317 | 428,833 | |||
Real Property Operations Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Transient RV rental revenue recognized as a percentage | 20.70% | 44.90% | 15.60% | 18.80% | ||
Assets | $ 5,353,492 | 5,387,098 | 5,353,492 | |||
Goodwill | 0 | 0 | 0 | |||
Marina Sale Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 2,622,448 | 3,180,171 | 2,622,448 | |||
Goodwill | $ 428,833 | $ 448,317 | $ 428,833 |
Segment Reporting Results of Op
Segment Reporting Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | $ 603,863 | $ 303,266 | $ 1,045,878 | $ 613,568 |
Brokerage commissions and other, net | 6,939 | 3,274 | 12,899 | 7,187 |
General and administrative expense | (45,127) | (26,527) | (83,330) | (51,876) |
Catastrophic weather related charges | (355) | 566 | (2,769) | (40) |
Gain (Loss) on Extinguishment of Debt | (8,108) | (1,930) | (8,108) | (5,209) |
Interest on mandatorily redeemable preferred OP units / equity | (1,041) | (1,042) | (2,077) | (2,083) |
Remeasurement Of Marketable Securities | 27,494 | 24,519 | 31,155 | (4,128) |
Gain / (loss) on foreign currency translation | (264) | 10,374 | (239) | (7,105) |
Other expense, net | (660) | (821) | (1,759) | (1,793) |
Loss on Remeasurement of Notes Receivable | 93 | 246 | 469 | (1,866) |
Distributions from Affiliate | 794 | 92 | 1,965 | 144 |
Loss on Remeasurement of Investment | (115) | 1,132 | (11) | (1,059) |
Deferred Income Tax Expense (Benefit) | (66) | 112 | 81 | (242) |
Net Income | 120,849 | 63,355 | 148,790 | 47,877 |
Less: Preferred return to Series A-1 preferred OP units | 3,035 | 1,584 | 5,899 | 3,154 |
Less: Amounts attributable to noncontrolling interests | 7,339 | 1,899 | ||
Net Income Attributable to Sun Communities, Inc. Common Stockholders | 110,770 | 58,910 | 135,552 | 42,824 |
RV | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 170,974 | 81,660 | 265,979 | 166,678 |
MH | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 277,142 | 221,606 | 528,011 | 446,890 |
Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 155,747 | 251,888 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 594,205 | 297,357 | 1,027,629 | 601,396 |
Property operating expenses | 290,511 | 127,820 | 503,493 | 255,551 |
Operating Income (Loss), Total | 303,694 | 169,537 | 524,136 | 345,845 |
Operating Segments [Member] | Home Sales and Home Rentals Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 79,496 | 162,374 | ||
Property operating expenses | 44,389 | 87,049 | ||
Operating Segments [Member] | RV | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 166,753 | 258,619 | ||
Property operating expenses | 85,968 | 138,064 | ||
Operating Income (Loss), Total | 80,785 | 35,107 | 120,555 | 75,325 |
Operating Segments [Member] | MH | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 271,720 | 217,861 | 517,690 | 439,022 |
Property operating expenses | 111,628 | 83,431 | 208,318 | 168,502 |
Operating Income (Loss), Total | 160,092 | 134,430 | 309,372 | 270,520 |
Operating Segments [Member] | Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 155,732 | 251,320 | ||
Property operating expenses | 92,915 | 157,111 | ||
Operating Income (Loss), Total | 62,817 | 94,209 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 2,719 | 2,635 | 5,350 | 4,985 |
Brokerage commissions and other, net | 6,939 | 3,274 | 12,899 | 7,187 |
General and administrative expense | (45,127) | (26,527) | (83,330) | (51,876) |
Catastrophic weather related charges | (355) | 566 | (2,769) | (40) |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 201 | 0 | (1,031) | 0 |
Depreciation and amortization | (126,423) | (87,265) | (249,727) | (170,954) |
Gain (Loss) on Extinguishment of Debt | (8,108) | (1,930) | (8,108) | (5,209) |
Interest expense | (37,681) | (31,428) | (77,198) | (63,844) |
Interest on mandatorily redeemable preferred OP units / equity | (1,041) | (1,042) | (2,077) | (2,083) |
Remeasurement Of Marketable Securities | 27,494 | 24,519 | 31,155 | (4,128) |
Gain / (loss) on foreign currency translation | (264) | 10,374 | (239) | (7,105) |
Other expense, net | (660) | (821) | (1,759) | (1,793) |
Loss on Remeasurement of Notes Receivable | 93 | 246 | 469 | (1,866) |
Distributions from Affiliate | 794 | 92 | 1,965 | 144 |
Loss on Remeasurement of Investment | (115) | 1,132 | (11) | (1,059) |
Current tax expense | (1,245) | (119) | (1,016) | (569) |
Deferred Income Tax Expense (Benefit) | (66) | 112 | 81 | 242 |
Net Income | 120,849 | 63,355 | 148,790 | 47,877 |
Less: Preferred return to Series A-1 preferred OP units | 3,035 | 1,584 | ||
Less: Amounts attributable to noncontrolling interests | 7,044 | 2,861 | ||
Net Income Attributable to Sun Communities, Inc. Common Stockholders | $ 110,770 | $ 58,910 | $ 135,552 | $ 42,824 |
Segment Reporting Identifiable
Segment Reporting Identifiable Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | $ 10,394,052 | $ 9,715,791 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 119,612 | 92,641 | $ 389,214 | $ 34,830 |
Marketable securities | 153,049 | 124,726 | ||
Inventory of manufactured homes | 43,686 | 46,643 | ||
Notes and other receivables, net | 262,333 | 221,650 | ||
Goodwill | 448,317 | 428,833 | ||
Collateralized receivables, net | 295,663 | 305,611 | ||
Other assets | 324,278 | 270,691 | ||
Total Assets | 12,040,990 | 11,206,586 | ||
Real Property Operations Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 4,815,014 | 4,823,174 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 61,163 | 53,152 | ||
Marketable securities | 99,119 | 80,776 | ||
Inventory of manufactured homes | 33,064 | 33,448 | ||
Notes and other receivables, net | 167,642 | 144,027 | ||
Goodwill | 0 | 0 | ||
Collateralized receivables, net | 29,394 | 33,998 | ||
Other assets | 181,702 | 184,917 | ||
Total Assets | 5,387,098 | 5,353,492 | ||
Home Sales and Home Rentals Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 3,251,466 | 3,038,686 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 33,278 | 28,919 | ||
Marketable securities | 53,930 | 43,950 | ||
Inventory of manufactured homes | 10,622 | 13,195 | ||
Notes and other receivables, net | 55,027 | 44,002 | ||
Goodwill | 0 | 0 | ||
Collateralized receivables, net | 23,601 | 23,819 | ||
Other assets | 45,797 | 38,075 | ||
Total Assets | 3,473,721 | 3,230,646 | ||
Marina Sale Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 2,327,572 | 1,853,931 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 25,171 | 10,570 | ||
Marketable securities | 0 | 0 | ||
Inventory of manufactured homes | 0 | 0 | ||
Notes and other receivables, net | 39,664 | 33,621 | ||
Goodwill | 448,317 | 428,833 | ||
Collateralized receivables, net | 242,668 | 247,794 | ||
Other assets | 96,779 | 47,699 | ||
Total Assets | $ 3,180,171 | $ 2,622,448 |
Income Taxes , Narrative (Detai
Income Taxes , Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||||
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification | 9500.00% | ||||
Required Minimum Percent of Taxable Income Distributed to Stock Holders | 9000.00% | ||||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 | $ 0 | |
Provision for state income taxes | 1,200,000 | 100,000 | 1,000,000 | 600,000 | |
Deferred Income Tax Expense (Benefit) | 66,000 | $ (112,000) | (81,000) | 242,000 | |
Deferred Income Tax Charge | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred Income Tax Expense (Benefit) | $ 200,000 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred Tax Liabilities, Gross | 20,400,000 | 20,400,000 | $ 20,500,000 | ||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred Tax Liabilities, Gross | $ 100,000 | $ 100,000 | $ 100,000 |
Earnings Per Share , Calculatio
Earnings Per Share , Calculation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net Income Attributable to Sun Communities, Inc. Common Stockholders | $ 110,770 | $ 58,910 | $ 135,552 | $ 42,824 |
Less: allocation to restricted stock awards | 691 | 340 | 829 | 128 |
Basic earnings - Net Income attributable to common stockholders after allocation to restricted stock awards | 110,079 | 58,570 | 134,723 | 42,696 |
Add: allocation to restricted stock awards | 0 | 0 | 0 | 128 |
Dilutive Securities, Effect on Basic Earnings Per Share, Common Equity | 0 | 0 | 3,142 | 0 |
Diluted earnings - Net income attributable to common stockholders after allocation to restricted stock awards | $ 110,079 | $ 58,570 | $ 137,865 | $ 42,824 |
Denominator | ||||
Weighted average common shares outstanding | 112,082,000 | 95,859,000 | 110,007,000 | 94,134,000 |
Add: dilutive stock options | 0 | 1,000 | 0 | 1,000 |
Add: dilutive restricted stock | 0 | 0 | 0 | 390,000 |
Incremental Common Shares Attributable to Dilutive Effect of Common Equity | 0 | 0 | 2,586,000 | 0 |
Diluted weighted average common shares and securities | 112,082,000 | 95,860,000 | 112,593,000 | 94,525,000 |
Earnings Per Share, Basic | $ 0.98 | $ 0.61 | $ 1.22 | $ 0.45 |
Earnings Per Share, Diluted | $ 0.98 | $ 0.61 | $ 1.22 | $ 0.45 |
Earnings Per Share , Antidiluti
Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 5,808 | 5,080 |
Common OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,569 | 2,477 |
Series A-1 Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 703 | 300 |
Series D Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 391 | 489 |
Series A-3 Preferred OP Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 75 | 40 |
Series C preferred OP unit | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 340 | 310 |
Aspen Preferred OP Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 395 | 1,284 |
Series E Preferred OP Units [Domain] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 62 | 90 |
Series F Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 56 | 90 |
Series G Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 155 | 0 |
Series H Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 355 | 0 |
Series I Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 562 | 0 |
Series J Preferred Op Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 145 | 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Financial assets | |||||||
Notes and other receivables, net | $ 262,333 | $ 262,333 | $ 221,650 | ||||
Collateralized receivables, net | 295,663 | 295,663 | 305,611 | ||||
Notes Receivable, Fair Value Disclosure | 61,955 | 61,955 | 52,638 | ||||
Financial liabilities | |||||||
Secured debt | 3,457,734 | 3,457,734 | 3,489,983 | ||||
Unsecured Debt | 853,441 | 853,441 | 1,267,093 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 119,612 | 119,612 | 92,641 | $ 389,214 | $ 34,830 | ||
Fair Value, Inputs, Level 1 | |||||||
Financial assets | |||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | |||||||
Financial assets | |||||||
Notes Receivable, Fair Value Disclosure | 0 | 0 | 52,638 | ||||
Fair Value, Inputs, Level 3 | |||||||
Financial assets | |||||||
Notes Receivable, Fair Value Disclosure | 61,955 | 61,955 | 0 | ||||
Installment notes receivable on manufactured homes, net | |||||||
Financial assets | |||||||
Notes and other receivables, net | 82,506 | 82,506 | 85,866 | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||
Financial liabilities | |||||||
Assets, Fair Value Disclosure | 82,506 | 82,506 | $ 84,109 | 0 | |||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Transfer to Level 3 | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 85,866 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Transfer Out of Level 3 | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 93 | 469 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Issuances | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 2,721 | 3,933 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Sales and Settlements | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (3,990) | (7,804) | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (427) | 42 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||
Financial liabilities | |||||||
Assets, Fair Value Disclosure | 61,955 | 61,955 | 58,286 | 0 | |||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Transfer to Level 3 | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 52,638 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Transfer Out of Level 3 | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Issuances | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 4,348 | 11,140 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Sales and Settlements | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (331) | (593) | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (348) | (1,230) | |||||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||
Financial liabilities | |||||||
Assets, Fair Value Disclosure | 18,101 | 18,101 | $ 18,156 | 15,842 | |||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Transfer to Level 3 | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Transfer Out of Level 3 | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 72 | 143 | |||||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Issuances | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 238 | 3,439 | |||||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Sales and Settlements | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||
Other Contingent Liabilities, Contingent Consideration | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||
Financial liabilities | |||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (365) | (1,323) | |||||
Secured Debt [Member] | |||||||
Financial liabilities | |||||||
Secured debt | 3,400,000 | 3,400,000 | |||||
Reported Value Measurement | |||||||
Financial liabilities | |||||||
Debt (excluding secured borrowings) | 3,418,097 | 3,418,097 | 3,444,967 | ||||
Collateralized Term Loan | 39,637 | 39,637 | 45,016 | ||||
Secured debt | 3,457,734 | 3,457,734 | 3,489,983 | ||||
Senior Notes | 591,688 | 591,688 | |||||
Lines of credit | 261,753 | 261,753 | 1,267,093 | ||||
Unsecured Debt | 853,441 | 853,441 | 1,267,093 | ||||
Other financial liabilities (contingent consideration) | 18,101 | 18,101 | 15,842 | ||||
Financial Liabilities Fair Value Disclosure | 4,329,276 | 4,329,276 | 4,772,918 | ||||
Reported Value Measurement | Fair Value, Recurring | |||||||
Financial liabilities | |||||||
Assets, Fair Value Disclosure | 417,122 | 417,122 | 355,871 | ||||
Reported Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||
Financial assets | |||||||
Notes and other receivables, net | 82,506 | 82,506 | 85,866 | ||||
Estimate of Fair Value Measurement | Fair Value, Recurring | |||||||
Financial liabilities | |||||||
Debt (excluding secured borrowings) | 3,472,066 | 3,472,066 | 3,543,885 | ||||
Collateralized Term Loan | 39,637 | 39,637 | 45,016 | ||||
Secured debt | 3,511,703 | 3,511,703 | 3,588,901 | ||||
Senior Notes | 601,630 | 601,630 | |||||
Lines of credit | 261,753 | 261,753 | 1,267,093 | ||||
Unsecured Debt | 863,383 | 863,383 | 1,267,093 | ||||
Other financial liabilities (contingent consideration) | 18,101 | 18,101 | 15,842 | ||||
Financial Liabilities Fair Value Disclosure | 4,393,187 | 4,393,187 | 4,871,836 | ||||
Assets, Fair Value Disclosure | 417,122 | 417,122 | 355,871 | ||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||
Financial liabilities | |||||||
Debt (excluding secured borrowings) | 0 | 0 | 0 | ||||
Collateralized Term Loan | 0 | 0 | 0 | ||||
Secured debt | 0 | 0 | 0 | ||||
Senior Notes | 0 | 0 | |||||
Lines of credit | 0 | 0 | 0 | ||||
Unsecured Debt | 0 | 0 | 0 | ||||
Other financial liabilities (contingent consideration) | 0 | 0 | 0 | ||||
Financial Liabilities Fair Value Disclosure | 0 | 0 | 0 | ||||
Assets, Fair Value Disclosure | 272,661 | 272,661 | 217,367 | ||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||
Financial liabilities | |||||||
Debt (excluding secured borrowings) | 3,418,097 | 3,418,097 | 3,444,967 | ||||
Collateralized Term Loan | 39,637 | 39,637 | 45,016 | ||||
Secured debt | 3,457,734 | 3,457,734 | 3,489,983 | ||||
Senior Notes | 591,688 | 591,688 | |||||
Lines of credit | 261,753 | 261,753 | 1,267,093 | ||||
Unsecured Debt | 853,441 | 853,441 | 1,267,093 | ||||
Other financial liabilities (contingent consideration) | 0 | 0 | 0 | ||||
Financial Liabilities Fair Value Disclosure | 4,311,175 | 4,311,175 | 4,757,076 | ||||
Assets, Fair Value Disclosure | 0 | 0 | 138,504 | ||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||
Financial liabilities | |||||||
Debt (excluding secured borrowings) | 0 | 0 | 0 | ||||
Collateralized Term Loan | 0 | 0 | 0 | ||||
Secured debt | 0 | 0 | 0 | ||||
Senior Notes | 0 | 0 | |||||
Lines of credit | 0 | 0 | 0 | ||||
Unsecured Debt | 0 | 0 | 0 | ||||
Other financial liabilities (contingent consideration) | 18,101 | 18,101 | 15,842 | ||||
Financial Liabilities Fair Value Disclosure | 18,101 | 18,101 | 15,842 | ||||
Assets, Fair Value Disclosure | 144,461 | 144,461 | 0 | ||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||
Financial assets | |||||||
Notes and other receivables, net | 82,506 | 82,506 | 85,866 | ||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||
Financial assets | |||||||
Notes and other receivables, net | 0 | 0 | 0 | ||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||
Financial assets | |||||||
Notes and other receivables, net | 0 | 0 | 85,866 | ||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||
Financial assets | |||||||
Notes and other receivables, net | 82,506 | 82,506 | 0 | ||||
Marketable Securities [Member] | Fair Value, Recurring | |||||||
Financial assets | |||||||
Marketable securities | 153,049 | 153,049 | 124,725 | $ 94,727 | |||
Financial liabilities | |||||||
Investment, Fair Value Adjustment | 31,130 | $ 6,132 | |||||
Marketable Securities [Member] | Collateralized Receivables [Member] | Fair Value, Recurring | |||||||
Financial liabilities | |||||||
Investment, Fair Value Adjustment | 138,500 | ||||||
Marketable Securities [Member] | Reported Value Measurement | Fair Value, Recurring | |||||||
Financial assets | |||||||
Marketable securities | 153,049 | 153,049 | 124,726 | ||||
Financial liabilities | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 119,612 | 119,612 | 92,641 | ||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | |||||||
Financial assets | |||||||
Marketable securities | 153,049 | 153,049 | 124,726 | ||||
Financial liabilities | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 119,612 | 119,612 | 92,641 | ||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||
Financial assets | |||||||
Marketable securities | 153,049 | 153,049 | 124,726 | ||||
Financial liabilities | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 119,612 | 119,612 | 92,641 | ||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||
Financial assets | |||||||
Marketable securities | 0 | 0 | 0 | ||||
Financial liabilities | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | ||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||
Financial assets | |||||||
Marketable securities | 0 | 0 | 0 | ||||
Financial liabilities | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Marketable Securities (Details) - Marketable Securities [Member] - Fair Value, Recurring - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment, Additional Purchase | $ 0 | $ 11,757 |
Beginning Balance | 124,725 | 94,727 |
Ending Balance | 153,049 | |
Investment, Fair Value Adjustment | 31,130 | 6,132 |
Investment, Foreign Current Translation Adjustment | (4,002) | 10,138 |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1,196 | $ 1,971 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Payment to be Received, Year One | $ 9,683 | |
Lessor, Operating Lease, Payment to be Received, Year Two | 15,583 | |
Lessor, Operating Lease, Payment to be Received, Year Three | 13,244 | |
Lessor, Operating Lease, Payment to be Received, Year Four | 8,230 | |
Lessor, Operating Lease, Payment to be Received, Year Five | 4,601 | |
Lessor, Operating Lease, Payment to be Received, after Year Five | 5,105 | |
Lessor, Operating Lease, Payments to be Received | 56,446 | |
Operating And Finance Leases, Liability, Payments, Due Year Two | 6,918 | |
Operating And Finance Leases, Liability, Payments, Due Year Three | 6,930 | |
Operating And Finance Leases, Liability, Payments, Due Year Four | 11,172 | |
Operating And Finance Leases, Liability, Payments, Due Year Five | 7,093 | |
Operating And Finance Leases, Liability, Payments, Due after Year Five | 98,166 | |
Operating And Finance Leases, Liability, Payments, Remainder of Fiscal Year | 4,059 | |
Operating And Finance Leases, Liability, Payment, Due | 134,338 | |
Operating And Finance Leases, Liability, Undiscounted Excess Amount | (52,271) | |
Operating And Finance Leases, Liability | 82,067 | |
2021 (Excluding six months ended June 30, 2021) | 3,905 | |
2020 | 6,704 | |
2021 | 6,733 | |
2022 | 7,102 | |
2023 | 7,093 | |
Thereafter | 98,166 | |
Total Lease Payments | 129,703 | |
Less: Imputed interest | (51,962) | |
Present Value of Lease Liabilities | 77,741 | $ 49,964 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2021 (Excluding six months ended June 30, 2021) | 154 | |
2020 | 214 | |
2021 | 197 | |
2022 | 4,070 | |
2023 | 0 | |
Thereafter | 0 | |
Total Lease Payments | 4,635 | |
Less: Imputed interest | (309) | |
Present Value of Lease Liabilities | $ 4,326 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease liability | $ 77,741 | $ 77,741 | $ 49,964 | ||
Finance lease liability | 4,326 | 4,326 | |||
Lease Income | 5,396 | $ 312 | 9,053 | $ 623 | |
Variable Lease, Income | $ 1,242 | $ 401 | $ 2,270 | $ 798 | |
Percent of Operating Leases Where Company is the Lessor | 95.00% | 95.00% |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||||
Interest on lease liabilities | $ 26 | $ 26 | $ 52 | $ 52 | |
Operating lease cost | 2,304 | 977 | 4,452 | 1,804 | |
Total lease expense | 4,226 | 1,423 | 7,760 | 2,602 | |
Operating cash flow used for operating leases | 2,402 | 1,147 | |||
Financing cash flow used for finance leases | 63 | 15 | |||
Capital Leased Assets, Gross | 4,391 | 4,391 | $ 4,350 | ||
Right of use asset obtained in exchange for new operating lease liabilities | 88,244 | 48,419 | |||
Amortization of above and below Market Leases | $ 27,238 | $ 27,238 | 27,614 | ||
Weighted - average remaining lease term - finance leases (in years) | 2 years 11 months 19 days | 2 years 11 months 19 days | |||
Weighted - average remaining lease term - operating leases (in years) | 26 years 6 months | 26 years 6 months | |||
Weighted - average discount rate - finance leases (annual) | 2.44% | 2.44% | |||
Weighted - average discount rate - operating leases (annual) | 3.84% | 3.84% | |||
Present Value of Lease Liabilities | $ 4,326 | $ 4,326 | |||
Capital Lease Obligations | 4,326 | 4,326 | 4,334 | ||
Present Value of Lease Liabilities | 77,741 | 77,741 | $ 49,964 | ||
Operating And Finance Lease, Payments | 2,465 | 1,162 | |||
Below Market Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Variable lease expense | 1,819 | 420 | 3,118 | 746 | |
Short-term Lease, Cost | $ 77 | $ 0 | $ 138 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) $ / shares in Units, $ in Thousands | Jul. 02, 2021USD ($)development_site | Jul. 27, 2021USD ($)development_sitesite | Apr. 30, 2021$ / shares | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)site | Dec. 31, 2020site | Jul. 01, 2020USD ($) |
Subsequent Event [Line Items] | |||||||
Cash paid for RV community acquired | $ | $ 1,923,855 | $ 578,827 | |||||
Sites, Wet Slips and Dry Storage Spaces | site | 4,469 | 45,800 | |||||
Total consideration | $ | $ 3,001,343 | $ 602,827 | |||||
Series J Preferred Op Units | |||||||
Subsequent Event [Line Items] | |||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | ||||||
Temporary Equity, Dividends For Term One, Percentage | 2.85% | ||||||
Series J Preferred Op Units | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 165 | ||||||
Series J Preferred Op Units | Minimum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash paid for RV community acquired | $ | $ 67,500 | ||||||
Number of MH sites (in sites) | 2 | ||||||
Sites, Wet Slips and Dry Storage Spaces | 3,197 | ||||||
Total consideration | $ | $ 247,600 | ||||||
Number of Development Sites | 578 | ||||||
Subsequent Event [Member] | Allen Harbor | |||||||
Subsequent Event [Line Items] | |||||||
Sites, Wet Slips and Dry Storage Spaces | 165 | ||||||
Total consideration | $ | $ 4,000 | ||||||
Subsequent Event [Member] | Cisco Grove Camp Resort | |||||||
Subsequent Event [Line Items] | |||||||
Sites, Wet Slips and Dry Storage Spaces | 18 | ||||||
Total consideration | $ | $ 6,600 | ||||||
Subsequent Event [Member] | Four Leaf Portfolio | |||||||
Subsequent Event [Line Items] | |||||||
Number of MH sites (in sites) | site | 9 | ||||||
Sites, Wet Slips and Dry Storage Spaces | 2,714 | ||||||
Total consideration | $ | $ 215,000 | ||||||
Number of Development Sites | 171 | ||||||
Subsequent Event [Member] | Harborage Yacht Club | |||||||
Subsequent Event [Line Items] | |||||||
Sites, Wet Slips and Dry Storage Spaces | 300 | ||||||
Total consideration | $ | $ 22,000 | ||||||
Countryside Village | |||||||
Subsequent Event [Line Items] | |||||||
Consideration received | $ | $ 12,600 | ||||||
Anderson | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of expansion recreational vehicle sites acquired (in expansion sites) | 175 | ||||||
O'Fallon | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of expansion recreational vehicle sites acquired (in expansion sites) | 502 |
Uncategorized Items - sui-20210
Label | Element | Value |
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] | ||
Financing Receivable, before Allowance for Credit Loss | us-gaap_NotesReceivableGross | $ 645,000 |
Installment notes receivable on manufactured homes, gross [Member] | ||
Financing Receivable, before Allowance for Credit Loss | us-gaap_NotesReceivableGross | $ 96,225,000 |