Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 18, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity Registrant Name | SUN COMMUNITIES, INC | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 1-12616 | |
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 | |
City Area Code | 248 | |
Local Phone Number | 208-2500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SUI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 123,890,230 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000912593 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Land | $ 4,173.1 | $ 2,556.3 |
Land improvements and buildings | 10,632.6 | 9,958.3 |
Rental homes and improvements | 604.4 | 591.7 |
Furniture, fixtures and equipment | 813.8 | 656.4 |
Investment property | 16,223.9 | 13,762.7 |
Accumulated depreciation | (2,611.8) | (2,337.2) |
Investment property, net (see Note 7 at VIEs) | 13,612.1 | 11,425.5 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | 78.2 |
Marketable securities | 100.4 | 186.9 |
Inventory of manufactured homes | 153.5 | 51.1 |
Notes and other receivables, net | 511 | 469.6 |
Goodwill | 981.5 | 495.4 |
Intangible Assets, Net (Excluding Goodwill) | 403.2 | 306.8 |
Other assets, net (see Note 7 at VIEs) | 610.9 | 480.6 |
Total Assets | 16,484.6 | 13,494.1 |
Liabilities | ||
Secured debt (see Note 8; Note 7 at VIEs) | 3,006 | 3,380.7 |
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,705 | 2,291.1 |
Accounts Payable and Accrued Liabilities | 392.8 | 237.5 |
Distributions payable | 111.2 | 98.4 |
Contract with Customer, Liability | 294.2 | 242.8 |
Other liabilities (see Note 7 at VIEs) | 845.4 | 224.1 |
Total Liabilities | 8,354.6 | 6,474.6 |
Temporary equity (see Note 9; Note 7 at VIEs) | 206.8 | 288.9 |
Shareholders' Equity | ||
Common stock, $0.01 par value. Authorized: 180.0 shares; Issued and outstanding: 123.9 at September 30, 2022 and 116.0 at December 31, 2021 | 1.2 | 1.2 |
Additional paid-in capital | 9,536.4 | 8,175.6 |
Accumulated other comprehensive income / (loss) | (69.9) | 3.1 |
Distributions in excess of accumulated earnings | (1,628.9) | (1,556) |
Total SUI shareholders' equity | 7,838.8 | 6,623.9 |
Noncontrolling interests | ||
Common and preferred OP units | 83.8 | 86.8 |
Consolidated entities (see Note 7 at VIEs) | 0.6 | 19.9 |
Total noncontrolling interests | 84.4 | 106.7 |
Total Shareholders' Equity | 7,923.2 | 6,730.6 |
Total Liabilities, Temporary Equity and Shareholders' Equity | $ 16,484.6 | $ 13,494.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares Issued | 123,900,000 | 116,000,000 |
Common Stock, Shares Outstanding | 123,880,434 | 116,000,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REVENUES | ||||
Real property | $ 585.7 | $ 478.1 | $ 1,461.6 | $ 1,213.9 |
Home sales | 150.7 | 81.1 | 358.1 | 215.1 |
Service, retail, dining and entertainment | 174.2 | 113.7 | 423 | 271.5 |
Interest | 11.2 | 2.6 | 25.3 | 8 |
Brokerage commissions and other, net | 10.8 | 8.8 | 27.4 | 21.7 |
Total Revenues | 932.6 | 684.3 | 2,295.4 | 1,730.2 |
Expenses | ||||
Property operating and maintenance | 184.7 | 150.8 | 469.2 | 375.2 |
Real estate tax | 29.4 | 24.8 | 83.2 | 70.4 |
Home costs and selling | 96.4 | 56.5 | 235.2 | 156.9 |
Service, retail, dining and entertainment | 144.9 | 94.5 | 363.3 | 227.6 |
General and administrative | 69.1 | 43.2 | 187 | 126.7 |
Catastrophic event-related charges, net | 12.2 | 0.3 | 12.3 | 3.1 |
Business combinations | 8.4 | 0 | 23.9 | 1 |
Depreciation and amortization | 151.3 | 127.1 | 450 | 378.1 |
Loss on extinguishment of debt (see Note 8) | 4 | 0 | 4.4 | 8.1 |
Interest | 61.7 | 39 | 162.2 | 116.2 |
Interest on mandatorily redeemable preferred OP units / equity | 1 | 1.1 | 3.1 | 3.1 |
Total Expenses | 763.1 | 537.3 | 1,993.8 | 1,466.4 |
Income Before Other Items | 169.5 | 147 | 301.6 | 263.8 |
Remeasurement Of Marketable Securities | (7.2) | 12 | (74) | 43.2 |
Gain / (loss) on foreign currency exchanges | 14.9 | (7) | 21.7 | (7.1) |
Gain / (loss) on dispositions of properties | (0.8) | 108.1 | 12.5 | 108.1 |
Other income / (expense), net | 2.8 | (9.3) | 2.6 | (10) |
Gain / (loss) on remeasurement of notes receivable (see Note 4) | (0.1) | 0.1 | 0.1 | 0.6 |
Distributions from Affiliate | 2 | 0.9 | 3.8 | 2.9 |
Loss on Remeasurement of Investment | (0.4) | (0.1) | 0.1 | (0.1) |
Current tax expense (see Note 12) | (7.3) | (0.4) | (12.5) | (1.4) |
Deferred Income Tax Expense (Benefit) | 3.6 | (1.2) | 3.9 | (1.1) |
Net Income | 177 | 250.1 | 259.8 | 398.9 |
Less: Preferred return to preferred OP units / equity interests | 2.5 | 3.1 | 8.6 | 9 |
Less: Income attributable to noncontrolling interests | 11.9 | 15.3 | 13.9 | 22.6 |
Net income / (loss) | $ 162.6 | $ 231.7 | $ 237.3 | $ 367.3 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding - basic | 122.4 | 115.1 | 119.2 | 111.7 |
Weighted Average Number of Shares Outstanding, Diluted | 122.8 | 118.1 | 121.9 | 114.3 |
Earnings per share: | ||||
Earnings Per Share, Basic | $ 1.32 | $ 2 | $ 1.98 | $ 3.27 |
Earnings Per Share, Diluted | $ 1.32 | $ 2 | $ 1.97 | $ 3.27 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 177 | $ 250.1 | $ 259.8 | $ 398.9 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (84.2) | (3.5) | (151.2) | (1.5) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 40.7 | 0 | 75.7 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0.2 | 0 | (0.6) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 40.9 | 0 | 75.1 | 0 |
Total Comprehensive Income | 133.7 | 246.6 | 183.7 | 397.4 |
Less: Comprehensive income attributable to noncontrolling interests | (10.2) | (15.2) | (10.8) | (22.5) |
Comprehensive Income attributable to SUI | $ 123.5 | $ 231.4 | $ 172.9 | $ 374.9 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net Cash Provided By Operating Activities | $ 654.5 | $ 656 |
Investing Activities | ||
Investment in properties | (656.6) | (476.5) |
Acquisitions, net of cash acquired | (2,140.5) | (1,099.8) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 0.8 | 0 |
Proceeds from disposition of assets and depreciated homes, net | 80.2 | 80.8 |
Proceeds related to disposition of properties | 43.5 | 162.1 |
Issuance of notes and other receivables | (46.3) | (17.1) |
Repayments of notes and other receivables | 3.8 | 4.1 |
Investments in nonconsolidated affiliates | (37.9) | (27.4) |
Distributions of capital from nonconsolidated affiliates | 12.2 | 10.7 |
Net Cash Used For Investing Activities | (2,740.8) | (1,363.1) |
Financing Activities | ||
Issuance and costs of common stock, OP units and preferred OP units, net | 1,209.8 | 1,076 |
Payment, Tax Withholding, Share-based Payment Arrangement | (18.4) | (17) |
Borrowings on lines of credit | 3,093.5 | 2,405.3 |
Payments on lines of credit | (2,051.7) | (3,014.3) |
Proceeds from issuance of other debt | 600.9 | 599 |
Contributions from noncontrolling interest | 9.8 | 1.6 |
Payments on other debt | (390.2) | (49.9) |
Payments on Financial Liability, Failed Sale Leaseback | (5) | 0 |
Fees paid in connection with extinguishment of debt | (4.8) | (0.2) |
Distributions | (320.7) | (289.1) |
Payments for deferred financing costs | (20.4) | (11) |
Proceeds from Hedge, Financing Activities | 35.3 | 0 |
Payments to Noncontrolling Interests | (7.3) | 0 |
Net Cash Provided By Financing Activities | 2,130.8 | 700.4 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10.7) | (0.3) |
Net change in cash, cash equivalents and restricted cash | 33.8 | (7) |
Cash, cash equivalents and restricted cash, beginning of period | 78.2 | 92.6 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 112 | 85.6 |
SUPPLEMENTAL INFORMATION: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 151.9 | 113.3 |
Cash paid for interest on mandatorily redeemable debt | 3.1 | 3.1 |
Cash paid for income taxes | 4.1 | 0.9 |
Noncash investing and financing activities | ||
Change in distributions declared and outstanding | 12.7 | 11.4 |
Conversion of common and preferred OP units | 95.7 | 2.8 |
Asset held for sale | 0 | 0.7 |
Lease Obligation Incurred | 13.3 | 0 |
Park Holidays | ||
Noncash investing and financing activities | ||
Noncash or Part Noncash Acquisition, Value of Financial Liabilities Assumed | 359.8 | 0 |
Noncash or Part Noncash Acquisition, Value of Deferred Tax Liabilities Assumed | 313.9 | 0 |
Common OP Units | Rudgate Properties | ||
Noncash investing and financing activities | ||
Issuance of Series E preferred OP units | 1.8 | 0 |
Contingent Consideration Liability | ||
Noncash investing and financing activities | ||
Contingent consideration liability related to prior acquisitions | 0 | 15.3 |
Common Stock And OP Units | ||
Noncash investing and financing activities | ||
Noncash investing and financing activities at the date of acquisition | 37.7 | 0 |
Series J Preferred Op Units | ||
Noncash investing and financing activities | ||
Noncash investing and financing activities at the date of acquisition | $ 0 | $ 24 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest Costs Capitalized | $ 4.1 | $ 3.5 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) | Total | Temporary Equity | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (loss) | Noncontrolling Interests | Total Shareholders' Equity | Total Equity | Total Shareholders' Equity | Common OP Units Additional Paid-in Capital | Common OP Units Noncontrolling Interests | Common OP Units Total Equity | Series J Preferred Op Units | Series J Preferred Op Units Temporary Equity | Series J Preferred Op Units Total Equity |
Beginning Balance at Dec. 31, 2020 | $ 264,400,000 | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Equity Interests | 100,000 | |||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | $ (7,000,000) | |||||||||||||||
Net income / (loss) | (1,600,000) | |||||||||||||||
Distributions | (1,800,000) | |||||||||||||||
Ending Balance at Mar. 31, 2021 | 261,100,000 | |||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 1,100,000 | 7,087,600,000 | $ (1,566,600,000) | $ 3,200,000 | $ 102,000,000 | $ 5,627,300,000 | $ 5,891,700,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of common stock and common OP units, net | 537,100,000 | 537,100,000 | 537,100,000 | |||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (14,800,000) | 14,800,000 | $ (14,800,000) | |||||||||||||
Conversion of OP units | (1,200,000) | 1,200,000 | 0 | |||||||||||||
Equity interests | 100,000 | 100,000 | 0 | |||||||||||||
Share-based compensation - amortization and forfeitures | 7,000,000 | 7,000,000 | ||||||||||||||
Net income / (loss) | 27,700,000 | 1,900,000 | 29,600,000 | 28,000,000 | ||||||||||||
Distributions | (92,800,000) | (3,200,000) | (96,000,000) | (97,800,000) | ||||||||||||
OP Units accretion | 800,000 | 800,000 | 800,000 | |||||||||||||
Ending Balance at Mar. 31, 2021 | 1,100,000 | 7,618,100,000 | (1,631,000,000) | 4,000,000 | 99,400,000 | 6,091,600,000 | 6,352,700,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 800,000 | 800,000 | 800,000 | |||||||||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | (100,000) | (100,000) | (100,000) | |||||||||||||
Beginning Balance at Dec. 31, 2020 | 264,400,000 | |||||||||||||||
Ending Balance at Sep. 30, 2021 | 292,400,000 | |||||||||||||||
Beginning Balance at Dec. 31, 2020 | 1,100,000 | 7,087,600,000 | (1,566,600,000) | 3,200,000 | 102,000,000 | 5,627,300,000 | 5,891,700,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Contributions from noncontrolling interest | $ 1,600,000 | |||||||||||||||
Net income / (loss) | 367,300,000 | |||||||||||||||
Ending Balance at Sep. 30, 2021 | 1,100,000 | 8,170,300,000 | (1,475,600,000) | 1,800,000 | 104,800,000 | 6,802,400,000 | 7,094,800,000 | |||||||||
Beginning Balance at Mar. 31, 2021 | 261,100,000 | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Equity Interests | 100,000 | |||||||||||||||
Net income / (loss) | 2,400,000 | |||||||||||||||
Distributions | (2,000,000) | |||||||||||||||
Ending Balance at Jun. 30, 2021 | 285,600,000 | |||||||||||||||
Beginning Balance at Mar. 31, 2021 | 1,100,000 | 7,618,100,000 | (1,631,000,000) | 4,000,000 | 99,400,000 | 6,091,600,000 | 6,352,700,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of common stock and common OP units, net | 539,200,000 | 539,200,000 | 539,200,000 | $ 24,000,000 | $ 24,000,000 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1,600,000) | (1,600,000) | (1,600,000) | |||||||||||||
Conversion of OP units | 0 | (300,000) | $ 300,000 | |||||||||||||
Equity interests | 100,000 | 100,000 | 0 | |||||||||||||
Share-based compensation - amortization and forfeitures | 7,100,000 | 100,000 | 7,200,000 | 7,200,000 | ||||||||||||
Foreign currency translation | 1,200,000 | 1,200,000 | 1,200,000 | |||||||||||||
Net income / (loss) | 113,800,000 | 4,600,000 | 118,400,000 | 120,800,000 | ||||||||||||
Distributions | (96,200,000) | (3,100,000) | (99,300,000) | (101,300,000) | ||||||||||||
OP Units accretion | (800,000) | (800,000) | (800,000) | |||||||||||||
Ending Balance at Jun. 30, 2021 | 1,100,000 | 8,163,100,000 | (1,614,200,000) | 5,200,000 | 100,600,000 | 6,655,800,000 | 6,941,400,000 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Equity Interests | 1,700,000 | |||||||||||||||
Other redeemable non-controlling interests | (100,000) | (100,000) | 0 | |||||||||||||
Net income / (loss) | 7,000,000 | |||||||||||||||
Distributions | (2,000,000) | |||||||||||||||
Ending Balance at Sep. 30, 2021 | 292,400,000 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of common stock and common OP units, net | (200,000) | (200,000) | (200,000) | |||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (600,000) | (600,000) | (600,000) | |||||||||||||
Conversion of OP units | (1,300,000) | 1,300,000 | $ 0 | |||||||||||||
Equity interests | (600,000) | (600,000) | (2,300,000) | |||||||||||||
Issuance of Series F preferred OP units | (100,000) | |||||||||||||||
Share-based compensation - amortization and forfeitures | 6,700,000 | 100,000 | 6,800,000 | $ 6,800,000 | ||||||||||||
Foreign currency translation | (3,500,000) | (3,400,000) | (100,000) | (3,500,000) | ||||||||||||
Net income / (loss) | 231,700,000 | 234,900,000 | 8,200,000 | 250,100,000 | $ 243,100,000 | |||||||||||
Distributions | (99,500,000) | (96,300,000) | (3,200,000) | (101,500,000) | ||||||||||||
Ending Balance at Sep. 30, 2021 | 1,100,000 | 8,170,300,000 | (1,475,600,000) | 1,800,000 | 104,800,000 | 6,802,400,000 | 7,094,800,000 | |||||||||
Beginning Balance at Dec. 31, 2021 | 288,900,000 | $ 23,900,000 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (9,700,000) | (100,000) | (9,800,000) | (9,800,000) | ||||||||||||
Net income / (loss) | (3,100,000) | |||||||||||||||
Distributions | (2,100,000) | |||||||||||||||
Stockholders' Equity, Other | 200,000 | |||||||||||||||
Ending Balance at Mar. 31, 2022 | 283,900,000 | |||||||||||||||
Beginning Balance at Dec. 31, 2021 | 6,730,600,000 | 1,200,000 | 8,175,600,000 | (1,556,000,000) | 3,100,000 | 106,700,000 | 6,730,600,000 | 7,019,500,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of common stock and common OP units, net | (200,000) | 2,800,000 | 2,600,000 | 2,600,000 | ||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (16,400,000) | (16,400,000) | 16,400,000 | |||||||||||||
Conversion of OP units | $ (700,000) | $ 700,000 | $ 0 | |||||||||||||
Net income / (loss) | 3,700,000 | 900,000 | 4,600,000 | 1,500,000 | ||||||||||||
Distributions | (102,300,000) | (3,100,000) | (105,400,000) | (107,500,000) | ||||||||||||
OP Units accretion | (100,000) | (100,000) | 100,000 | |||||||||||||
Ending Balance at Mar. 31, 2022 | 1,200,000 | 8,169,400,000 | (1,654,600,000) | 25,900,000 | 107,700,000 | 6,649,600,000 | 6,933,500,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 22,800,000 | 1,100,000 | 23,900,000 | 23,900,000 | ||||||||||||
Beginning Balance at Dec. 31, 2021 | 288,900,000 | 23,900,000 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Distributions | (0.0285) | |||||||||||||||
Ending Balance at Sep. 30, 2022 | 206,800,000 | 23,800,000 | ||||||||||||||
Beginning Balance at Dec. 31, 2021 | 6,730,600,000 | 1,200,000 | 8,175,600,000 | (1,556,000,000) | 3,100,000 | 106,700,000 | 6,730,600,000 | 7,019,500,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Contributions from noncontrolling interest | 9,800,000 | |||||||||||||||
Net income / (loss) | 237,300,000 | |||||||||||||||
Ending Balance at Sep. 30, 2022 | 7,923,200,000 | 1,200,000 | 9,536,400,000 | (1,628,900,000) | (69,900,000) | 84,400,000 | 7,923,200,000 | 8,130,000,000 | ||||||||
Beginning Balance at Mar. 31, 2022 | 283,900,000 | |||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Equity Interests | 100,000 | |||||||||||||||
Net income / (loss) | 1,500,000 | |||||||||||||||
Distributions | (2,000,000) | |||||||||||||||
Stockholders' Equity, Other | 100,000 | |||||||||||||||
Ending Balance at Jun. 30, 2022 | 293,300,000 | |||||||||||||||
Beginning Balance at Mar. 31, 2022 | 1,200,000 | 8,169,400,000 | (1,654,600,000) | 25,900,000 | 107,700,000 | 6,649,600,000 | 6,933,500,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of common stock and common OP units, net | 968,600,000 | 2,700,000 | 971,300,000 | 971,300,000 | ||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1,200,000) | (1,200,000) | (1,200,000) | |||||||||||||
Contributions from noncontrolling interest | 9,700,000 | 9,700,000 | ||||||||||||||
Equity interests | 100,000 | 100,000 | 0 | |||||||||||||
Issuance of Series F preferred OP units | (13,200,000) | 16,500,000 | 3,300,000 | 3,300,000 | ||||||||||||
Share-based compensation - amortization and forfeitures | 9,100,000 | 100,000 | 9,200,000 | 9,200,000 | ||||||||||||
Net income / (loss) | 77,100,000 | 2,700,000 | 79,800,000 | 81,300,000 | ||||||||||||
Distributions | (107,000,000) | (3,200,000) | (110,200,000) | (112,200,000) | ||||||||||||
OP Units accretion | (200,000) | (200,000) | (100,000) | |||||||||||||
Ending Balance at Jun. 30, 2022 | 1,200,000 | 9,159,100,000 | (1,684,700,000) | (28,300,000) | 90,900,000 | 7,538,200,000 | 7,831,500,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (54,200,000) | (2,500,000) | (56,700,000) | (56,700,000) | ||||||||||||
Net income / (loss) | 7,100,000 | |||||||||||||||
Distributions | (1,200,000) | |||||||||||||||
Temporary Equity, Accretion of Interest | 200,000 | (300,000) | (300,000) | (100,000) | ||||||||||||
Ending Balance at Sep. 30, 2022 | 206,800,000 | $ 23,800,000 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of common stock and common OP units, net | 275,300,000 | 275,300,000 | 275,300,000 | |||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (800,000) | (800,000) | (800,000) | |||||||||||||
Conversion of OP units | $ 92,600,000 | (95,000,000) | 2,400,000 | (92,600,000) | 0 | |||||||||||
Issuance of Series F preferred OP units | 1,500,000 | 4,100,000 | 5,600,000 | 5,600,000 | ||||||||||||
Share-based compensation - amortization and forfeitures | 9,300,000 | 9,300,000 | 9,300,000 | |||||||||||||
Foreign currency translation | (41,600,000) | (1,700,000) | (43,300,000) | (43,300,000) | ||||||||||||
Net income / (loss) | 162,600,000 | 165,100,000 | 4,800,000 | 169,900,000 | 177,000,000 | |||||||||||
Distributions | (109,000,000) | (3,100,000) | (112,100,000) | (113,300,000) | ||||||||||||
Ending Balance at Sep. 30, 2022 | $ 7,923,200,000 | $ 1,200,000 | $ 9,536,400,000 | $ (1,628,900,000) | $ (69,900,000) | $ 84,400,000 | $ 7,923,200,000 | $ 8,130,000,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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"), Safe Harbor Marinas, LLC ("Safe Harbor") and Tiger Topco 1 Limited (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "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. Certain prior period amounts have been revised to conform with current presentation, with no effect on net income. These include reclassification of certain revenues and expenses between Real property and Service, retail, dining and entertainment within our Marina Portfolio. There was no impact to prior period net income, shareholders equity or cash flows for any of the reclassifications. Further, the reclassification had no impact on previously reported total marina net operating income ("NOI"). 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, 2021 as filed with the SEC on February 22, 2022 (our "2021 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2021 Annual Report. Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marinas. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 260.3 $ 209.6 $ 115.8 $ 585.7 $ 203.6 $ 185.8 $ 88.7 $ 478.1 Home sales 140.9 9.8 — 150.7 70.3 10.8 — 81.1 Service, retail, dining and entertainment 17.9 44.0 112.3 174.2 1.7 37.3 74.7 113.7 Interest 10.4 0.8 — 11.2 2.2 0.4 — 2.6 Brokerage commissions and other, net 6.6 4.2 — 10.8 3.6 4.9 0.3 8.8 Total Revenues $ 436.1 $ 268.4 $ 228.1 $ 932.6 $ 281.4 $ 239.2 $ 163.7 $ 684.3 Nine Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 711.4 $ 461.2 $ 289.0 $ 1,461.6 $ 602.4 $ 398.8 $ 212.7 $ 1,213.9 Home sales 328.5 29.6 — 358.1 185.5 29.6 — 215.1 Service, retail, dining and entertainment 33.5 78.7 310.8 423.0 5.4 64.1 202.0 271.5 Interest 23.3 2.0 — 25.3 6.3 1.7 — 8.0 Brokerage commissions and other, net 15.6 10.7 1.1 27.4 9.8 11.0 0.9 21.7 Total Revenues $ 1,112.3 $ 582.2 $ 600.9 $ 2,295.4 $ 809.4 $ 505.2 $ 415.6 $ 1,730.2 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 2021 Annual Report. |
Real Estate Acquisitions
Real Estate Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions | 2022 Acquisitions and Dispositions During the nine months ended September 30, 2022, we acquired the following MH communities and marinas: Community Name Type Sites, Wet Slips and Development Sites State, Province or Country Month Acquired Harrison Yacht Yard (1) Marina: asset acquisition 21 — MD January Outer Banks Marina: asset acquisition 196 — NC January Jarrett Bay Boatworks Marina: business combination 12 — NC February Tower Marine Marina: asset acquisition 446 — MI March Sandy Bay MH: asset acquisition 730 456 UK March Park Holidays (2) MH: business combination 15,906 1,140 UK April Christies Parks (1) MH: asset acquisition 249 — UK April Bluewater Marina: asset acquisition 200 — Multiple April Bluewater Yacht Sales (1) Marina: business combination — — Multiple April Bodmin Holiday Park MH: asset acquisition 69 — UK April Kittery Point Marina: asset acquisition 62 — ME May Spanish Trails MHC MH: asset acquisition 195 6 AZ June Pine Acre Trails MH: asset acquisition 251 603 TX June Bel Air Estates & Sunrise Estates (3) MH: asset acquisition 379 — CA June Park Leisure (4) MH: asset acquisition 2,914 391 UK June Montauk Yacht Club Marina: business combination 232 — NY July Callaly Leisure (5) MH: asset acquisition 380 1,060 UK September Total 22,242 3,656 (1) Combined with an existing property. (2) Includes 40 owned and two managed properties. (3) Includes two properties. (4) Includes 11 properties. (5) Includes one development property. The following table summarizes the amount of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed during the nine months ended September 30, 2022 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (2) Total consideration Asset Acquisition Harrison Yacht Yard (3) $ 5.8 $ — $ — $ — $ 5.8 $ 5.8 $ — $ 5.8 Outer Banks 5.2 — — (0.4) 4.8 4.8 — 4.8 Tower Marine 20.2 — 0.2 (2.1) 18.3 18.3 — 18.3 Sandy Bay 248.1 9.4 1.9 (68.3) 191.1 191.1 — 191.1 Christies Parks (3) 10.1 — — 1.7 11.8 11.8 — 11.8 Bluewater 25.3 1.3 0.1 1.3 28.0 28.0 — 28.0 Bodmin Holiday Park 12.9 — — — 12.9 12.9 — 12.9 Kittery Point 8.0 0.1 — (0.1) 8.0 7.0 1.0 8.0 Spanish Trails MHC 20.6 1.8 — — 22.4 22.4 — 22.4 Pine Acre Trails 29.7 — — — 29.7 29.7 — 29.7 Bel Air Estates & Sunrise Estates 39.3 — 0.7 — 40.0 40.0 — 40.0 Park Leisure 347.1 0.7 15.1 (137.1) 225.8 225.8 — 225.8 Callaly Leisure (4) 24.6 — — — 24.6 24.6 — 24.6 Business Combination Jarrett Bay Boatworks (5)(6) 21.3 1.4 47.5 1.0 71.2 68.4 2.8 71.2 Park Holidays (5)(7) 1,254.8 29.5 574.5 (625.0) 1,233.8 1,199.9 33.9 1,233.8 Montauk Yacht Club (5) 163.6 0.3 26.3 0.3 190.5 190.5 — 190.5 Total $ 2,236.6 $ 44.5 $ 666.3 $ (828.7) $ 2,118.7 $ 2,081.0 $ 37.7 $ 2,118.7 (1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (3) Combined with an existing property. (4) The above allocations are estimates pending purchase price allocations. (5) The Purchase price allocation is preliminary as of September 30, 2022, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. (6) The balance includes the marina acquired in February and the yacht sales business acquired in April of which $0.1 million was recorded in Investment property, $17.6 million in In-place leases, goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net. (7) Includes acquired intangible assets subject to amortization of $70.2 million with a weighted average amortization period of 14.6 years, consisting of trademarks and trade names, customer relationships, and other intangible assets. As of September 30, 2022, we have incurred and capitalized $15.5 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. As of September 30, 2022, we also incurred $23.9 million of business combination expenses, which are expensed for acquisitions deemed to be business combinations. The total amount of Revenues and Net income included in the Consolidated Statements of Operations for the three and nine months ended September 30, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Total revenues $ 140.8 $ 245.0 Net income $ 15.1 $ 20.6 The following unaudited pro forma financial information presents the results of our operations for the three and nine months ended September 30, 2022 and 2021, as if the properties combined through business combinations in 2022 had been acquired on January 1, 2021. 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 acquisition 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, 2021 (in millions, except for per share data): Three Months Ended (unaudited) Nine Months Ended (unaudited) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Total revenues $ 932.6 $ 869.3 $ 2,380.3 $ 2,057.9 Net income attributable to SUI common shareholders $ 162.6 $ 259.3 $ 226.8 $ 403.7 Net income per share attributable to SUI common shareholders - basic $ 1.32 $ 2.24 $ 1.89 $ 3.59 Net income per share attributable to SUI common shareholders - diluted $ 1.32 $ 2.23 $ 1.89 $ 3.58 Development and Expansion Activities During the three months ended September 30, 2022, we acquired three land parcels located in the United States for an aggregate purchase price of $18.9 million. During the nine months ended September 30, 2022, we acquired four land parcels located in the United States for an aggregate purchase price of $23.9 million. During the nine months ended September 30, 2022, we acquired two buildings and land parcels related to our marinas located in the United States for an aggregate purchase price of $13.9 million. Dispositions Management continually evaluates properties within the portfolio for potential disposition opportunities. When a given property no longer fits our desired growth profile, we seek to redeploy capital to properties and geographies fit to provide greater future returns. From time to time, strategic reductions to the portfolio are deemed necessary to reduce exposure to less desirable locations, and support long-term positioning of the Company. During the three months ended September 30, 2022, we sold an RV community containing 514 sites located in California for $15.0 million. The disposition resulted in a loss on sale of $0.8 million, inclusive of selling costs. This property, together with a second property, was intended to be part of a combined sale as the properties originally qualified as held for sale in July 2022. However, the sale of the second property was not completed, and as such, the properties no longer qualified as held for sale as of September 30, 2022. Accordingly, the second property was classified as held for investment at September 30, 2022 on our Consolidated Balance Sheets. During the three months ended March 31, 2022, we sold two MH communities and one community containing MH and RV sites, each located in Florida, with a total of 323 sites for $29.5 million. The gain from the sale of the properties was $13.3 million. 2021 Acquisitions and Dispositions For the year ended December 31, 2021, we acquired the following MH and RV communities and marinas: Community Name Type Sites, Wet Slips and Dry Storage Spaces Development Sites State, Province or Country 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 395 — MA March Community Name Type Sites, Wet Slips and Dry Storage Spaces Development Sites State, Province or Country Month Acquired Pleasant Beach Campground RV: asset acquisition 102 — ON, Canada March Sun Outdoors Cape Charles 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 MH: asset acquisition 476 — MI April Shelter Island Boatyard Marina: asset acquisition 52 — CA May Lauderdale Marine Center Marina: asset acquisition 206 — FL May Apponaug Harbor Marina: asset acquisition 348 — RI June Cabrillo Isle Marina: business combination 476 — CA June Marathon Marina: asset acquisition 135 — FL June Allen Harbor Marina: asset acquisition 176 — RI July Cisco Grove Campground & RV RV: asset acquisition 18 407 CA July Four Leaf Portfolio (2) MH: asset acquisition 2,545 340 MI / IN July Harborage Yacht Club Marina: asset acquisition 300 — FL July Zeman Portfolio (3) RV: asset acquisition 686 — IL / NJ July Southern Leisure RV Resort RV: asset acquisition 496 — FL August Sunroad Marina Marina: asset acquisition 617 — CA August Lazy Lakes RV Resort RV: asset acquisition 99 — FL August Puerto del Rey Marina: asset acquisition 1,746 — Puerto Rico September Stingray Point Marina: asset acquisition 222 — VA September Detroit River Marina: asset acquisition 440 — MI September Jetstream RV Resort at NASA RV: asset acquisition 202 — TX September Beaver Brook Campground RV: asset acquisition 204 150 ME October Emerald Coast Marina: business combination 311 — FL November Tall Pines Harbor Campground RV: asset acquisition 241 — VA November Wells Beach Resort Campground RV: asset acquisition 231 — ME November Port Royal Marina: asset acquisition 167 — SC November Podickory Point Marina: asset acquisition 209 — MD December Sunroad Marina (restaurant) Marina: asset acquisition — — CA December Jellystone Park at Mammoth Cave RV: asset acquisition 315 — KY December South Bay Marina: asset acquisition 333 — CA December Wentworth by the Sea Marina: asset acquisition 155 — NH December Rocky Mountain RV Park RV: asset acquisition 75 — MT December Haas Lake RV Park Campground RV: asset acquisition 492 — MI December Pearwood RV Resort RV: asset acquisition 144 — TX December Holly Shores Camping Resort RV: asset acquisition 310 — NJ December Pheasant Ridge RV Park RV: asset acquisition 130 — OR December Coyote Ranch Resort RV: asset acquisition 165 165 TX December Jellystone Park at Whispering Pines RV: asset acquisition 131 — TX December Hospitality Creek Campground RV: asset acquisition 230 — NJ December Total 15,816 1,062 (1) Includes two marinas. (2) Includes nine MH communities. (3) Includes two RV Resorts. 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 2021 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) 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 $ 15.0 $ — $ — $ (0.2) $ 14.8 $ 14.8 $ — $ 14.8 Blue Water Beach Resort 9.0 — — (0.3) 8.7 8.7 — 8.7 Tranquility MHC 1.2 — — — 1.2 1.2 — 1.2 Islamorada and Angler House 18.0 — 0.3 (0.3) 18.0 18.0 — 18.0 Prime Martha's Vineyard 22.3 0.2 0.1 (0.7) 21.9 21.9 — 21.9 Pleasant Beach Campground 1.5 — 0.1 — 1.6 1.6 — 1.6 Sun Outdoors Cape Charles 59.7 — 0.2 (2.0) 57.9 57.9 — 57.9 Beachwood Resort 14.0 — 0.2 (7.6) 6.6 6.6 — 6.6 ThemeWorld RV Resort 25.0 — — (0.1) 24.9 24.9 — 24.9 Sylvan Glen Estates 23.6 — 0.5 (0.3) 23.8 (0.2) 24.0 23.8 Shelter Island Boatyard 9.6 0.1 0.4 (0.1) 10.0 10.0 — 10.0 Lauderdale Marine Center 336.9 — 3.3 1.0 341.2 341.2 — 341.2 Apponaug Harbor 6.5 — 0.1 (0.7) 5.9 5.9 — 5.9 Marathon 19.1 — 0.3 (0.2) 19.2 19.2 — 19.2 Allen Harbor 4.0 — — (0.1) 3.9 3.9 — 3.9 Cisco Grove Campground & RV 6.6 — — — 6.6 6.6 — 6.6 Four Leaf Portfolio 210.7 0.3 4.0 (0.5) 214.5 214.5 — 214.5 Harborage Yacht Club 17.3 0.1 4.7 (0.5) 21.6 21.6 — 21.6 Zeman Portfolio 14.2 — 0.7 (0.5) 14.4 14.4 — 14.4 Southern Leisure RV Resort 17.4 — 0.3 (0.3) 17.4 17.4 — 17.4 Sunroad Marina (2) 47.8 — 0.5 65.0 113.3 113.3 — 113.3 Lazy Lakes RV Resort 11.3 — — (0.1) 11.2 11.2 — 11.2 Puerto del Rey 94.5 0.5 1.0 (4.1) 91.9 91.9 — 91.9 Stingray Point 2.9 — — (0.3) 2.6 2.6 — 2.6 Detroit River 8.7 — 0.2 (0.6) 8.3 8.3 — 8.3 Jetstream RV Resort at NASA 17.0 — 0.5 (0.2) 17.3 17.3 — 17.3 Beaver Brook Campground 4.4 — 0.1 — 4.5 4.5 — 4.5 Tall Pines Harbor Campground 10.5 — — — 10.5 10.5 — 10.5 Wells Beach Resort Campground 12.2 — — — 12.2 12.2 — 12.2 Port Royal 20.5 — 0.1 (0.3) 20.3 20.3 — 20.3 Podickory Point 3.3 — — (0.2) 3.1 3.1 — 3.1 Jellystone Park at Mammoth Cave 32.5 — — (0.6) 31.9 31.9 — 31.9 South Bay 14.0 — 0.2 (2.5) 11.7 11.7 — 11.7 Wentworth by the Sea 14.1 0.1 0.1 (1.1) 13.2 13.2 — 13.2 Rocky Mountain RV Park 12.5 — — — 12.5 12.5 — 12.5 At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity Total consideration Haas Lake RV Park Campground 20.1 — — — 20.1 16.5 3.6 20.1 Pearwood RV Resort 10.2 — — — 10.2 10.2 — 10.2 Holly Shores Camping Resort (3) 27.0 — 0.5 (0.5) 27.0 27.0 — 27.0 Pheasant Ridge RV Park 19.0 — — — 19.0 19.0 — 19.0 Coyote Ranch Resort 12.6 — — (0.2) 12.4 12.4 — 12.4 Jellystone Park at Whispering Pines 13.8 — — (0.2) 13.6 13.6 — 13.6 Hospitality Creek Campground (3) 15.0 — 0.6 (0.6) 15.0 15.0 — 15.0 Business Combination Cabrillo Isle 37.6 — 10.1 (0.7) 47.0 47.0 — 47.0 Emerald Coast 9.0 2.7 41.9 (0.6) 53.0 53.0 — 53.0 Total $ 1,302.1 $ 4.0 $ 71.0 $ 38.8 $ 1,415.9 $ 1,388.3 $ 27.6 $ 1,415.9 (1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) The balance includes the marina acquired in August and the restaurant acquired in December of which $9.2 million was recorded in Investment property and $21.0 million in Other assets / (liabilities), net. (3) The allocation was estimated as of December 2021 and was adjusted as of March 2022, based on final purchase price allocation. As of December 31, 2021, we incurred $18.0 million of transaction costs, which were capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. As of December 31, 2021, we also incurred $1.4 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations. Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2021 related to business combinations completed in 2021 are set forth in the following table (in millions): Year Ended December 31, 2021 Total revenues $ 6.4 Net income $ 0.5 The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2021 and 2020, as if the properties combined through business combinations 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 acquisition 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 acquisitions been consummated on January 1, 2020 (in millions, except for per share data): Year Ended (unaudited) December 31, 2021 Total revenues $ 2,330.0 Net income attributable to SUI common shareholders $ 390.9 Net income per share attributable to SUI common shareholders - basic $ 3.47 Net income per share attributable to SUI common shareholders - diluted $ 3.40 Land for Expansion / Development During the year ended December 31, 2021, we acquired 11 land parcels, which are located across the United States and the United Kingdom for a total purchase price of $172.8 million. Other Acquisitions In December 2021, we acquired Leisure Systems, Inc., the franchisor of the Jellystone Park™ system, and accounted for the transaction as a business combination. The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisition (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) Other liabilities, net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity Total consideration Leisure Systems, Inc (1) $ — $ — $ 24.0 $ (2.3) $ 21.7 $ 21.7 $ — $ 21.7 (1) The allocation was preliminary as of December 31, 2021, and was adjusted as of March 2022 based on the final purchase price allocation. Dispositions In July 2021, we sold two MH communities located in Indiana and Missouri containing a combined 677 sites, for $67.5 million. The gain from the sale of the property was $49.4 million. In August 2021, we sold four MH communities located in Arizona, Illinois and Missouri, containing a combined 1,137 sites, for $94.6 million. The gain from the sale of the properties was $58.7 million. Refer to Note 19, "Subsequent Events," for information regarding acquisitions and dispositions completed after September 30, 2022. |
Notes And Other Receivables
Notes And Other Receivables | 9 Months Ended |
Sep. 30, 2022 | |
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract] | |
Notes And Other Receivables | The following table sets forth certain information regarding notes and other receivables (in millions): September 30, 2022 December 31, 2021 Installment notes receivable on manufactured homes, net $ 69.4 $ 79.1 Notes receivable from real estate developers and operators 288.3 284.0 Other receivables, net 153.3 106.5 Total Notes and Other Receivables, net $ 511.0 $ 469.6 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 $69.4 million (net of fair value adjustment of $0.5 million) and $79.1 million (net of fair value adjustment of $0.6 million) as of September 30, 2022 and December 31, 2021, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes 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 7.6 percent and 14.0 years as of September 30, 2022, and 7.6 percent and 14.7 years as of December 31, 2021, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional detail. The change in the aggregate balance of the installment notes receivable is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance of gross installment notes receivable $ 79.7 $ 87.2 Financed sale of manufactured homes 1.0 8.6 Adjustment for notes receivable related to assets held for sale — 0.5 Principal payments and payoffs from our customers (8.8) (11.7) Principal reduction from repossessed homes (2.0) (3.0) Dispositions of properties — (1.9) Ending balance of gross installment notes receivable 69.9 79.7 Beginning balance of fair value adjustments on gross installment notes receivable (0.6) (1.3) Fair value adjustment 0.1 0.7 Fair value adjustments on gross installment notes receivable (0.5) (0.6) Ending balance of installment notes receivable, net $ 69.4 $ 79.1 Notes Receivable from Real Estate Developers and Operators Notes receivable from real estate developers and operators 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 September 30, 2022 and December 31, 2021, the notes receivable balances are comprised primarily of a loan provided to a real estate operator to finance its acquisition and development costs, and construction loans provided to real estate developers. The notes receivable from real estate developers and operators had a net weighted average interest rate and maturity of 8.1 percent and 0.9 years as of September 30, 2022, and 7.2 percent and 0.9 years as of December 31, 2021, respectively. As of September 30, 2022, real estate developers and operators collectively have $53.5 million of undrawn funds on their loans. There were no adjustments to the fair value of notes receivable from real estate developers and operators for the nine months ended September 30, 2022 and 2021. Refer to Note 15, "Fair Value of Financial Instruments," for additional information. The change in the aggregate balance of notes receivable from real estate developers and operators is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance $ 284.0 $ 52.6 Additions 65.6 239.7 Payments (21.1) (13.0) Foreign currency exchange gain / (loss) (40.2) 2.5 Other adjustments — 2.2 Ending balance $ 288.3 $ 284.0 Other Receivables, net Other receivables, net were comprised of amounts due from the following categories (in millions): September 30, 2022 December 31, 2021 Home sale proceeds $ 34.4 $ 33.5 Marina customers for storage, service and lease payments, net (1) 37.5 29.3 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (2) 17.3 10.0 Insurance receivables 21.8 9.0 Other receivables (3) 42.3 24.7 Total Other Receivables, net $ 153.3 $ 106.5 (1) Net of allowance of $1.9 million and $1.5 million as of September 30, 2022 and December 31, 2021, respectively. (2) Net of allowance of $5.2 million and $5.5 million as of September 30, 2022 and December 31, 2021, respectively. (3) Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 48.9 percent and 49.2 percent ownership interest as of September 30, 2022 and December 31, 2021, respectively. In June 2020, we made a convertible secured loan to Rezplot Systems LLC. 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. In January 2022, we made an additional loan to Rezplot Systems LLC that allows for a principal amount of up to $5.0 million to be drawn over a period of three years and bears an interest rate of 3.0 percent. The outstanding balances were $12.1 million and $10.2 million as of September 30, 2022 and December 31, 2021, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets. Goodwill The change in the carrying amount of goodwill during the nine months ended September 30, 2022 is as follows (in millions): December 31, 2021 Acquisitions (1) Currency Translation Adjustment Other (2) September 30, 2022 Segment MH $ — $ 465.0 $ (73.8) $ 39.3 $ 430.5 RV — 9.5 — — 9.5 Marina 495.4 41.5 — 4.6 541.5 Total $ 495.4 $ 516.0 $ (73.8) $ 43.9 $ 981.5 (3) (1) During the nine months ended September 30, 2022, we recorded goodwill of $465.0 million in the MH segment related to the acquisition of Park Holidays, primarily attributed to the acquired platform and assembled workforce value associated with the scale of Park Holidays' existing operations in the United Kingdom. Additionally, we recorded goodwill of $41.5 million in the Marina segment related to the acquisition of Jarrett Bay Boatworks and Montauk Yacht Club, primarily attributed to enterprise value and the assembled workforce value associated with existing operations, and $9.5 million in the RV segment related to the acquisition of Leisure Systems, Inc, primarily attributed to its licensing arrangements, ability to obtain new franchise relationships and assembled workforce. (2) The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are presented under Other in the table above. During the nine months ended September 30, 2022, the goodwill in the MH segment increased by $39.3 million related to the acquisition of Park Holidays. (3) Recognized goodwill from current year acquisitions of $516.0 million is expected to be deductible for tax purposes. Other Intangible Assets, net The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): September 30, 2022 December 31, 2021 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 164.5 $ (131.8) $ 162.6 $ (120.8) Non-competition agreements 5 years 10.5 (3.6) 10.0 (2.0) Trademarks and trade names 3 - 15 years 74.8 (3.7) 5.8 (0.9) Customer relationships 4 - 17 years 131.4 (21.4) 122.4 (12.3) Franchise agreements and other intangible assets 3 - 27 years 47.5 (8.1) 31.1 (5.8) Total finite-lived assets $ 428.7 $ (168.6) $ 331.9 $ (141.8) Indefinite-lived assets - Trademarks and trade names N/A 140.6 — 114.2 — Indefinite-lived assets - Other N/A 2.5 — 2.5 — Total indefinite-lived assets $ 143.1 $ — $ 116.7 $ — Total $ 571.8 $ (168.6) $ 448.6 $ (141.8) Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Nine Months Ended Other Intangible Asset Amortization Expense September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 In-place leases $ 3.4 $ 5.7 $ 11.8 $ 22.5 Non-competition agreements 0.5 0.5 1.5 1.5 Trademarks and trade names 1.7 0.2 3.0 0.6 Customer relationships 3.2 2.7 9.1 7.0 Franchise fees and other intangible assets 0.7 0.7 2.0 1.7 Total $ 9.5 $ 9.8 $ 27.4 $ 33.3 We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions): Remainder 2022 2023 2024 2025 2026 In-place leases $ 3.4 $ 10.0 $ 7.0 $ 6.1 $ 3.4 Non-competition agreements 0.5 2.1 2.1 2.1 0.1 Trademarks and trade names 1.4 5.9 5.1 5.1 5.1 Customer relationships 3.2 12.6 12.6 12.6 12.4 Franchise agreements and other intangible assets 0.8 3.3 3.2 3.1 2.8 Total $ 9.3 $ 33.9 $ 30.0 $ 29.0 $ 23.8 |
Investment In Affiliates
Investment In Affiliates | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In 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 September 30, 2022 and December 31, 2021, we had a 48.9 percent and 49.2 percent ownership interest, respectively, in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019. Sungenia Joint Venture ("Sungenia JV") At September 30, 2022 and December 31, 2021, we had a 50.0 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 September 30, 2022 and December 31, 2021, we had a 40.0 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 September 30, 2022 and December 31, 2021, we had no ownership interest and a 22.9 percent ownership interest, respectively, in OFS, an end-to-end online resident screening and document management suite. During the three months ended June 30, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 million, which was recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations. SV Lift, LLC ("SV Lift") At September 30, 2022 and December 31, 2021, we had a 50 percent ownership interest in SV Lift, which owns, operates and leases an aircraft. The investment balance in each nonconsolidated affiliate was as follows (in millions): Investment September 30, 2022 December 31, 2021 Investment in RezPlot $ — $ 0.1 Investment in Sungenia JV 45.7 36.2 Investment in GTSC 49.9 35.7 Investment in OFS — 0.2 Investment in SV Lift 2.5 2.9 Total $ 98.1 $ 75.1 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Nine Months Ended Income / (Loss) from Nonconsolidated Affiliates September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 RezPlot equity loss $ (0.9) $ (0.8) $ (3.0) $ (1.7) Sungenia JV equity income 1.6 0.4 2.6 1.2 GTSC equity income 1.6 1.7 4.6 4.2 OFS equity income — — 0.3 0.2 SV Lift equity loss (0.3) (0.4) (0.7) (1.0) Total Income from Nonconsolidated Affiliates $ 2.0 $ 0.9 $ 3.8 $ 2.9 The change in the GTSC investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance $ 35.7 $ 25.5 Contributions 25.8 27.3 Distributions (16.2) (23.0) Equity earnings 4.6 6.1 Fair value adjustment — (0.2) Ending Balance $ 49.9 $ 35.7 The change in the Sungenia JV investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance $ 36.2 $ 26.9 Cumulative translation adjustment (2.1) (1.5) Contributions 9.0 9.0 Equity earnings 2.6 1.8 Ending Balance $ 45.7 $ 36.2 |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
DisclosureofVariableInterestEntities [Abstract] | |
Variable Interest Entity Disclosure | The Operating Partnership We consolidate the Operating Partnership under the guidance set forth in ASC 810, " Consolidation ." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a 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. Other Consolidated VIEs We consolidate Sun NG RV Resorts LLC ("Sun NG Resorts"), Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC, FPG Sun Menifee 80 LLC, Sun Solar Energy Project LLC, Sun Solar Energy Project CA II, and FPG Sun Moreno Valley 66 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. During the three months ended September 30, 2022, we acquired the noncontrolling equity interest held by third parties in a joint venture created for the purpose of acquiring land and constructing a marina in Fort Lauderdale, Florida ("SHM South Fork JV, LLC"). The transaction resulted in the Company owning a 100 percent ownership interest in the joint venture and we concluded that SHM South Fork JV, LLC was no longer a VIE. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, " Consolidation ," with the difference between the purchase price and the noncontrolling interest of $1.9 million recorded as a decrease to Additional Paid-in Capital on the Consolidated Balance Sheets. During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate Village SPE LLC, Rudgate Clinton SPE LLC and Rudgate Clinton Estates, LLC (collectively, "Rudgate"), an MH community, which resulted in the Company owning a 100 percent ownership interest in Rudgate. We concluded that Rudgate was no longer a VIE. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, " Consolidation ," with the difference between the purchase price and the acquired noncontrolling interest of $13.2 million recorded as an increase to Additional Paid-in Capital on the Consolidated Balance Sheets. Refer to Note 9, "Equity and Temporary Equity," for additional information. The following table summarizes the assets and liabilities of our consolidated VIEs, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets after eliminations (in millions): September 30, 2022 December 31, 2021 Assets Investment property, net $ 704.8 $ 623.5 Cash, cash equivalents and restricted cash 22.1 13.6 Other intangible assets, net 13.3 13.4 Other assets, net 5.8 5.3 Total Assets $ 746.0 $ 655.8 Liabilities and Other Equity Secured debt $ 21.3 $ 52.6 Unsecured debt 35.2 35.2 Advanced reservation deposits and rent 16.6 13.5 Accrued expenses and accounts payable 42.0 78.3 Other liabilities 1.5 2.2 Total Liabilities 116.6 181.8 Temporary equity 44.2 35.4 Noncontrolling interests — 19.4 Total Liabilities and Other Equity $ 160.8 $ 236.6 Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 4.5 percent and 4.9 percent of our consolidated total assets at September 30, 2022 and December 31, 2021, respectively. Total liabilities comprised 1.4 percent and 2.8 percent of our consolidated total liabilities at September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021, respectively. |
Debt And Lines Of Credit
Debt And Lines Of Credit | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in millions, except for statistical information): Carrying Amount Weighted Average Weighted Average September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Secured Debt (1) $ 3,006.0 $ 3,380.7 10.9 10.6 3.665 % 3.779 % Unsecured Debt Senior unsecured notes (2) 1,779.1 1,186.4 8.4 8.5 2.9 % 2.55 % Line of credit and other debt (3) 1,856.0 1,034.8 3.0 3.5 3.261 % 0.978 % Preferred equity - Sun NG Resorts - mandatorily redeemable 35.2 35.2 2.0 2.8 6.0 % 6.0 % Preferred OP units - mandatorily redeemable 34.7 34.7 3.4 4.1 5.932 % 5.932 % Total Unsecured Debt 3,705.0 2,291.1 Total Debt $ 6,711.0 $ 5,671.8 8.8 8.8 3.374 % 3.038 % (1) Balances at September 30, 2022 and December 31, 2021 include $0.1 million and $1.7 million of net debt premium, respectively, and $13.1 million and $14.7 million of deferred financing costs, respectively. (2) Balances at September 30, 2022 and December 31, 2021 include $6.3 million and $3.3 million of net debt discount, respectively, and $14.6 million and $10.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (3) Balance at September 30, 2022 and December 31, 2021 includes $3.3 million and $0 of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. Secured Debt Secured debt consists of mortgage term loans. During the nine months ended September 30, 2022 and the year ended December 31, 2021, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information): Period Repayment Amount Fixed Interest Rate Maturity Date Loss on Extinguishment of Debt Three months ended September 30, 2022 $ 318.0 (1) 4.81 % December 6, 2022 - September 6, 2024 $ 4.0 Three months ended June 30, 2022 $ 15.8 3.89 % October 1, 2022 $ — Three months ended December 31, 2021 $ 11.6 (2) 4.3 % February 1, 2022 $ — (1) Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024 that are secured by 35 properties. (2) Includes two mortgage term loans which were scheduled to mature on February 1, 2022. During the three and nine months ended September 30, 2022, we entered into a new $20.6 million construction loan, which was undrawn as of September 30, 2022 and a $3.4 million mortgage term loan that are jointly secured by one property. Both loans mature August 10, 2047 and have a fixed interest rate of 3.65 percent . During the year ended December 31, 2021, we did not enter into any new mortgage term loans. The mortgage term loans, which total $3.0 billion as of September 30, 2022, are secured by 155 properties comprised of 61,993 sites representing approximately $2.7 billion of net book value. Unsecured Debt Senior Unsecured Notes In April 2022, the Operating Partnership issued $600.0 million of senior unsecured notes with an interest rate of 4.2 percent and a ten In October 2021, the Operating Partnership issued $450.0 million of senior unsecured notes with an interest rate of 2.3 percent and a seven In June 2021, the Operating Partnership issued $600.0 million of senior unsecured notes with an interest rate of 2.7 percent and a ten-year term, due July 15, 2031 (the "2031 Notes"). Interest on the 2031 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 Senior Credit Facility. The total outstanding principal balance of senior unsecured notes was $1.8 billion at September 30, 2022. This balance is recorded in the Unsecured debt line item on the Consolidated Balance Sheets. Line of Credit In April 2022, in connection with the closing of the Park Holidays acquisition, the Operating Partnership as borrower, and SUI, as guarantor, and certain lenders entered into Amendment No. 1 to the Fourth Amended and Restated Credit Agreement and Other Loan Documents (the "Credit Facility Amendment"), which amended our senior credit facility (the "Senior Credit Facility"). The Credit Facility Amendment increased the aggregate amount of our Senior Credit Facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The increased aggregate amount under the Senior Credit Facility consists of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in United States ("U.S.") U.S. dollars, Pounds sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations. The Credit Facility Amendment extended the maturity date of the revolving loan facility to April 7, 2026. At our option that maturity date may be extended two additional six-month periods. In addition, the Credit Facility Amendment established the maturity date of the term loan facility under the Credit Facility Amendment as April 7, 2025, which may not be further extended. Prior to the Credit Facility Amendment, the Senior Credit Facility permitted aggregate borrowings of up to $2.0 billion, with an accordion feature that allowed for additional commitments of up to $1.0 billion, subject to the satisfaction of certain conditions. Prior to the amendment, $500.0 million of available borrowings under the Senior Credit Facility were scheduled to mature on October 11, 2024, with the remainder scheduled to mature on June 14, 2025. We had no loss on extinguishment of debt during the three months ended September 30, 2022 and 2021. During the nine months ended September 30, 2021, we recognized losses on extinguishment of debt in our Consolidated Statements of Operations of $0.1 million related to the amendment of the Senior Credit Facility, and $0.2 million and $7.9 million, related to the termination of our $750.0 million credit facility and the $1.8 billion credit facility between Safe Harbor and certain lenders, respectively. The Senior Credit Facility bears interest at a floating rate based on Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Daily Risk Free Rate ("RFR"), the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate or the Canadian Dollar Offered Rate, as applicable, plus a margin, in all cases, which can range from 0.725 percent to 1.6 percent, subject to certain adjustments. As of September 30, 2022, the margins based on our credit ratings were 0.85 percent on the revolving loan facility and 0.95 percent on the term loan facility. During the quarter ended September 30, 2022, we achieved sustainability related requirements resulting in a favorable 0.01 percent adjustment to both margins. At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Amendment. We had $862.1 million of borrowings outstanding under the revolving loan and $974.9 million of borrowings outstanding under the term loan on the Senior Credit Facility as of September 30, 2022. We had $1.0 billion of revolving borrowings on our prior Senior Credit Facility as of December 31, 2021. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. The Senior 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 Senior Credit Facility, but does reduce the borrowing amount available. We had $21.6 million and $2.2 million of outstanding letters of credit at September 30, 2022 and December 31, 2021, respectively. Bridge Loan Termination In March 2022, we terminated our commitment letter with Citigroup Global Markets, Inc. ("Citigroup"), pursuant to which, Citigroup (on behalf of its affiliates), previously committed to lend us up to £950.0 million, or approximately $1.2 billion converted at the March 31, 2022 exchange rate (the "Bridge Loan"). As of the date of termination, we did not have any borrowings outstanding under the Bridge Loan. During the three months ended March 31, 2022, we recognized a Loss on extinguishment of debt in our Consolidated Statement of Operations of $0.3 million related to the termination of the Bridge Loan. Unsecured Term Loan In October 2019, we assumed a $58.0 million secured term loan facility related 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. Effective July 1, 2021, the agreement was amended to release the associated collateral. The amendment extended the term loan facility maturity date to October 29, 2025 and adjusted the interest rate margin to a range from 0.8 percent to 1.6 percent. In August 2022, we amended the secured term loan facility to transition from the Eurodollar rate to SOFR. As of September 30, 2022, the margin based on our credit rating was 0.95 percent. The outstanding balance was $22.3 million at September 30, 2022 and $31.6 million at December 31, 2021, respectively. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. Preferred Equity - Sun NG Resorts - Mandatorily Redeemable In connection with the investment in Sun NG Resorts in June 2018, $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 September 30, 2022 and December 31, 2021 include $34.7 million of Aspen preferred OP units issued by the Operating Partnership. As of September 30, 2022, these units are convertible indirectly into 403,262 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 September 30, 2022, 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, senior unsecured notes and Senior Credit Facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the Senior Credit Facility, which contains a minimum fixed charge coverage ratio, maximum leverage ratio, distribution ratio and variable rate indebtedness, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio and unencumbered total asset value to unsecured debt covenants ratio. At September 30, 2022, 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, and any of our other subsidiaries or any other person or entity. |
Equity and Temporary Equity
Equity and Temporary Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity and Temporary Equity | Temporary Equity Redeemable Preferred OP Units Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of September 30, 2022 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period September 30, 2022 December 31, 2021 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time after earlier of January 31, 2024 or death of holder $ 48.4 $ 49.0 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 8.8 8.8 Series G preferred OP units 240,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 24.6 24.8 Series H preferred OP units 581,407 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 57.0 57.4 Series I preferred OP units (4) — 0.6098 3.0 % Holder's Option Any time after earlier of December 31, 2025 or death of holder — 93.7 Series J preferred OP units 240,000 0.6061 2.85 % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026 23.8 23.9 Total 1,641,075 $ 162.6 $ 257.6 (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units. (3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. (4) All of our outstanding series I preferred OP units converted during the three months ended September 30, 2022. Redeemable Equity Interests The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions): Equity Interest Description September 30, 2022 December 31, 2021 FPG Sun Moreno Valley 66 LLC In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC $ 0.1 $ 0.1 Sun Solar Energy Project CA II A joint venture that operates and maintains solar energy equipment in select California communities 4.2 0.5 Sun Solar JV A joint venture that operates and maintains solar energy equipment in select California communities 1.8 1.6 FPG Sun Menifee 80 LLC 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 0.1 0.1 NG Sun Whitewater LLC In connection with the investment in land at the property known as Whitewater 3.8 4.3 NG Sun LLC In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the United States 33.6 24.7 NG Sun Beaver Brook LLC In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV communities in the United States 0.6 — Total $ 44.2 $ 31.3 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 interests in Sun NG Resorts (herein jointly referred to as "Equity Interest - NG Sun LLC"). In April and September 2020, in connection with certain acquisitions, $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 or 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 2024, NG Sun LLC has the right to put its interest to Sun NG LLC. If either party exercises its 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. In December 2021, the operating agreement was amended and we paid Sun NG Resorts a contingent consideration earnout in the amount of $38.3 million. The contingent consideration payment was recognized as an additional purchase price payment within Land improvements and buildings in the Consolidated Balance Sheets, and within Acquisition of properties, net of cash acquired in the Consolidated Statement of Cash Flows. The Equity Interest - NG Sun LLC balance was $33.6 million and $24.7 million as of September 30, 2022 and December 31, 2021, respectively. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 8, "Debt and Line of Credit," for additional information. Permanent Equity Universal Shelf Registration Statement In April 2021, we filed a new universal shelf registration statement on Form S-3 with the SEC. The 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 and 20,000,000 are shares of preferred stock, par value $0.01 per share. As of September 30, 2022, we had 123,880,434 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. Public Equity Offerings In November 2021, we entered into two forward sale agreements relating to an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share and completed the offering on November 18, 2021 (the "November 2021 Forward Sale Agreements"). We did not initially receive any proceeds from the sale of shares of our common stock by the forward purchaser or its affiliates. In April 2022, we completed the physical settlement of the 4,025,000 shares of common stock and received aggregate net proceeds of $705.4 million. We used the net proceeds to repay borrowings outstanding under our Senior Credit Facility, and for working capital and general corporate purposes. At the Market Offering Sales Agreement In December 2021, we entered into an At the Market Offering 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 $1.25 billion of our common stock (the "Sales Agreement"), 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. We simultaneously terminated our prior sales agreement upon entering into the Sales Agreement. Through September 30, 2022, we had entered into forward sales agreements under our Sales Agreement for an aggregate gross sales price of $160.6 million. During the three months ended September 30, 2022, we entered into forward sale agreements with respect to 15,000 shares of common stock under our Sales Agreement for $2.6 million. Additionally, we settled all of our outstanding forward sale agreements with respect to 1,526,212 shares of common stock which includes 620,109; 600,503; 290,600; and 15,000 shares of common stock from the three months ended December 31, 2021, March 31, June 30 and September 30, 2022 forward sale agreements, respectively. The net proceeds of $275.5 million from the settlement of these forward sale agreements were used to repay borrowings outstanding under our senior credit facility. During the three months ended June 30, 2022, we completed the physical settlement of 1,200,000 shares of common stock under our prior at the market offering program and received net proceeds of $229.5 million. Additionally, we entered into forward sales agreements with respect 290,600 shares of common stock for $50.1 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022. During the three months ended March 31, 2022, we entered into forward sales agreements with respect to 600,503 shares of common stock for $107.9 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022. During the year ended December 31, 2021, we entered into forward sale agreements with respect to 1,820,109 shares of common stock under our prior at the market offering program for $356.5 million. We completed the physical settlement of 1,200,000 and 620,109 shares of common stock during the three months ended June 30, 2022 and September 30, 2022, respectively. Issuances of Common Stock and OP Units in Connection with the Acquisition of Certain Properties Issuance of Common Stock In April 2022, we issued an aggregate of 186,044 shares of our common stock in connection with the acquisition of Park Holidays. Issuances of Common OP Units Nine Months Ended September 30, 2022 and 2021 Common OP Units Issued Related Acquisition May 2022 10,854 (1) Rudgate May 2022 5,605 Kittery Point February 2022 14,683 Jarrett Bay Boatworks (1) During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate for a total purchase price of $3.1 million. As consideration, we issued 10,854 common OP units and paid the remainder of the purchase price in cash. The acquisition resulted in the Company owning a 100 percent controlling interest in Rudgate. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. Issuances of Preferred OP Units 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 Sun Outdoors Cape Cod. 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 5.5 percent. Commencing with 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 September 30, 2022, 80,000 Series E preferred OP units were outstanding. Conversions Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock at any time. Below is the activity of conversions during the nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, 2022 September 30, 2021 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP units 1.0000 139,841 139,841 78,724 78,724 Series A-1 preferred OP units 2.4390 4,695 11,444 19,296 47,058 Series C preferred OP units 1.1100 150 166 — — Series E preferred OP units 0.6897 10,000 6,896 — — Series I preferred OP units 0.6098 922,000 562,195 — — (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. Distributions Distributions declared for the three months ended September 30, 2022 were as follows: Common Stock, Common OP units and Restricted Stock Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Millions) September 30, 2022 9/30/2022 10/14/2022 $ 0.88 $ 111.2 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | As of September 30, 2022, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "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. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years. First Amendment to the 2015 Equity Incentive Plan At our 2022 Annual Meeting on May 17, 2022, our shareholders approved the First Amendment to the 2015 Equity Incentive Plan. The First Amendment increased the number of shares of common stock that may be issued under the 2015 Equity Incentive Plan to 4,750,000. As of September 30, 2022, there were 3,123,980 shares available for future issuance. United Kingdom Sub-Plan In April 2022, the Board of Directors adopted the UK Sub-Plan under the 2015 Equity Incentive Plan, which is solely applicable to employee participants located in the UK, and establishes certain rules and limitations for participation in the 2015 Equity Incentive Plan by UK employees for the purpose of complying with applicable UK laws. During the nine months ended September 30, 2022 and 2021, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2022 Key Employees 2015 Equity Incentive Plan 203,210 $ 179.23 (1) Time Based 2022 Executive Officers 2015 Equity Incentive Plan 66,000 $ 178.20 (1) Time Based 2022 Executive Officers 2015 Equity Incentive Plan 91,500 $ 124.88 (2) Market Condition (3) 2022 Directors 2004 Non-Employee Director Option Plan 11,900 $ 197.00 (1) Time Based 2021 Key Employees 2015 Equity Incentive Plan 90,406 $ 146.03 (1) Time Based 2021 Executive Officers 2015 Equity Incentive Plan 72,400 $ 151.67 (1) Time Based 2021 Executive Officers 2015 Equity Incentive Plan 101,100 $ 93.41 (2) Market Condition (3) 2021 Directors 2004 Non-Employee Director Option Plan 11,709 $ 148.28 (1) Time Based (1) Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded. (2) Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded. (3) Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. The vesting requirements for 257,663 and 288,024 restricted shares granted to our executives, directors and employees were satisfied during the nine months ended September 30, 2022 and 2021, respectively. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | ASC Topic 280, " Segment Reporting, " establishes standards for the way that business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," we analyze our operating results through the following segments: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marina. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities throughout the U.S. and a portfolio of holiday parks throughout the UK, 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 communities and is in the business of acquiring, operating and developing ground-up RV communities throughout the U.S. and in Canada. It also provides leasing services for vacation rentals within the RV communities. Properties containing both MH and RV sites are classified to a segment based on the predominant site counts at the properties. The Marina segment owns, operates, 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 and Puerto Rico. A presentation of segment financial information is summarized as follows (in millions): Three Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Operating revenues $ 419.1 $ 263.4 $ 228.1 $ 910.6 $ 275.6 $ 233.9 $ 163.4 $ 672.9 Operating expenses / Cost of sales 200.5 118.1 136.8 455.4 118.5 109.2 98.9 326.6 NOI $ 218.6 $ 145.3 $ 91.3 $ 455.2 $ 157.1 $ 124.7 $ 64.5 $ 346.3 Adjustments to arrive at net income Interest income 11.2 2.6 Brokerage commissions and other revenues, net 10.8 8.8 General and administrative expense (69.1) (43.2) Catastrophic event-related charges, net (12.2) (0.3) Business combination expense, net (8.4) — Depreciation and amortization (151.3) (127.1) Loss on extinguishment of debt (see Note 8) (4.0) — Interest expense (61.7) (39.0) Interest on mandatorily redeemable preferred OP units / equity (1.0) (1.1) Gain / (loss) on remeasurement of marketable securities (7.2) 12.0 Gain / (loss) on foreign currency exchanges 14.9 (7.0) Gain / (loss) on dispositions of properties (0.8) 108.1 Other income / (expense), net 2.8 (9.3) Gain / (loss) on remeasurement of notes receivable (0.1) 0.1 Income from nonconsolidated affiliates (see Note 6) 2.0 0.9 Loss on remeasurement of investment in nonconsolidated affiliates (0.4) (0.1) Current tax expense (7.3) (0.4) Deferred tax benefit / (expense) 3.6 (1.2) Net Income 177.0 250.1 Less: Preferred return to preferred OP units / equity interests 2.5 3.1 Less: Income attributable to noncontrolling interests 11.9 15.3 Net Income Attributable to SUI Common Shareholders $ 162.6 $ 231.7 Nine Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Operating revenues $ 1,073.4 $ 569.5 $ 599.8 $ 2,242.7 $ 793.3 $ 492.5 $ 414.7 $ 1,700.5 Operating expenses / Cost of sales 489.9 284.8 376.2 1,150.9 326.8 247.3 256.0 830.1 Net Operating Income / Gross Profit $ 583.5 $ 284.7 $ 223.6 $ 1,091.8 $ 466.5 $ 245.2 $ 158.7 $ 870.4 Adjustments to arrive at net income Interest income 25.3 8.0 Brokerage commissions and other revenues, net 27.4 21.7 General and administrative expense (187.0) (126.7) Catastrophic event-related charges, net (12.3) (3.1) Business combination expense, net (23.9) (1.0) Depreciation and amortization (450.0) (378.1) Loss on extinguishment of debt (see Note 8) (4.4) (8.1) Interest expense (162.2) (116.2) Interest on mandatorily redeemable preferred OP units / equity (3.1) (3.1) Gain / (loss) on remeasurement of marketable securities (74.0) 43.2 Gain / (loss) on foreign currency exchanges 21.7 (7.1) Gain on dispositions of properties 12.5 108.1 Other income / (expense), net 2.6 (10.0) Gain on remeasurement of notes receivable 0.1 0.6 Income from nonconsolidated affiliates (see Note 6) 3.8 2.9 Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 0.1 (0.1) Current tax expense (12.5) (1.4) Deferred tax benefit / (expense) 3.9 (1.1) Net Income 259.8 398.9 Less: Preferred return to preferred OP units / equity interests 8.6 9.0 Less: Income attributable to noncontrolling interests 13.9 22.6 Net Income Attributable to SUI Common Shareholders $ 237.3 $ 367.3 September 30, 2022 December 31, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Identifiable Assets Investment property, net $ 6,920.1 $ 3,695.9 $ 2,996.1 $ 13,612.1 $ 5,172.2 $ 3,639.0 $ 2,614.3 $ 11,425.5 Cash, cash equivalents and restricted cash 61.8 38.0 12.2 112.0 36.7 19.9 21.6 78.2 Marketable securities 65.0 35.4 — 100.4 121.0 65.9 — 186.9 Inventory of manufactured homes 146.2 7.3 — 153.5 44.3 6.8 — 51.1 Notes and other receivables, net 379.0 82.2 49.8 511.0 374.2 55.5 39.9 469.6 Goodwill 430.5 9.5 541.5 981.5 — — 495.4 495.4 Other intangible assets, net 95.0 33.9 274.3 403.2 27.4 22.7 256.7 306.8 Other assets, net 327.2 58.1 225.6 610.9 198.0 63.6 219.0 480.6 Total Assets $ 8,424.8 $ 3,960.3 $ 4,099.5 $ 16,484.6 $ 5,973.8 $ 3,873.4 $ 3,646.9 $ 13,494.1 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | We have elected to be taxed as a real estate investment trust ("REIT") pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95 percent of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90 percent of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gain) to its shareholders and meet other tests. Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the nine months ended September 30, 2022. As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the United Kingdom due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. However, we are subject to Australian withholding taxes on distributions from our investment in Ingenia Communities Group. As currently structured, we are not subject to UK withholding taxes on distributions from our United Kingdom properties. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries. As of September 30, 2022, we had $287.1 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $2.3 million, and deferred tax liabilities of $289.4 million. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the United Kingdom and Canada. As of December 31, 2021, we had $20.7 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $3.0 million, and deferred tax liabilities of $23.7 million. These balances include a net deferred tax asset, net of valuation allowance, in the United States of $1.2 million as of September 30, 2022 and December 31, 2021. The net deferred tax assets and deferred tax liabilities are recorded within Other Assets and Other Liabilities, respectively, on our Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021. We had no unrecognized tax benefits as of September 30, 2022 and 2021. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of September 30, 2022. For the three and nine months ended September 30, 2022, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and UK income taxes and Australian withholding taxes totaling $7.3 million and $12.5 million, respectively. For the three and nine months ended September 30, 2021, we recorded current tax expense for federal, state, Canadian income taxes and Australian withholding taxes totaling $0.4 million and $1.4 million, respectively. For the three and nine months ended September 30, 2022, we recorded a deferred tax benefit of $3.6 million and $3.9 million, respectively . For the three and nine months ended September 30, 2021 , we recorded deferred tax expense of $1.2 million and $1.1 million, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per share ("EPS") 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 EPS using the more dilutive of the treasury stock method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units. 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 unless there is a physical settlement. Common shares issued upon the physical settlement of the forward equity sales agreements, weighted for the period these common shares are outstanding, are 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 in accordance with the treasury stock method. Our potentially dilutive securities include our 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 J preferred OP units and Aspen preferred OP Units, which, if converted or exercised, may impact dilution. Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. 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 two-class method determines EPS by (1) dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings allocated to participating securities and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potentially dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS. Computations of basic and diluted EPS were as follows (in millions, except for per share data): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Numerator Net Income Attributable to SUI Common Shareholders $ 162.6 $ 231.7 $ 237.3 $ 367.3 Less: allocation to restricted stock awards 1.1 1.5 1.5 2.4 Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards $ 161.5 $ 230.2 $ 235.8 $ 364.9 Add: allocation to common and preferred OP units dilutive effect 0.5 5.7 4.9 8.3 Diluted earnings - Net income attributable to common shareholders after allocation to common and preferred OP units $ 162.0 $ 235.9 $ 240.7 $ 373.2 Denominator Weighted average common shares outstanding 122.4 115.1 119.2 111.7 Add: common shares dilutive effect: Forward Equity Offering — — 0.2 — Add: dilutive restricted stock — — — — Add: common and preferred OP units dilutive effect 0.4 3.0 2.5 2.6 Diluted weighted average common shares and securities (1) 122.8 118.1 121.9 114.3 EPS Available to Common Shareholders After Allocation Basic EPS $ 1.32 $ 2.00 $ 1.98 $ 3.27 Diluted EPS (1) $ 1.32 $ 2.00 $ 1.97 $ 3.27 (1) For the three and nine months ended September 30, 2022 and 2021, diluted earnings per share was calculated using the two-class method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods. We have excluded certain convertible securities from the computation of diluted EPS 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 EPS as of September 30, 2022 and 2021 (in thousands): As of September 30, 2022 September 30, 2021 Common OP units 2,429 (1) — A-1 preferred OP units 270 275 A-3 preferred OP units 40 40 Aspen preferred OP units 1,284 (2) 1,284 (2) Series C preferred OP units 306 306 Series D preferred OP units 489 489 Series E preferred OP units 80 90 Series F preferred OP units 90 90 Series G preferred OP units 241 241 Series H preferred OP units 581 581 Series I preferred OP units — 922 Series J preferred OP units 240 240 Total Securities 6,050 4,558 (1) For the three months ended September 30, 2022, 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. For the nine months ended September 30, 2022, Common OP units were included in the computation of diluted earnings per share because the inclusion of those securities was dilutive for the period. (2) For the three months ended September 30, 2022 and 2021, Aspen preferred OP units were included in the computation of diluted earnings per share because the inclusion of those securities was dilutive for the period. For the nine months ended September 30, 2022 and 2021, Aspen preferred 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. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Activities | Our objective and strategy in using interest rate derivatives is to manage exposure to interest rate movements, thereby minimizing the effect of interest rate changes and the effect they could have on future cash outflows (forecasted interest payments) on a forecasted issuance of long-term debt or on outstanding floating rate debt. Treasury locks and interest rate swaps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes. We have designated the treasury lock contracts and interest rate swap contracts as cash flow hedges under ASC Topic 815, " Derivatives and Hedging ." The risk being hedged is the interest rate risk related to forecasted transactions and outstanding floating rate debt. The benchmark interest rate used is the on-the-run 10-year U.S. Treasury rate and the daily weighted average Daily SONIA Rate for the treasury locks and interest rate swaps, respectively. As of March 31, 2022, we held four Treasury lock contracts with an aggregate notional amount of $600.0 million that were designated as cash flow hedges of interest rate risk. The unrealized gains or losses on the Treasury lock contracts were recorded in Accumulated other comprehensive income ("AOCI") within the Consolidated Balance Sheets. During the three months ended June 30, 2022, in connection with the 2032 Notes issuance, we settled the four 10-year Treasury rate lock contracts totaling $600.0 million and received a settlement payment of $35.3 million. As of the settlement date, the net accumulated gain included in AOCI is being reclassified into earnings as a reduction to interest expense on a straight-line basis over the 10-year term of the hedged transaction. During the three months ended September 30, 2022, we entered into two treasury rate lock contracts with an aggregate notional value of $200.0 million to hedge interest rate risk associated with the future issuance of long-term fixed rate debt. We also entered into two interest rate swap agreements to hedge variable rate borrowings of £400.0 million (equivalent to $445.3 million as of September 30, 2022) under the term loan on our Senior Credit Facility. The interest rate swaps locked in a total fixed rate, inclusive of spread, of 3.67 percent through the term loan maturity date of April 7, 2025. The cash flow hedge unrealized gains or losses included in the assessment of hedge effectiveness are recorded in AOCI and will be reclassified to interest expense in the same period during which the hedged transaction affects earnings. We estimate that $13.0 million will be reclassified as a reduction to interest expense over the next 12 months for all of our outstanding cash flow hedges. The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): September 30, 2022 December 31, 2021 Derivatives designated as cash flow hedges Notional Fair Value of Assets (1) Fair Value of Liabilities Notional Fair Value of Assets (1) Fair Value of Liabilities Interest rate derivatives $ 645.3 $ 41.4 $ — $ 150.0 $ 0.4 $ — (1) Included within Other Assets, net on the Consolidated Balance Sheets. Refer to Note 15, "Fair Value of Financial Instruments," for additional information related to the fair value methodology used for derivative financial instruments. The following table presents the gains on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions): Three Months Ended Nine Months Ended Derivatives designated as cash flow hedges September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Interest rate derivatives $ 40.7 $ — $ 75.7 $ — The following table presents the amount of gains / (losses) on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions): Three Months Ended Nine Months Ended Derivatives designated as cash flow hedges Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Interest rate derivatives Interest expense $ (0.2) $ — $ 0.6 $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, derivatives assets, debt, warrants 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 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 millions) that required disclosure of fair value on a recurring basis as of September 30, 2022. The table presents the carrying values and fair values of our financial instruments as of September 30, 2022 and December 31, 2021, 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. September 30, 2022 Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 112.0 $ 112.0 $ — $ — $ 112.0 Marketable securities 100.4 100.4 — — 100.4 Installment notes receivable on manufactured homes, net 69.4 — — 69.4 69.4 Notes receivable from real estate developers and operators 288.3 — — 288.3 288.3 Derivative assets 41.4 — 41.4 — 41.4 Total assets measured at fair value $ 611.5 $ 212.4 $ 41.4 $ 357.7 $ 611.5 Financial Liabilities Secured debt $ 3,006.0 $ — $ 3,006.0 $ — $ 2,598.5 Unsecured debt Senior unsecured notes 1,779.1 — 1,779.1 — 1,423.8 Line of credit and other unsecured debt 1,925.9 — 1,925.9 — 1,925.9 Total unsecured debt 3,705.0 — 3,705.0 — 3,349.7 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 6,731.2 $ — $ 6,711.0 $ 20.2 $ 5,968.4 December 31, 2021 Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 78.2 $ 78.2 $ — $ — $ 78.2 Marketable securities 186.9 186.9 — — 186.9 Installment notes receivable on manufactured homes, net 79.1 — — 79.1 79.1 Notes receivable from real estate developers and operators 284.0 — — 284.0 284.0 Derivative assets 0.4 — 0.4 — 0.4 Total assets measured at fair value $ 628.6 $ 265.1 $ 0.4 $ 363.1 $ 628.6 Financial Liabilities Secured debt $ 3,380.7 $ — $ 3,380.7 $ — $ 3,405.9 Unsecured debt Senior unsecured notes 1,186.4 — 1,186.4 — 1,201.8 Line of credit and other unsecured debt 1,104.7 — 1,104.7 — 1,104.7 Total unsecured debt 2,291.1 — 2,291.1 — 2,306.5 Other financial liabilities (contingent consideration) (1) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 5,692.0 $ — $ 5,671.8 $ 20.2 $ 5,732.6 (1) Balance updated during the three months ended March 31, 2022 to include contingent consideration related to a marina acquisition. This contingent consideration was included within Other liabilities on the Consolidated Balance Sheets at December 31, 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 instruments. These are classified as Level 1 in the hierarchy. Marketable Securities Marketable securities held by us and accounted for under ASC 321, " Investments - Equity Securities ," are measured at fair value. Any change in fair value is recognized in the Consolidated Statement of Operations in the Gain / (loss) on 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 was as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning Balance $ 186.9 $ 124.7 Additional purchases — 35.5 Change in fair value measurement (74.0) 33.4 Foreign currency translation adjustment (14.0) (9.2) Dividend reinvestment, net of tax 1.5 2.5 Ending Balance $ 100.4 $ 186.9 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 and Operators Notes receivable from real estate developers and operators 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. Derivative Assets - Interest Rate Derivatives Interest rate derivatives are recorded at fair value and consist of Treasury locks and interest rate swaps. The fair value of the Treasury locks and interest rate swaps are measured using observable inputs based on the 10-year Treasury note rate and the weighted average Daily SONIA Rate, respectively (Level 2). Secured Debt Secured debt consists primarily of our 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. 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 Senior Credit Facility. We have variable rates on our Senior 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 September 30, 2022 approximated its gross carrying value. Other Financial Liabilities We estimate the fair value of contingent consideration liabilities 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. There were no transfers into or out of Level 3 during the nine months ended September 30, 2022. The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2022 and 2021 (in millions): Three Months Ended September 30, 2022 September 30, 2021 Assets: Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Warrants Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Level 3 beginning balance at June 30, 2022 and 2021 $ 73.1 $ 292.3 $ — $ 82.5 $ 62.0 Realized gains / (losses) (1) (0.1) — (0.6) 0.1 — Purchases and issuances — 17.8 0.6 3.3 3.4 Sales and settlements (3.6) (4.3) — (3.4) (0.6) Dispositions of properties — — — (1.9) — Foreign currency exchange losses — (17.5) — — — Other adjustments — — — 0.4 (0.2) Level 3 ending balance at September 30, 2022 and 2021 $ 69.4 $ 288.3 $ — $ 81.0 $ 64.6 Nine Months Ended September 30, 2022 September 30, 2021 Assets: Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Warrants Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Level 3 beginning balance at December 31, 2021 and 2020 $ 79.1 $ 284.0 $ — $ — $ — Transfer to level 3 — — — 85.9 52.6 Realized gains / (losses) (1) 0.1 — (2.6) 0.5 — Purchases and issuances 1.0 65.6 2.6 7.2 14.5 Sales and settlements (10.8) (21.1) — (11.2) (1.1) Dispositions of properties — — — (1.9) — Foreign currency exchange losses — (40.2) — — — Other adjustments — — — 0.5 (1.4) Level 3 ending balance at September 30, 2022 and 2021 $ 69.4 $ 288.3 $ — $ 81.0 $ 64.6 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Liabilities: Contingent Consideration Contingent Consideration Contingent Consideration Contingent Consideration Level 3 beginning balance at June 30, 2022 and 2021, and December 31, 2021 and 2020 $ 20.2 $ 18.1 $ 20.2 $ 15.8 Realized losses (1) — 9.2 — 9.3 Purchases and issuances — 11.9 — 15.4 Other adjustments — (0.2) — (1.5) Level 3 ending balance at September 30, 2022 and 2021 $ 20.2 $ 39.0 $ 20.2 $ 39.0 (1) Includes realized gains / losses recorded in earnings within the following line items on the Consolidated Income Statements: Warrants - Income from nonconsolidated affiliates; Installment Notes Receivable on MH, net - Gain on remeasurement of notes receivable; Contingent Consideration - Other income / (expense), net. Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of September 30, 2022. As such, our estimates of fair value could differ significantly from the actual carrying value. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
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. Catastrophic Event-Related Charges On September 28, 2022, Hurricane Ian made landfall on Florida's western coast. The storm primarily affected four properties in the Fort Myers area. Three RV properties comprising approximately 2,500 sites, sustained significant flooding and wind damage from the hurricane, and the sea wall and certain docks at one marina were damaged. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At other affected marina properties, docks, buildings, and landscaping sustained limited wind and water damage. We recognized $29.9 million for impaired assets. We expect these charges to be partially offset by insurance recoveries, currently estimated at $17.7 million. The estimated net charges of $12.2 million related to Hurricane Ian were recognized as Catastrophic event-related charges, net in our Consolidated Statements of Operations for the three months ended September 30, 2022. As of September 30, 2022, we had not received any insurance recoveries. We maintain property, casualty, flood and business interruption insurance for our properties, subject to customary deductibles and limits. Expected insurance recoveries for loss of income and redevelopment costs greater than the impairment charge cannot be estimated at this time. The foregoing impairment, expected insurance recovery, and net charge estimates are based on current information available to the Company. We continue to assess these estimates. The actual final impairment, insurance recoveries and net charges could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV and Marina properties expiring at various dates through 2100. 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 2042. Future minimum lease payments under non-cancellable leases as of September 30, 2022 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2022 (excluding nine months ended September 30, 2022) $ 3.3 $ 0.3 $ 3.6 2023 12.6 0.8 13.4 2024 12.6 4.4 17.0 2025 12.2 0.3 12.5 2026 10.6 0.3 10.9 Thereafter 233.4 11.7 245.1 Total Lease Payments $ 284.7 $ 17.8 $ 302.5 Less: Imputed interest (132.0) (7.6) (139.6) Present Value of Lease Liabilities $ 152.7 $ 10.2 $ 162.9 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2022 December 31, 2021 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 47.8 $ 4.3 Operating lease, right-of-use asset, net Other assets, net $ 173.7 $ 138.2 Below market operating leases, net Other assets, net $ 91.4 $ 93.1 Lease Liabilities Finance lease liabilities Other liabilities $ 10.2 $ 4.2 Operating lease liabilities Other liabilities $ 152.7 $ 129.2 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 1.3 $ — $ 2.2 $ — Interest on lease liabilities Interest expense 0.2 — 0.3 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.8 2.7 12.6 7.2 Variable lease cost Property operating and maintenance 2.0 1.9 5.4 5.0 Total Lease Expense $ 8.3 $ 4.6 $ 20.5 $ 12.3 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2022 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 27.81 Operating lease 32.93 Weighted-average Discount Rate Finance lease 3.05 % Operating lease 3.81 % Nine Months Ended September 30, 2022 September 30, 2021 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 8.3 $ 4.5 Financing cash flow from finance leases 4.7 0.1 Total Cash Paid On Lease Liabilities $ 13.0 $ 4.6 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of September 30, 2022. Nearly all 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 September 30, 2022, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our RV communities and marinas as of September 30, 2022 where we are the lessor include: Maturity of Lease Payments (in millions) Operating Leases 2022 (excluding the nine months ended September 30, 2022) $ 6.9 2023 25.9 2024 16.1 2025 8.6 2026 5.0 Thereafter 42.1 Total Undiscounted Cash Flows $ 104.6 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.0 $ 5.3 $ 21.0 $ 14.3 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 0.8 $ 1.3 $ 2.3 $ 3.6 (1) Consists of rent primarily based on a percentage of acquisition costs and net operating income. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, " Leases ." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability of $310.4 million as of September 30, 2022. The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of September 30, 2022: Maturity of Financial Liability (in millions) September 30, 2022 2022 (excluding nine months ended September 30, 2022) $ 0.7 2023 10.2 2024 10.3 2025 10.4 2026 10.4 Thereafter 1,560.6 Total Payments $ 1,602.6 Less: Imputed interest (1,292.2) Present Value of Financial Liability $ 310.4 |
Leases | Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV and Marina properties expiring at various dates through 2100. 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 2042. Future minimum lease payments under non-cancellable leases as of September 30, 2022 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2022 (excluding nine months ended September 30, 2022) $ 3.3 $ 0.3 $ 3.6 2023 12.6 0.8 13.4 2024 12.6 4.4 17.0 2025 12.2 0.3 12.5 2026 10.6 0.3 10.9 Thereafter 233.4 11.7 245.1 Total Lease Payments $ 284.7 $ 17.8 $ 302.5 Less: Imputed interest (132.0) (7.6) (139.6) Present Value of Lease Liabilities $ 152.7 $ 10.2 $ 162.9 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2022 December 31, 2021 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 47.8 $ 4.3 Operating lease, right-of-use asset, net Other assets, net $ 173.7 $ 138.2 Below market operating leases, net Other assets, net $ 91.4 $ 93.1 Lease Liabilities Finance lease liabilities Other liabilities $ 10.2 $ 4.2 Operating lease liabilities Other liabilities $ 152.7 $ 129.2 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 1.3 $ — $ 2.2 $ — Interest on lease liabilities Interest expense 0.2 — 0.3 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.8 2.7 12.6 7.2 Variable lease cost Property operating and maintenance 2.0 1.9 5.4 5.0 Total Lease Expense $ 8.3 $ 4.6 $ 20.5 $ 12.3 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2022 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 27.81 Operating lease 32.93 Weighted-average Discount Rate Finance lease 3.05 % Operating lease 3.81 % Nine Months Ended September 30, 2022 September 30, 2021 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 8.3 $ 4.5 Financing cash flow from finance leases 4.7 0.1 Total Cash Paid On Lease Liabilities $ 13.0 $ 4.6 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of September 30, 2022. Nearly all 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 September 30, 2022, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our RV communities and marinas as of September 30, 2022 where we are the lessor include: Maturity of Lease Payments (in millions) Operating Leases 2022 (excluding the nine months ended September 30, 2022) $ 6.9 2023 25.9 2024 16.1 2025 8.6 2026 5.0 Thereafter 42.1 Total Undiscounted Cash Flows $ 104.6 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.0 $ 5.3 $ 21.0 $ 14.3 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 0.8 $ 1.3 $ 2.3 $ 3.6 (1) Consists of rent primarily based on a percentage of acquisition costs and net operating income. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, " Leases ." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability of $310.4 million as of September 30, 2022. The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of September 30, 2022: Maturity of Financial Liability (in millions) September 30, 2022 2022 (excluding nine months ended September 30, 2022) $ 0.7 2023 10.2 2024 10.3 2025 10.4 2026 10.4 Thereafter 1,560.6 Total Payments $ 1,602.6 Less: Imputed interest (1,292.2) Present Value of Financial Liability $ 310.4 |
Leases | Future minimum lease payments under non-cancellable leases as of September 30, 2022 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2022 (excluding nine months ended September 30, 2022) $ 3.3 $ 0.3 $ 3.6 2023 12.6 0.8 13.4 2024 12.6 4.4 17.0 2025 12.2 0.3 12.5 2026 10.6 0.3 10.9 Thereafter 233.4 11.7 245.1 Total Lease Payments $ 284.7 $ 17.8 $ 302.5 Less: Imputed interest (132.0) (7.6) (139.6) Present Value of Lease Liabilities $ 152.7 $ 10.2 $ 162.9 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2022 December 31, 2021 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 47.8 $ 4.3 Operating lease, right-of-use asset, net Other assets, net $ 173.7 $ 138.2 Below market operating leases, net Other assets, net $ 91.4 $ 93.1 Lease Liabilities Finance lease liabilities Other liabilities $ 10.2 $ 4.2 Operating lease liabilities Other liabilities $ 152.7 $ 129.2 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 1.3 $ — $ 2.2 $ — Interest on lease liabilities Interest expense 0.2 — 0.3 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.8 2.7 12.6 7.2 Variable lease cost Property operating and maintenance 2.0 1.9 5.4 5.0 Total Lease Expense $ 8.3 $ 4.6 $ 20.5 $ 12.3 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2022 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 27.81 Operating lease 32.93 Weighted-average Discount Rate Finance lease 3.05 % Operating lease 3.81 % Nine Months Ended September 30, 2022 September 30, 2021 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 8.3 $ 4.5 Financing cash flow from finance leases 4.7 0.1 Total Cash Paid On Lease Liabilities $ 13.0 $ 4.6 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of September 30, 2022. Nearly all 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 September 30, 2022, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our RV communities and marinas as of September 30, 2022 where we are the lessor include: Maturity of Lease Payments (in millions) Operating Leases 2022 (excluding the nine months ended September 30, 2022) $ 6.9 2023 25.9 2024 16.1 2025 8.6 2026 5.0 Thereafter 42.1 Total Undiscounted Cash Flows $ 104.6 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.0 $ 5.3 $ 21.0 $ 14.3 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 0.8 $ 1.3 $ 2.3 $ 3.6 (1) Consists of rent primarily based on a percentage of acquisition costs and net operating income. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, " Leases ." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability of $310.4 million as of September 30, 2022. The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of September 30, 2022: Maturity of Financial Liability (in millions) September 30, 2022 2022 (excluding nine months ended September 30, 2022) $ 0.7 2023 10.2 2024 10.3 2025 10.4 2026 10.4 Thereafter 1,560.6 Total Payments $ 1,602.6 Less: Imputed interest (1,292.2) Present Value of Financial Liability $ 310.4 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements - Adopted 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 ." This update simplifies the accounting for convertible instruments by eliminating the models that require separation of a cash conversion or beneficial conversion feature from the host contract. Under the amended guidance, a convertible debt instrument is treated as one liability accounted for at its amortized cost and convertible preferred stock is considered one equity instrument accounted for at its historical cost, unless (a) there are other features that require bifurcation as a derivative, or (b) convertible debt was issued at a substantial premium. This update also eliminates several triggers for derivative accounting, including a requirement to settle certain contracts by delivering registered shares. Additionally, this update provides clarifications to improve the consistency of EPS calculations. We adopted the ASU on January 1, 2022. The adoption of this ASU did not have an impact on our Consolidated Financial Statements. Recent Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU 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 September 30, 2022, we do not expect the transition from LIBOR to alternative reference interest rates will have a material impact on our Consolidated Financial Statements as the majority of our debt has fixed interest rates. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Acquisitions Subsequent to the three months ended September 30, 2022, we acquired one land parcel located in the United Kingdom for a purchase price of $1.1 million. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 260.3 $ 209.6 $ 115.8 $ 585.7 $ 203.6 $ 185.8 $ 88.7 $ 478.1 Home sales 140.9 9.8 — 150.7 70.3 10.8 — 81.1 Service, retail, dining and entertainment 17.9 44.0 112.3 174.2 1.7 37.3 74.7 113.7 Interest 10.4 0.8 — 11.2 2.2 0.4 — 2.6 Brokerage commissions and other, net 6.6 4.2 — 10.8 3.6 4.9 0.3 8.8 Total Revenues $ 436.1 $ 268.4 $ 228.1 $ 932.6 $ 281.4 $ 239.2 $ 163.7 $ 684.3 Nine Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 711.4 $ 461.2 $ 289.0 $ 1,461.6 $ 602.4 $ 398.8 $ 212.7 $ 1,213.9 Home sales 328.5 29.6 — 358.1 185.5 29.6 — 215.1 Service, retail, dining and entertainment 33.5 78.7 310.8 423.0 5.4 64.1 202.0 271.5 Interest 23.3 2.0 — 25.3 6.3 1.7 — 8.0 Brokerage commissions and other, net 15.6 10.7 1.1 27.4 9.8 11.0 0.9 21.7 Total Revenues $ 1,112.3 $ 582.2 $ 600.9 $ 2,295.4 $ 809.4 $ 505.2 $ 415.6 $ 1,730.2 |
Real Estate Acquisitions (Table
Real Estate Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | During the nine months ended September 30, 2022, we acquired the following MH communities and marinas: Community Name Type Sites, Wet Slips and Development Sites State, Province or Country Month Acquired Harrison Yacht Yard (1) Marina: asset acquisition 21 — MD January Outer Banks Marina: asset acquisition 196 — NC January Jarrett Bay Boatworks Marina: business combination 12 — NC February Tower Marine Marina: asset acquisition 446 — MI March Sandy Bay MH: asset acquisition 730 456 UK March Park Holidays (2) MH: business combination 15,906 1,140 UK April Christies Parks (1) MH: asset acquisition 249 — UK April Bluewater Marina: asset acquisition 200 — Multiple April Bluewater Yacht Sales (1) Marina: business combination — — Multiple April Bodmin Holiday Park MH: asset acquisition 69 — UK April Kittery Point Marina: asset acquisition 62 — ME May Spanish Trails MHC MH: asset acquisition 195 6 AZ June Pine Acre Trails MH: asset acquisition 251 603 TX June Bel Air Estates & Sunrise Estates (3) MH: asset acquisition 379 — CA June Park Leisure (4) MH: asset acquisition 2,914 391 UK June Montauk Yacht Club Marina: business combination 232 — NY July Callaly Leisure (5) MH: asset acquisition 380 1,060 UK September Total 22,242 3,656 (1) Combined with an existing property. (2) Includes 40 owned and two managed properties. (3) Includes two properties. (4) Includes 11 properties. (5) Includes one development property. For the year ended December 31, 2021, we acquired the following MH and RV communities and marinas: Community Name Type Sites, Wet Slips and Dry Storage Spaces Development Sites State, Province or Country 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 395 — MA March Community Name Type Sites, Wet Slips and Dry Storage Spaces Development Sites State, Province or Country Month Acquired Pleasant Beach Campground RV: asset acquisition 102 — ON, Canada March Sun Outdoors Cape Charles 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 MH: asset acquisition 476 — MI April Shelter Island Boatyard Marina: asset acquisition 52 — CA May Lauderdale Marine Center Marina: asset acquisition 206 — FL May Apponaug Harbor Marina: asset acquisition 348 — RI June Cabrillo Isle Marina: business combination 476 — CA June Marathon Marina: asset acquisition 135 — FL June Allen Harbor Marina: asset acquisition 176 — RI July Cisco Grove Campground & RV RV: asset acquisition 18 407 CA July Four Leaf Portfolio (2) MH: asset acquisition 2,545 340 MI / IN July Harborage Yacht Club Marina: asset acquisition 300 — FL July Zeman Portfolio (3) RV: asset acquisition 686 — IL / NJ July Southern Leisure RV Resort RV: asset acquisition 496 — FL August Sunroad Marina Marina: asset acquisition 617 — CA August Lazy Lakes RV Resort RV: asset acquisition 99 — FL August Puerto del Rey Marina: asset acquisition 1,746 — Puerto Rico September Stingray Point Marina: asset acquisition 222 — VA September Detroit River Marina: asset acquisition 440 — MI September Jetstream RV Resort at NASA RV: asset acquisition 202 — TX September Beaver Brook Campground RV: asset acquisition 204 150 ME October Emerald Coast Marina: business combination 311 — FL November Tall Pines Harbor Campground RV: asset acquisition 241 — VA November Wells Beach Resort Campground RV: asset acquisition 231 — ME November Port Royal Marina: asset acquisition 167 — SC November Podickory Point Marina: asset acquisition 209 — MD December Sunroad Marina (restaurant) Marina: asset acquisition — — CA December Jellystone Park at Mammoth Cave RV: asset acquisition 315 — KY December South Bay Marina: asset acquisition 333 — CA December Wentworth by the Sea Marina: asset acquisition 155 — NH December Rocky Mountain RV Park RV: asset acquisition 75 — MT December Haas Lake RV Park Campground RV: asset acquisition 492 — MI December Pearwood RV Resort RV: asset acquisition 144 — TX December Holly Shores Camping Resort RV: asset acquisition 310 — NJ December Pheasant Ridge RV Park RV: asset acquisition 130 — OR December Coyote Ranch Resort RV: asset acquisition 165 165 TX December Jellystone Park at Whispering Pines RV: asset acquisition 131 — TX December Hospitality Creek Campground RV: asset acquisition 230 — NJ December Total 15,816 1,062 (1) Includes two marinas. (2) Includes nine MH communities. (3) Includes two RV Resorts. |
Schedule of Purchase Price Allocation | The following table summarizes the amount of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed during the nine months ended September 30, 2022 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (2) Total consideration Asset Acquisition Harrison Yacht Yard (3) $ 5.8 $ — $ — $ — $ 5.8 $ 5.8 $ — $ 5.8 Outer Banks 5.2 — — (0.4) 4.8 4.8 — 4.8 Tower Marine 20.2 — 0.2 (2.1) 18.3 18.3 — 18.3 Sandy Bay 248.1 9.4 1.9 (68.3) 191.1 191.1 — 191.1 Christies Parks (3) 10.1 — — 1.7 11.8 11.8 — 11.8 Bluewater 25.3 1.3 0.1 1.3 28.0 28.0 — 28.0 Bodmin Holiday Park 12.9 — — — 12.9 12.9 — 12.9 Kittery Point 8.0 0.1 — (0.1) 8.0 7.0 1.0 8.0 Spanish Trails MHC 20.6 1.8 — — 22.4 22.4 — 22.4 Pine Acre Trails 29.7 — — — 29.7 29.7 — 29.7 Bel Air Estates & Sunrise Estates 39.3 — 0.7 — 40.0 40.0 — 40.0 Park Leisure 347.1 0.7 15.1 (137.1) 225.8 225.8 — 225.8 Callaly Leisure (4) 24.6 — — — 24.6 24.6 — 24.6 Business Combination Jarrett Bay Boatworks (5)(6) 21.3 1.4 47.5 1.0 71.2 68.4 2.8 71.2 Park Holidays (5)(7) 1,254.8 29.5 574.5 (625.0) 1,233.8 1,199.9 33.9 1,233.8 Montauk Yacht Club (5) 163.6 0.3 26.3 0.3 190.5 190.5 — 190.5 Total $ 2,236.6 $ 44.5 $ 666.3 $ (828.7) $ 2,118.7 $ 2,081.0 $ 37.7 $ 2,118.7 (1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (3) Combined with an existing property. (4) The above allocations are estimates pending purchase price allocations. (5) The Purchase price allocation is preliminary as of September 30, 2022, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. (6) The balance includes the marina acquired in February and the yacht sales business acquired in April of which $0.1 million was recorded in Investment property, $17.6 million in In-place leases, goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net. (7) Includes acquired intangible assets subject to amortization of $70.2 million with a weighted average amortization period of 14.6 years, consisting of trademarks and trade names, customer relationships, and other intangible assets. 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 2021 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) 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 $ 15.0 $ — $ — $ (0.2) $ 14.8 $ 14.8 $ — $ 14.8 Blue Water Beach Resort 9.0 — — (0.3) 8.7 8.7 — 8.7 Tranquility MHC 1.2 — — — 1.2 1.2 — 1.2 Islamorada and Angler House 18.0 — 0.3 (0.3) 18.0 18.0 — 18.0 Prime Martha's Vineyard 22.3 0.2 0.1 (0.7) 21.9 21.9 — 21.9 Pleasant Beach Campground 1.5 — 0.1 — 1.6 1.6 — 1.6 Sun Outdoors Cape Charles 59.7 — 0.2 (2.0) 57.9 57.9 — 57.9 Beachwood Resort 14.0 — 0.2 (7.6) 6.6 6.6 — 6.6 ThemeWorld RV Resort 25.0 — — (0.1) 24.9 24.9 — 24.9 Sylvan Glen Estates 23.6 — 0.5 (0.3) 23.8 (0.2) 24.0 23.8 Shelter Island Boatyard 9.6 0.1 0.4 (0.1) 10.0 10.0 — 10.0 Lauderdale Marine Center 336.9 — 3.3 1.0 341.2 341.2 — 341.2 Apponaug Harbor 6.5 — 0.1 (0.7) 5.9 5.9 — 5.9 Marathon 19.1 — 0.3 (0.2) 19.2 19.2 — 19.2 Allen Harbor 4.0 — — (0.1) 3.9 3.9 — 3.9 Cisco Grove Campground & RV 6.6 — — — 6.6 6.6 — 6.6 Four Leaf Portfolio 210.7 0.3 4.0 (0.5) 214.5 214.5 — 214.5 Harborage Yacht Club 17.3 0.1 4.7 (0.5) 21.6 21.6 — 21.6 Zeman Portfolio 14.2 — 0.7 (0.5) 14.4 14.4 — 14.4 Southern Leisure RV Resort 17.4 — 0.3 (0.3) 17.4 17.4 — 17.4 Sunroad Marina (2) 47.8 — 0.5 65.0 113.3 113.3 — 113.3 Lazy Lakes RV Resort 11.3 — — (0.1) 11.2 11.2 — 11.2 Puerto del Rey 94.5 0.5 1.0 (4.1) 91.9 91.9 — 91.9 Stingray Point 2.9 — — (0.3) 2.6 2.6 — 2.6 Detroit River 8.7 — 0.2 (0.6) 8.3 8.3 — 8.3 Jetstream RV Resort at NASA 17.0 — 0.5 (0.2) 17.3 17.3 — 17.3 Beaver Brook Campground 4.4 — 0.1 — 4.5 4.5 — 4.5 Tall Pines Harbor Campground 10.5 — — — 10.5 10.5 — 10.5 Wells Beach Resort Campground 12.2 — — — 12.2 12.2 — 12.2 Port Royal 20.5 — 0.1 (0.3) 20.3 20.3 — 20.3 Podickory Point 3.3 — — (0.2) 3.1 3.1 — 3.1 Jellystone Park at Mammoth Cave 32.5 — — (0.6) 31.9 31.9 — 31.9 South Bay 14.0 — 0.2 (2.5) 11.7 11.7 — 11.7 Wentworth by the Sea 14.1 0.1 0.1 (1.1) 13.2 13.2 — 13.2 Rocky Mountain RV Park 12.5 — — — 12.5 12.5 — 12.5 At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity Total consideration Haas Lake RV Park Campground 20.1 — — — 20.1 16.5 3.6 20.1 Pearwood RV Resort 10.2 — — — 10.2 10.2 — 10.2 Holly Shores Camping Resort (3) 27.0 — 0.5 (0.5) 27.0 27.0 — 27.0 Pheasant Ridge RV Park 19.0 — — — 19.0 19.0 — 19.0 Coyote Ranch Resort 12.6 — — (0.2) 12.4 12.4 — 12.4 Jellystone Park at Whispering Pines 13.8 — — (0.2) 13.6 13.6 — 13.6 Hospitality Creek Campground (3) 15.0 — 0.6 (0.6) 15.0 15.0 — 15.0 Business Combination Cabrillo Isle 37.6 — 10.1 (0.7) 47.0 47.0 — 47.0 Emerald Coast 9.0 2.7 41.9 (0.6) 53.0 53.0 — 53.0 Total $ 1,302.1 $ 4.0 $ 71.0 $ 38.8 $ 1,415.9 $ 1,388.3 $ 27.6 $ 1,415.9 (1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) The balance includes the marina acquired in August and the restaurant acquired in December of which $9.2 million was recorded in Investment property and $21.0 million in Other assets / (liabilities), net. (3) The allocation was estimated as of December 2021 and was adjusted as of March 2022, based on final purchase price allocation. As of December 31, 2021, we incurred $18.0 million of transaction costs, which were capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. As of December 31, 2021, we also incurred $1.4 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations. Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2021 related to business combinations completed in 2021 are set forth in the following table (in millions): Year Ended December 31, 2021 Total revenues $ 6.4 Net income $ 0.5 The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2021 and 2020, as if the properties combined through business combinations 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 acquisition 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 acquisitions been consummated on January 1, 2020 (in millions, except for per share data): Year Ended (unaudited) December 31, 2021 Total revenues $ 2,330.0 Net income attributable to SUI common shareholders $ 390.9 Net income per share attributable to SUI common shareholders - basic $ 3.47 Net income per share attributable to SUI common shareholders - diluted $ 3.40 At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets (1) Other liabilities, net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity Total consideration Leisure Systems, Inc (1) $ — $ — $ 24.0 $ (2.3) $ 21.7 $ 21.7 $ — $ 21.7 (1) The allocation was preliminary as of December 31, 2021, and was adjusted as of March 2022 based on the final purchase price allocation. |
Business Acquisition, Pro Forma Information | The total amount of Revenues and Net income included in the Consolidated Statements of Operations for the three and nine months ended September 30, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Total revenues $ 140.8 $ 245.0 Net income $ 15.1 $ 20.6 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, 2021 (in millions, except for per share data): Three Months Ended (unaudited) Nine Months Ended (unaudited) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Total revenues $ 932.6 $ 869.3 $ 2,380.3 $ 2,057.9 Net income attributable to SUI common shareholders $ 162.6 $ 259.3 $ 226.8 $ 403.7 Net income per share attributable to SUI common shareholders - basic $ 1.32 $ 2.24 $ 1.89 $ 3.59 Net income per share attributable to SUI common shareholders - diluted $ 1.32 $ 2.23 $ 1.89 $ 3.58 |
Notes And Other Receivables (Ta
Notes And Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes and Loans Payable, 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 millions): September 30, 2022 December 31, 2021 Installment notes receivable on manufactured homes, net $ 69.4 $ 79.1 Notes receivable from real estate developers and operators 288.3 284.0 Other receivables, net 153.3 106.5 Total Notes and Other Receivables, net $ 511.0 $ 469.6 |
Schedule of Installment Notes Receivable | The change in the aggregate balance of the installment notes receivable is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance of gross installment notes receivable $ 79.7 $ 87.2 Financed sale of manufactured homes 1.0 8.6 Adjustment for notes receivable related to assets held for sale — 0.5 Principal payments and payoffs from our customers (8.8) (11.7) Principal reduction from repossessed homes (2.0) (3.0) Dispositions of properties — (1.9) Ending balance of gross installment notes receivable 69.9 79.7 Beginning balance of fair value adjustments on gross installment notes receivable (0.6) (1.3) Fair value adjustment 0.1 0.7 Fair value adjustments on gross installment notes receivable (0.5) (0.6) Ending balance of installment notes receivable, net $ 69.4 $ 79.1 |
Schedule of Changes in Notes Receivable | The change in the aggregate balance of notes receivable from real estate developers and operators is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance $ 284.0 $ 52.6 Additions 65.6 239.7 Payments (21.1) (13.0) Foreign currency exchange gain / (loss) (40.2) 2.5 Other adjustments — 2.2 Ending balance $ 288.3 $ 284.0 |
Schedule Of Other Receivables | Other receivables, net were comprised of amounts due from the following categories (in millions): September 30, 2022 December 31, 2021 Home sale proceeds $ 34.4 $ 33.5 Marina customers for storage, service and lease payments, net (1) 37.5 29.3 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (2) 17.3 10.0 Insurance receivables 21.8 9.0 Other receivables (3) 42.3 24.7 Total Other Receivables, net $ 153.3 $ 106.5 (1) Net of allowance of $1.9 million and $1.5 million as of September 30, 2022 and December 31, 2021, respectively. (2) Net of allowance of $5.2 million and $5.5 million as of September 30, 2022 and December 31, 2021, respectively. |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): September 30, 2022 December 31, 2021 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 164.5 $ (131.8) $ 162.6 $ (120.8) Non-competition agreements 5 years 10.5 (3.6) 10.0 (2.0) Trademarks and trade names 3 - 15 years 74.8 (3.7) 5.8 (0.9) Customer relationships 4 - 17 years 131.4 (21.4) 122.4 (12.3) Franchise agreements and other intangible assets 3 - 27 years 47.5 (8.1) 31.1 (5.8) Total finite-lived assets $ 428.7 $ (168.6) $ 331.9 $ (141.8) Indefinite-lived assets - Trademarks and trade names N/A 140.6 — 114.2 — Indefinite-lived assets - Other N/A 2.5 — 2.5 — Total indefinite-lived assets $ 143.1 $ — $ 116.7 $ — Total $ 571.8 $ (168.6) $ 448.6 $ (141.8) |
Schedule of Intangible Assets Amortization Expense | Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Nine Months Ended Other Intangible Asset Amortization Expense September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 In-place leases $ 3.4 $ 5.7 $ 11.8 $ 22.5 Non-competition agreements 0.5 0.5 1.5 1.5 Trademarks and trade names 1.7 0.2 3.0 0.6 Customer relationships 3.2 2.7 9.1 7.0 Franchise fees and other intangible assets 0.7 0.7 2.0 1.7 Total $ 9.5 $ 9.8 $ 27.4 $ 33.3 |
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 millions): Remainder 2022 2023 2024 2025 2026 In-place leases $ 3.4 $ 10.0 $ 7.0 $ 6.1 $ 3.4 Non-competition agreements 0.5 2.1 2.1 2.1 0.1 Trademarks and trade names 1.4 5.9 5.1 5.1 5.1 Customer relationships 3.2 12.6 12.6 12.6 12.4 Franchise agreements and other intangible assets 0.8 3.3 3.2 3.1 2.8 Total $ 9.3 $ 33.9 $ 30.0 $ 29.0 $ 23.8 |
Schedule of Goodwill | The change in the carrying amount of goodwill during the nine months ended September 30, 2022 is as follows (in millions): December 31, 2021 Acquisitions (1) Currency Translation Adjustment Other (2) September 30, 2022 Segment MH $ — $ 465.0 $ (73.8) $ 39.3 $ 430.5 RV — 9.5 — — 9.5 Marina 495.4 41.5 — 4.6 541.5 Total $ 495.4 $ 516.0 $ (73.8) $ 43.9 $ 981.5 (3) (1) During the nine months ended September 30, 2022, we recorded goodwill of $465.0 million in the MH segment related to the acquisition of Park Holidays, primarily attributed to the acquired platform and assembled workforce value associated with the scale of Park Holidays' existing operations in the United Kingdom. Additionally, we recorded goodwill of $41.5 million in the Marina segment related to the acquisition of Jarrett Bay Boatworks and Montauk Yacht Club, primarily attributed to enterprise value and the assembled workforce value associated with existing operations, and $9.5 million in the RV segment related to the acquisition of Leisure Systems, Inc, primarily attributed to its licensing arrangements, ability to obtain new franchise relationships and assembled workforce. (2) The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are presented under Other in the table above. During the nine months ended September 30, 2022, the goodwill in the MH segment increased by $39.3 million related to the acquisition of Park Holidays. (3) Recognized goodwill from current year acquisitions of $516.0 million is expected to be deductible for tax purposes. |
Investment In Affiliates (Table
Investment In Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The investment balance in each nonconsolidated affiliate was as follows (in millions): Investment September 30, 2022 December 31, 2021 Investment in RezPlot $ — $ 0.1 Investment in Sungenia JV 45.7 36.2 Investment in GTSC 49.9 35.7 Investment in OFS — 0.2 Investment in SV Lift 2.5 2.9 Total $ 98.1 $ 75.1 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Nine Months Ended Income / (Loss) from Nonconsolidated Affiliates September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 RezPlot equity loss $ (0.9) $ (0.8) $ (3.0) $ (1.7) Sungenia JV equity income 1.6 0.4 2.6 1.2 GTSC equity income 1.6 1.7 4.6 4.2 OFS equity income — — 0.3 0.2 SV Lift equity loss (0.3) (0.4) (0.7) (1.0) Total Income from Nonconsolidated Affiliates $ 2.0 $ 0.9 $ 3.8 $ 2.9 The change in the GTSC investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance $ 35.7 $ 25.5 Contributions 25.8 27.3 Distributions (16.2) (23.0) Equity earnings 4.6 6.1 Fair value adjustment — (0.2) Ending Balance $ 49.9 $ 35.7 The change in the Sungenia JV investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning balance $ 36.2 $ 26.9 Cumulative translation adjustment (2.1) (1.5) Contributions 9.0 9.0 Equity earnings 2.6 1.8 Ending Balance $ 45.7 $ 36.2 |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
DisclosureofVariableInterestEntities [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities of our consolidated VIEs, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets after eliminations (in millions): September 30, 2022 December 31, 2021 Assets Investment property, net $ 704.8 $ 623.5 Cash, cash equivalents and restricted cash 22.1 13.6 Other intangible assets, net 13.3 13.4 Other assets, net 5.8 5.3 Total Assets $ 746.0 $ 655.8 Liabilities and Other Equity Secured debt $ 21.3 $ 52.6 Unsecured debt 35.2 35.2 Advanced reservation deposits and rent 16.6 13.5 Accrued expenses and accounts payable 42.0 78.3 Other liabilities 1.5 2.2 Total Liabilities 116.6 181.8 Temporary equity 44.2 35.4 Noncontrolling interests — 19.4 Total Liabilities and Other Equity $ 160.8 $ 236.6 |
Debt And Lines Of Credit (Table
Debt And Lines Of Credit (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 millions, except for statistical information): Carrying Amount Weighted Average Weighted Average September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Secured Debt (1) $ 3,006.0 $ 3,380.7 10.9 10.6 3.665 % 3.779 % Unsecured Debt Senior unsecured notes (2) 1,779.1 1,186.4 8.4 8.5 2.9 % 2.55 % Line of credit and other debt (3) 1,856.0 1,034.8 3.0 3.5 3.261 % 0.978 % Preferred equity - Sun NG Resorts - mandatorily redeemable 35.2 35.2 2.0 2.8 6.0 % 6.0 % Preferred OP units - mandatorily redeemable 34.7 34.7 3.4 4.1 5.932 % 5.932 % Total Unsecured Debt 3,705.0 2,291.1 Total Debt $ 6,711.0 $ 5,671.8 8.8 8.8 3.374 % 3.038 % (1) Balances at September 30, 2022 and December 31, 2021 include $0.1 million and $1.7 million of net debt premium, respectively, and $13.1 million and $14.7 million of deferred financing costs, respectively. (2) Balances at September 30, 2022 and December 31, 2021 include $6.3 million and $3.3 million of net debt discount, respectively, and $14.6 million and $10.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (3) Balance at September 30, 2022 and December 31, 2021 includes $3.3 million and $0 of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. Period Repayment Amount Fixed Interest Rate Maturity Date Loss on Extinguishment of Debt Three months ended September 30, 2022 $ 318.0 (1) 4.81 % December 6, 2022 - September 6, 2024 $ 4.0 Three months ended June 30, 2022 $ 15.8 3.89 % October 1, 2022 $ — Three months ended December 31, 2021 $ 11.6 (2) 4.3 % February 1, 2022 $ — (1) Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024 that are secured by 35 properties. (2) Includes two mortgage term loans which were scheduled to mature on February 1, 2022. |
Equity and Temporary Equity (Ta
Equity and Temporary Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Activity of Conversions | Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock at any time. Below is the activity of conversions during the nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, 2022 September 30, 2021 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP units 1.0000 139,841 139,841 78,724 78,724 Series A-1 preferred OP units 2.4390 4,695 11,444 19,296 47,058 Series C preferred OP units 1.1100 150 166 — — Series E preferred OP units 0.6897 10,000 6,896 — — Series I preferred OP units 0.6098 922,000 562,195 — — (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 September 30, 2022 were as follows: Common Stock, Common OP units and Restricted Stock Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Millions) September 30, 2022 9/30/2022 10/14/2022 $ 0.88 $ 111.2 |
Redeemable Noncontrolling Interest | The following table sets forth the various series of redeemable preferred OP units that were outstanding as of September 30, 2022 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period September 30, 2022 December 31, 2021 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time after earlier of January 31, 2024 or death of holder $ 48.4 $ 49.0 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 8.8 8.8 Series G preferred OP units 240,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 24.6 24.8 Series H preferred OP units 581,407 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 57.0 57.4 Series I preferred OP units (4) — 0.6098 3.0 % Holder's Option Any time after earlier of December 31, 2025 or death of holder — 93.7 Series J preferred OP units 240,000 0.6061 2.85 % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026 23.8 23.9 Total 1,641,075 $ 162.6 $ 257.6 (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units. (3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. (4) All of our outstanding series I preferred OP units converted during the three months ended September 30, 2022. The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions): Equity Interest Description September 30, 2022 December 31, 2021 FPG Sun Moreno Valley 66 LLC In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC $ 0.1 $ 0.1 Sun Solar Energy Project CA II A joint venture that operates and maintains solar energy equipment in select California communities 4.2 0.5 Sun Solar JV A joint venture that operates and maintains solar energy equipment in select California communities 1.8 1.6 FPG Sun Menifee 80 LLC 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 0.1 0.1 NG Sun Whitewater LLC In connection with the investment in land at the property known as Whitewater 3.8 4.3 NG Sun LLC In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the United States 33.6 24.7 NG Sun Beaver Brook LLC In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV communities in the United States 0.6 — Total $ 44.2 $ 31.3 Nine Months Ended September 30, 2022 and 2021 Common OP Units Issued Related Acquisition May 2022 10,854 (1) Rudgate May 2022 5,605 Kittery Point February 2022 14,683 Jarrett Bay Boatworks (1) During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate for a total purchase price of $3.1 million. As consideration, we issued 10,854 common OP units and paid the remainder of the purchase price in cash. The acquisition resulted in the Company owning a 100 percent controlling interest in Rudgate. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Restricted Stock Granted | During the nine months ended September 30, 2022 and 2021, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2022 Key Employees 2015 Equity Incentive Plan 203,210 $ 179.23 (1) Time Based 2022 Executive Officers 2015 Equity Incentive Plan 66,000 $ 178.20 (1) Time Based 2022 Executive Officers 2015 Equity Incentive Plan 91,500 $ 124.88 (2) Market Condition (3) 2022 Directors 2004 Non-Employee Director Option Plan 11,900 $ 197.00 (1) Time Based 2021 Key Employees 2015 Equity Incentive Plan 90,406 $ 146.03 (1) Time Based 2021 Executive Officers 2015 Equity Incentive Plan 72,400 $ 151.67 (1) Time Based 2021 Executive Officers 2015 Equity Incentive Plan 101,100 $ 93.41 (2) Market Condition (3) 2021 Directors 2004 Non-Employee Director Option Plan 11,709 $ 148.28 (1) Time Based (1) Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded. (2) Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded. (3) Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A presentation of segment financial information is summarized as follows (in millions): Three Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Operating revenues $ 419.1 $ 263.4 $ 228.1 $ 910.6 $ 275.6 $ 233.9 $ 163.4 $ 672.9 Operating expenses / Cost of sales 200.5 118.1 136.8 455.4 118.5 109.2 98.9 326.6 NOI $ 218.6 $ 145.3 $ 91.3 $ 455.2 $ 157.1 $ 124.7 $ 64.5 $ 346.3 Adjustments to arrive at net income Interest income 11.2 2.6 Brokerage commissions and other revenues, net 10.8 8.8 General and administrative expense (69.1) (43.2) Catastrophic event-related charges, net (12.2) (0.3) Business combination expense, net (8.4) — Depreciation and amortization (151.3) (127.1) Loss on extinguishment of debt (see Note 8) (4.0) — Interest expense (61.7) (39.0) Interest on mandatorily redeemable preferred OP units / equity (1.0) (1.1) Gain / (loss) on remeasurement of marketable securities (7.2) 12.0 Gain / (loss) on foreign currency exchanges 14.9 (7.0) Gain / (loss) on dispositions of properties (0.8) 108.1 Other income / (expense), net 2.8 (9.3) Gain / (loss) on remeasurement of notes receivable (0.1) 0.1 Income from nonconsolidated affiliates (see Note 6) 2.0 0.9 Loss on remeasurement of investment in nonconsolidated affiliates (0.4) (0.1) Current tax expense (7.3) (0.4) Deferred tax benefit / (expense) 3.6 (1.2) Net Income 177.0 250.1 Less: Preferred return to preferred OP units / equity interests 2.5 3.1 Less: Income attributable to noncontrolling interests 11.9 15.3 Net Income Attributable to SUI Common Shareholders $ 162.6 $ 231.7 Nine Months Ended September 30, 2022 September 30, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Operating revenues $ 1,073.4 $ 569.5 $ 599.8 $ 2,242.7 $ 793.3 $ 492.5 $ 414.7 $ 1,700.5 Operating expenses / Cost of sales 489.9 284.8 376.2 1,150.9 326.8 247.3 256.0 830.1 Net Operating Income / Gross Profit $ 583.5 $ 284.7 $ 223.6 $ 1,091.8 $ 466.5 $ 245.2 $ 158.7 $ 870.4 Adjustments to arrive at net income Interest income 25.3 8.0 Brokerage commissions and other revenues, net 27.4 21.7 General and administrative expense (187.0) (126.7) Catastrophic event-related charges, net (12.3) (3.1) Business combination expense, net (23.9) (1.0) Depreciation and amortization (450.0) (378.1) Loss on extinguishment of debt (see Note 8) (4.4) (8.1) Interest expense (162.2) (116.2) Interest on mandatorily redeemable preferred OP units / equity (3.1) (3.1) Gain / (loss) on remeasurement of marketable securities (74.0) 43.2 Gain / (loss) on foreign currency exchanges 21.7 (7.1) Gain on dispositions of properties 12.5 108.1 Other income / (expense), net 2.6 (10.0) Gain on remeasurement of notes receivable 0.1 0.6 Income from nonconsolidated affiliates (see Note 6) 3.8 2.9 Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 0.1 (0.1) Current tax expense (12.5) (1.4) Deferred tax benefit / (expense) 3.9 (1.1) Net Income 259.8 398.9 Less: Preferred return to preferred OP units / equity interests 8.6 9.0 Less: Income attributable to noncontrolling interests 13.9 22.6 Net Income Attributable to SUI Common Shareholders $ 237.3 $ 367.3 |
Reconciliation of Assets from Segment to Consolidated | September 30, 2022 December 31, 2021 MH RV Marina Consolidated MH RV Marina Consolidated Identifiable Assets Investment property, net $ 6,920.1 $ 3,695.9 $ 2,996.1 $ 13,612.1 $ 5,172.2 $ 3,639.0 $ 2,614.3 $ 11,425.5 Cash, cash equivalents and restricted cash 61.8 38.0 12.2 112.0 36.7 19.9 21.6 78.2 Marketable securities 65.0 35.4 — 100.4 121.0 65.9 — 186.9 Inventory of manufactured homes 146.2 7.3 — 153.5 44.3 6.8 — 51.1 Notes and other receivables, net 379.0 82.2 49.8 511.0 374.2 55.5 39.9 469.6 Goodwill 430.5 9.5 541.5 981.5 — — 495.4 495.4 Other intangible assets, net 95.0 33.9 274.3 403.2 27.4 22.7 256.7 306.8 Other assets, net 327.2 58.1 225.6 610.9 198.0 63.6 219.0 480.6 Total Assets $ 8,424.8 $ 3,960.3 $ 4,099.5 $ 16,484.6 $ 5,973.8 $ 3,873.4 $ 3,646.9 $ 13,494.1 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Computations of basic and diluted EPS were as follows (in millions, except for per share data): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Numerator Net Income Attributable to SUI Common Shareholders $ 162.6 $ 231.7 $ 237.3 $ 367.3 Less: allocation to restricted stock awards 1.1 1.5 1.5 2.4 Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards $ 161.5 $ 230.2 $ 235.8 $ 364.9 Add: allocation to common and preferred OP units dilutive effect 0.5 5.7 4.9 8.3 Diluted earnings - Net income attributable to common shareholders after allocation to common and preferred OP units $ 162.0 $ 235.9 $ 240.7 $ 373.2 Denominator Weighted average common shares outstanding 122.4 115.1 119.2 111.7 Add: common shares dilutive effect: Forward Equity Offering — — 0.2 — Add: dilutive restricted stock — — — — Add: common and preferred OP units dilutive effect 0.4 3.0 2.5 2.6 Diluted weighted average common shares and securities (1) 122.8 118.1 121.9 114.3 EPS Available to Common Shareholders After Allocation Basic EPS $ 1.32 $ 2.00 $ 1.98 $ 3.27 Diluted EPS (1) $ 1.32 $ 2.00 $ 1.97 $ 3.27 (1) For the three and nine months ended September 30, 2022 and 2021, diluted earnings per share was calculated using the two-class method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during 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 EPS as of September 30, 2022 and 2021 (in thousands): As of September 30, 2022 September 30, 2021 Common OP units 2,429 (1) — A-1 preferred OP units 270 275 A-3 preferred OP units 40 40 Aspen preferred OP units 1,284 (2) 1,284 (2) Series C preferred OP units 306 306 Series D preferred OP units 489 489 Series E preferred OP units 80 90 Series F preferred OP units 90 90 Series G preferred OP units 241 241 Series H preferred OP units 581 581 Series I preferred OP units — 922 Series J preferred OP units 240 240 Total Securities 6,050 4,558 (1) For the three months ended September 30, 2022, 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. For the nine months ended September 30, 2022, Common OP units were included in the computation of diluted earnings per share because the inclusion of those securities was dilutive for the period. (2) For the three months ended September 30, 2022 and 2021, Aspen preferred OP units were included in the computation of diluted earnings per share because the inclusion of those securities was dilutive for the period. For the nine months ended September 30, 2022 and 2021, Aspen preferred 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. |
Derivative Instruments And He_2
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): September 30, 2022 December 31, 2021 Derivatives designated as cash flow hedges Notional Fair Value of Assets (1) Fair Value of Liabilities Notional Fair Value of Assets (1) Fair Value of Liabilities Interest rate derivatives $ 645.3 $ 41.4 $ — $ 150.0 $ 0.4 $ — (1) Included within Other Assets, net on the Consolidated Balance Sheets. |
Derivative Instruments, Gain (Loss) | The following table presents the gains on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions): Three Months Ended Nine Months Ended Derivatives designated as cash flow hedges September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Interest rate derivatives $ 40.7 $ — $ 75.7 $ — The following table presents the amount of gains / (losses) on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions): Three Months Ended Nine Months Ended Derivatives designated as cash flow hedges Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Interest rate derivatives Interest expense $ (0.2) $ — $ 0.6 $ — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of September 30, 2022. The table presents the carrying values and fair values of our financial instruments as of September 30, 2022 and December 31, 2021, 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. September 30, 2022 Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 112.0 $ 112.0 $ — $ — $ 112.0 Marketable securities 100.4 100.4 — — 100.4 Installment notes receivable on manufactured homes, net 69.4 — — 69.4 69.4 Notes receivable from real estate developers and operators 288.3 — — 288.3 288.3 Derivative assets 41.4 — 41.4 — 41.4 Total assets measured at fair value $ 611.5 $ 212.4 $ 41.4 $ 357.7 $ 611.5 Financial Liabilities Secured debt $ 3,006.0 $ — $ 3,006.0 $ — $ 2,598.5 Unsecured debt Senior unsecured notes 1,779.1 — 1,779.1 — 1,423.8 Line of credit and other unsecured debt 1,925.9 — 1,925.9 — 1,925.9 Total unsecured debt 3,705.0 — 3,705.0 — 3,349.7 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 6,731.2 $ — $ 6,711.0 $ 20.2 $ 5,968.4 December 31, 2021 Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 78.2 $ 78.2 $ — $ — $ 78.2 Marketable securities 186.9 186.9 — — 186.9 Installment notes receivable on manufactured homes, net 79.1 — — 79.1 79.1 Notes receivable from real estate developers and operators 284.0 — — 284.0 284.0 Derivative assets 0.4 — 0.4 — 0.4 Total assets measured at fair value $ 628.6 $ 265.1 $ 0.4 $ 363.1 $ 628.6 Financial Liabilities Secured debt $ 3,380.7 $ — $ 3,380.7 $ — $ 3,405.9 Unsecured debt Senior unsecured notes 1,186.4 — 1,186.4 — 1,201.8 Line of credit and other unsecured debt 1,104.7 — 1,104.7 — 1,104.7 Total unsecured debt 2,291.1 — 2,291.1 — 2,306.5 Other financial liabilities (contingent consideration) (1) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 5,692.0 $ — $ 5,671.8 $ 20.2 $ 5,732.6 (1) Balance updated during the three months ended March 31, 2022 to include contingent consideration related to a marina acquisition. This contingent consideration was included within Other liabilities on the Consolidated Balance Sheets at December 31, 2021. The change in the marketable securities balance was as follows (in millions): Nine Months Ended Year Ended September 30, 2022 December 31, 2021 Beginning Balance $ 186.9 $ 124.7 Additional purchases — 35.5 Change in fair value measurement (74.0) 33.4 Foreign currency translation adjustment (14.0) (9.2) Dividend reinvestment, net of tax 1.5 2.5 Ending Balance $ 100.4 $ 186.9 |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2022 and 2021 (in millions): Three Months Ended September 30, 2022 September 30, 2021 Assets: Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Warrants Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Level 3 beginning balance at June 30, 2022 and 2021 $ 73.1 $ 292.3 $ — $ 82.5 $ 62.0 Realized gains / (losses) (1) (0.1) — (0.6) 0.1 — Purchases and issuances — 17.8 0.6 3.3 3.4 Sales and settlements (3.6) (4.3) — (3.4) (0.6) Dispositions of properties — — — (1.9) — Foreign currency exchange losses — (17.5) — — — Other adjustments — — — 0.4 (0.2) Level 3 ending balance at September 30, 2022 and 2021 $ 69.4 $ 288.3 $ — $ 81.0 $ 64.6 Nine Months Ended September 30, 2022 September 30, 2021 Assets: Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Warrants Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Level 3 beginning balance at December 31, 2021 and 2020 $ 79.1 $ 284.0 $ — $ — $ — Transfer to level 3 — — — 85.9 52.6 Realized gains / (losses) (1) 0.1 — (2.6) 0.5 — Purchases and issuances 1.0 65.6 2.6 7.2 14.5 Sales and settlements (10.8) (21.1) — (11.2) (1.1) Dispositions of properties — — — (1.9) — Foreign currency exchange losses — (40.2) — — — Other adjustments — — — 0.5 (1.4) Level 3 ending balance at September 30, 2022 and 2021 $ 69.4 $ 288.3 $ — $ 81.0 $ 64.6 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Liabilities: Contingent Consideration Contingent Consideration Contingent Consideration Contingent Consideration Level 3 beginning balance at June 30, 2022 and 2021, and December 31, 2021 and 2020 $ 20.2 $ 18.1 $ 20.2 $ 15.8 Realized losses (1) — 9.2 — 9.3 Purchases and issuances — 11.9 — 15.4 Other adjustments — (0.2) — (1.5) Level 3 ending balance at September 30, 2022 and 2021 $ 20.2 $ 39.0 $ 20.2 $ 39.0 (1) Includes realized gains / losses recorded in earnings within the following line items on the Consolidated Income Statements: Warrants - Income from nonconsolidated affiliates; Installment Notes Receivable on MH, net - Gain on remeasurement of notes receivable; Contingent Consideration - Other income / (expense), net. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Finance Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of September 30, 2022 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2022 (excluding nine months ended September 30, 2022) $ 3.3 $ 0.3 $ 3.6 2023 12.6 0.8 13.4 2024 12.6 4.4 17.0 2025 12.2 0.3 12.5 2026 10.6 0.3 10.9 Thereafter 233.4 11.7 245.1 Total Lease Payments $ 284.7 $ 17.8 $ 302.5 Less: Imputed interest (132.0) (7.6) (139.6) Present Value of Lease Liabilities $ 152.7 $ 10.2 $ 162.9 Maturity of Financial Liability (in millions) September 30, 2022 2022 (excluding nine months ended September 30, 2022) $ 0.7 2023 10.2 2024 10.3 2025 10.4 2026 10.4 Thereafter 1,560.6 Total Payments $ 1,602.6 Less: Imputed interest (1,292.2) Present Value of Financial Liability $ 310.4 |
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 millions): Financial Statement Classification As of Description September 30, 2022 December 31, 2021 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 47.8 $ 4.3 Operating lease, right-of-use asset, net Other assets, net $ 173.7 $ 138.2 Below market operating leases, net Other assets, net $ 91.4 $ 93.1 Lease Liabilities Finance lease liabilities Other liabilities $ 10.2 $ 4.2 Operating lease liabilities Other liabilities $ 152.7 $ 129.2 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 1.3 $ — $ 2.2 $ — Interest on lease liabilities Interest expense 0.2 — 0.3 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.8 2.7 12.6 7.2 Variable lease cost Property operating and maintenance 2.0 1.9 5.4 5.0 Total Lease Expense $ 8.3 $ 4.6 $ 20.5 $ 12.3 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2022 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 27.81 Operating lease 32.93 Weighted-average Discount Rate Finance lease 3.05 % Operating lease 3.81 % Nine Months Ended September 30, 2022 September 30, 2021 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 8.3 $ 4.5 Financing cash flow from finance leases 4.7 0.1 Total Cash Paid On Lease Liabilities $ 13.0 $ 4.6 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Three Months Ended Nine Months Ended Description Financial Statement Classification September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.0 $ 5.3 $ 21.0 $ 14.3 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 0.8 $ 1.3 $ 2.3 $ 3.6 (1) Consists of rent primarily based on a percentage of acquisition costs and net operating income. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of September 30, 2022 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2022 (excluding nine months ended September 30, 2022) $ 3.3 $ 0.3 $ 3.6 2023 12.6 0.8 13.4 2024 12.6 4.4 17.0 2025 12.2 0.3 12.5 2026 10.6 0.3 10.9 Thereafter 233.4 11.7 245.1 Total Lease Payments $ 284.7 $ 17.8 $ 302.5 Less: Imputed interest (132.0) (7.6) (139.6) Present Value of Lease Liabilities $ 152.7 $ 10.2 $ 162.9 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Future minimum lease payments under non-cancellable leases at our RV communities and marinas as of September 30, 2022 where we are the lessor include: Maturity of Lease Payments (in millions) Operating Leases 2022 (excluding the nine months ended September 30, 2022) $ 6.9 2023 25.9 2024 16.1 2025 8.6 2026 5.0 Thereafter 42.1 Total Undiscounted Cash Flows $ 104.6 |
Revenue (Details)
Revenue (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Real property | $ 585.7 | $ 478.1 | $ 1,461.6 | $ 1,213.9 |
Revenues | 932.6 | 684.3 | $ 2,295.4 | 1,730.2 |
Number of reportable segments | segment | 3 | |||
Income From Real Property [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 585.7 | 478.1 | $ 1,461.6 | 1,213.9 |
Revenue From Home Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 150.7 | 81.1 | 358.1 | 215.1 |
Ancillary Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 174.2 | 113.7 | 423 | 271.5 |
Interest [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 11.2 | 2.6 | 25.3 | 8 |
Brokerage Commissions And Other Revenues, Net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 10.8 | 8.8 | 27.4 | 21.7 |
Marinas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 228.1 | 163.7 | 600.9 | 415.6 |
Marinas | Income From Real Property [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 115.8 | 88.7 | 289 | 212.7 |
Marinas | Revenue From Home Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 0 | 0 | 0 | 0 |
Marinas | Ancillary Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 112.3 | 74.7 | 310.8 | 202 |
Marinas | Interest [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 0 | 0 | 0 | 0 |
Marinas | Brokerage Commissions And Other Revenues, Net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 0 | 0.3 | 1.1 | 0.9 |
MH | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 436.1 | 281.4 | 1,112.3 | 809.4 |
MH | Income From Real Property [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 260.3 | 203.6 | 711.4 | 602.4 |
MH | Revenue From Home Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 140.9 | 70.3 | 328.5 | 185.5 |
MH | Ancillary Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 17.9 | 1.7 | 33.5 | 5.4 |
MH | Interest [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 10.4 | 2.2 | 23.3 | 6.3 |
MH | Brokerage Commissions And Other Revenues, Net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 6.6 | 3.6 | 15.6 | 9.8 |
RV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 268.4 | 239.2 | 582.2 | 505.2 |
RV | Income From Real Property [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 209.6 | 185.8 | 461.2 | 398.8 |
RV | Revenue From Home Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 9.8 | 10.8 | 29.6 | 29.6 |
RV | Ancillary Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 44 | 37.3 | 78.7 | 64.1 |
RV | Interest [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | 0.8 | 0.4 | 2 | 1.7 |
RV | Brokerage Commissions And Other Revenues, Net [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Real property | $ 4.2 | $ 4.9 | $ 10.7 | $ 11 |
Real Estate Acquisitions, Sched
Real Estate Acquisitions, Schedule of Business Acquisitions, by Acquisition (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) site development_site manufactured_home shares | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) site property development_site manufactured_home shares | Sep. 30, 2021 USD ($) segment | Dec. 31, 2021 USD ($) development_site site segment | |
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 3,656 | 3,656 | 1,062 | ||
Number of motor home communities (in communities) | segment | 9 | ||||
Number of marinas owned (in marinas) | segment | 2 | ||||
Investment in property | $ 2,236.6 | $ 2,236.6 | $ 1,302.1 | ||
Inventory of manufactured homes, boat parts and retail related items | 44.5 | 44.5 | 4 | ||
In-place leases, goodwill and other intangible assets(1) | 666.3 | 666.3 | 71 | ||
Other assets / (liabilities), net | (828.7) | (828.7) | (38.8) | ||
Total identifiable assets acquired net of liabilities assumed | $ 2,118.7 | 2,118.7 | 1,415.9 | ||
Cash and escrow | 1,388.3 | ||||
Temporary and permanent equity(2) | 37.7 | 27.6 | |||
Total consideration | $ 2,118.7 | $ 1,415.9 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 22,242 | 22,242 | 15,816 | ||
Number of RV Resorts | segment | 2 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,140.5 | $ 1,099.8 | |||
Number Of Managed Properties | property | 2 | ||||
Number Of Properties | property | 2 | ||||
Cash and escrow | $ 2,081 | ||||
Cabrillo Isle | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Investment in property | $ 37.6 | ||||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||||
In-place leases, goodwill and other intangible assets(1) | 10.1 | ||||
Other assets / (liabilities), net | (0.7) | ||||
Total identifiable assets acquired net of liabilities assumed | 47 | ||||
Cash and escrow | 47 | ||||
Temporary and permanent equity(2) | 0 | ||||
Total consideration | $ 47 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 476 | ||||
Leisure Systems, Inc. | |||||
Business Acquisition [Line Items] | |||||
Investment in property | $ 0 | ||||
Inventory of manufactured homes, boat parts and retail related items | 0 | ||||
In-place leases, goodwill and other intangible assets(1) | 24 | ||||
Other assets / (liabilities), net | (2.3) | ||||
Total identifiable assets acquired net of liabilities assumed | $ 21.7 | ||||
Cash and escrow | $ 21.7 | ||||
Temporary and permanent equity(2) | 0 | ||||
Total consideration | $ 21.7 | ||||
Emerald Coast | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Investment in property | $ 9 | ||||
Inventory of manufactured homes, boat parts and retail related items | 2.7 | ||||
In-place leases, goodwill and other intangible assets(1) | 41.9 | ||||
Other assets / (liabilities), net | (0.6) | ||||
Total identifiable assets acquired net of liabilities assumed | 53 | ||||
Cash and escrow | 53 | ||||
Temporary and permanent equity(2) | 0 | ||||
Total consideration | $ 53 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 311 | ||||
Jarrett Bay Boatworks | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | 0 | |||
Investment in property | $ 21.3 | $ 21.3 | |||
Inventory of manufactured homes, boat parts and retail related items | 1.4 | 1.4 | |||
In-place leases, goodwill and other intangible assets(1) | 47.5 | 47.5 | |||
Other assets / (liabilities), net | 1 | 1 | |||
Total identifiable assets acquired net of liabilities assumed | $ 71.2 | 71.2 | |||
Temporary and permanent equity(2) | 2.8 | ||||
Total consideration | $ 71.2 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 12 | 12 | |||
Cash and escrow | $ 68.4 | ||||
Jarrett Bay Bluewater Yacht Sales | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 0 | 0 | |||
Park Holidays | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 1,140 | 1,140 | |||
Number of motor home communities (in communities) | manufactured_home | 40 | ||||
Investment in property | $ 1,254.8 | $ 1,254.8 | |||
Inventory of manufactured homes, boat parts and retail related items | 29.5 | 29.5 | |||
In-place leases, goodwill and other intangible assets(1) | 574.5 | 574.5 | |||
Other assets / (liabilities), net | (625) | (625) | |||
Total identifiable assets acquired net of liabilities assumed | $ 1,233.8 | 1,233.8 | |||
Temporary and permanent equity(2) | 33.9 | ||||
Total consideration | $ 1,233.8 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 15,906 | 15,906 | |||
Cash and escrow | $ 1,199.9 | ||||
Park Leisure | |||||
Business Acquisition [Line Items] | |||||
Number of motor home communities (in communities) | manufactured_home | 11 | ||||
Callaly Leisure | |||||
Business Acquisition [Line Items] | |||||
Number of Development Sites | development_site | 1 | 1 | |||
Montauk Yacht Club | |||||
Business Acquisition [Line Items] | |||||
Investment in property | $ 163.6 | $ 163.6 | |||
Inventory of manufactured homes, boat parts and retail related items | 0.3 | 0.3 | |||
In-place leases, goodwill and other intangible assets(1) | 26.3 | 26.3 | |||
Other assets / (liabilities), net | 0.3 | 0.3 | |||
Total identifiable assets acquired net of liabilities assumed | $ 190.5 | 190.5 | |||
Temporary and permanent equity(2) | 0 | ||||
Total consideration | 190.5 | ||||
Cash and escrow | $ 190.5 | ||||
Tranquility MHC | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 1.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1.2 | ||||
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 | 25 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 1.2 | ||||
Pleasant Beach Campground | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 1.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 102 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1.6 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 1.6 | ||||
Beachwood | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 6.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.2 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 672 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (7.6) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 6.6 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 6.6 | ||||
Islamorada and Angler House | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 18 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 18 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.3 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 251 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.3) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 18 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 18 | ||||
Prime Martha's Vineyard | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 21.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 395 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.7) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 21.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 21.9 | ||||
Themeworld RV | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 24.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25 | ||||
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 | 148 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.1) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 24.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 24.9 | ||||
Sylvan Glen Estates | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 0.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 23.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.5 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 476 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.3) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 23.8 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 24 | ||||
Asset Acquisition, Consideration Transferred | $ 23.8 | ||||
Shelter Island | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 10 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.4 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 52 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.1) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 10 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 10 | ||||
Lauderdale Marine Center | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 341.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 336.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 3.3 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 206 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 341.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 341.2 | ||||
Apponaug Harbor | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 5.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 348 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.7) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 5.9 | ||||
Marathon Marina | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 19.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.3 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 135 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 19.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 19.2 | ||||
Allen Harbor | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 3.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4 | ||||
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 | 176 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.1) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 3.9 | ||||
Cisco Grove Camp Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 407 | ||||
Cash and escrow | $ 6.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6.6 | ||||
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 | 18 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 6.6 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 6.6 | ||||
Four Leaf Portfolio | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 340 | ||||
Cash and escrow | $ 214.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 210.7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 4 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 2,545 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.5) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 214.5 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 214.5 | ||||
Harborage Yacht Club | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 21.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 4.7 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 300 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.5) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 21.6 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 21.6 | ||||
Zenman Portfolio | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 14.4 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.7 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 686 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.5) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 14.4 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 14.4 | ||||
Southern Leisure Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 17.4 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17.4 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.3 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 496 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.3) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 17.4 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 17.4 | ||||
Sunroad Marina | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 113.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 47.8 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.5 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 617 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 65 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 113.3 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 113.3 | ||||
Puerto del Rey | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 91.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 94.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 1,746 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (4.1) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 91.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 91.9 | ||||
Stingray Point | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 2.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2.9 | ||||
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 | 222 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.3) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2.6 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | 2.6 | ||||
Kean's Marina | |||||
Business Acquisition [Line Items] | |||||
Cash and escrow | 8.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8.7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.6) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 8.3 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 8.3 | ||||
Jetstream RV Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 17.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.5 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 202 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 17.3 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 17.3 | ||||
Lazy Lakes RV | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 11.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11.3 | ||||
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 | 99 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.1) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 11.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 11.2 | ||||
Harrison Yacht Yard | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 5.8 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5.8 | 5.8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 21 | 21 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5.8 | 5.8 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 5.8 | ||||
Outer Banks | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 4.8 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 5.2 | 5.2 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 196 | 196 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.4 | 0.4 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 4.8 | 4.8 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 4.8 | ||||
Tower Marine | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 18.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 20.2 | 20.2 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.2 | $ 0.2 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 446 | 446 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (2.1) | (2.1) | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 18.3 | 18.3 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 18.3 | ||||
Thorney Bay | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 456 | 456 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 191.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 248.1 | 248.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 1.9 | $ 1.9 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 730 | 730 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 9.4 | $ 9.4 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (68.3) | (68.3) | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 191.1 | 191.1 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 191.1 | ||||
Sun Outdoors Association Island | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | ||||
Cash and escrow | $ 14.8 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15 | ||||
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 | 294 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 14.8 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 14.8 | ||||
Blue Water Beach Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 8.7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9 | ||||
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 | 177 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.3) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 8.7 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 8.7 | ||||
Sun Outdoors Cape Charles | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 57.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 59.7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.2 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 669 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 57.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 57.9 | ||||
Safe Harbor Detroit River | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 440 | ||||
Beaver Brook Campground | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 150 | ||||
Cash and escrow | $ 4.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4.4 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 204 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 4.5 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 4.5 | ||||
Tall Pines Harbor Campground | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 10.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10.5 | ||||
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 | 241 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 10.5 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 10.5 | ||||
Wells Beach Resort Campground | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 12.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12.2 | ||||
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 | 231 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 12.2 | ||||
Safe Harbor Port Royal | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 20.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 167 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.3) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 20.3 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 20.3 | ||||
Podickory Point | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 3.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3.3 | ||||
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 | 209 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3.1 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 3.1 | ||||
Safe Harbor Sunroad Marina Restaurant | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 0 | ||||
Jellystone Park at Mammoth Cave | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 31.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 32.5 | ||||
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 | 315 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.6) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 31.9 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 31.9 | ||||
South Bay | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 11.7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.2 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 333 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (2.5) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 11.7 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 11.7 | ||||
Wentworth by the Sea | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 13.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 155 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.1 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (1.1) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 13.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 13.2 | ||||
Rocky Mountain RV Park | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 12.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12.5 | ||||
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 | 75 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12.5 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 12.5 | ||||
Haas Lake RV Park Campground | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 16.5 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20.1 | ||||
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 | 492 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 20.1 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 3.6 | ||||
Asset Acquisition, Consideration Transferred | $ 20.1 | ||||
Pearwood RV Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 10.2 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10.2 | ||||
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 | 144 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 10.2 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 10.2 | ||||
Holly Shores Camping Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 27 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 27 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.5 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 310 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.5) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 27 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 27 | ||||
Pheasant Ridge RV Park | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 19 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19 | ||||
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 | 130 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 19 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 19 | ||||
Coyote Ranch Resort | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 165 | ||||
Cash and escrow | $ 12.4 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12.6 | ||||
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 | 165 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12.4 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 12.4 | ||||
Jellystone Park at Whispering Pines | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 13.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13.8 | ||||
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 | 131 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.2) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 13.6 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 13.6 | ||||
Hospitality Creek Campground | |||||
Business Acquisition [Line Items] | |||||
Development Sites | development_site | 0 | ||||
Cash and escrow | $ 15 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.6 | ||||
Sites, Wet Slips and Dry Storage Spaces | site | 230 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.6) | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 15 | ||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 15 | ||||
Christies Parks | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 11.8 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 10.1 | 10.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 249 | 249 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 1.7 | 1.7 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 11.8 | 11.8 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 11.8 | ||||
Bluewater Yacht Sales | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 28 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 25.3 | 25.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.1 | $ 0.1 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 200 | 200 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 1.3 | $ 1.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 1.3 | 1.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 28 | 28 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 28 | ||||
Bodmin Holiday Park | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 12.9 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 12.9 | 12.9 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 69 | 69 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 12.9 | 12.9 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 12.9 | ||||
Kittery Point | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 8 | 8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 62 | 62 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.1 | $ 0.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.1) | (0.1) | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 8 | 8 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 1 | ||||
Asset Acquisition, Consideration Transferred | $ 8 | ||||
Spanish Trails MHC | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 6 | 6 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 22.4 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 20.6 | 20.6 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 195 | 195 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 1.8 | $ 1.8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 22.4 | 22.4 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 22.4 | ||||
Pine Acre Trails | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 603 | 603 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 29.7 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 29.7 | 29.7 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 251 | 251 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 29.7 | 29.7 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 29.7 | ||||
Bel Air Estates & Sunrise Estates | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 40 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 39.3 | 39.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0.7 | $ 0.7 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 379 | 379 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 40 | 40 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 40 | ||||
Park Leisure | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 391 | 391 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 225.8 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 347.1 | 347.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 15.1 | $ 15.1 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 2,914 | 2,914 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0.7 | $ 0.7 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (137.1) | (137.1) | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 225.8 | 225.8 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | 225.8 | ||||
Jarrett Bay Bluewater Yacht Sales | |||||
Business Acquisition [Line Items] | |||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0.1 | 0.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 17.6 | 17.6 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | $ 0.4 | $ 0.4 | |||
Montauk Yacht Club | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 0 | 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 232 | 232 | |||
Callaly Leisure | |||||
Business Acquisition [Line Items] | |||||
Development Sites | site | 1,060 | 1,060 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | $ 24.6 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 24.6 | 24.6 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 0 | $ 0 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 380 | 380 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | $ 0 | $ 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 24.6 | 24.6 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | ||||
Asset Acquisition, Consideration Transferred | $ 24.6 | ||||
Series E Preferred OP Units | |||||
Business Acquisition [Line Items] | |||||
Shares outstanding (in shares) | shares | 80,000 | 80,000 | |||
Series A-4 Preferred Stock, Shares Issued | shares | 90,000 | 90,000 | |||
Series F Preferred OP Units | |||||
Business Acquisition [Line Items] | |||||
Shares outstanding (in shares) | shares | 90,000 | 90,000 | |||
Series G Preferred OP Units | |||||
Business Acquisition [Line Items] | |||||
Shares outstanding (in shares) | shares | 240,710 | 240,710 | |||
Series H Preferred OP Units | |||||
Business Acquisition [Line Items] | |||||
Shares outstanding (in shares) | shares | 581,407 | 581,407 | |||
Series I Preferred OP Units | |||||
Business Acquisition [Line Items] | |||||
Shares outstanding (in shares) | shares | 0 | 0 |
Real Estate Acquisitions, Sch_2
Real Estate Acquisitions, Schedule of Purchase Price Allocation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) manufactured_home | Sep. 30, 2022 USD ($) manufactured_home | Sep. 30, 2021 segment | Dec. 31, 2021 USD ($) segment | |
Business Acquisition [Line Items] | ||||
Capitalized transaction costs | $ 15.5 | $ 15.5 | $ 18 | |
At acquistion date | ||||
Investment in property | 2,236.6 | 2,236.6 | 1,302.1 | |
Inventory of manufactured homes, boat parts and retail related items | 44.5 | 44.5 | 4 | |
In-place leases, goodwill and other intangible assets(1) | 666.3 | 666.3 | 71 | |
Other assets / (liabilities), net | (828.7) | (828.7) | (38.8) | |
Total identifiable assets acquired and liabilities assumed | 2,118.7 | 2,118.7 | 1,415.9 | |
Consideration | ||||
Cash and escrow | 2,081 | |||
Temporary and permanent equity(2) | 37.7 | 27.6 | ||
Total consideration | 2,118.7 | $ 1,415.9 | ||
Number of marinas owned (in marinas) | segment | 2 | |||
Number of motor home communities (in communities) | segment | 9 | |||
Number of RV Resorts | segment | 2 | |||
Islamorada and Angler House | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 18 | |||
Asset Acquisition, Consideration Transferred | 18 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 18 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Prime Martha's Vineyard | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 21.9 | |||
Asset Acquisition, Consideration Transferred | 21.9 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.7 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0.2 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Harrison Yacht Yard | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5.8 | 5.8 | ||
Asset Acquisition, Consideration Transferred | 5.8 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 5.8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5.8 | 5.8 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Outer Banks | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 4.8 | 4.8 | ||
Asset Acquisition, Consideration Transferred | 4.8 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 4.8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.4) | (0.4) | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5.2 | 5.2 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Sunroad Marina and Restaurant | Investment Property | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 9.2 | |||
Sunroad Marina and Restaurant | Other Assets and Liabilities | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 21 | |||
Christies Parks | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 11.8 | 11.8 | ||
Asset Acquisition, Consideration Transferred | 11.8 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 11.8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (1.7) | (1.7) | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10.1 | 10.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Bluewater Yacht Sales | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 28 | 28 | ||
Asset Acquisition, Consideration Transferred | 28 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 28 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (1.3) | (1.3) | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.1 | 0.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25.3 | 25.3 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 1.3 | 1.3 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Jarrett Bay Bluewater Yacht Sales | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.4) | (0.4) | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 17.6 | 17.6 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0.1 | 0.1 | ||
Bel Air Estates & Sunrise Estates | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 40 | 40 | ||
Asset Acquisition, Consideration Transferred | 40 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 40 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.7 | 0.7 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 39.3 | 39.3 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Spanish Trails MHC | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 22.4 | 22.4 | ||
Asset Acquisition, Consideration Transferred | 22.4 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 22.4 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20.6 | 20.6 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 1.8 | 1.8 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Bodmin Holiday Park | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12.9 | 12.9 | ||
Asset Acquisition, Consideration Transferred | 12.9 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 12.9 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12.9 | 12.9 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Kittery Point | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 8 | 8 | ||
Asset Acquisition, Consideration Transferred | 8 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 7 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.1 | 0.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8 | 8 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0.1 | 0.1 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 1 | |||
Pine Acre Trails | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 29.7 | 29.7 | ||
Asset Acquisition, Consideration Transferred | 29.7 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 29.7 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0 | 0 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 29.7 | 29.7 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Park Leisure | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 225.8 | 225.8 | ||
Asset Acquisition, Consideration Transferred | 225.8 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 225.8 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 137.1 | 137.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 15.1 | 15.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 347.1 | 347.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0.7 | 0.7 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Tower Marine | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 18.3 | 18.3 | ||
Asset Acquisition, Consideration Transferred | 18.3 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 18.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 2.1 | 2.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.2 | 0.2 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20.2 | 20.2 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | 0 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Thorney Bay | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 191.1 | 191.1 | ||
Asset Acquisition, Consideration Transferred | 191.1 | |||
Asset Acquisition, Payments to Acquire Businesses, Gross | 191.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 68.3 | 68.3 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 1.9 | 1.9 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 248.1 | 248.1 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 9.4 | 9.4 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Marathon Marina | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 19.2 | |||
Asset Acquisition, Consideration Transferred | 19.2 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.2 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | 0.3 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19.1 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Allen Harbor | ||||
Consideration | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3.9 | |||
Asset Acquisition, Consideration Transferred | 3.9 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.1 | |||
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 | 4 | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Inventory | 0 | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 0 | |||
Cabrillo Isle | ||||
At acquistion date | ||||
Investment in property | 37.6 | |||
Inventory of manufactured homes, boat parts and retail related items | 0 | |||
In-place leases, goodwill and other intangible assets(1) | 10.1 | |||
Other assets / (liabilities), net | (0.7) | |||
Total identifiable assets acquired and liabilities assumed | 47 | |||
Consideration | ||||
Temporary and permanent equity(2) | 0 | |||
Total consideration | $ 47 | |||
Jarrett Bay Boatworks | ||||
At acquistion date | ||||
Investment in property | 21.3 | 21.3 | ||
Inventory of manufactured homes, boat parts and retail related items | 1.4 | 1.4 | ||
In-place leases, goodwill and other intangible assets(1) | 47.5 | 47.5 | ||
Other assets / (liabilities), net | 1 | 1 | ||
Total identifiable assets acquired and liabilities assumed | $ 71.2 | 71.2 | ||
Consideration | ||||
Cash and escrow | 68.4 | |||
Temporary and permanent equity(2) | 2.8 | |||
Total consideration | 71.2 | |||
Park Leisure | ||||
Consideration | ||||
Number of motor home communities (in communities) | manufactured_home | 11 | |||
Park Holidays | ||||
At acquistion date | ||||
Investment in property | $ 1,254.8 | 1,254.8 | ||
Inventory of manufactured homes, boat parts and retail related items | 29.5 | 29.5 | ||
In-place leases, goodwill and other intangible assets(1) | 574.5 | 574.5 | ||
Other assets / (liabilities), net | (625) | (625) | ||
Total identifiable assets acquired and liabilities assumed | $ 1,233.8 | 1,233.8 | ||
Consideration | ||||
Cash and escrow | 1,199.9 | |||
Temporary and permanent equity(2) | 33.9 | |||
Total consideration | $ 1,233.8 | |||
Number of motor home communities (in communities) | manufactured_home | 40 | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 14 years 7 months 6 days | |||
Finite-Lived Intangible Assets Acquired | $ 70.2 |
Real Estate Acquisitions, Pro F
Real Estate Acquisitions, Pro Forma (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) site $ / shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) development_site | Sep. 30, 2021 USD ($) $ / shares | Sep. 30, 2022 USD ($) site $ / shares | Sep. 30, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) site $ / shares | |
Business Acquisition [Line Items] | |||||||
Total revenues | $ 932.6 | $ 869.3 | $ 2,380.3 | $ 2,057.9 | $ 2,330 | ||
Net income attributable to Sun Communities, Inc. common stockholders | $ 162.6 | $ 259.3 | $ 226.8 | $ 403.7 | $ 390.9 | ||
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ / shares | $ 1.32 | $ 2.24 | $ 1.89 | $ 3.59 | $ 3.47 | ||
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ / shares | $ 1.32 | $ 2.23 | $ 1.89 | $ 3.58 | $ 3.40 | ||
Revenues | $ 932.6 | $ 684.3 | $ 2,295.4 | $ 1,730.2 | |||
Net Income Attributable to SUI Common Shareholders | $ 162.6 | $ 231.7 | $ 237.3 | $ 367.3 | |||
Sites, Wet Slips and Dry Storage Spaces | site | 22,242 | 22,242 | 15,816 | ||||
Jarrett Bay Bluewater Yacht Sales | |||||||
Business Acquisition [Line Items] | |||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Liabilities, Goodwill And Other Intangible Assets | $ 17.6 | $ 17.6 | |||||
Rudgate Properties | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 3.1 | ||||||
Common OP Units | Rudgate Properties | |||||||
Business Acquisition [Line Items] | |||||||
Stock Issued During Period, Shares, Acquisitions | shares | 10,854 | ||||||
Country Squire | |||||||
Business Acquisition [Line Items] | |||||||
Sites, Wet Slips and Dry Storage Spaces | development_site | 323 | ||||||
Proceeds related to disposition of properties | $ 29.5 | ||||||
Southern Pines | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds related to disposition of properties | $ 29.5 | ||||||
Cabrillo Isle and Emerald Coast | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | $ 6.4 | ||||||
Net Income Attributable to SUI Common Shareholders | $ 0.5 | ||||||
Jarrett Bay Boatworks | |||||||
Business Acquisition [Line Items] | |||||||
Sites, Wet Slips and Dry Storage Spaces | site | 12 | 12 | |||||
Park Holidays | |||||||
Business Acquisition [Line Items] | |||||||
Sites, Wet Slips and Dry Storage Spaces | site | 15,906 | 15,906 | |||||
Park Holidays, Jarrett Bay Boatworks and Montauk Yacht Club | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | $ 140.8 | $ 245 | |||||
Net Income Attributable to SUI Common Shareholders | $ 15.1 | $ 20.6 |
Real Estate Acquisitions, Narra
Real Estate Acquisitions, Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 18, 2021 USD ($) development_site site | Jul. 02, 2021 USD ($) site development_site | Sep. 30, 2022 USD ($) development_site site | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) development_site | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) development_site site | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) landParcel site segment | |
Business Acquisition [Line Items] | ||||||||||
Total consideration | $ 2,118.7 | $ 1,415.9 | ||||||||
Number of marinas owned (in marinas) | segment | 2 | |||||||||
Gain / (loss) on dispositions of properties | $ (0.8) | $ 108.1 | 12.5 | $ 108.1 | ||||||
Capitalized transaction costs | 15.5 | 15.5 | $ 18 | |||||||
Business combinations | 8.4 | 0 | 23.9 | 1 | ||||||
Number of land parcels acquired | landParcel | 11 | |||||||||
Payments to Acquire Land | $ 172.8 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Revenues | 932.6 | 684.3 | 2,295.4 | 1,730.2 | ||||||
Net Income Attributable to SUI Common Shareholders | $ 162.6 | 231.7 | 237.3 | 367.3 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,140.5 | 1,099.8 | ||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 22,242 | 22,242 | 15,816 | |||||||
Business combinations | $ 8.4 | 0 | $ 23.9 | 1 | ||||||
Capitalized transaction costs | $ 15.5 | $ 15.5 | $ 18 | |||||||
Number of land parcels acquired | landParcel | 11 | |||||||||
Payments to Acquire Land | $ 172.8 | |||||||||
UNITED STATES | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of land parcels acquired | development_site | 3 | 4 | ||||||||
Payments to Acquire Land | $ 18.9 | $ 23.9 | ||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of land parcels acquired | development_site | 3 | 4 | ||||||||
Payments to Acquire Land | $ 18.9 | $ 23.9 | ||||||||
Marinas | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of land parcels acquired | development_site | 2 | |||||||||
Payments to Acquire Land | $ 13.9 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Revenues | 228.1 | $ 163.7 | $ 600.9 | $ 415.6 | ||||||
Number of land parcels acquired | development_site | 2 | |||||||||
Payments to Acquire Land | $ 13.9 | |||||||||
Additional Paid-in Capital | ||||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Issuance of Series F preferred OP units | (1.5) | $ 13.2 | ||||||||
Prime Martha's Vineyard | ||||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 22.3 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 395 | |||||||||
Cabrillo Isle and Emerald Coast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combinations | $ 1.4 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Business combinations | 1.4 | |||||||||
Jarrett Bay Bluewater Yacht Sales | ||||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 0.1 | 0.1 | ||||||||
Cabrillo Isle and Emerald Coast | ||||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Revenues | 6.4 | |||||||||
Net Income Attributable to SUI Common Shareholders | $ 0.5 | |||||||||
Leisure Systems, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration | $ 21.7 | |||||||||
Jarrett Bay Boatworks | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration | $ 71.2 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 12 | 12 | ||||||||
Park Holidays | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration | $ 1,233.8 | |||||||||
Business combinations | $ 23.9 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 15,906 | 15,906 | ||||||||
Business combinations | $ 23.9 | |||||||||
Pin Oak | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration received | $ 67.5 | |||||||||
Gain / (loss) on dispositions of properties | $ 49.4 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number Of Housing Sites Sold | site | 677 | |||||||||
Number of Properties Sold | development_site | 2 | |||||||||
Number Of Housing Sites Sold | site | 677 | |||||||||
Deerfield Run [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration received | $ 67.5 | |||||||||
Gain / (loss) on dispositions of properties | $ 49.4 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 2 | |||||||||
Fiesta Village | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration received | $ 94.6 | |||||||||
Gain / (loss) on dispositions of properties | $ 58.7 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 4 | |||||||||
Verde Plaza | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration received | $ 94.6 | |||||||||
Gain / (loss) on dispositions of properties | $ 58.7 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number Of Housing Sites Sold | site | 1,137 | |||||||||
Number of Properties Sold | development_site | 4 | |||||||||
Number Of Housing Sites Sold | site | 1,137 | |||||||||
Candlelight Village | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration received | $ 94.6 | |||||||||
Gain / (loss) on dispositions of properties | $ 58.7 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 4 | |||||||||
Southfork | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration received | $ 94.6 | |||||||||
Gain / (loss) on dispositions of properties | $ 58.7 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 4 | |||||||||
Southern Pines | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain / (loss) on dispositions of properties | $ 13.3 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 2 | |||||||||
Proceeds related to disposition of properties | $ 29.5 | |||||||||
New Ranch | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain / (loss) on dispositions of properties | $ 13.3 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 2 | |||||||||
Proceeds related to disposition of properties | $ 29.5 | |||||||||
Country Squire | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain / (loss) on dispositions of properties | $ 13.3 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Number of Properties Sold | development_site | 1 | |||||||||
Proceeds related to disposition of properties | $ 29.5 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | development_site | 323 | |||||||||
The Sands RV & Golf Course | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain / (loss) on dispositions of properties | $ 0.8 | |||||||||
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | ||||||||||
Proceeds related to disposition of properties | $ 15 | |||||||||
Sites, Wet Slips and Dry Storage Spaces | development_site | 514 | 514 |
Notes and Other Receivables, Sc
Notes and Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | $ 511 | $ 511 | $ 469.6 | |||
Other Receivables, Storage And Lease Payments, Marina | 37.5 | 37.5 | 29.3 | |||
Insurance receivables | 21.8 | 21.8 | 9 | |||
Other receivables for rent, water, sewer usage | 17.3 | 17.3 | 10 | |||
Other Receivables | 153.3 | 153.3 | 106.5 | |||
Home sale proceeds | 34.4 | 34.4 | 33.5 | |||
Receivable with imputed interest, net | 69.4 | 69.4 | 79.1 | |||
Gain / (loss) on foreign currency exchanges | 14.9 | $ (7) | 21.7 | $ (7.1) | ||
Allowance for rent, water, sewer usage receivables | 5.2 | 5.2 | 5.5 | |||
Marinas | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | 49.8 | 49.8 | 39.9 | |||
Allowance for rent, water, sewer usage receivables | 1.9 | 1.9 | 1.5 | |||
Installment notes receivable on manufactured homes, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | 69.4 | 69.4 | 79.1 | |||
Other Receivables | 42.3 | 42.3 | 24.7 | |||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable, fair value adjustment | (0.5) | (0.5) | (0.6) | $ (1.3) | ||
Installment notes receivable on manufactured homes, net | Reported Value Measurement | Fair Value, Recurring | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | 69.4 | 69.4 | 79.1 | |||
Installment notes receivable on manufactured homes, net | Estimate of Fair Value Measurement | Fair Value, Recurring | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | 69.4 | 69.4 | 79.1 | |||
Notes Receivable, Adjustment to Fair Value | 0.1 | 0.7 | ||||
Notes receivable, fair value adjustment | (0.5) | (0.5) | (0.6) | |||
Other receivables, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | 153.3 | 153.3 | 106.5 | |||
Notes receivable, fair value adjustment | 0.6 | |||||
Notes due from Real Estate Developers and Operators | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total notes and other receivables, net | 288.3 | 288.3 | 284 | 52.6 | ||
Financing Receivable, Purchase | 65.6 | 239.7 | ||||
Financing Receivable, Payments Received | (21.1) | (13) | ||||
Gain / (loss) on foreign currency exchanges | (40.2) | 2.5 | ||||
Financing Receivable, Other Adjustments | 0 | 2.2 | ||||
Installment notes receivable on manufactured homes, gross | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss | $ 69.9 | 69.9 | 79.7 | $ 87.2 | ||
Financed sales of manufactured homes | 1 | 8.6 | ||||
Assets Held For Sale, Adjustment Of Notes Receivable | 0 | 0.5 | ||||
Principal payments and payoffs from our customers | (8.8) | (11.7) | ||||
Principal reduction from repossessed homes | (2) | (3) | ||||
Dispositions of Properties | $ 0 | $ (1.9) |
Notes And Other Receivables - N
Notes And Other Receivables - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Apr. 08, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 31, 2022 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable with imputed interest, net | $ 69.4 | $ 79.1 | |||
Accounts and Financing Receivable, after Allowance for Credit Loss | 511 | 469.6 | |||
Undrawn Funds On Loans | 53.5 | ||||
Other receivables for rent, water, sewer usage | 17.3 | 10 | |||
Allowance for rent, water, sewer usage receivables | (5.2) | (5.5) | |||
Insurance receivables | 21.8 | 9 | |||
Other Receivables | 153.3 | 106.5 | |||
Other Receivables, Storage And Lease Payments, Marina | 37.5 | 29.3 | |||
Home sale proceeds | $ 34.4 | 33.5 | |||
Financing Receivable, Period Drawn | 3 years | ||||
Home sale proceeds | $ 34.4 | 33.5 | |||
Other Receivables, Storage And Lease Payments, Marina | 37.5 | 29.3 | |||
Park Holidays | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Business Combination, Approximate Consideration Transferred, Shares | 186,044 | ||||
RezPlot [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 12.1 | $ 10.2 | |||
Ownership percentage | 48.90% | 49.20% | |||
Debt instrument, face amount | $ 10 | $ 5 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||||
Installment notes receivable on manufactured homes, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 69.4 | $ 79.1 | |||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 7.60% | 7.60% | |||
Receivable With Imputed Interest, Term | 14 years | 14 years 8 months 12 days | |||
Other Receivables | $ 42.3 | $ 24.7 | |||
Other receivables, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable, fair value adjustment | 0.6 | ||||
Accounts and Financing Receivable, after Allowance for Credit Loss | 153.3 | 106.5 | |||
Notes due from Real Estate Developers and Operators | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 288.3 | $ 284 | $ 52.6 | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 8.10% | 7.20% | |||
Receivable With Imputed Interest, Term | 10 months 24 days | 10 months 24 days | |||
Financing Receivable, Purchase | $ 65.6 | $ 239.7 | |||
Financing Receivable, Payments Received | (21.1) | (13) | |||
Financing Receivable, Other Adjustments | 0 | 2.2 | |||
Fair Value, Recurring | Installment notes receivable on manufactured homes, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable, fair value adjustment | (0.5) | (0.6) | $ (1.3) | ||
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 | (0.5) | (0.6) | |||
Accounts and Financing Receivable, after Allowance for Credit Loss | 69.4 | 79.1 | |||
Fair Value, Recurring | Reported Value Measurement | Installment notes receivable on manufactured homes, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 69.4 | $ 79.1 |
Notes and Other Receivables, _2
Notes and Other Receivables, Schedule of installment notes receivable (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable with imputed interest, net | $ 69.4 | $ 79.1 | |
Accounts and Financing Receivable, after Allowance for Credit Loss | 511 | 469.6 | |
Installment notes receivable on manufactured homes, gross | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 79.7 | 87.2 | |
Financed sales of manufactured homes | 1 | 8.6 | |
Principal payments and payoffs from our customers | (8.8) | (11.7) | |
Principal reduction from repossessed homes | 2 | 3 | |
Dispositions of Properties | 0 | (1.9) | |
Ending balance | 69.9 | 79.7 | |
Assets Held For Sale, Adjustment Of Notes Receivable | 0 | 0.5 | |
Installment notes receivable on manufactured homes, net | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss | 69.4 | 79.1 | |
Fair Value, Recurring | Installment notes receivable on manufactured homes, net | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, fair value adjustment | $ (0.5) | $ (0.6) | $ (1.3) |
Intangible Assets Intangible _2
Intangible Assets Intangible Assets, Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 428.7 | $ 331.9 |
Accumulated Amortization | (168.6) | (141.8) |
Goodwill | 981.5 | 495.4 |
2023 | 29 | |
Goodwill, Acquired During Period | 516 | |
Goodwill, Purchase Accounting Adjustments | 43.9 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 143.1 | 116.7 |
Intangible Assets, Gross (Excluding Goodwill) | 571.8 | 448.6 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 516 | |
Marinas | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 541.5 | 495.4 |
Goodwill, Acquired During Period | 41.5 | |
Goodwill, Purchase Accounting Adjustments | 4.6 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
RV | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 9.5 | 0 |
Goodwill, Acquired During Period | 9.5 | |
Goodwill, Purchase Accounting Adjustments | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
MH | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 430.5 | 0 |
Goodwill, Acquired During Period | 465 | |
Goodwill, Purchase Accounting Adjustments | 39.3 | |
Goodwill, Foreign Currency Translation Gain (Loss) | (73.8) | |
MH | Park Holidays | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, Acquired During Period | 465 | |
Goodwill, Purchase Accounting Adjustments | 39.3 | |
Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 140.6 | 114.2 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2.5 | 2.5 |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 164.5 | 162.6 |
Accumulated Amortization | (131.8) | (120.8) |
2023 | 6.1 | |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 47.5 | 31.1 |
Accumulated Amortization | (8.1) | (5.8) |
2023 | $ 3.1 | |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Gross Carrying Amount | $ 10.5 | 10 |
Accumulated Amortization | (3.6) | (2) |
2023 | 2.1 | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 131.4 | 122.4 |
Accumulated Amortization | (21.4) | (12.3) |
2023 | 12.6 | |
Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 74.8 | 5.8 |
Accumulated Amortization | (3.7) | $ (0.9) |
2023 | $ 5.1 | |
Minimum [Member] | Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 months | |
Minimum [Member] | Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Minimum [Member] | Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Minimum [Member] | Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Maximum | Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 13 years | |
Maximum | Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 27 years | |
Maximum | Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 17 years |
Intangible Assets Intangible _3
Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 9.5 | $ 9.8 | $ 27.4 | $ 33.3 |
Leases, Acquired-in-Place [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 3.4 | 5.7 | 11.8 | 22.5 |
Franchise Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 0.7 | 0.7 | 2 | 1.7 |
Noncompete Agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 0.5 | 0.5 | 1.5 | 1.5 |
Trademarks and Trade Names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 1.7 | 0.2 | 3 | 0.6 |
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 3.2 | $ 2.7 | $ 9.1 | $ 7 |
Intangible Assets, Intangibles
Intangible Assets, Intangibles Future Amortization Expense (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 9.3 |
2021 | 33.9 |
2022 | 30 |
2023 | 29 |
2024 | 23.8 |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3.2 |
2021 | 12.6 |
2022 | 12.6 |
2023 | 12.6 |
2024 | 12.4 |
Franchise Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 0.8 |
2021 | 3.3 |
2022 | 3.2 |
2023 | 3.1 |
2024 | 2.8 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3.4 |
2021 | 10 |
2022 | 7 |
2023 | 6.1 |
2024 | 3.4 |
Noncompete Agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 0.5 |
2021 | 2.1 |
2022 | 2.1 |
2023 | 2.1 |
2024 | 0.1 |
Trademarks and Trade Names | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1.4 |
2021 | 5.9 |
2022 | 5.1 |
2023 | 5.1 |
2024 | $ 5.1 |
Investment In Affiliates , Narr
Investment In Affiliates , Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
RezPlot [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 48.90% | 49.20% | |
Sungenia JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50% | 50% | |
GTSC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 40% | 40% | |
Origen Financial Services [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 0% | 22.90% | |
Proceeds from Sale of Equity Method Investments | $ 0.6 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0.3 | ||
SV Lift [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50% | 50% |
Investment in Affiliates, Inves
Investment in Affiliates, Investment Balance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | $ 2 | $ 0.9 | $ 3.8 | $ 2.9 | ||
Equity Method Investments | 98.1 | 98.1 | $ 75.1 | |||
RezPlot [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | (0.9) | (0.8) | (3) | (1.7) | ||
Equity Method Investments | 0 | 0 | 0.1 | |||
Sungenia JV [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 1.6 | 0.4 | 2.6 | 1.2 | 1.8 | |
Equity Method Investments | 45.7 | 45.7 | 36.2 | $ 26.9 | ||
Equity Method Investment, Cumulative Translation Adjustment | (2.1) | (1.5) | ||||
Payments to Acquire Equity Method Investments | 9 | 9 | ||||
GTSC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 1.6 | 1.7 | 4.6 | 4.2 | 6.1 | |
Equity Method Investment, Fair Value Adjustment | 0 | (0.2) | ||||
Equity Method Investments | 49.9 | 49.9 | 35.7 | $ 25.5 | ||
Equity Method Investment, Cash Contributions | 25.8 | 27.3 | ||||
Proceeds from Equity Method Investment, Distribution | (16.2) | (23) | ||||
Origen Financial Services [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0.3 | 0.2 | ||
Equity Method Investments | 0 | 0 | 0.2 | |||
SV Lift [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (Loss) from Equity Method Investments | (0.3) | $ (0.4) | (0.7) | $ (1) | ||
Equity Method Investments | $ 2.5 | $ 2.5 | $ 2.9 |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities, Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||||
Investment property, net | $ 13,612.1 | $ 11,425.5 | |||
Other assets, net (see Note 7 at VIEs) | 610.9 | 480.6 | |||
Secured debt (see Note 8; Note 7 at VIEs) | 3,006 | 3,380.7 | |||
Contract with Customer, Liability | 294.2 | 242.8 | |||
Accounts Payable and Accrued Liabilities | 392.8 | 237.5 | |||
Other liabilities (see Note 7 at VIEs) | 845.4 | 224.1 | |||
Liabilities | 8,354.6 | 6,474.6 | |||
Consolidated entities (see Note 7 at VIEs) | $ 0.6 | $ 19.9 | |||
VIE as a Percentage of Consolidated Assets | 4.50% | 4.90% | |||
VIE as a Percentage of Consolidated Liabilities | 1.40% | 2.80% | |||
VIE as a Percentage of Total Equity | 1% | 1% | |||
Total Assets | $ 16,484.6 | $ 13,494.1 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | 78.2 | $ 85.6 | $ 92.6 | |
Other Intangible Assets, Net | $ 403.2 | 306.8 | |||
Rudgate Properties | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 100% | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100% | ||||
SHM South Fork JV, LLC Properties | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 100% | ||||
Additional Paid-in Capital | |||||
Variable Interest Entity [Line Items] | |||||
Issuance of Series F preferred OP units | $ (1.5) | $ 13.2 | |||
Additional Paid-in Capital | Rudgate Properties | |||||
Variable Interest Entity [Line Items] | |||||
Issuance of Series F preferred OP units | $ 13.2 | ||||
Additional Paid-in Capital | SHM South Fork JV, LLC Properties | |||||
Variable Interest Entity [Line Items] | |||||
Issuance of Series F preferred OP units | 1.9 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment property, net | 704.8 | 623.5 | |||
Other assets, net (see Note 7 at VIEs) | 5.8 | 5.3 | |||
Secured debt (see Note 8; Note 7 at VIEs) | 21.3 | 52.6 | |||
Preferred OP units - mandatorily redeemable | 35.2 | 35.2 | |||
Contract with Customer, Liability | 16.6 | 13.5 | |||
Accounts Payable and Accrued Liabilities | 42 | 78.3 | |||
Other liabilities (see Note 7 at VIEs) | 1.5 | 2.2 | |||
Liabilities | 116.6 | 181.8 | |||
Equity Interests | 44.2 | 35.4 | |||
Consolidated entities (see Note 7 at VIEs) | 0 | 19.4 | |||
Total Liabilities and Stockholder's Equity | 160.8 | 236.6 | |||
Total Assets | 746 | 655.8 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22.1 | 13.6 | |||
Other Intangible Assets, Net | $ 13.3 | $ 13.4 |
Debt And Lines Of Credit , Sche
Debt And Lines Of Credit , Schedule of debt and lines of credit (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 15, 2022 | Oct. 05, 2021 | Jun. 28, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Apr. 25, 2017 | |
Debt Instrument [Line Items] | |||||||||
Document Period End Date | Sep. 30, 2022 | ||||||||
Secured debt | $ 3,006,000,000 | $ 3,006,000,000 | $ 3,380,700,000 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | $ 3,705,000,000 | $ 3,705,000,000 | $ 2,291,100,000 | ||||||
Debt weighted average to maturity, years | 8 years 9 months 18 days | 8 years 9 months 18 days | |||||||
Weighted average interest rate | 3.374% | 3.374% | 3.038% | ||||||
Mortgage Term Loans | $ 3,000,000,000 | $ 3,000,000,000 | |||||||
Total debt | 6,711,000,000 | 6,711,000,000 | $ 5,671,800,000 | ||||||
Gain (Loss) on Extinguishment of Debt | (4,000,000) | $ 0 | (4,400,000) | $ (8,100,000) | |||||
Construction Loan | 20,600,000 | $ 20,600,000 | $ 0 | ||||||
Secured borrowing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduction in secured borrowing balance | $ 318,000,000 | ||||||||
Interest rate | 4.81% | 4.81% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% | |||||||
Debt weighted average to maturity, years | 10 years 10 months 24 days | 10 years 7 months 6 days | |||||||
Weighted average interest rate | 3.665% | 3.665% | 3.779% | ||||||
Mortgage Term Loans | $ 3,400,000 | $ 3,400,000 | |||||||
Debt Instrument, Unamortized Discount (Premium), Net | 100,000 | 100,000 | $ 1,700,000 | ||||||
Debt Issuance Costs, Net | 13,100,000 | 13,100,000 | 14,700,000 | ||||||
Preferred OP units [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred OP units - mandatorily redeemable | $ 34,700,000 | $ 34,700,000 | $ 34,700,000 | ||||||
Debt weighted average to maturity, years | 3 years 4 months 24 days | 4 years 1 month 6 days | |||||||
Weighted average interest rate | 5.932% | 5.932% | 5.932% | ||||||
Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain (Loss) on Extinguishment of Debt | (200,000) | ||||||||
Line of credit, borrowing capacity | $ 750,000,000 | ||||||||
Preferred Equity, Mandatorily Redeemable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred OP units - mandatorily redeemable | $ 35,200,000 | $ 35,200,000 | $ 35,200,000 | ||||||
Debt weighted average to maturity, years | 2 years | 2 years 9 months 18 days | |||||||
Weighted average interest rate | 6% | 6% | 6% | ||||||
Senior Unsecured NOtes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 600,000,000 | ||||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | $ 1,779,100,000 | $ 1,779,100,000 | $ 1,186,400,000 | ||||||
Debt instrument term | 10 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||
Debt weighted average to maturity, years | 8 years 4 months 24 days | 8 years 6 months | |||||||
Weighted average interest rate | 2.90% | 2.90% | 2.55% | ||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 6,300,000 | $ 6,300,000 | $ 3,300,000 | ||||||
Debt Issuance Costs, Net | 14,600,000 | 14,600,000 | 10,300,000 | ||||||
Senior Unsecured Notes - November 2028 Maturity | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 450,000,000 | ||||||||
Debt instrument term | 7 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | ||||||||
Senior Unsecured Notes - April 2032 Maturity | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 600,000,000 | ||||||||
Debt instrument term | 10 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||||||
Reported Value Measurement | |||||||||
Debt Instrument [Line Items] | |||||||||
Secured debt | 3,006,000,000 | 3,006,000,000 | 3,380,700,000 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,705,000,000 | 3,705,000,000 | 2,291,100,000 | ||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit and other | 1,856,000,000 | 1,856,000,000 | 1,034,800,000 | ||||||
Gain (Loss) on Extinguishment of Debt | $ (100,000) | ||||||||
Debt Issuance Costs, Net | $ 3,300,000 | $ 3,300,000 | $ 0 | ||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt weighted average to maturity, years | 3 years | 3 years 6 months | |||||||
Weighted average interest rate | 3.261% | 3.261% | 0.978% |
Debt And Lines Of Credit , Narr
Debt And Lines Of Credit , Narrative - Collateralized Term Loans (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Nov. 16, 2021 shares | Oct. 05, 2021 USD ($) | Jun. 28, 2021 USD ($) | Oct. 31, 2019 USD ($) | Sep. 30, 2022 USD ($) site loans property Rate | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) site loans property Rate | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) loans site Rate | Jun. 30, 2022 loans | Apr. 25, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Gain (loss) on extinguishment of debt | $ 4,000,000 | $ 0 | $ 4,400,000 | $ 8,100,000 | |||||||
Weighted average interest rate | Rate | 3.374% | 3.374% | 3.038% | ||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 22,242 | 22,242 | 15,816 | ||||||||
Debt weighted average to maturity, length | 8 years 9 months 18 days | 8 years 9 months 18 days | |||||||||
Total debt | $ 3,006,000,000 | $ 3,006,000,000 | $ 3,380,700,000 | ||||||||
Document Period End Date | Sep. 30, 2022 | ||||||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,705,000,000 | $ 3,705,000,000 | 2,291,100,000 | ||||||||
Public Offering | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of Shares Sold in Forward Sale Transaction | shares | 4,025,000 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (loss) on extinguishment of debt | 100,000 | ||||||||||
Long-term Debt | 1,000,000,000 | ||||||||||
Line of credit and other | $ 1,856,000,000 | $ 1,856,000,000 | $ 1,034,800,000 | ||||||||
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 | 17 | 17 | 2 | 35 | |||||||
Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Reduction in secured borrowing balance | $ 318,000,000 | ||||||||||
Interest rate | Rate | 4.81% | 4.81% | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.65% | 3.65% | |||||||||
Weighted average interest rate | Rate | 3.665% | 3.665% | 3.779% | ||||||||
Debt weighted average to maturity, length | 10 years 10 months 24 days | 10 years 7 months 6 days | |||||||||
Collateralized Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Pledged Assets, Not Separately Reported, Real Estate, Amount | $ 2,700,000,000 | $ 2,700,000,000 | |||||||||
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 | 2.90% | 2.90% | 2.55% | ||||||||
Debt weighted average to maturity, length | 8 years 4 months 24 days | 8 years 6 months | |||||||||
Proceeds from Issuance of Debt | $ 595,500,000 | $ 592,400,000 | |||||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | $ 1,779,100,000 | $ 1,779,100,000 | $ 1,186,400,000 | ||||||||
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 | |||||||||
Line of credit and other | $ 58,000,000 | $ 974,900,000 | $ 974,900,000 | ||||||||
Line of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (loss) on extinguishment of debt | $ 200,000 | ||||||||||
Line of credit, borrowing capacity | $ 750,000,000 | ||||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate | Rate | 3.261% | 3.261% | 0.978% | ||||||||
Debt weighted average to maturity, length | 3 years | 3 years 6 months | |||||||||
Line of Credit [Member] | Term Loan [Member] | Eurodollar [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis points | 0.95% | ||||||||||
Line of Credit [Member] | Term Loan [Member] | Minimum [Member] | Eurodollar [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | Rate | 1.20% | 1.20% | |||||||||
Basis points | 0.80% | ||||||||||
Line of Credit [Member] | Term Loan [Member] | Maximum | Eurodollar [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | Rate | 2.05% | 2.05% | |||||||||
Basis points | 1.60% | ||||||||||
Senior Unsecured Notes - November 2028 Maturity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 450,000,000 | ||||||||||
Debt instrument term | 7 years | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | ||||||||||
Senior Unsecured Notes - July 2031 Maturity - 2nd Tranche | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 150,000,000 | ||||||||||
Properties securing debt [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, number of properties securing a debt instument | property | 1 | 1 | |||||||||
Properties securing debt [Member] | Collateralized Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 61,993 | 61,993 | |||||||||
Debt Instrument, number of properties securing a debt instument | property | 155 | 155 |
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 | 9 Months Ended | ||||
Jun. 30, 2018 USD ($) | Sep. 30, 2022 USD ($) $ / shares Rate | Jun. 30, 2022 USD ($) Rate | Dec. 31, 2021 USD ($) Rate | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) shares $ / shares Rate | Sep. 30, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||
Convertible units to shares (in shares) | shares | 1,013,819 | ||||||
Financial Instruments Subject to Mandatory Redemption, Rate Of Return | 6% | ||||||
Gain (Loss) on Extinguishment of Debt | $ (4,000,000) | $ 0 | $ (4,400,000) | $ (8,100,000) | |||
Payment, Tax Withholding, Share-based Payment Arrangement | 18,400,000 | $ 17,000,000 | |||||
Preferred Equity, Mandatorily Redeemable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Financial Instruments Subject to Mandatory Redemption, Value of Shares Issued | $ 35,300,000 | ||||||
Preferred OP units - mandatorily redeemable | 35,200,000 | $ 35,200,000 | $ 35,200,000 | ||||
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 | 34,700,000 | 34,700,000 | $ 34,700,000 | ||||
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 | 403,262 | ||||||
Debt Instrument, Interest Rate During Period | Rate | 3.80% | ||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 68 | $ 68 | |||||
Debt Instrument, Convertible, Percent Of Amount By Which The Market Price Of Common Stock Exceeds Threshold | Rate | 25% | ||||||
Conversion of Stock, Shares Converted | shares | 0.397 | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 27 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Reduction in secured borrowing balance | $ 318,000,000 | ||||||
Interest rate | Rate | 4.81% | 4.81% | |||||
Secured Debt [Member] | Matures February 1, 2022, 4.3 Percent Interest Rate | |||||||
Debt Instrument [Line Items] | |||||||
Reduction in secured borrowing balance | $ 11,600,000 | ||||||
Interest rate | Rate | 4.30% | ||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | ||||||
Secured Debt [Member] | Matures October 1, 2022 3.89% Interest Rate | |||||||
Debt Instrument [Line Items] | |||||||
Reduction in secured borrowing balance | $ 15,800,000 | ||||||
Interest rate | Rate | 3.89% | ||||||
Gain (Loss) on Extinguishment of Debt | $ 4,000,000 | $ 0 |
Debt And Lines Of Credit , Na_3
Debt And Lines Of Credit , Narrative - Line of Credit (Details) $ / shares in Units, £ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2022 | Apr. 15, 2022 USD ($) | Apr. 07, 2022 USD ($) | Sep. 30, 2022 USD ($) $ / shares Rate | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) shares $ / shares Rate | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Rate | Mar. 31, 2022 GBP (£) | Jan. 31, 2022 USD ($) | Jun. 14, 2021 USD ($) | Oct. 31, 2019 USD ($) | Apr. 25, 2017 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||
Weighted average interest rate | Rate | 3.374% | 3.374% | 3.038% | |||||||||||
Debt weighted average to maturity, length | 8 years 9 months 18 days | 8 years 9 months 18 days | ||||||||||||
Convertible units to shares (in shares) | shares | 1,013,819 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (4,000,000) | $ 0 | $ (4,400,000) | $ (8,100,000) | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, borrowing capacity | $ 4,200,000,000 | |||||||||||||
Line of credit, additional borrowing capacity | 800,000,000 | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, borrowing capacity | $ 750,000,000 | |||||||||||||
Letters of credit outstanding, amount | $ 21,600,000 | $ 21,600,000 | $ 2,200,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | (200,000) | |||||||||||||
Term Loan [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 1,150,000,000 | |||||||||||||
Basis points | 0.95% | 0.01% | ||||||||||||
Preferred OP units [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Weighted average interest rate | Rate | 5.932% | 5.932% | 5.932% | |||||||||||
Debt weighted average to maturity, length | 3 years 4 months 24 days | 4 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 | $ 34,700,000 | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 68 | $ 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% | |||||||||||||
Debt Instrument, Interest Rate During Period | Rate | 3.80% | |||||||||||||
Convertible units to shares (in shares) | shares | 403,262 | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate | Rate | 4.81% | 4.81% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.65% | 3.65% | ||||||||||||
Weighted average interest rate | Rate | 3.665% | 3.665% | 3.779% | |||||||||||
Debt weighted average to maturity, length | 10 years 10 months 24 days | 10 years 7 months 6 days | ||||||||||||
Bridge Loan | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 1,200,000,000 | £ 950 | ||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 300,000 | |||||||||||||
Revolving Loan | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 3,050,000,000 | $ 2,000,000,000 | ||||||||||||
Line of credit, additional borrowing capacity | $ 1,000,000,000 | |||||||||||||
Basis points | 0.85% | |||||||||||||
Senior Unsecured Notes - April 2032 Maturity | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 600,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||||||
Proceeds from Issuance of Debt | $ 592,300,000 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Long-term Debt | $ 1,000,000,000 | |||||||||||||
Lines of credit | $ 1,856,000,000 | $ 1,856,000,000 | $ 1,034,800,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | (100,000) | |||||||||||||
Revolving Credit Facility [Member] | Safe Harbor | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, borrowing capacity | $ 1,800,000,000 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (7,900,000) | |||||||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Weighted average interest rate | Rate | 3.261% | 3.261% | 0.978% | |||||||||||
Debt weighted average to maturity, length | 3 years | 3 years 6 months | ||||||||||||
Revolving Credit Facility [Member] | Term Loan [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, borrowing capacity | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Lines of credit | 974,900,000 | 974,900,000 | $ 58,000,000 | |||||||||||
Revolving Credit Facility [Member] | Revolving Loan | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Lines of credit | 862,100,000 | $ 862,100,000 | ||||||||||||
Term Loan [Member] | Eurodollar [Member] | Line of Credit [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Basis points | 0.95% | |||||||||||||
Unsecured Term Loan Facility | Term Loan [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Long-term Debt | $ 22,300,000 | $ 22,300,000 | $ 31,600,000 | |||||||||||
Minimum [Member] | Revolving Credit Facility [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% | 1.20% | ||||||||||||
Basis points | 0.80% | |||||||||||||
Maximum | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Basis points | 1.60% | |||||||||||||
Maximum | Term Loan [Member] | Eurodollar [Member] | Line of Credit [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate | Rate | 2.05% | 2.05% | ||||||||||||
Basis points | 1.60% | |||||||||||||
GTSC [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Ownership percentage | 40% | 40% | 40% | |||||||||||
RezPlot [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | |||||||||||
Ownership percentage | 48.90% | 48.90% | 49.20% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | 3% | ||||||||||||
Sungenia JV [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Ownership percentage | 50% | 50% | 50% |
Equity and Temporary Equity, Na
Equity and Temporary Equity, Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Apr. 15, 2022 USD ($) | Dec. 17, 2021 USD ($) | Nov. 16, 2021 salesAgreement $ / shares shares | May 31, 2022 shares | Feb. 28, 2022 shares | Jan. 31, 2020 | Jun. 30, 2018 USD ($) | Sep. 30, 2022 USD ($) $ / shares Rate shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 275,500,000 | $ 229,500,000 | ||||||||||||||
Issuance of common stock and common OP units, net | $ (200,000) | |||||||||||||||
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 1,250,000,000 | $ 160,600,000 | ||||||||||||||
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement | 2% | |||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||||||||||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | 0.01 | $ 0.01 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||
Common Stock, Shares Issued | shares | 123,900,000 | 116,000,000 | 123,900,000 | 116,000,000 | ||||||||||||
Common Stock, Shares Outstanding | shares | 123,880,434 | 116,000,000 | 123,880,434 | 116,000,000 | ||||||||||||
Preferred Stock, Shares Outstanding | shares | 0 | 0 | ||||||||||||||
Number Of Forward Sales Agreements | salesAgreement | 2 | |||||||||||||||
Common Stock, Shares Authorized | shares | 180,000,000 | 180,000,000 | 180,000,000 | 180,000,000 | ||||||||||||
Preferred Stock, Shares Authorized | shares | 20,000,000 | 20,000,000 | ||||||||||||||
Temporary Equity, Dividends | $ 2,000,000 | |||||||||||||||
Common and Preferred Stock, Shares Authorized | shares | 200,000,000 | 200,000,000 | ||||||||||||||
Redeemable Noncontrolling Interest | The following table sets forth the various series of redeemable preferred OP units that were outstanding as of September 30, 2022 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period September 30, 2022 December 31, 2021 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time after earlier of January 31, 2024 or death of holder $ 48.4 $ 49.0 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 8.8 8.8 Series G preferred OP units 240,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 24.6 24.8 Series H preferred OP units 581,407 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 57.0 57.4 Series I preferred OP units (4) — 0.6098 3.0 % Holder's Option Any time after earlier of December 31, 2025 or death of holder — 93.7 Series J preferred OP units 240,000 0.6061 2.85 % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026 23.8 23.9 Total 1,641,075 $ 162.6 $ 257.6 (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units. (3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. (4) All of our outstanding series I preferred OP units converted during the three months ended September 30, 2022. The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions): Equity Interest Description September 30, 2022 December 31, 2021 FPG Sun Moreno Valley 66 LLC In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC $ 0.1 $ 0.1 Sun Solar Energy Project CA II A joint venture that operates and maintains solar energy equipment in select California communities 4.2 0.5 Sun Solar JV A joint venture that operates and maintains solar energy equipment in select California communities 1.8 1.6 FPG Sun Menifee 80 LLC 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 0.1 0.1 NG Sun Whitewater LLC In connection with the investment in land at the property known as Whitewater 3.8 4.3 NG Sun LLC In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the United States 33.6 24.7 NG Sun Beaver Brook LLC In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV communities in the United States 0.6 — Total $ 44.2 $ 31.3 Nine Months Ended September 30, 2022 and 2021 Common OP Units Issued Related Acquisition May 2022 10,854 (1) Rudgate May 2022 5,605 Kittery Point February 2022 14,683 Jarrett Bay Boatworks (1) During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate for a total purchase price of $3.1 million. As consideration, we issued 10,854 common OP units and paid the remainder of the purchase price in cash. The acquisition resulted in the Company owning a 100 percent controlling interest in Rudgate. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. | |||||||||||||||
FPG Sun Moreno Valley 66 | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | ||||||||||||
Sun Solar Energy Project CA II | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 4,200,000 | 500,000 | 4,200,000 | 500,000 | ||||||||||||
Sun Solar JV | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 1,800,000 | 1,600,000 | 1,800,000 | 1,600,000 | ||||||||||||
FPG Sun Menifee 80 LLC | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||
NG Sun Whitewater [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 3,800,000 | 4,300,000 | 3,800,000 | 4,300,000 | ||||||||||||
NG Sun LLC [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 33,600,000 | 24,700,000 | 33,600,000 | 24,700,000 | ||||||||||||
NG Sun TRS Beaver Brook LLC | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 600,000 | 0 | 600,000 | 0 | ||||||||||||
Redeemable Equity Interests | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 44,200,000 | $ 31,300,000 | $ 44,200,000 | $ 31,300,000 | ||||||||||||
Public Offering | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 185 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 705,400,000 | |||||||||||||||
Number of Shares Sold in Forward Sale Transaction | shares | 4,025,000 | |||||||||||||||
June 2021 Sales Agreement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 620,109 | 1,200,000 | ||||||||||||||
Number of Shares Sold in Forward Sale Transaction | shares | 1,820,109 | |||||||||||||||
Available Proceeds from Forward Sale Transaction | $ 356,500,000 | |||||||||||||||
December 2021 Sales Agreement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 1,526,212 | |||||||||||||||
Number of Shares Sold in Forward Sale Transaction | shares | 15,000 | 290,600 | 600,503 | 620,109 | ||||||||||||
Available Proceeds from Forward Sale Transaction | $ 2,600,000 | $ 50,100,000 | $ 107,900,000 | |||||||||||||
Series E Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Temporary Equity, Dividends For Term One, Percentage | 5.25% | |||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||||||||||||||
Temporary Equity, Dividends For Term Two, Percentage | Rate | 5.50% | |||||||||||||||
Shares outstanding (in shares) | shares | 80,000 | 80,000 | ||||||||||||||
Series A-4 Preferred Stock, Shares Issued | shares | 90,000 | 90,000 | ||||||||||||||
Series E Preferred OP Units | Maximum | ||||||||||||||||
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] | ||||||||||||||||
Shares outstanding (in shares) | shares | 488,958 | 488,958 | ||||||||||||||
Temporary Equity, Dividends | $ 0.040 | |||||||||||||||
Temporary Equity, Conversation Ratio | 0.8000 | 0.8000 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 48,400,000 | $ 49,000,000 | $ 48,400,000 | 49,000,000 | ||||||||||||
Common OP Units | Rudgate Properties | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 10,854 | |||||||||||||||
Common OP Units | Jarrett Bay Boatworks | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 14,683 | |||||||||||||||
Common OP Units | Kittery Point | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 5,605 | |||||||||||||||
Series F Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares outstanding (in shares) | shares | 90,000 | 90,000 | ||||||||||||||
Temporary Equity, Dividends | $ 0.030 | |||||||||||||||
Temporary Equity, Conversation Ratio | 0.6250 | 0.6250 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 8,800,000 | 8,800,000 | $ 8,800,000 | 8,800,000 | ||||||||||||
Series G Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares outstanding (in shares) | shares | 240,710 | 240,710 | ||||||||||||||
Temporary Equity, Dividends | $ 0.032 | |||||||||||||||
Temporary Equity, Conversation Ratio | 0.6452 | 0.6452 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 24,600,000 | 24,800,000 | $ 24,600,000 | 24,800,000 | ||||||||||||
Series H Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares outstanding (in shares) | shares | 581,407 | 581,407 | ||||||||||||||
Temporary Equity, Dividends | $ 0.030 | |||||||||||||||
Temporary Equity, Conversation Ratio | 0.6098 | 0.6098 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 57,000,000 | 57,400,000 | $ 57,000,000 | 57,400,000 | ||||||||||||
Series J Preferred Op Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares outstanding (in shares) | shares | 240,000 | 240,000 | ||||||||||||||
Temporary Equity, Dividends | $ 0.0285 | |||||||||||||||
Temporary Equity, Conversation Ratio | 0.6061 | 0.6061 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 23,800,000 | 23,900,000 | $ 23,800,000 | 23,900,000 | ||||||||||||
Series I Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares outstanding (in shares) | shares | 0 | 0 | ||||||||||||||
Temporary Equity, Dividends | $ 0.030 | |||||||||||||||
Temporary Equity, Conversation Ratio | 0.6098 | 0.6098 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 0 | 93,700,000 | $ 0 | 93,700,000 | ||||||||||||
Redeemable Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares outstanding (in shares) | shares | 1,641,075 | 1,641,075 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 162,600,000 | 257,600,000 | $ 162,600,000 | 257,600,000 | ||||||||||||
Conversion of Common OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | shares | 139,841 | 78,724 | ||||||||||||||
Conversion of Common OP Units | Common OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | shares | 139,841 | 78,724 | ||||||||||||||
Series A-1 Preferred OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | shares | 11,444 | 47,058 | ||||||||||||||
Series A-1 Preferred OP Units | Common OP Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Common OP Units to common stock (in shares) | shares | 4,695 | 19,296 | ||||||||||||||
NG Sun LLC [Member] | Sun NG RV Resorts [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Variable Interest Entity, Equity Interests Issued, Floating Rate | 5% | |||||||||||||||
NG Sun LLC [Member] | Common Stock | Sun NG RV Resorts [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ 6,500,000 | |||||||||||||||
Sun NG RV Resorts [Member] | Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ 3,000,000 | |||||||||||||||
Sun NG RV Resorts [Member] | Common Stock | Sun NG RV Resorts [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Variable Interest Entity, Equity Interests Issued | $ 15,400,000 | |||||||||||||||
Variable Interest Entity, Contingent Consideration, Earnout Provision | $ 38,300,000 | $ 38,300,000 | ||||||||||||||
Rudgate Properties | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Ownership percentage | 100% | 100% |
Equity and Temporary Equity, Co
Equity and Temporary Equity, Conversion of Stock (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2020 | Sep. 30, 2022 $ / shares Rate shares | Sep. 30, 2022 $ / shares shares | Sep. 30, 2021 shares | |
Conversion of Stock [Line Items] | ||||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||
Conversion of Common OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 139,841 | 78,724 | ||
Series A-1 Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 11,444 | 47,058 | ||
Series C preferred OP units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 166 | 0 | ||
Series E Preferred OP Units [Domain] | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 6,896 | 0 | ||
Series I Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 562,195 | 0 | ||
Series D Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Shares Outstanding | 488,958 | 488,958 | ||
Common OP Units | Conversion of Common OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 1 | |||
Conversion of units | 139,841 | 78,724 | ||
Common OP Units | Series A-1 Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 2.4390 | |||
Conversion of units | 4,695 | 19,296 | ||
Preferred Stock | Series C preferred OP units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 1.1100 | |||
Conversion of units | 150 | 0 | ||
Preferred Stock | Series E Preferred OP Units [Domain] | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 0.6897 | |||
Conversion of units | 10,000 | 0 | ||
Preferred Stock | Series I Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 0.6098 | |||
Conversion of units | 922,000 | 0 | ||
Series I Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Shares Outstanding | 0 | 0 | ||
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 | 80,000 | 80,000 | ||
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 | ||||
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 Outstanding | 90,000 | 90,000 |
Equity and Temporary Equity Equ
Equity and Temporary Equity Equity and Temporary Equity, Dividends Payable Table (Details) - Common Stock, Restricted Stock, and Common OP Units $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares | |
Dividends Payable [Line Items] | |
Dividends per common share | $ / shares | $ 0.88 |
Payments of dividends | $ | $ 111.2 |
Equity and Temporary Equity E_2
Equity and Temporary Equity Equity and Temporary Equity, Schedule of Sale of Common Stock (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 17, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 1,250 | $ 160.6 | |||
Issuance of common stock and common OP units, net | $ (0.2) | ||||
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement | 2% | ||||
Proceeds from Issuance of Common Stock | $ 275.5 | $ 229.5 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | 9 Months Ended | |
Sep. 30, 2022 numberOfPlans $ / shares shares | Sep. 30, 2021 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Of Share-Based Compensation Plans | numberOfPlans | 2 | |
2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 4,750,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 3,123,980 | |
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 | 257,663 | 288,024 |
Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value | $ / shares | $ 179.23 | $ 146.03 |
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) | 66,000 | 72,400 |
Weighted average grant date fair value | $ / shares | $ 178.20 | $ 151.67 |
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) | 11,900 | 11,709 |
Weighted average grant date fair value | $ / shares | $ 197 | $ 148.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
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) | 203,210 | 90,406 |
Time Based [Member] | Key Employees and Executive Officers | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
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) | 91,500 | 101,100 |
Weighted average grant date fair value | $ / shares | $ 124.88 | $ 93.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting, Seasonality (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Assets | $ 16,484.6 | $ 13,494.1 |
Goodwill | $ 981.5 | $ 495.4 |
Segment Reporting Results of Op
Segment Reporting Results of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | $ 932.6 | $ 684.3 | $ 2,295.4 | $ 1,730.2 |
Brokerage commissions and other, net | 10.8 | 8.8 | 27.4 | 21.7 |
General and administrative expense | (69.1) | (43.2) | (187) | (126.7) |
Catastrophic weather related charges | (12.2) | (0.3) | (12.3) | (3.1) |
Gain (Loss) on Extinguishment of Debt | (4) | 0 | (4.4) | (8.1) |
Interest on mandatorily redeemable preferred OP units / equity | (1) | (1.1) | (3.1) | (3.1) |
Remeasurement Of Marketable Securities | (7.2) | 12 | (74) | 43.2 |
Gain / (loss) on foreign currency exchanges | 14.9 | (7) | 21.7 | (7.1) |
Gain / (loss) on dispositions of properties | (0.8) | 108.1 | 12.5 | 108.1 |
Other income / (expense), net | 2.8 | (9.3) | 2.6 | (10) |
Loss on Remeasurement of Notes Receivable | (0.1) | 0.1 | 0.1 | 0.6 |
Income (Loss) from Equity Method Investments | 2 | 0.9 | 3.8 | 2.9 |
Distributions from Affiliate | 2 | 0.9 | 3.8 | 2.9 |
Loss on Remeasurement of Investment | (0.4) | (0.1) | 0.1 | (0.1) |
Deferred Income Tax Expense (Benefit) | 3.6 | (1.2) | 3.9 | (1.1) |
Net Income | 177 | 250.1 | 259.8 | 398.9 |
Less: Preferred return to Series A-1 preferred OP units | 8.6 | 9 | ||
Less: Amounts attributable to noncontrolling interests | 13.9 | 22.6 | ||
Net Income Attributable to SUI Common Shareholders | 162.6 | 231.7 | 237.3 | 367.3 |
RV | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 268.4 | 239.2 | 582.2 | 505.2 |
MH | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 436.1 | 281.4 | 1,112.3 | 809.4 |
Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 228.1 | 163.7 | 600.9 | 415.6 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 910.6 | 672.9 | 2,242.7 | 1,700.5 |
Operating expenses / Cost of sales | 455.4 | 326.6 | 1,150.9 | 830.1 |
Operating Income (Loss), Total | 455.2 | 346.3 | 1,091.8 | 870.4 |
Operating Segments [Member] | RV | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 263.4 | 233.9 | 569.5 | 492.5 |
Operating expenses / Cost of sales | 118.1 | 109.2 | 284.8 | 247.3 |
Operating Income (Loss), Total | 145.3 | 124.7 | 284.7 | 245.2 |
Operating Segments [Member] | MH | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 419.1 | 275.6 | 1,073.4 | 793.3 |
Operating expenses / Cost of sales | 200.5 | 118.5 | 489.9 | 326.8 |
Operating Income (Loss), Total | 218.6 | 157.1 | 583.5 | 466.5 |
Operating Segments [Member] | Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue From Home Sales | 228.1 | 163.4 | 599.8 | 414.7 |
Operating expenses / Cost of sales | 136.8 | 98.9 | 376.2 | 256 |
Operating Income (Loss), Total | 91.3 | 64.5 | 223.6 | 158.7 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 11.2 | 2.6 | 25.3 | 8 |
Brokerage commissions and other, net | 10.8 | 8.8 | 27.4 | 21.7 |
General and administrative expense | (69.1) | (43.2) | (187) | (126.7) |
Catastrophic weather related charges | (12.2) | (0.3) | (12.3) | (3.1) |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (8.4) | 0 | (23.9) | (1) |
Depreciation and amortization | (151.3) | (127.1) | (450) | (378.1) |
Gain (Loss) on Extinguishment of Debt | (4) | 0 | (4.4) | (8.1) |
Interest expense | (61.7) | (39) | (162.2) | (116.2) |
Interest on mandatorily redeemable preferred OP units / equity | (1) | (1.1) | (3.1) | (3.1) |
Remeasurement Of Marketable Securities | (7.2) | 12 | (74) | 43.2 |
Gain / (loss) on foreign currency exchanges | 14.9 | (7) | 21.7 | (7.1) |
Gain / (loss) on dispositions of properties | (0.8) | 108.1 | 12.5 | 108.1 |
Other income / (expense), net | 2.8 | (9.3) | 2.6 | (10) |
Loss on Remeasurement of Notes Receivable | (0.1) | 0.1 | 0.1 | 0.6 |
Income (Loss) from Equity Method Investments | 2 | 0.9 | ||
Distributions from Affiliate | 3.8 | 2.9 | ||
Loss on Remeasurement of Investment | (0.4) | (0.1) | 0.1 | (0.1) |
Current tax expense | (7.3) | (0.4) | (12.5) | (1.4) |
Deferred Income Tax Expense (Benefit) | 3.6 | (1.2) | 3.9 | (1.1) |
Net Income | 177 | 250.1 | 259.8 | 398.9 |
Less: Preferred return to Series A-1 preferred OP units | (2.5) | (3.1) | ||
Less: Amounts attributable to noncontrolling interests | 11.9 | 15.3 | ||
Net Income Attributable to SUI Common Shareholders | $ 162.6 | $ 231.7 | $ 237.3 | $ 367.3 |
Segment Reporting Identifiable
Segment Reporting Identifiable Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | $ 13,612.1 | $ 11,425.5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | 78.2 | $ 85.6 | $ 92.6 |
Marketable securities | 100.4 | 186.9 | ||
Inventory of manufactured homes | 153.5 | 51.1 | ||
Notes and other receivables, net | 511 | 469.6 | ||
Goodwill | 981.5 | 495.4 | ||
Other Intangible Assets, Net | 403.2 | 306.8 | ||
Other assets | 610.9 | 480.6 | ||
Total Assets | 16,484.6 | 13,494.1 | ||
MH | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 6,920.1 | 5,172.2 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 61.8 | 36.7 | ||
Marketable securities | 65 | 121 | ||
Inventory of manufactured homes | 146.2 | 44.3 | ||
Notes and other receivables, net | 379 | 374.2 | ||
Goodwill | 430.5 | 0 | ||
Other Intangible Assets, Net | 95 | 27.4 | ||
Other assets | 327.2 | 198 | ||
Total Assets | 8,424.8 | 5,973.8 | ||
RV | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 3,695.9 | 3,639 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 38 | 19.9 | ||
Marketable securities | 35.4 | 65.9 | ||
Inventory of manufactured homes | 7.3 | 6.8 | ||
Notes and other receivables, net | 82.2 | 55.5 | ||
Goodwill | 9.5 | 0 | ||
Other Intangible Assets, Net | 33.9 | 22.7 | ||
Other assets | 58.1 | 63.6 | ||
Total Assets | 3,960.3 | 3,873.4 | ||
Marinas | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 2,996.1 | 2,614.3 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 12.2 | 21.6 | ||
Marketable securities | 0 | 0 | ||
Inventory of manufactured homes | 0 | 0 | ||
Notes and other receivables, net | 49.8 | 39.9 | ||
Goodwill | 541.5 | 495.4 | ||
Other Intangible Assets, Net | 274.3 | 256.7 | ||
Other assets | 225.6 | 219 | ||
Total Assets | $ 4,099.5 | $ 3,646.9 |
Income Taxes , Narrative (Detai
Income Taxes , Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||||
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification | 95% | ||||
Required Minimum Percent of Taxable Income Distributed to Stock Holders | 90% | ||||
Deferred Tax Liabilities, Gross | $ 289,400,000 | $ 289,400,000 | $ 23,700,000 | ||
Unrecognized Tax Benefits | 0 | $ 0 | 0 | $ 0 | |
Provision for state income taxes | 7,300,000 | 400,000 | 12,500,000 | 1,400,000 | |
Deferred Income Tax Expense (Benefit) | (3,600,000) | 1,200,000 | (3,900,000) | $ 1,100,000 | |
Deferred Tax Liabilities, Net | 287,100,000 | 287,100,000 | 20,700,000 | ||
Deferred Tax Assets, Net of Valuation Allowance | 2,300,000 | 2,300,000 | $ 3,000,000 | ||
Deferred State and Local Income Tax Expense (Benefit) | 3,600,000 | $ 1,200,000 | 3,900,000 | ||
UNITED STATES | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred Tax Assets, Net of Valuation Allowance | $ 1,200,000 | $ 1,200,000 |
Earnings Per Share , Calculatio
Earnings Per Share , Calculation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator | ||||
Net Income Attributable to SUI Common Shareholders | $ 162.6 | $ 231.7 | $ 237.3 | $ 367.3 |
Less: allocation to restricted stock awards | 1.1 | 1.5 | 1.5 | 2.4 |
Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards | 161.5 | 230.2 | 235.8 | 364.9 |
Dilutive Securities, Effect on Basic Earnings Per Share, Common Equity | 0.5 | 5.7 | 4.9 | 8.3 |
Diluted earnings - Net income attributable to common stockholders after allocation to restricted stock awards | $ 162 | $ 235.9 | $ 240.7 | $ 373.2 |
Denominator | ||||
Weighted average common shares outstanding | 122.4 | 115.1 | 119.2 | 111.7 |
Add: common shares dilutive effect: Forward Equity Offering | 0 | 0 | 0.2 | 0 |
Add: dilutive restricted stock | 0 | 0 | 0 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Common Equity | 0.4 | 3 | 2.5 | 2.6 |
Diluted weighted average common shares and securities | 122.8 | 118.1 | 121.9 | 114.3 |
Earnings Per Share, Basic | $ 1.32 | $ 2 | $ 1.98 | $ 3.27 |
Earnings Per Share, Diluted | $ 1.32 | $ 2 | $ 1.97 | $ 3.27 |
Earnings Per Share , Antidiluti
Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 6,050 | 4,558 |
Common OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,429 | 0 |
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 | 270 | 275 |
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 | 489 | 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 | 40 | 40 |
Series C preferred OP units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 306 | 306 |
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 | 1,284 | 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 | 80 | 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 | 90 | 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 | 241 | 241 |
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 | 581 | 581 |
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 | 0 | 922 |
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 | 240 | 240 |
Derivative Instruments And He_3
Derivative Instruments And Hedging Activities , Derivative Contracts (Details) £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Apr. 12, 2022 | Sep. 30, 2022 USD ($) development_site | Jun. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) development_site | Sep. 30, 2021 USD ($) | Sep. 30, 2022 GBP (£) development_site | Mar. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ 40.7 | $ 0 | $ 75.7 | $ 0 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.2) | 0 | 0.6 | 0 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 200 | $ 600 | $ 200 | $ 600 | |||||
Treasury Lock | Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 150 | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||||||
Derivative, Number of Instruments Held | development_site | 2 | 2 | 2 | ||||||
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years | 10 years | |||||||
Derivative, Number of Instruments Sold | contract | 4 | 4 | |||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0 | 0 | |||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 0 | $ 0 | |||||||
Derivative, Cash Received on Hedge | $ 35.3 | ||||||||
Treasury Lock | Designated as Hedging Instrument | Cash Flow Hedging | Fair Value, Inputs, Level 2 | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | $ 0.4 | ||||||||
Treasury Lock and Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 645.3 | $ 645.3 | |||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 13 | ||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.2) | 0.6 | |||||||
Treasury Lock and Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | Fair Value, Inputs, Level 2 | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 41.4 | 41.4 | |||||||
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 445.3 | $ 445.3 | £ 400 | ||||||
Derivative, Number of Instruments Held | development_site | 2 | 2 | 2 | ||||||
Derivative, Average Fixed Interest Rate | 3.67% | 3.67% | 3.67% | ||||||
Derivative, Average Fixed Interest Rate | 3.67% | 3.67% | 3.67% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 12, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financial assets | |||||||||
Notes and other receivables, net | $ 511 | $ 511 | $ 469.6 | ||||||
Financial liabilities | |||||||||
Secured debt | 3,006 | 3,006 | 3,380.7 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,705 | 3,705 | 2,291.1 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | $ 85.6 | 112 | $ 85.6 | 78.2 | $ 92.6 | |||
Other liabilities (see Note 7 at VIEs) | 845.4 | 845.4 | 224.1 | ||||||
Gain / (loss) on foreign currency exchanges | 14.9 | (7) | 21.7 | (7.1) | |||||
Marinas | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 49.8 | 49.8 | 39.9 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 12.2 | 12.2 | 21.6 | ||||||
Treasury Lock | Cash Flow Hedging | Designated as Hedging Instrument | |||||||||
Financial liabilities | |||||||||
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years | 10 years | |||||||
Fair Value, Inputs, Level 2 | Treasury Lock | Cash Flow Hedging | Designated as Hedging Instrument | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.4 | ||||||||
Installment notes receivable on manufactured homes, net | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 69.4 | 69.4 | 79.1 | ||||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 69.4 | $ 73.1 | 81 | 69.4 | 81 | 79.1 | $ 82.5 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 85.9 | |||||||
Gain / (loss) on foreign currency exchanges | 0 | 0 | 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 | (0.1) | 0.1 | 0.1 | 0.5 | |||||
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 | (3.6) | (3.4) | (10.8) | (11.2) | |||||
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 | 0 | 0.4 | 0 | 0.5 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Disposition of properties | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | (1.9) | 0 | (1.9) | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Inssurances | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 3.3 | 1 | 7.2 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 288.3 | 292.3 | 64.6 | 288.3 | 64.6 | 284 | $ 62 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 52.6 | |||||||
Gain / (loss) on foreign currency exchanges | (17.5) | 0 | (40.2) | 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 | 0 | 0 | |||||
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 | (4.3) | (0.6) | (21.1) | (1.1) | |||||
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 | 0 | (0.2) | 0 | (1.4) | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Disposition of properties | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | 0 | 0 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Inssurances | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 17.8 | $ 3.4 | 65.6 | $ 14.5 | |||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 0 | $ 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||||||
Gain / (loss) on foreign currency exchanges | 0 | 0 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (0.6) | (2.6) | |||||||
Warrants | 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 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Disposition of properties | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Inssurances | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.6 | 2.6 | |||||||
Reported Value Measurement | |||||||||
Financial liabilities | |||||||||
Secured debt | 3,006 | 3,006 | 3,380.7 | ||||||
Senior Notes | 1,779.1 | 1,779.1 | 1,186.4 | ||||||
Lines of credit | 1,925.9 | 1,925.9 | 1,104.7 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,705 | 3,705 | 2,291.1 | ||||||
Other financial liabilities (contingent consideration) | 20.2 | 20.2 | 20.2 | ||||||
Financial Liabilities Fair Value Disclosure | 6,731.2 | 6,731.2 | 5,692 | ||||||
Reported Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 41.4 | 41.4 | 0.4 | ||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 611.5 | 611.5 | 628.6 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | 112 | 78.2 | ||||||
Reported Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 69.4 | 69.4 | 79.1 | ||||||
Reported Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 288.3 | 288.3 | 284 | ||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 41.4 | 41.4 | 0.4 | ||||||
Financial liabilities | |||||||||
Secured debt | 2,598.5 | 2,598.5 | 3,405.9 | ||||||
Senior Notes | 1,423.8 | 1,423.8 | 1,201.8 | ||||||
Lines of credit | 1,925.9 | 1,925.9 | 1,104.7 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,349.7 | 3,349.7 | 2,306.5 | ||||||
Other financial liabilities (contingent consideration) | 20.2 | 20.2 | 20.2 | ||||||
Financial Liabilities Fair Value Disclosure | 5,968.4 | 5,968.4 | 5,732.6 | ||||||
Assets, Fair Value Disclosure | 611.5 | 611.5 | 628.6 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | 112 | 78.2 | ||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||||||
Financial liabilities | |||||||||
Secured debt | 0 | 0 | 0 | ||||||
Senior Notes | 0 | 0 | 0 | ||||||
Lines of credit | 0 | 0 | 0 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 0 | 0 | 0 | ||||||
Other financial liabilities (contingent consideration) | 0 | 0 | 0 | ||||||
Financial Liabilities Fair Value Disclosure | 0 | 0 | 0 | ||||||
Assets, Fair Value Disclosure | 212.4 | 212.4 | 265.1 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 112 | 112 | 78.2 | ||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 41.4 | 41.4 | 0.4 | ||||||
Financial liabilities | |||||||||
Secured debt | 3,006 | 3,006 | 3,380.7 | ||||||
Senior Notes | 1,779.1 | 1,779.1 | 1,186.4 | ||||||
Lines of credit | 1,925.9 | 1,925.9 | 1,104.7 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 3,705 | 3,705 | 2,291.1 | ||||||
Other financial liabilities (contingent consideration) | 0 | 0 | 0 | ||||||
Financial Liabilities Fair Value Disclosure | 6,711 | 6,711 | 5,671.8 | ||||||
Assets, Fair Value Disclosure | 41.4 | 41.4 | 0.4 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | ||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||||||
Financial liabilities | |||||||||
Secured debt | 0 | 0 | 0 | ||||||
Senior Notes | 0 | 0 | 0 | ||||||
Lines of credit | 0 | 0 | 0 | ||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | 0 | 0 | 0 | ||||||
Other financial liabilities (contingent consideration) | 20.2 | 20.2 | 20.2 | ||||||
Financial Liabilities Fair Value Disclosure | 20.2 | 20.2 | 20.2 | ||||||
Assets, Fair Value Disclosure | 357.7 | 357.7 | 363.1 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | ||||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 69.4 | 69.4 | 79.1 | ||||||
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 | 0 | ||||||
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 | 69.4 | 69.4 | 79.1 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 288.3 | 288.3 | 284 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 0 | 0 | 0 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 0 | 0 | 0 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 288.3 | 288.3 | 284 | ||||||
Marketable Securities [Member] | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Marketable securities | 100.4 | 100.4 | 186.9 | $ 124.7 | |||||
Financial liabilities | |||||||||
Investment, Fair Value Adjustment | (74) | 33.4 | |||||||
Marketable Securities [Member] | Reported Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Marketable securities | 100.4 | 100.4 | 186.9 | ||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Marketable securities | 100.4 | 100.4 | 186.9 | ||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Marketable securities | 100.4 | 100.4 | 186.9 | ||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Marketable securities | 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 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Marketable Securities (Details) - Fair Value, Recurring - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Inputs, Level 3 | Contingent Consideration Liability | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 20.2 | $ 39 | $ 20.2 | $ 39 | $ 20.2 | $ 20.2 | $ 18.1 | $ 15.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 9.2 | 0 | 9.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 11.9 | 0 | 15.4 | ||||
Servicing Liability at Fair Value, Other Changes in Fair Value | 0 | (0.2) | 0 | (1.5) | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 85.9 | ||||||
Assets, Fair Value Disclosure | 69.4 | 81 | 69.4 | 81 | 79.1 | 73.1 | 82.5 | 0 |
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (0.1) | 0.1 | 0.1 | 0.5 | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Purchases and Inssurances | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 3.3 | 1 | 7.2 | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Sales and Settlements | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (3.6) | (3.4) | (10.8) | (11.2) | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Other Adjustments | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0.4 | 0 | 0.5 | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 52.6 | ||||||
Assets, Fair Value Disclosure | 288.3 | 64.6 | 288.3 | 64.6 | 284 | $ 292.3 | $ 62 | $ 0 |
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | 0 | 0 | 0 | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Purchases and Inssurances | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 17.8 | 3.4 | 65.6 | 14.5 | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Sales and Settlements | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (4.3) | (0.6) | (21.1) | (1.1) | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Other Adjustments | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0 | $ (0.2) | 0 | (1.4) | ||||
Marketable Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investment, Additional Purchase | 0 | 35.5 | ||||||
Beginning Balance | 186.9 | $ 124.7 | 124.7 | |||||
Ending Balance | $ 100.4 | 100.4 | 186.9 | |||||
Investment, Fair Value Adjustment | (74) | 33.4 | ||||||
Investment, Foreign Current Translation Adjustment | (14) | (9.2) | ||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1.5 | $ 2.5 |
Commitments And Contingencies C
Commitments And Contingencies Commitments And Contingencies (Details) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 USD ($) development_site | Sep. 28, 2022 property marina | |
Loss Contingencies [Line Items] | ||
Impairment, Long-Lived Asset, Held-for-Use | $ 29.9 | |
Estimated Insurance Recoveries | $ 17.7 | |
Number of Sites that Sustained Significant Damage | development_site | 2,500 | |
Unusual Or Infrequent Item, Number Of Properties Affected By Hurricane | property | 4 | |
Unusual Or Infrequent Item, Number Of Recreational Vehicle Properties Affected By Hurricane | property | 3 | |
Unusual Or Infrequent Item, Number Of Marinas Affected By Hurricane | marina | 1 | |
Catastrophic Event Related Charges, net | ||
Loss Contingencies [Line Items] | ||
Asset Impairment Charges, net of Estimated Insurance Recoveries | $ 12.2 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessor, Operating Lease, Payment to be Received, Year One | $ 6.9 | |
Lessor, Operating Lease, Payment to be Received, Year Two | 25.9 | |
Lessor, Operating Lease, Payment to be Received, Year Three | 16.1 | |
Lessor, Operating Lease, Payment to be Received, Year Four | 8.6 | |
Lessor, Operating Lease, Payment to be Received, Year Five | 5 | |
Lessor, Operating Lease, Payment to be Received, after Year Five | 42.1 | |
Lessor, Operating Lease, Payments to be Received | 104.6 | |
Operating And Finance Leases, Liability, Payments, Due Year Two | 13.4 | |
Operating And Finance Leases, Liability, Payments, Due Year Three | 17 | |
Operating And Finance Leases, Liability, Payments, Due Year Four | 12.5 | |
Operating And Finance Leases, Liability, Payments, Due Year Five | 10.9 | |
Operating And Finance Leases, Liability, Payments, Due after Year Five | 245.1 | |
Operating And Finance Leases, Liability, Payments, Remainder of Fiscal Year | 3.6 | |
Operating And Finance Leases, Liability, Payment, Due | 302.5 | |
Operating And Finance Leases, Liability, Undiscounted Excess Amount | (139.6) | |
Operating And Finance Leases, Liability | 162.9 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 3.3 | |
2020 | 12.6 | |
2021 | 12.6 | |
2022 | 12.2 | |
2023 | 10.6 | |
Thereafter | 233.4 | |
Total Lease Payments | 284.7 | |
Less: Imputed interest | (132) | |
Present Value of Lease Liabilities | 152.7 | $ 129.2 |
Finance Lease, Liability, to be Paid, Year One | 0.3 | |
2020 | 0.8 | |
2021 | 4.4 | |
2022 | 0.3 | |
2023 | 0.3 | |
Thereafter | 11.7 | |
Total Lease Payments | 17.8 | |
Less: Imputed interest | (7.6) | |
Present Value of Lease Liabilities | 10.2 | $ 4.2 |
UNITED KINGDOM | Park Holidays | ||
Lessee, Lease, Description [Line Items] | ||
Financial Liability, to be Paid, Year One | 0.7 | |
Financial Liability, to be Paid | $ 1,602.6 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 GBP (£) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease liability | $ 152.7 | $ 152.7 | $ 129.2 | |||
Finance lease liability | 10.2 | 10.2 | $ 4.2 | |||
Lease Income | 7 | $ 5.3 | 21 | $ 14.3 | ||
Variable Lease, Income | 0.8 | $ 1.3 | 2.3 | $ 3.6 | ||
UNITED KINGDOM | Park Holidays | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Financial Obligation, Failed Sale-Leaseback Transaction | $ 310.4 | $ 310.4 | ||||
Option To Repurchase, Failed Sale-Leaseback Transaction, Amount | £ | £ 1 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) development_site | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) development_site | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Amortization of right - of-use assets | $ 1.3 | $ 0 | $ 2.2 | $ 0 | |
Interest on lease liabilities | 0.2 | 0 | 0.3 | 0.1 | |
Operating lease cost | 4.8 | 2.7 | 12.6 | 7.2 | |
Variable lease expense | 2 | 1.9 | 5.4 | 5 | |
Total lease expense | 8.3 | $ 4.6 | 20.5 | 12.3 | |
Operating cash flow used for operating leases | 8.3 | 4.5 | |||
Financing cash flow used for finance leases | 4.7 | 0.1 | |||
Right of use asset obtained in exchange for new operating lease liabilities | 173.7 | 173.7 | $ 138.2 | ||
Amortization of above and below Market Leases | $ 91.4 | $ 91.4 | 93.1 | ||
Weighted - average remaining lease term - finance leases (in years) | 27 years 9 months 21 days | 27 years 9 months 21 days | |||
Weighted - average remaining lease term - operating leases (in years) | 32 years 11 months 4 days | 32 years 11 months 4 days | |||
Weighted - average discount rate - finance leases (annual) | 3.05% | 3.05% | |||
Weighted - average discount rate - operating leases (annual) | 3.81% | 3.81% | |||
Present Value of Lease Liabilities | $ 10.2 | $ 10.2 | 4.2 | ||
Present Value of Lease Liabilities | 152.7 | 152.7 | 129.2 | ||
Operating And Finance Lease, Payments | 13 | $ 4.6 | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 47.8 | 47.8 | $ 4.3 | ||
Park Holidays | UNITED KINGDOM | |||||
Lessee, Lease, Description [Line Items] | |||||
Financial Liability, to be Paid, Year One | 0.7 | 0.7 | |||
Financial Liability, Undiscounted Excess Amount | (1,292.2) | (1,292.2) | |||
Financial Liability, to be Paid, Year Two | 10.2 | 10.2 | |||
Financial Liability, to be Paid, Year Three | 10.3 | 10.3 | |||
Financial Liability, to be Paid, Year Four | 10.4 | 10.4 | |||
Financial Liability, to be Paid, Year Five | 10.4 | 10.4 | |||
Financial Liability, to be Paid, after Year Five | $ 1,560.6 | $ 1,560.6 | |||
Number of Properties Subject to Financial Liability | development_site | 34 | 34 | |||
Financial Obligation, Failed Sale-Leaseback Transaction | $ 310.4 | $ 310.4 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Oct. 25, 2022 USD ($) landParcel | Dec. 31, 2021 landParcel | |
Subsequent Event [Line Items] | ||
Number of land parcels acquired | 11 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of land parcels acquired | 1 | |
Payments to Acquire Land Held-for-use | $ | $ 1.1 |