Sun Communities (SUI) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 300,
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		124,408,144
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000912593
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Land	$ 3,974.1	$ 4,322.3
Land improvements and buildings	11,202.1	10,903.4
Rental homes and improvements	672.8	645.2
Furniture, fixtures and equipment	869.7	839
Investment property	16,718.7	16,709.9
Accumulated depreciation	(2,867.9)	(2,738.9)
Investment property, net	13,850.8	13,971
Cash, cash equivalents and restricted cash	74.8	90.4
Marketable securities	105.5	127.3
Inventory of manufactured homes	232.5	202.7
Notes and other receivables, net	716.7	617.3
Goodwill	1,092.6	1,018.4
Other intangible assets, net	392.7	402
Other assets, net	898.2	655.1
Total Assets	17,363.8	17,084.2
Liabilities
Secured debt	3,386.4	3,217.8
Unsecured debt	4,075.6	3,979.4
Distributions payable	118	111.3
Advanced reservation deposits and rent	433.8	352.1
Accrued expenses and accounts payable	340.9	396.3
Other liabilities	940.1	935.9
Total Liabilities	9,294.8	8,992.8
Temporary equity	298.9	202.9
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 180.0 shares; Issued and outstanding: 124.4 at March 31, 2023 and 124.0 at December 31, 2022	1.2	1.2
Additional paid-in capital	9,556.4	9,549.7
Accumulated other comprehensive income / (loss)	7.7	(9.9)
Distributions in excess of accumulated earnings	(1,875)	(1,731.2)
Total SUI shareholders' equity	7,690.3	7,809.8
Noncontrolling interests
Common and preferred OP units	79.8	78.7
Total noncontrolling interests	79.8	78.7
Total Shareholders' Equity	7,770.1	7,888.5
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 17,363.8	$ 17,084.2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	180,000,000	180,000,000
Common stock issued (in shares)	124,400,000	124,000,000
Common stock outstanding (in shares)	124,421,717	124,000,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Real property	$ 441.4	$ 387.8
Home sales	86.3	64.7
Service, retail, dining and entertainment	102.6	81.2
Interest	11.4	6.8
Brokerage commissions and other, net	9.5	8
Total Revenues	651.2	548.5
Expenses
Property operating and maintenance	156.6	124.1
Real estate tax	30.1	26.1
Home costs and selling	63.2	45.9
Service, retail, dining and entertainment	100	75.7
General and administrative	63.9	55.7
Catastrophic event-related charges, net	1	0
Business combinations	2.8	0.5
Depreciation and amortization	158	148.5
Loss on extinguishment of debt	0	0.3
Interest	76.6	45.2
Interest on mandatorily redeemable preferred OP units / equity	1	1
Total Expenses	653.2	523
Income / (Loss) Before Other Items	(2)	25.5
Loss on remeasurement of marketable securities	(19.9)	(34.5)
Loss on foreign currency exchanges	(2.7)	(2.2)
Gain / (loss) on dispositions of properties	(1.6)	13.4
Other expense, net	(1)	(0.6)
Gain / (loss) on dispositions of properties	(1.7)	0.2
Income / (loss) from nonconsolidated affiliates	(0.2)	0.9
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(4.5)	0.1
Current tax expense	(3.9)	(1.3)
Deferred tax benefit	4.6	0
Net Income / (Loss)	(32.9)	1.5
Less: Preferred return to preferred OP units / equity interests	2.4	3
Less: Loss attributable to noncontrolling interests	(5.2)	(2.2)
Net Income / (Loss) Attributable to SUI Common Shareholders	$ (30.1)	$ 0.7
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	123.3	115.3
Diluted weighted average common shares outstanding - diluted (in shares)	126.2	115.9
Earnings per share:
Basic earning / (loss) per share (in dollars per share)	$ (0.24)	$ 0.01
Diluted earning / (loss) per share (in dollars per share)	$ (0.24)	$ 0.01

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income / (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income / (Loss)	$ (32.9)	$ 1.5
Foreign Currency Translation:
Foreign currency translation gain / (loss) arising during period	17.2	(1.3)
Adjustment for foreign currency translation (gain) / loss reclassified into earnings	11.9	0
Net foreign currency translation gain / (loss)	29.1	(1.3)
Cash Flow Hedges:
Change in unrealized gain / (loss) on interest rate derivatives	(8.6)	24.1
Less: interest rate derivative (gain) / loss reclassified to earnings	(2.3)	1.1
Net unrealized gain / (loss) on interest rate derivatives	(10.9)	25.2
Total Comprehensive Income / (Loss)	(14.7)	25.4
Less: Comprehensive loss attributable to noncontrolling interests	4.6	1.1
Comprehensive Income / (Loss) attributable to SUI	$ (10.1)	$ 26.5

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($)	Total	Series K preferred OP units	Temporary Equity	Temporary Equity Series K preferred OP units	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income	Non-controlling Interests	Total Stockholders' Equity	Total Equity	Total Equity Series K preferred OP units
Beginning balance at Dec. 31, 2021			$ 288,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities	$ 0
Issuance of stock and units						$ (200,000)			$ 2,800,000	$ 2,600,000	$ 2,600,000
Net income / (loss)			(3,100,000)
Distributions			(2,100,000)
OP Units accretion			200,000				$ (100,000)			(100,000)	100,000
Ending balance at Mar. 31, 2022			283,900,000
Beginning balance (in shares) at Dec. 31, 2021					116,000,000
Beginning Balance at Dec. 31, 2021					$ 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 stock and units (in shares)					300,000
Issuance of stock and units						(200,000)			2,800,000	2,600,000	2,600,000
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards						(16,400,000)				(16,400,000)	(16,400,000)
Conversion of OP units						700,000			(700,000)
Share-based compensation - amortization and forfeitures						9,700,000	100,000			9,800,000	9,800,000
Other comprehensive income								22,800,000	1,100,000	23,900,000	23,900,000
Net income / (loss)	700,000						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			200,000				(100,000)			(100,000)	100,000
Ending balance (in shares) at Mar. 31, 2022					116,200,000
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
Beginning balance at Dec. 31, 2022		$ 0	202,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities	(1,700,000)		1,700,000								1,700,000
Issuance of stock and units				$ 100,000,000					4,400,000	4,400,000	4,400,000	$ 100,000,000
Net income / (loss)			(4,400,000)
Distributions		(0.040)	(1,600,000)
OP Units accretion			300,000				(300,000)			(300,000)
Ending balance at Mar. 31, 2023		$ 99,900,000	298,900,000
Beginning balance (in shares) at Dec. 31, 2022					124,000,000
Beginning Balance at Dec. 31, 2022	7,888,500,000				$ 1,200,000	9,549,700,000	(1,731,200,000)	(9,900,000)	78,700,000	7,888,500,000	8,091,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units (in shares)					400,000
Issuance of stock and units				$ 100,000,000					4,400,000	4,400,000	4,400,000	$ 100,000,000
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards						(11,000,000)				(11,000,000)	(11,000,000)
Conversion of OP units (in shares)					100,000
Conversion of OP units						7,300,000				7,300,000	7,300,000
Share-based compensation - amortization and forfeitures						10,400,000				10,400,000	10,400,000
Other comprehensive income								17,600,000	600,000	18,200,000	18,200,000
Net income / (loss)	$ (30,100,000)						(27,700,000)		(800,000)	(28,500,000)	(32,900,000)
Distributions							(115,800,000)		(3,100,000)	(118,900,000)	(120,500,000)
OP Units accretion			$ 300,000				(300,000)			(300,000)
Ending balance (in shares) at Mar. 31, 2023	3,080,847				124,400,000
Ending Balance at Mar. 31, 2023	$ 7,770,100,000				$ 1,200,000	$ 9,556,400,000	$ (1,875,000,000)	$ 7,700,000	$ 79,800,000	$ 7,770,100,000	$ 8,069,000,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net Cash Provided By Operating Activities	$ 194.5	$ 225.7
Investing Activities
Investment in properties	(301.8)	(182.7)
Acquisitions, net of cash acquired	(47.9)	(299)
Proceeds from deposit on acquisition	1.4	0
Proceeds from insurance	4.9	0
Proceeds from disposition of assets and depreciated homes, net	15.5	24.7
Proceeds related to disposition of properties	0.2	0.1
Issuance of notes and other receivables	(6.2)	(25.8)
Repayments of notes and other receivables	3.3	1.3
Investments in nonconsolidated affiliates	(2.7)	(6.4)
Distributions of capital from nonconsolidated affiliates	11.4	3.6
Net Cash Used For Investing Activities	(321.9)	(484.2)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	0	(0.2)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(11)	(16.4)
Borrowings on lines of credit	626	474.7
Payments on lines of credit	(951.1)	(58.2)
Proceeds from issuance of other debt	583	0.9
Contributions from noncontrolling interest	1.7	0
Payments on other debt	(19.8)	(15.4)
Fees paid in connection with extinguishment of debt	0	(0.3)
Proceeds received from return of prepaid deferred financing costs	2	0
Distributions	(113.6)	(101.4)
Payments for deferred financing costs	(5.6)	(0.8)
Net Cash Provided By Financing Activities	111.6	282.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.2	0
Net change in cash, cash equivalents and restricted cash	(15.6)	24.4
Cash, cash equivalents and restricted cash, beginning of period	90.4	78.2
Cash, Cash Equivalents and Restricted Cash, End of Period	74.8	102.6
Supplemental Information
Cash paid for interest, net	72.2	46.2
Cash paid for interest on mandatorily redeemable debt	1	1
Cash paid for income taxes	10	0.1
Noncash investing and financing activities
Change in distributions declared and outstanding	6.9	6
Conversion of common and preferred OP units	7.3	0.7
Assets held for sale	262.1	0
Proceeds related to disposition of properties through 1031 exchange	0	28.7
ROU asset obtained from new operating lease liabilities	0.2	0
Issuance of notes and other receivables in relation to disposition of properties	111.2	0
Common Stock And OP Units
Noncash investing and financing activities at the date of acquisition
Acquisitions	4.5	2.8
Series K preferred OP units
Noncash investing and financing activities at the date of acquisition
Acquisitions	$ 100	$ 0

Consolidated Statements Of Ca_2

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Interest Costs Capitalized	$ 2.5	$ 1

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. 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 Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "we," "us," 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 significant intercompany transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified 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 segment. 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, 2022 as filed with the SEC on February 23, 2023 (our "2022 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2022 Annual Report. Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marinas.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended March 31, 2023 March 31, 2022 MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 252.9 $ 99.6 $ 88.9 $ 441.4 $ 208.8 $ 102.7 $ 76.3 $ 387.8 Home sales 79.9 6.4 — 86.3 58.0 6.7 — 64.7 Service, retail, dining and entertainment 5.4 5.8 91.4 102.6 2.3 7.3 71.6 81.2 Interest 10.3 0.9 0.2 11.4 6.2 0.6 — 6.8 Brokerage commissions and other, net 4.2 4.4 0.9 9.5 4.2 3.5 0.3 8.0 Total Revenues $ 352.7 $ 117.1 $ 181.4 $ 651.2 $ 279.5 $ 120.8 $ 148.2 $ 548.5 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 2022 Annual Report.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Real Estate Acquisitions and Dispositions	3. Real Estate Acquisitions and Dispositions 2023 Acquisitions During the three months ended March 31, 2023, we acquired the following properties: Community Name Type Sites, Wet Slips and Development Sites State, Province or Country Month Acquired Fox Run MH: asset acquisition 68 72 MI January Savannah Yacht Center Marina: asset acquisition 24 — GA March Total 92 72 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 three months ended March 31, 2023 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Other assets, net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition Fox Run (2)(3) $ 7.0 $ 0.2 $ — $ 7.2 $ 2.7 $ 4.5 $ 7.2 Savannah Yacht Center (2)(4) 100.0 — 4.5 104.5 4.5 100.0 104.5 Total $ 107.0 $ 0.2 $ 4.5 $ 111.7 $ 7.2 $ 104.5 $ 111.7 (1) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (2) The above allocations are estimates pending purchase price allocations. (3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.5 million. (4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.0 million. As of March 31, 2023, we have incurred and capitalized $2.6 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. During the three months ended March 31, 2023, we recognized $2.8 million of business combination expenses in connection with transactions completed during 2022. 2023 Development and Expansion Activities During the three months ended March 31, 2023, we acquired three land parcels located in the United States ("U.S.") and United Kingdom ("UK") for an aggregate purchase price of $34.9 million. 2023 Dispositions In February 2023, we sold two parcels of land in the UK for total consideration of $111.5 million, which primarily consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average interest rate of 11.9% per annum, due May 31, 2023. On the date of sale, the carrying value of the note receivable approximates its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $1.6 million, net of the release of foreign currency translation losses from Accumulated other comprehensive income of $11.9 million. The total loss on sale was recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. Real Estate Held For Sale We periodically classify real estate as "held for sale." An asset is classified as held for sale after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. In February 2023, we reached an agreement to sell an operating MH community in the UK with 730 developed sites for approximately $240.0 million in the form of a note receivable. As a result, the carrying value of total assets of $262.2 million and total liabilities of $64.0 million were reclassified to held for sale as of March 31, 2023. The held for sale assets primarily consist of Land and Land improvements and buildings and are recorded within Other assets, net on the Consolidated Balance Sheets. The held for sale liabilities primarily consist of Deferred tax liabilities and are recorded within Other liabilities on the Consolidated Balance Sheets. 2022 Acquisitions For the year ended December 31, 2022, we acquired the following properties: Property Name (1) Type Sites, Wet Slips and Dry Storage Spaces Development Sites State, Province or Country Month Acquired Harrison Yacht Yard (2) 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 (3) MH: business combination 15,906 608 UK April Christies Parks (2) MH: asset acquisition 249 — UK April Bluewater Marina: asset acquisition 200 — Multiple April Bluewater Yacht Sales (2) 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 (4) MH: asset acquisition 379 — CA June Park Leisure (5) MH: business combination 2,914 123 UK June Montauk Yacht Club Marina: business combination 232 — NY July Callaly Leisure (6) MH: asset acquisition 380 823 UK September Newhaven MH: asset acquisition 224 14 UK October Bayfront Marina Marina: asset acquisition 583 — CA November Marina Bay Yacht Harbor Marina: asset acquisition 800 — CA December Jellystone Lincoln RV: asset acquisition 267 — DE December Norway Commons MH: asset acquisition 231 22 ME December Total 24,347 2,655 (1) Property names are subject to changes subsequent to acquisition. (2) Combined with an existing property. (3) Includes 40 owned and two managed properties. (4) Includes two properties. (5) Includes 11 properties. (6) Includes one development property. 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 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 Total consideration Asset Acquisition Harrison Yacht Yard (4) $ 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 247.9 9.4 2.1 (68.3) 191.1 191.1 — 191.1 Christies Parks (4) 10.1 — — 2.1 12.2 12.2 — 12.2 Bluewater 25.3 1.3 0.1 1.3 28.0 28.0 — 28.0 Bodmin Holiday Park 13.1 — — — 13.1 13.1 — 13.1 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 Callaly Leisure 23.8 0.1 — (0.3) 23.6 23.6 — 23.6 Newhaven 6.2 — — — 6.2 6.2 — 6.2 Bayfront Marina 11.3 — 0.9 (0.5) 11.7 11.7 — 11.7 Marina Bay Yacht Harbor 16.2 — 0.2 (0.7) 15.7 15.7 — 15.7 Jellystone Lincoln (5) 17.0 — — 1.2 18.2 18.2 — 18.2 Norway Commons 15.1 0.4 0.3 — 15.8 15.8 — 15.8 Business Combination Jarrett Bay Boatworks (6) 21.3 1.4 47.5 1.0 71.2 68.4 2.8 71.2 Park Holidays (7) 1,254.7 29.5 574.5 (624.9) 1,233.8 1,199.9 33.9 1,233.8 Park Leisure (8) 259.5 0.7 77.5 (111.9) 225.8 225.8 — 225.8 Montauk Yacht Club 163.6 0.3 26.3 0.3 190.5 190.5 — 190.5 Total $ 2,213.9 $ 45.0 $ 730.3 $ (803.3) $ 2,185.9 $ 2,148.2 $ 37.7 $ 2,185.9 (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) Property names are subject to changes subsequent to acquisition. (4) Combined with an existing property. (5) In December 2020, we entered into a loan agreement pursuant to which we extended credit to Blue Water to finance the construction of Jellystone Lincoln (the "RV Park"). In December 2022, we entered into a purchase and sale agreement pursuant to which we purchased the RV Park for cash consideration of $5.0 million, which was applied toward the existing Blue Water loan balance of $12.9 million, and the remaining loan balance of $7.9 million was forgiven. Upon acquisition of the RV Park, we agreed to loan Blue Water an amount equal to $3.7 million, accounted as consideration based on the loan forgiveness terms. Additional consideration for vacation rental units of $0.4 million, resulted in a total purchase price of $17.0 million. In addition, we entered into a lease agreement pursuant to which Blue Water will pay rent to us and continue to operate the park. (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 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. (8) The purchase price allocation is preliminary as of December 31, 2022, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. As of December 31, 2022, we incurred $19.2 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, 2022, we also incurred $24.7 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, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions): Year Ended December 31, 2022 Total revenues $ 353.6 Net income $ 13.8 The following unaudited pro forma financial information presents the results of our operations for the year ended December 31, 2022, 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 acquisitions been consummated on January 1, 2021 (in millions, except for per share data): Year Ended (unaudited) December 31, 2022 Total revenues $ 3,091.3 Net income attributable to SUI common shareholders $ 241.2 Net income per share attributable to SUI common shareholders - basic $ 1.99 Net income per share attributable to SUI common shareholders - diluted $ 1.99 2022 Development and Expansion Activities During the year ended December 31, 2022, we acquired six land parcels located in the U.S. and the UK for an aggregate purchase price of $26.2 million and two buildings and land parcels related to our marinas located in the U.S. for an aggregate purchase price of $13.9 million. 2022 Dispositions 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. 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.

Notes And Other Receivables

Notes And Other Receivables	3 Months Ended
	Mar. 31, 2023
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]
Notes And Other Receivables	4. Notes and Other Receivables The following table sets forth certain information regarding notes and other receivables (in millions): March 31, 2023 December 31, 2022 Installment notes receivable on manufactured homes, net $ 62.2 $ 65.9 Notes receivable from real estate developers and operators 435.0 305.2 Other receivables, net 219.5 246.2 Total Notes and Other Receivables, net $ 716.7 $ 617.3 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 $62.2 million (net of fair value adjustment of $3.1 million) and $65.9 million (net of fair value adjustment of $1.4 million) as of March 31, 2023 and December 31, 2022, 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% and 13.6 years as of March 31, 2023, and 7.6% and 13.8 years as of December 31, 2022, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional detail. 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 March 31, 2023 and December 31, 2022, the notes receivable balances include a fully drawn loan provided to a real estate operator to fund investing and financing activities totaling $341.1 million with a net weighted average interest rate and maturity of 11.6% and 0.2 years as of March 31, 2023, and totaling $217.6 million with a net weighted average interest rate and maturity of 15.3% and 0.1 years as of December 31, 2022. The additional acquisition and construction loans provided to real estate developers total $93.9 million with a net weighted average interest rate and maturity of 8.5% and 2.4 years as of March 31, 2023, and total $87.6 million with a net weighted average interest rate and maturity of 7.8% and 2.3 years as of December 31, 2022, respectively. As of March 31, 2023, the additional acquisition and construction loans provided to real estate developers have $41.3 million of undrawn funds. There were no adjustments to the fair value of notes receivable from real estate developers and operators for the three months ended March 31, 2023 and 2022. Refer to Note 15, "Fair Value of Financial Instruments," for additional information. Other Receivables, net Other receivables, net were comprised of amounts due from the following categories (in millions): March 31, 2023 December 31, 2022 Insurance receivables $ 74.9 $ 78.5 Marina customers for storage, service and lease payments, net (1) 46.4 40.0 Home sale proceeds 31.8 28.9 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (2) 24.2 61.5 Other receivables (3) 42.2 37.3 Total Other Receivables, net $ 219.5 $ 246.2 (1) Net of allowance of $2.4 million and $2.2 million as of March 31, 2023 and December 31, 2022, respectively. (2) Net of allowance of $4.9 million and $5.9 million as of March 31, 2023 and December 31, 2022, respectively. (3) Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 49.1% and 48.9% ownership interest as of March 31, 2023 and December 31, 2022, 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% 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%. The outstanding balances were $12.3 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. Goodwill and Other Intangible Assets 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 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 below. Changes in the carrying amount of goodwill during the three months ended March 31, 2023 by reportable segment were as follows (in millions): December 31, 2022 Currency Translation Adjustment Other (1) March 31, 2023 Segment MH $ 467.4 $ 12.2 $ 62.0 $ 541.6 RV 9.5 — — 9.5 Marina 541.5 — — 541.5 Total $ 1,018.4 $ 12.2 $ 62.0 $ 1,092.6 (1) During the three months ended March 31, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $62.0 million in the MH segment, related to the Park Leisure business combination. Other Intangible Assets, net The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): March 31, 2023 December 31, 2022 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 166.0 $ (139.0) $ 165.7 $ (135.4) Non-competition agreements 5 years 10.5 (4.5) 10.5 (4.1) Trademarks and trade names 3 - 15 years 81.0 (6.8) 81.2 (5.5) Customer relationships 4 - 17 years 131.5 (27.8) 131.5 (24.7) Franchise agreements and other intangible assets 1 - 27 years 48.3 (10.0) 48.3 (8.9) Total finite-lived assets $ 437.3 $ (188.1) $ 437.2 $ (178.6) Indefinite-lived assets - Trademarks and trade names N/A 141.0 — 140.9 — Indefinite-lived assets - Other N/A 2.5 — 2.5 — Total indefinite-lived assets $ 143.5 $ — $ 143.4 $ — Total $ 580.8 $ (188.1) $ 580.6 $ (178.6) Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Other Intangible Asset Amortization Expense March 31, 2023 March 31, 2022 In-place leases $ 3.6 $ 4.6 Non-competition agreements 0.5 0.5 Trademarks and trade names 1.5 0.2 Customer relationships 3.2 2.8 Franchise fees and other intangible assets 0.9 0.6 Total $ 9.7 $ 8.7 We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions): Remainder 2023 2024 2025 2026 2027 In-place leases $ 7.0 $ 7.1 $ 6.2 $ 3.5 $ 2.0 Non-competition agreements 1.6 2.1 2.1 0.1 — Trademarks and trade names 4.6 5.2 5.2 5.2 5.2 Customer relationships 9.5 12.7 12.7 12.2 12.2 Franchise agreements and other intangible assets 3.0 3.3 3.1 2.9 2.6 Total $ 25.7 $ 30.4 $ 29.3 $ 23.9 $ 22.0

Investment in Nonconsolidated A

Investment in Nonconsolidated Affiliates	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Nonconsolidated Affiliates	6. Investments in Nonconsolidated Affiliates Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC Topic 323, " Investments - Equity Method and Joint Ventures ." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income / (loss) from nonconsolidated affiliates line item on the Consolidated Statements of Operations. RezPlot Systems LLC ("Rezplot") At March 31, 2023 and December 31, 2022, we had a 49.1% and 48.9% ownership interest, respectively, in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019. Sungenia Joint Venture ("Sungenia JV") At March 31, 2023 and December 31, 2022, we had a 50.0% 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 March 31, 2023 and December 31, 2022, we had a 40.0% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities. SV Lift, LLC ("SV Lift") At March 31, 2023 and December 31, 2022, we had a 50.0% 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 March 31, 2023 December 31, 2022 Investment in RezPlot $ — $ — Investment in Sungenia JV 45.1 44.5 Investment in GTSC 40.8 54.5 Investment in SV Lift 2.2 2.3 Total $ 88.1 $ 101.3 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Income / (Loss) from Nonconsolidated Affiliates March 31, 2023 March 31, 2022 RezPlot equity loss $ (1.5) $ (0.7) Sungenia JV equity income 0.6 0.6 GTSC equity income 1.0 1.2 SV Lift equity loss (0.3) (0.2) Total Income / (Loss) from Nonconsolidated Affiliates $ (0.2) $ 0.9 The change in the GTSC investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2023 December 31, 2022 Beginning balance $ 54.5 $ 35.7 Contributions 2.2 37.4 Distributions (12.4) (22.5) Equity earnings 1.0 5.9 Fair value adjustment (4.5) (2.0) Ending Balance $ 40.8 $ 54.5 The change in the Sungenia JV investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2023 December 31, 2022 Beginning balance $ 44.5 $ 36.2 Cumulative translation adjustment — (3.0) Contributions — 9.1 Equity earnings 0.6 2.2 Ending Balance $ 45.1 $ 44.5

Consolidated Variable Interest

Consolidated Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
Disclosure of Variable Interest Entities [Abstract]
Consolidated Variable Interest Entities	7. Consolidated Variable Interest Entities 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, Solar Energy Project LLC, Solar Energy Project CA II LLC, Solar Energy Project III LLC 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," and Note 9, "Equity and Temporary Equity," for additional information on Sun NG Resorts. 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): March 31, 2023 December 31, 2022 Assets Investment property, net $ 782.3 $ 739.7 Cash, cash equivalents and restricted cash 11.0 14.1 Other intangible assets, net 12.7 13.0 Other assets, net 5.7 10.5 Total Assets $ 811.7 $ 777.3 Liabilities and Other Equity Secured debt $ 22.0 $ 22.2 Unsecured debt 35.2 35.2 Advanced reservation deposits and rent 34.1 13.8 Accrued expenses and accounts payable 20.6 11.8 Other liabilities 1.2 1.4 Total Liabilities 113.1 84.4 Temporary equity 39.0 41.3 Total Liabilities and Other Equity $ 152.1 $ 125.7 Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 4.7% and 4.5% of our consolidated total assets at March 31, 2023 and December 31, 2022, respectively. Total liabilities comprised 1.2% and 0.9% of our consolidated total liabilities at March 31, 2023 and December 31, 2022, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at March 31, 2023 and December 31, 2022, respectively.

Debt and Line of Credit

Debt and Line of Credit	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Line of Credit	8. Debt and Line of Credit 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Secured Debt (1) $ 3,386.4 $ 3,217.8 9.8 10.2 3.811 % 3.723 % Unsecured Debt Senior unsecured notes (2) 2,175.6 1,779.6 8.2 8.1 3.375 % 2.9 % Line of credit and other debt (3) 1,838.1 2,130.6 2.4 2.8 4.638 % 4.417 % Preferred equity - Sun NG Resorts - mandatorily redeemable 35.2 35.2 1.5 1.8 6.0 % 6.0 % Preferred OP units - mandatorily redeemable 26.7 34.0 0.8 3.1 6.5 % 5.921 % Total Unsecured Debt 4,075.6 3,979.4 Total Debt $ 7,462.0 $ 7,197.2 7.4 7.4 3.908 % 3.746 % (1) Balances at March 31, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $16.2 million and $14.6 million of deferred financing costs, respectively. (2) Balances at March 31, 2023 and December 31, 2022 include $7.0 million and $6.1 million of net debt discount, respectively, and $17.4 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (3) Balance at March 31, 2023 and December 31, 2022 includes $2.7 million and $3.0 million 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 three months ended March 31, 2023, no mortgage term loans were paid off. During the year ended December 31, 2022, 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 $ — (1) Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024 that were secured by 35 properties. During the three months ended March 31, 2023 and the year ended December 31, 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information). Period Loan Amount Term (in years) Interest Rate Maturity Date Three months ended March 31, 2023 $ 85.0 (1) 3 5.0 % February 13, 2026 $ 99.1 (2) 7 - 10 5.72 % April 1, 2030 - April 1, 2033 Three months ended December 31, 2022 $ 226.0 (3) 4 - 7 4.5 % June 15, 2026 - December 15, 2029 Three months ended September 30, 2022 $ 20.6 (4)(6) 25 3.65 % August 10, 2047 $ 3.4 (5)(6) 25 3.65 % August 10, 2047 (1) Includes five existing encumbered properties. (2) Includes 22 existing encumbered properties. (3) Includes 18 existing encumbered properties. (4) Represents a construction loan (undrawn as of March 31, 2023). (5) Represents mortgage term loan. (6) Represents loans jointly secured by one property. The mortgage term loans, which total $3.4 billion as of March 31, 2023, are secured by 154 properties comprised of 61,624 sites representing approximately $2.7 billion of net book value. Unsecured Debt Senior Unsecured Notes The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded in the Unsecured debt line item on the Consolidated Balance Sheets. Carrying Amount Principal Amount March 31, 2023 December 31, 2022 5.7% notes, issued in January 2023 and due in January 2033 (1) $ 400.0 $ 395.4 N/A 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.0 591.8 2.3% notes, issued in October 2021 and due in November 2028 450.0 446.3 446.2 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 741.9 741.6 Total $ 2,200.0 $ 2,175.6 $ 1,779.6 (1) In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 million, after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility. Line of Credit In April 2022, in connection with the closing of the Park Holidays acquisition, the Operating Partnership (as borrower), 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 U.S. dollars, Pound 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 related to the Senior Credit Facility during the three months ended March 31, 2023. The Senior Credit Facility bears interest at a floating rate based on the 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% to 1.6%, subject to certain adjustments. As of March 31, 2023, the margins based on our credit ratings were 0.85% on the revolving loan facility and 0.95% on the term loan facility. During the three months ended March 31, 2023 and year ended December 31, 2022, we achieved sustainability related requirements resulting in a favorable 0.04% and 0.01% adjustments, respectively, 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 $741.6 million and $1.1 billion of borrowings outstanding under the revolving loan as of March 31, 2023 and December 31, 2022, respectively. We also had $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of March 31, 2023 and December 31, 2022, respectively. 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 $4.8 million and $2.3 million of outstanding letters of credit at March 31, 2023 and December 31, 2022, 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 in Pound sterling, 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 year ended December 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 initially had a four-year term ending October 29, 2023, and bore interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.2% to 2.05%. 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% to 1.6%. In August 2022, we amended the secured term loan facility to transition from the Eurodollar rate to SOFR. As of March 31, 2023, the margin based on our credit rating was 0.95%. The outstanding balance was $16.2 million at March 31, 2023 and $19.8 million at December 31, 2022, respectively. In accordance with the amended agreement, we achieved sustainability related requirements resulting in a favorable 0.01% adjustment to the margins. 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% per annum. The Preferred Equity - Sun NG Resorts has a seven-year term ending June 1, 2025 and can be redeemed in the fourth quarter of 2024 at the holders' option. The Preferred Equity - Sun NG Resorts as of March 31, 2023 was $35.2 million. This balance is recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 9, "Equity and Temporary Equity," for additional information. Preferred OP Units - Mandatorily Redeemable Preferred OP units at March 31, 2023 and December 31, 2022 include $26.7 million and $34.0 million of Aspen preferred OP units issued by the Operating Partnership, respectively. As of March 31, 2023, these units are convertible indirectly into 320,699 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 10-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% of the amount by which the 10-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price. The current preferred distribution rate is 3.8% on the Extended Units and 6.5% 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. All of the Extended Units converted during the three months ended March 31, 2023. As of March 31, 2023, 988,819 of 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 March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity and Temporary Equity	9. 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 March 31, 2023 and December 31, 2022 and the related terms, and summarizes the balance included within Temporary Equity 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 March 31, 2023 December 31, 2022 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 $ 47.7 $ 48.1 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 8.7 8.7 Series G preferred OP units 239,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 24.0 24.4 Series H preferred OP units 581,342 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 56.3 56.7 Series J preferred OP units 239,000 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 23.3 23.6 Series K preferred OP units 1,000,000 0.5882 4.0 % Holder's Option Within 60 days after March 23, 2028 99.9 — Total 2,639,010 $ 259.9 $ 161.5 (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. Series K Preferred OP Units - On March 23, 2023, we issued 1,000,000 Series K preferred OP units in connection with the acquisition of the Savannah Yacht Center. The Series K preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 4.0%. Subject to certain limitations, at any time after its issuance date, each Series K preferred OP unit will be exchangeable into that number of our common OP units equal to the quotient (the "Series K Exchange Rate") obtained by dividing $100.00 by $170.00, (the "Series K Conversion Price"), (as such ratio is subject to adjustment for certain capital events). Each Common OP unit is exchangeable for one share of our common stock. Subject to certain limitations, the holders of Series K Preferred Units will have the right to cause SCOLP to redeem all or a portion of their Series K Preferred Units for $100.00 per unit (plus any accrued but unpaid distributions) within 60 days after the fifth anniversary of the issuance date of the Series K preferred OP units. SCOLP will have the right to cause the holders of Series K preferred OP units to exchange the Series K preferred OP units into Common OP units at the Series K Exchange Rate (i) within 60 days after the fifth anniversary of the issuance date of the Series K Preferred Units or (ii) if at any time the trading price of the Company's common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series K Conversion Price. As of March 31, 2023, 1,000,000 Series K preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. 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 March 31, 2023 December 31, 2022 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 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities 4.3 4.2 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.0 1.9 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 1.9 0.3 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 2.5 3.2 NG Sun LLC In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S. 27.7 31.1 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 U.S. 0.4 0.5 Total $ 39.0 $ 41.4 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%. 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 $27.7 million and $31.1 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023, we had 124,421,717 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% 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 March 2023, 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 Issuances of Common Stock In April 2022, we issued 186,044 shares of common stock with a value of $33.9 million in connection with the acquisition of Park Holidays. Issuances of Common OP Units Three Months Ended March 31, 2023 and 2022 Common OP Units Issued Value at Issuance (in millions) Related Acquisition January 2023 31,289 $ 4.5 Fox Run February 2022 14,683 $ 2.8 Jarrett Bay Boatworks Noncontrolling Interests - Common and Preferred OP Units The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for shares and statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption Redemption Period March 31, 2023 December 31, 2022 Common OP units 2,447,083 1.0000 Same distribution rate for common stock N/A N/A $ 33.6 $ 31.5 Series A-1 preferred OP units 207,548 2.4390 6.0 % N/A N/A 13.6 14.0 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.7 2.7 Series C preferred OP units 305,948 1.1100 5.0 % N/A N/A 23.1 23.6 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.8 6.9 Total 3,080,847 $ 79.8 $ 78.7 (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. 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 March 31, 2022 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Aspen preferred OP units Various (2) 270,000 86,224 — — Common OP units 1.0000 2,910 2,910 1,260 1,260 Series A-1 preferred OP units 2.4390 — — 2,694 6,568 Series C preferred OP units 1.1100 65 72 150 166 Series E preferred OP units 0.6897 — — 5,000 3,448 Series G preferred OP units 0.6452 1,000 645 — — Series H preferred OP units 0.6098 25 15 — — Series J preferred OP units 0.6061 1,000 606 — — (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. (2) Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions. Distributions Distributions declared for the three months ended March 31, 2023 were as follows: Common Stock, Common OP units and Restricted Stock Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Millions) March 31, 2023 3/31/2023 4/17/2023 $ 0.93 $ 118.0
Noncontrolling Interest Disclosure	Three Months Ended March 31, 2023 and 2022 Common OP Units Issued Value at Issuance (in millions) Related Acquisition January 2023 31,289 $ 4.5 Fox Run February 2022 14,683 $ 2.8 Jarrett Bay Boatworks Noncontrolling Interests - Common and Preferred OP Units The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for shares and statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption Redemption Period March 31, 2023 December 31, 2022 Common OP units 2,447,083 1.0000 Same distribution rate for common stock N/A N/A $ 33.6 $ 31.5 Series A-1 preferred OP units 207,548 2.4390 6.0 % N/A N/A 13.6 14.0 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.7 2.7 Series C preferred OP units 305,948 1.1100 5.0 % N/A N/A 23.1 23.6 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.8 6.9 Total 3,080,847 $ 79.8 $ 78.7 (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.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	10. Share-Based Compensation As of March 31, 2023, 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. During the three months ended March 31, 2023 and 2022, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2023 Key Employees 2015 Equity Incentive Plan 220,258 $ 137.16 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 62,800 $ 144.88 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 82,200 $ 108.60 (2) Market Condition (3) 2023 Directors 2004 Non-Employee Director Option Plan 16,000 $ 148.12 (1) Time Based 2022 Key Employees 2015 Equity Incentive Plan 138,510 $ 180.49 (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 (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 203,898 and 230,411 restricted shares granted to our executives, directors and employees were satisfied during the three months ended March 31, 2023 and 2022, respectively. We capitalize a portion of share-based compensation costs for employees who work directly on construction and development of our communities. We recognized the following share-based compensation costs during the three months ended March 31, 2023 and 2022 (in millions): March 31, 2023 March 31, 2022 Share-based compensation - expensed (1) $ 9.6 $ 9.7 Share-based compensation - capitalized (2) $ 0.7 $ — (1) Recorded within General and Administrative Expense on the Consolidated Income Statements. (2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	11. 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. Hybrid properties are classified to a segment based on the predominant site counts at the properties. We evaluate segment operating performance based on NOI. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S. and 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 in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The MH segment in the UK provides holiday home sales and associated site license activities to holiday homeowners in 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 in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities. The Marina segment owns, operates and develops marinas, and is in the business of acquiring and operating marinas in the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions. A presentation of segment financial information is summarized as follows (in millions): Three Months Ended March 31, 2023 March 31, 2022 MH RV Marina Consolidated MH RV Marina Consolidated Operating revenues $ 338.2 $ 111.8 $ 180.3 $ 630.3 $ 269.1 $ 116.7 $ 147.9 $ 533.7 Operating expenses / Cost of sales 162.0 66.6 121.3 349.9 107.4 67.1 97.3 271.8 NOI $ 176.2 $ 45.2 $ 59.0 $ 280.4 $ 161.7 $ 49.6 $ 50.6 $ 261.9 Adjustments to arrive at net income Interest income 11.4 6.8 Brokerage commissions and other revenues, net 9.5 8.0 General and administrative expense (63.9) (55.7) Catastrophic event-related charges, net (1.0) — Business combination expense, net (2.8) (0.5) Depreciation and amortization (158.0) (148.5) Loss on extinguishment of debt (see Note 8) — (0.3) Interest expense (76.6) (45.2) Interest on mandatorily redeemable preferred OP units / equity (1.0) (1.0) Loss on remeasurement of marketable securities (19.9) (34.5) Loss on foreign currency exchanges (2.7) (2.2) Gain / (loss) on dispositions of properties (1.6) 13.4 Other expense, net (1.0) (0.6) Gain / (loss) on remeasurement of notes receivable (1.7) 0.2 Income / (loss) from nonconsolidated affiliates (see Note 6) (0.2) 0.9 Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (4.5) 0.1 Current tax expense (3.9) (1.3) Deferred tax benefit 4.6 — Net Income / (Loss) (32.9) 1.5 Less: Preferred return to preferred OP units / equity interests 2.4 3.0 Less: Loss attributable to noncontrolling interests (5.2) (2.2) Net Income / (Loss) Attributable to SUI Common Shareholders $ (30.1) $ 0.7 March 31, 2023 December 31, 2022 MH RV Marina Consolidated MH RV Marina Consolidated Identifiable Assets Investment property, net $ 6,871.5 $ 3,808.2 $ 3,171.1 $ 13,850.8 $ 7,181.7 $ 3,744.3 $ 3,045.0 $ 13,971.0 Cash, cash equivalents and restricted cash 38.1 22.2 14.5 74.8 49.4 30.3 10.7 90.4 Marketable securities 68.3 37.2 — 105.5 82.4 44.9 — 127.3 Inventory of manufactured homes 209.4 23.1 — 232.5 189.1 13.6 — 202.7 Notes and other receivables, net 559.4 102.7 54.6 716.7 475.2 96.5 45.6 617.3 Goodwill 541.6 9.5 541.5 1,092.6 467.4 9.5 541.5 1,018.4 Other intangible assets, net 95.1 31.2 266.4 392.7 97.9 32.6 271.5 402.0 Other assets, net 603.2 51.3 243.7 898.2 356.1 63.0 236.0 655.1 Total Assets $ 8,986.6 $ 4,085.4 $ 4,291.8 $ 17,363.8 $ 8,899.2 $ 4,034.7 $ 4,150.3 $ 17,084.2

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. 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% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% 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 three months ended March 31, 2023. 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 UK 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 UK 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 March 31, 2023, we had $230.4 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $37.6 million, and deferred tax liabilities of $268.0 million. Additionally, we have $59.0 million of deferred tax liabilities that have been reclassified as real estate held for sale. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the UK and Canada. As of December 31, 2022, we had $308.6 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $49.8 million, and deferred tax liabilities of $340.8 million. 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 March 31, 2023 and December 31, 2022. We had no unrecognized tax benefits as of March 31, 2023 and 2022. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of March 31, 2023. For the three months ended March 31, 2023 and 2022 , we recorded current tax expense for federal, state, Canadian, Puerto Rican, and UK income taxes and Australian withholding taxes totaling $3.9 million and $1.3 million, respectively. For the three months ended March 31, 2023, we recorded a deferred tax benefit o f $4.6 million.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	13. 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, Series K 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 potential 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 March 31, 2023 March 31, 2022 Numerator Net income / (loss) attributable to SUI common shareholders $ (30.1) $ 0.7 Less: allocation to restricted stock awards (0.1) — Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards $ (30.0) $ 0.7 Add: allocation to restricted stock awards (0.1) — Add: allocation to common and preferred OP units dilutive effect (0.6) — Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units $ (30.7) $ 0.7 Denominator Weighted average common shares outstanding 123.3 115.3 Add: common shares dilutive effect: Forward Equity Offering — 0.2 Add: dilutive restricted stock 0.4 0.4 Add: common and preferred OP units dilutive effect 2.5 — Diluted weighted average common shares and securities 126.2 115.9 EPS Available to Common Shareholders After Allocation Basic earnings / (loss) per share $ (0.24) $ 0.01 Diluted earnings / (loss) per share $ (0.24) $ 0.01 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 March 31, 2023 and 2022 (in thousands): As of March 31, 2023 March 31, 2022 Common OP units — 2,551 A-1 preferred OP units 208 272 A-3 preferred OP units 40 40 Aspen preferred OP units 989 1,284 Series C preferred OP units 306 306 Series D preferred OP units 489 489 Series E preferred OP units 80 85 Series F preferred OP units 90 90 Series G preferred OP units 240 241 Series H preferred OP units 581 581 Series I preferred OP units (1) N/A 922 Series J preferred OP units 239 240 Series K preferred OP units 1,000 N/A Total Securities 4,262 7,101 (1) All of our outstanding Series I preferred OP units converted during the year ended December 31, 2022.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	14. Derivative Financial Instruments 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. We typically enter into treasury locks and interest rate swaps to accomplish this objective. We do not enter into derivative instruments for speculative purposes. We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. As of March 31, 2023, we held four interest rate swap contracts, which have each been designated as a cash flow hedge under ASC Topic 815, " Derivatives and Hedging ." The risk being hedged is the interest rate risk related to forecasted debt issuance transactions and the benchmark interest rate used is the SOFR. Additionally, the interest rate risk related to outstanding floating rate debt is being hedged and the benchmark interest rate used is the SONIA Rate. The unrealized gains or losses on the derivative instruments are recorded in Accumulated other comprehensive income / (loss) and are reclassified to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $13.4 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows. During the three months ended March 31, 2023, we entered into one interest rate swap contract to hedge variable rate borrowings of £100.0 million (equivalent to $123.7 million on March 31, 2023). The interest rate swap locks in a total fixed rate, inclusive of spread, of 4.808% through the maturity date of April 7, 2025. We also entered into one forward starting interest rate swap contract with an aggregate notional value of $50.0 million to hedge interest rate risk associated with a potential future debt offering. During the three months ended March 31, 2023, in connection with the 2033 Notes issuance, we settled two $100.0 million 10-year treasury rate lock contracts and one $50.0 million forward swap totaling $250.0 million and received a net settlement payment of $7.4 million. This lowered the effective interest rate on the 2033 Notes from 5.7% to 5.5%. 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. The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): March 31, 2023 December 31, 2022 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 $ 668.4 $ 15.2 $ — $ 733.6 $ 32.0 $ — (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 / (losses) on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions): Three Months Ended Derivatives designated as cash flow hedges March 31, 2023 March 31, 2022 Interest rate derivatives $ (8.6) $ 24.1 The following table presents the amount of gains / (losses) on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions): Financial Statement Classification Three Months Ended Derivatives designated as cash flow hedges March 31, 2023 March 31, 2022 Interest rate derivatives Interest expense $ 2.3 $ (1.1)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	15. 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 March 31, 2023. The table presents the carrying values and fair values of our financial instruments as of March 31, 2023 and December 31, 2022, 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. March 31, 2023 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 $ 74.8 $ 74.8 $ — $ — $ 74.8 Marketable securities 105.5 105.5 — — 105.5 Installment notes receivable on manufactured homes, net 62.2 — — 62.2 62.2 Notes receivable from real estate developers and operators 435.0 — — 435.0 435.0 Derivative assets 15.2 — 15.2 — 15.2 Total assets measured at fair value $ 692.7 $ 180.3 $ 15.2 $ 497.2 $ 692.7 Financial Liabilities Secured debt $ 3,386.4 $ — $ 3,386.4 $ — $ 3,015.4 Unsecured debt Senior unsecured notes 2,175.6 — 2,175.6 — 1,926.1 Line of credit and other unsecured debt 1,900.0 — 1,900.0 — 1,900.0 Total unsecured debt 4,075.6 — 4,075.6 — 3,826.1 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,482.2 $ — $ 7,462.0 $ 20.2 $ 6,861.7 December 31, 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 $ 90.4 $ 90.4 $ — $ — $ 90.4 Marketable securities 127.3 127.3 — — 127.3 Installment notes receivable on manufactured homes, net 65.9 — — 65.9 65.9 Notes receivable from real estate developers and operators 305.2 — — 305.2 305.2 Derivative assets 32.0 — 32.0 — 32.0 Total assets measured at fair value $ 620.8 $ 217.7 $ 32.0 $ 371.1 $ 620.8 Financial Liabilities Secured debt $ 3,217.8 $ — $ 3,217.8 $ — $ 2,814.1 Unsecured debt Senior unsecured notes 1,779.6 — 1,779.6 — 1,432.7 Line of credit and other unsecured debt 2,199.8 — 2,199.8 — 2,199.8 Total unsecured debt 3,979.4 — 3,979.4 — 3,632.5 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,217.4 $ — $ 7,197.2 $ 20.2 $ 6,466.8 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 The fair value of marketable securities 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): Three Months Ended Year Ended March 31, 2023 December 31, 2022 Beginning Balance $ 127.3 $ 186.9 Change in fair value measurement (19.9) (53.4) Foreign currency translation adjustment (1.9) (7.7) Dividend reinvestment, net of tax — 1.5 Ending Balance $ 105.5 $ 127.3 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 primarily by underlying real estate and real estate related 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 rate lock contracts, interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on the 10-year Treasury note rate, the SOFR and SONIA Rates, 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 March 31, 2023 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 three months ended March 31, 2023. The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2023 and 2022 (in millions): March 31, 2023 March 31, 2022 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 Warrants Level 3 beginning balance at December 31, 2022 and 2021 $ 65.9 $ 305.2 $ — $ 79.1 $ 284.0 $ — Realized gains / (losses) (1) (1.7) — (0.4) 0.2 — (0.6) Purchases and issuances 0.1 124.3 0.4 0.9 30.5 1.2 Sales and settlements (2.1) (3.0) — (3.0) (4.1) — Dispositions of properties — — — — — — Foreign currency exchange gain / (losses) — 8.5 — — (6.0) — Level 3 ending balance at March 31, 2023 and 2022 $ 62.2 $ 435.0 $ — $ 77.2 $ 304.4 $ 0.6 (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. March 31, 2023 March 31, 2022 Liabilities: Contingent Consideration Contingent Consideration Level 3 beginning balance December 31, 2022 and 2021 $ 20.2 $ 20.2 Level 3 ending balance at March 31, 2023 and 2022 (1) $ 20.2 $ 20.2 (1) There was no activity related to the Contingent consideration liability during the three months ended March 31, 2023 and 2022. 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 March 31, 2023. As such, our estimates of fair value could differ significantly from the actual carrying value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. 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 - Hurricane Ian In September 2022, Hurricane Ian made landfall on Florida's western coast. The storm primarily affected three properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At affected marina properties, docks, buildings, and landscaping sustained wind and water damage. We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits. The table below sets forth estimated insurance recoveries (in millions): Three Months Ended Total estimated insurance receivable - December 31, 2022 $ 54.9 Change in estimated insurance recoveries 22.1 Advances from insurer (13.5) Total estimated insurance receivable - March 31, 2023 $ 63.5 The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and, insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined. Changes in estimated insurance recoveries related to Hurricane Ian during the three months ended March 31, 2023 were primarily the result of incremental costs that exceeded the applicable deductible. Expected insurance recoveries for lost earnings and redevelopment costs greater than asset impairment charges for the three Fort Myers, Florida properties were excluded from our Consolidated Statements of Operations for the three months ended March 31, 2023. We are actively working with our insurer on the related claims. The three Fort Myers, Florida RV communities will require redevelopment, followed by a tenant lease-up period. As such, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	17. 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 March 31, 2023 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2023 (excluding three months ended March 31, 2023) $ 10.2 $ 0.6 $ 10.8 2024 13.7 4.6 18.3 2025 13.2 0.5 13.7 2026 11.6 0.5 12.1 2027 9.7 0.5 10.2 Thereafter 240.6 20.3 260.9 Total Lease Payments $ 299.0 $ 27.0 $ 326.0 Less: Imputed interest (139.0) (12.8) (151.8) Present Value of Lease Liabilities $ 160.0 $ 14.2 $ 174.2 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 March 31, 2023 December 31, 2022 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 32.8 $ 32.2 Operating lease, right-of-use asset, net Other assets, net $ 186.8 $ 189.4 Below market operating leases, net Other assets, net $ 90.3 $ 90.9 Lease Liabilities Finance lease liabilities Other liabilities $ 14.2 $ 15.0 Operating lease liabilities Other liabilities $ 160.0 $ 160.3 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Description Financial Statement Classification March 31, 2023 March 31, 2022 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 0.7 $ — Interest on lease liabilities Interest expense 0.2 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.6 3.8 Variable lease cost Property operating and maintenance 1.6 1.6 Short term lease cost Property operating and maintenance — — Total Lease Expense $ 7.1 $ 5.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.23 Operating lease 34.11 Weighted-average Discount Rate Finance lease 3.38 % Operating lease 3.80 % Three Months Ended March 31, 2023 March 31, 2022 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 3.3 $ 2.4 Financing cash flow from finance leases 5.9 0.1 Total Cash Paid On Lease Liabilities $ 9.2 $ 2.5 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of March 31, 2023. Nearly all of our operating leases with our residents and customers 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 March 31, 2023, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of March 31, 2023: Maturity of Lease Payments (in millions) Operating Leases 2023 (excluding the three months ended March 31, 2023) $ 21.6 2024 19.4 2025 10.9 2026 6.9 2027 6.1 Thereafter 53.1 Total Undiscounted Cash Flows $ 118.0 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 Description Financial Statement Classification March 31, 2023 March 31, 2022 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.9 $ 7.1 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 1.5 $ 0.7 (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 $337.5 million as of March 31, 2023. 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 March 31, 2023: Maturity of Financial Liability (in millions) March 31, 2023 2023 (excluding three months ended March 31, 2023) $ 5.9 2024 11.3 2025 11.6 2026 11.7 2027 11.8 Thereafter 1,623.0 Total Payments $ 1,675.3 Less: Imputed interest (1,337.8) Present Value of Financial Liability $ 337.5
Leases	17. 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 March 31, 2023 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2023 (excluding three months ended March 31, 2023) $ 10.2 $ 0.6 $ 10.8 2024 13.7 4.6 18.3 2025 13.2 0.5 13.7 2026 11.6 0.5 12.1 2027 9.7 0.5 10.2 Thereafter 240.6 20.3 260.9 Total Lease Payments $ 299.0 $ 27.0 $ 326.0 Less: Imputed interest (139.0) (12.8) (151.8) Present Value of Lease Liabilities $ 160.0 $ 14.2 $ 174.2 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 March 31, 2023 December 31, 2022 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 32.8 $ 32.2 Operating lease, right-of-use asset, net Other assets, net $ 186.8 $ 189.4 Below market operating leases, net Other assets, net $ 90.3 $ 90.9 Lease Liabilities Finance lease liabilities Other liabilities $ 14.2 $ 15.0 Operating lease liabilities Other liabilities $ 160.0 $ 160.3 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Description Financial Statement Classification March 31, 2023 March 31, 2022 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 0.7 $ — Interest on lease liabilities Interest expense 0.2 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.6 3.8 Variable lease cost Property operating and maintenance 1.6 1.6 Short term lease cost Property operating and maintenance — — Total Lease Expense $ 7.1 $ 5.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.23 Operating lease 34.11 Weighted-average Discount Rate Finance lease 3.38 % Operating lease 3.80 % Three Months Ended March 31, 2023 March 31, 2022 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 3.3 $ 2.4 Financing cash flow from finance leases 5.9 0.1 Total Cash Paid On Lease Liabilities $ 9.2 $ 2.5 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of March 31, 2023. Nearly all of our operating leases with our residents and customers 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 March 31, 2023, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of March 31, 2023: Maturity of Lease Payments (in millions) Operating Leases 2023 (excluding the three months ended March 31, 2023) $ 21.6 2024 19.4 2025 10.9 2026 6.9 2027 6.1 Thereafter 53.1 Total Undiscounted Cash Flows $ 118.0 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 Description Financial Statement Classification March 31, 2023 March 31, 2022 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.9 $ 7.1 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 1.5 $ 0.7 (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 $337.5 million as of March 31, 2023. 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 March 31, 2023: Maturity of Financial Liability (in millions) March 31, 2023 2023 (excluding three months ended March 31, 2023) $ 5.9 2024 11.3 2025 11.6 2026 11.7 2027 11.8 Thereafter 1,623.0 Total Payments $ 1,675.3 Less: Imputed interest (1,337.8) Present Value of Financial Liability $ 337.5
Leases	17. 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 March 31, 2023 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2023 (excluding three months ended March 31, 2023) $ 10.2 $ 0.6 $ 10.8 2024 13.7 4.6 18.3 2025 13.2 0.5 13.7 2026 11.6 0.5 12.1 2027 9.7 0.5 10.2 Thereafter 240.6 20.3 260.9 Total Lease Payments $ 299.0 $ 27.0 $ 326.0 Less: Imputed interest (139.0) (12.8) (151.8) Present Value of Lease Liabilities $ 160.0 $ 14.2 $ 174.2 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 March 31, 2023 December 31, 2022 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 32.8 $ 32.2 Operating lease, right-of-use asset, net Other assets, net $ 186.8 $ 189.4 Below market operating leases, net Other assets, net $ 90.3 $ 90.9 Lease Liabilities Finance lease liabilities Other liabilities $ 14.2 $ 15.0 Operating lease liabilities Other liabilities $ 160.0 $ 160.3 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Description Financial Statement Classification March 31, 2023 March 31, 2022 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 0.7 $ — Interest on lease liabilities Interest expense 0.2 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.6 3.8 Variable lease cost Property operating and maintenance 1.6 1.6 Short term lease cost Property operating and maintenance — — Total Lease Expense $ 7.1 $ 5.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.23 Operating lease 34.11 Weighted-average Discount Rate Finance lease 3.38 % Operating lease 3.80 % Three Months Ended March 31, 2023 March 31, 2022 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 3.3 $ 2.4 Financing cash flow from finance leases 5.9 0.1 Total Cash Paid On Lease Liabilities $ 9.2 $ 2.5 Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of March 31, 2023. Nearly all of our operating leases with our residents and customers 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 March 31, 2023, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of March 31, 2023: Maturity of Lease Payments (in millions) Operating Leases 2023 (excluding the three months ended March 31, 2023) $ 21.6 2024 19.4 2025 10.9 2026 6.9 2027 6.1 Thereafter 53.1 Total Undiscounted Cash Flows $ 118.0 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 Description Financial Statement Classification March 31, 2023 March 31, 2022 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.9 $ 7.1 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 1.5 $ 0.7 (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 $337.5 million as of March 31, 2023. 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 March 31, 2023: Maturity of Financial Liability (in millions) March 31, 2023 2023 (excluding three months ended March 31, 2023) $ 5.9 2024 11.3 2025 11.6 2026 11.7 2027 11.8 Thereafter 1,623.0 Total Payments $ 1,675.3 Less: Imputed interest (1,337.8) Present Value of Financial Liability $ 337.5

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	18. Recent Accounting Pronouncements Recent Accounting Pronouncements - 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. In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 ," which defers the sunset date for Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. As of December 31, 2022, all of our debt and derivative instruments were converted from LIBOR to alternative reference rates. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements as the majority of our debt has fixed interest rates.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 March 31, 2022 MH RV Marina Consolidated MH RV Marina Consolidated Revenues Real property $ 252.9 $ 99.6 $ 88.9 $ 441.4 $ 208.8 $ 102.7 $ 76.3 $ 387.8 Home sales 79.9 6.4 — 86.3 58.0 6.7 — 64.7 Service, retail, dining and entertainment 5.4 5.8 91.4 102.6 2.3 7.3 71.6 81.2 Interest 10.3 0.9 0.2 11.4 6.2 0.6 — 6.8 Brokerage commissions and other, net 4.2 4.4 0.9 9.5 4.2 3.5 0.3 8.0 Total Revenues $ 352.7 $ 117.1 $ 181.4 $ 651.2 $ 279.5 $ 120.8 $ 148.2 $ 548.5

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the three months ended March 31, 2023, we acquired the following properties: Community Name Type Sites, Wet Slips and Development Sites State, Province or Country Month Acquired Fox Run MH: asset acquisition 68 72 MI January Savannah Yacht Center Marina: asset acquisition 24 — GA March Total 92 72 For the year ended December 31, 2022, we acquired the following properties: Property Name (1) Type Sites, Wet Slips and Dry Storage Spaces Development Sites State, Province or Country Month Acquired Harrison Yacht Yard (2) 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 (3) MH: business combination 15,906 608 UK April Christies Parks (2) MH: asset acquisition 249 — UK April Bluewater Marina: asset acquisition 200 — Multiple April Bluewater Yacht Sales (2) 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 (4) MH: asset acquisition 379 — CA June Park Leisure (5) MH: business combination 2,914 123 UK June Montauk Yacht Club Marina: business combination 232 — NY July Callaly Leisure (6) MH: asset acquisition 380 823 UK September Newhaven MH: asset acquisition 224 14 UK October Bayfront Marina Marina: asset acquisition 583 — CA November Marina Bay Yacht Harbor Marina: asset acquisition 800 — CA December Jellystone Lincoln RV: asset acquisition 267 — DE December Norway Commons MH: asset acquisition 231 22 ME December Total 24,347 2,655 (1) Property names are subject to changes subsequent to acquisition. (2) Combined with an existing property. (3) Includes 40 owned and two managed properties. (4) Includes two properties. (5) Includes 11 properties. (6) Includes one development property.
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 three months ended March 31, 2023 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Other assets, net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition Fox Run (2)(3) $ 7.0 $ 0.2 $ — $ 7.2 $ 2.7 $ 4.5 $ 7.2 Savannah Yacht Center (2)(4) 100.0 — 4.5 104.5 4.5 100.0 104.5 Total $ 107.0 $ 0.2 $ 4.5 $ 111.7 $ 7.2 $ 104.5 $ 111.7 (1) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (2) The above allocations are estimates pending purchase price allocations. (3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.5 million. (4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.0 million. 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 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 Total consideration Asset Acquisition Harrison Yacht Yard (4) $ 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 247.9 9.4 2.1 (68.3) 191.1 191.1 — 191.1 Christies Parks (4) 10.1 — — 2.1 12.2 12.2 — 12.2 Bluewater 25.3 1.3 0.1 1.3 28.0 28.0 — 28.0 Bodmin Holiday Park 13.1 — — — 13.1 13.1 — 13.1 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 Callaly Leisure 23.8 0.1 — (0.3) 23.6 23.6 — 23.6 Newhaven 6.2 — — — 6.2 6.2 — 6.2 Bayfront Marina 11.3 — 0.9 (0.5) 11.7 11.7 — 11.7 Marina Bay Yacht Harbor 16.2 — 0.2 (0.7) 15.7 15.7 — 15.7 Jellystone Lincoln (5) 17.0 — — 1.2 18.2 18.2 — 18.2 Norway Commons 15.1 0.4 0.3 — 15.8 15.8 — 15.8 Business Combination Jarrett Bay Boatworks (6) 21.3 1.4 47.5 1.0 71.2 68.4 2.8 71.2 Park Holidays (7) 1,254.7 29.5 574.5 (624.9) 1,233.8 1,199.9 33.9 1,233.8 Park Leisure (8) 259.5 0.7 77.5 (111.9) 225.8 225.8 — 225.8 Montauk Yacht Club 163.6 0.3 26.3 0.3 190.5 190.5 — 190.5 Total $ 2,213.9 $ 45.0 $ 730.3 $ (803.3) $ 2,185.9 $ 2,148.2 $ 37.7 $ 2,185.9 (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) Property names are subject to changes subsequent to acquisition. (4) Combined with an existing property. (5) In December 2020, we entered into a loan agreement pursuant to which we extended credit to Blue Water to finance the construction of Jellystone Lincoln (the "RV Park"). In December 2022, we entered into a purchase and sale agreement pursuant to which we purchased the RV Park for cash consideration of $5.0 million, which was applied toward the existing Blue Water loan balance of $12.9 million, and the remaining loan balance of $7.9 million was forgiven. Upon acquisition of the RV Park, we agreed to loan Blue Water an amount equal to $3.7 million, accounted as consideration based on the loan forgiveness terms. Additional consideration for vacation rental units of $0.4 million, resulted in a total purchase price of $17.0 million. In addition, we entered into a lease agreement pursuant to which Blue Water will pay rent to us and continue to operate the park. (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 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. (8) The purchase price allocation is preliminary as of December 31, 2022, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date.
Business Acquisition, Pro Forma Information	Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions): Year Ended December 31, 2022 Total revenues $ 353.6 Net income $ 13.8 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, 2021 (in millions, except for per share data): Year Ended (unaudited) December 31, 2022 Total revenues $ 3,091.3 Net income attributable to SUI common shareholders $ 241.2 Net income per share attributable to SUI common shareholders - basic $ 1.99 Net income per share attributable to SUI common shareholders - diluted $ 1.99

Notes And Other Receivables (Ta

Notes And Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Installment notes receivable on manufactured homes, net $ 62.2 $ 65.9 Notes receivable from real estate developers and operators 435.0 305.2 Other receivables, net 219.5 246.2 Total Notes and Other Receivables, net $ 716.7 $ 617.3
Schedule Of Other Receivables	Other receivables, net were comprised of amounts due from the following categories (in millions): March 31, 2023 December 31, 2022 Insurance receivables $ 74.9 $ 78.5 Marina customers for storage, service and lease payments, net (1) 46.4 40.0 Home sale proceeds 31.8 28.9 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (2) 24.2 61.5 Other receivables (3) 42.2 37.3 Total Other Receivables, net $ 219.5 $ 246.2 (1) Net of allowance of $2.4 million and $2.2 million as of March 31, 2023 and December 31, 2022, respectively. (2) Net of allowance of $4.9 million and $5.9 million as of March 31, 2023 and December 31, 2022, respectively.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	December 31, 2022 Currency Translation Adjustment Other (1) March 31, 2023 Segment MH $ 467.4 $ 12.2 $ 62.0 $ 541.6 RV 9.5 — — 9.5 Marina 541.5 — — 541.5 Total $ 1,018.4 $ 12.2 $ 62.0 $ 1,092.6 (1) During the three months ended March 31, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $62.0 million in the MH segment, related to the Park Leisure business combination.
Schedule of Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): March 31, 2023 December 31, 2022 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 166.0 $ (139.0) $ 165.7 $ (135.4) Non-competition agreements 5 years 10.5 (4.5) 10.5 (4.1) Trademarks and trade names 3 - 15 years 81.0 (6.8) 81.2 (5.5) Customer relationships 4 - 17 years 131.5 (27.8) 131.5 (24.7) Franchise agreements and other intangible assets 1 - 27 years 48.3 (10.0) 48.3 (8.9) Total finite-lived assets $ 437.3 $ (188.1) $ 437.2 $ (178.6) Indefinite-lived assets - Trademarks and trade names N/A 141.0 — 140.9 — Indefinite-lived assets - Other N/A 2.5 — 2.5 — Total indefinite-lived assets $ 143.5 $ — $ 143.4 $ — Total $ 580.8 $ (188.1) $ 580.6 $ (178.6)
Schedule of Intangible Assets Amortization Expense	Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Other Intangible Asset Amortization Expense March 31, 2023 March 31, 2022 In-place leases $ 3.6 $ 4.6 Non-competition agreements 0.5 0.5 Trademarks and trade names 1.5 0.2 Customer relationships 3.2 2.8 Franchise fees and other intangible assets 0.9 0.6 Total $ 9.7 $ 8.7
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 2023 2024 2025 2026 2027 In-place leases $ 7.0 $ 7.1 $ 6.2 $ 3.5 $ 2.0 Non-competition agreements 1.6 2.1 2.1 0.1 — Trademarks and trade names 4.6 5.2 5.2 5.2 5.2 Customer relationships 9.5 12.7 12.7 12.2 12.2 Franchise agreements and other intangible assets 3.0 3.3 3.1 2.9 2.6 Total $ 25.7 $ 30.4 $ 29.3 $ 23.9 $ 22.0

Investment in Nonconsolidated_2

Investment in Nonconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The investment balance in each nonconsolidated affiliate was as follows (in millions): Investment March 31, 2023 December 31, 2022 Investment in RezPlot $ — $ — Investment in Sungenia JV 45.1 44.5 Investment in GTSC 40.8 54.5 Investment in SV Lift 2.2 2.3 Total $ 88.1 $ 101.3 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Income / (Loss) from Nonconsolidated Affiliates March 31, 2023 March 31, 2022 RezPlot equity loss $ (1.5) $ (0.7) Sungenia JV equity income 0.6 0.6 GTSC equity income 1.0 1.2 SV Lift equity loss (0.3) (0.2) Total Income / (Loss) from Nonconsolidated Affiliates $ (0.2) $ 0.9 The change in the GTSC investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2023 December 31, 2022 Beginning balance $ 54.5 $ 35.7 Contributions 2.2 37.4 Distributions (12.4) (22.5) Equity earnings 1.0 5.9 Fair value adjustment (4.5) (2.0) Ending Balance $ 40.8 $ 54.5 The change in the Sungenia JV investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2023 December 31, 2022 Beginning balance $ 44.5 $ 36.2 Cumulative translation adjustment — (3.0) Contributions — 9.1 Equity earnings 0.6 2.2 Ending Balance $ 45.1 $ 44.5

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosure of Variable Interest Entities [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): March 31, 2023 December 31, 2022 Assets Investment property, net $ 782.3 $ 739.7 Cash, cash equivalents and restricted cash 11.0 14.1 Other intangible assets, net 12.7 13.0 Other assets, net 5.7 10.5 Total Assets $ 811.7 $ 777.3 Liabilities and Other Equity Secured debt $ 22.0 $ 22.2 Unsecured debt 35.2 35.2 Advanced reservation deposits and rent 34.1 13.8 Accrued expenses and accounts payable 20.6 11.8 Other liabilities 1.2 1.4 Total Liabilities 113.1 84.4 Temporary equity 39.0 41.3 Total Liabilities and Other Equity $ 152.1 $ 125.7

Debt and Line of Credit (Tables

Debt and Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of debt and lines of credit	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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Secured Debt (1) $ 3,386.4 $ 3,217.8 9.8 10.2 3.811 % 3.723 % Unsecured Debt Senior unsecured notes (2) 2,175.6 1,779.6 8.2 8.1 3.375 % 2.9 % Line of credit and other debt (3) 1,838.1 2,130.6 2.4 2.8 4.638 % 4.417 % Preferred equity - Sun NG Resorts - mandatorily redeemable 35.2 35.2 1.5 1.8 6.0 % 6.0 % Preferred OP units - mandatorily redeemable 26.7 34.0 0.8 3.1 6.5 % 5.921 % Total Unsecured Debt 4,075.6 3,979.4 Total Debt $ 7,462.0 $ 7,197.2 7.4 7.4 3.908 % 3.746 % (1) Balances at March 31, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $16.2 million and $14.6 million of deferred financing costs, respectively. (2) Balances at March 31, 2023 and December 31, 2022 include $7.0 million and $6.1 million of net debt discount, respectively, and $17.4 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (3) Balance at March 31, 2023 and December 31, 2022 includes $2.7 million and $3.0 million 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 $ — (1) Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024 that were secured by 35 properties. During the three months ended March 31, 2023 and the year ended December 31, 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information). Period Loan Amount Term (in years) Interest Rate Maturity Date Three months ended March 31, 2023 $ 85.0 (1) 3 5.0 % February 13, 2026 $ 99.1 (2) 7 - 10 5.72 % April 1, 2030 - April 1, 2033 Three months ended December 31, 2022 $ 226.0 (3) 4 - 7 4.5 % June 15, 2026 - December 15, 2029 Three months ended September 30, 2022 $ 20.6 (4)(6) 25 3.65 % August 10, 2047 $ 3.4 (5)(6) 25 3.65 % August 10, 2047 (1) Includes five existing encumbered properties. (2) Includes 22 existing encumbered properties. (3) Includes 18 existing encumbered properties. (4) Represents a construction loan (undrawn as of March 31, 2023). (5) Represents mortgage term loan. (6) Represents loans jointly secured by one property. The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded in the Unsecured debt line item on the Consolidated Balance Sheets. Carrying Amount Principal Amount March 31, 2023 December 31, 2022 5.7% notes, issued in January 2023 and due in January 2033 (1) $ 400.0 $ 395.4 N/A 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.0 591.8 2.3% notes, issued in October 2021 and due in November 2028 450.0 446.3 446.2 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 741.9 741.6 Total $ 2,200.0 $ 2,175.6 $ 1,779.6 (1) In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 million, after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility.

Equity and Temporary Equity (Ta

Equity and Temporary Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Redeemable Noncontrolling Interest	The following table sets forth the various series of redeemable preferred OP units that were outstanding as of March 31, 2023 and December 31, 2022 and the related terms, and summarizes the balance included within Temporary Equity 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 March 31, 2023 December 31, 2022 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 $ 47.7 $ 48.1 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 8.7 8.7 Series G preferred OP units 239,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 24.0 24.4 Series H preferred OP units 581,342 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 56.3 56.7 Series J preferred OP units 239,000 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 23.3 23.6 Series K preferred OP units 1,000,000 0.5882 4.0 % Holder's Option Within 60 days after March 23, 2028 99.9 — Total 2,639,010 $ 259.9 $ 161.5 (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. The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions): Equity Interest Description March 31, 2023 December 31, 2022 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 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities 4.3 4.2 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.0 1.9 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 1.9 0.3 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 2.5 3.2 NG Sun LLC In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S. 27.7 31.1 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 U.S. 0.4 0.5 Total $ 39.0 $ 41.4
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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 March 31, 2022 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Aspen preferred OP units Various (2) 270,000 86,224 — — Common OP units 1.0000 2,910 2,910 1,260 1,260 Series A-1 preferred OP units 2.4390 — — 2,694 6,568 Series C preferred OP units 1.1100 65 72 150 166 Series E preferred OP units 0.6897 — — 5,000 3,448 Series G preferred OP units 0.6452 1,000 645 — — Series H preferred OP units 0.6098 25 15 — — Series J preferred OP units 0.6061 1,000 606 — — (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. (2) Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.
Schedule of Dividends Payable	Distributions declared for the three months ended March 31, 2023 were as follows: Common Stock, Common OP units and Restricted Stock Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Millions) March 31, 2023 3/31/2023 4/17/2023 $ 0.93 $ 118.0

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Restricted Stock Granted	During the three months ended March 31, 2023 and 2022, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2023 Key Employees 2015 Equity Incentive Plan 220,258 $ 137.16 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 62,800 $ 144.88 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 82,200 $ 108.60 (2) Market Condition (3) 2023 Directors 2004 Non-Employee Director Option Plan 16,000 $ 148.12 (1) Time Based 2022 Key Employees 2015 Equity Incentive Plan 138,510 $ 180.49 (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 (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.
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	We recognized the following share-based compensation costs during the three months ended March 31, 2023 and 2022 (in millions): March 31, 2023 March 31, 2022 Share-based compensation - expensed (1) $ 9.6 $ 9.7 Share-based compensation - capitalized (2) $ 0.7 $ — (1) Recorded within General and Administrative Expense on the Consolidated Income Statements. (2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 March 31, 2022 MH RV Marina Consolidated MH RV Marina Consolidated Operating revenues $ 338.2 $ 111.8 $ 180.3 $ 630.3 $ 269.1 $ 116.7 $ 147.9 $ 533.7 Operating expenses / Cost of sales 162.0 66.6 121.3 349.9 107.4 67.1 97.3 271.8 NOI $ 176.2 $ 45.2 $ 59.0 $ 280.4 $ 161.7 $ 49.6 $ 50.6 $ 261.9 Adjustments to arrive at net income Interest income 11.4 6.8 Brokerage commissions and other revenues, net 9.5 8.0 General and administrative expense (63.9) (55.7) Catastrophic event-related charges, net (1.0) — Business combination expense, net (2.8) (0.5) Depreciation and amortization (158.0) (148.5) Loss on extinguishment of debt (see Note 8) — (0.3) Interest expense (76.6) (45.2) Interest on mandatorily redeemable preferred OP units / equity (1.0) (1.0) Loss on remeasurement of marketable securities (19.9) (34.5) Loss on foreign currency exchanges (2.7) (2.2) Gain / (loss) on dispositions of properties (1.6) 13.4 Other expense, net (1.0) (0.6) Gain / (loss) on remeasurement of notes receivable (1.7) 0.2 Income / (loss) from nonconsolidated affiliates (see Note 6) (0.2) 0.9 Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (4.5) 0.1 Current tax expense (3.9) (1.3) Deferred tax benefit 4.6 — Net Income / (Loss) (32.9) 1.5 Less: Preferred return to preferred OP units / equity interests 2.4 3.0 Less: Loss attributable to noncontrolling interests (5.2) (2.2) Net Income / (Loss) Attributable to SUI Common Shareholders $ (30.1) $ 0.7
Reconciliation of Assets from Segment to Consolidated	March 31, 2023 December 31, 2022 MH RV Marina Consolidated MH RV Marina Consolidated Identifiable Assets Investment property, net $ 6,871.5 $ 3,808.2 $ 3,171.1 $ 13,850.8 $ 7,181.7 $ 3,744.3 $ 3,045.0 $ 13,971.0 Cash, cash equivalents and restricted cash 38.1 22.2 14.5 74.8 49.4 30.3 10.7 90.4 Marketable securities 68.3 37.2 — 105.5 82.4 44.9 — 127.3 Inventory of manufactured homes 209.4 23.1 — 232.5 189.1 13.6 — 202.7 Notes and other receivables, net 559.4 102.7 54.6 716.7 475.2 96.5 45.6 617.3 Goodwill 541.6 9.5 541.5 1,092.6 467.4 9.5 541.5 1,018.4 Other intangible assets, net 95.1 31.2 266.4 392.7 97.9 32.6 271.5 402.0 Other assets, net 603.2 51.3 243.7 898.2 356.1 63.0 236.0 655.1 Total Assets $ 8,986.6 $ 4,085.4 $ 4,291.8 $ 17,363.8 $ 8,899.2 $ 4,034.7 $ 4,150.3 $ 17,084.2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Computations of basic and diluted EPS were as follows (in millions, except for per share data): Three Months Ended March 31, 2023 March 31, 2022 Numerator Net income / (loss) attributable to SUI common shareholders $ (30.1) $ 0.7 Less: allocation to restricted stock awards (0.1) — Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards $ (30.0) $ 0.7 Add: allocation to restricted stock awards (0.1) — Add: allocation to common and preferred OP units dilutive effect (0.6) — Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units $ (30.7) $ 0.7 Denominator Weighted average common shares outstanding 123.3 115.3 Add: common shares dilutive effect: Forward Equity Offering — 0.2 Add: dilutive restricted stock 0.4 0.4 Add: common and preferred OP units dilutive effect 2.5 — Diluted weighted average common shares and securities 126.2 115.9 EPS Available to Common Shareholders After Allocation Basic earnings / (loss) per share $ (0.24) $ 0.01 Diluted earnings / (loss) per share $ (0.24) $ 0.01
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of March 31, 2023 and 2022 (in thousands): As of March 31, 2023 March 31, 2022 Common OP units — 2,551 A-1 preferred OP units 208 272 A-3 preferred OP units 40 40 Aspen preferred OP units 989 1,284 Series C preferred OP units 306 306 Series D preferred OP units 489 489 Series E preferred OP units 80 85 Series F preferred OP units 90 90 Series G preferred OP units 240 241 Series H preferred OP units 581 581 Series I preferred OP units (1) N/A 922 Series J preferred OP units 239 240 Series K preferred OP units 1,000 N/A Total Securities 4,262 7,101 (1) All of our outstanding Series I preferred OP units converted during the year ended December 31, 2022.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 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 $ 668.4 $ 15.2 $ — $ 733.6 $ 32.0 $ — (1) Included within Other Assets, net on the Consolidated Balance Sheets.
Derivative Instruments, Gain (Loss)	The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions): Three Months Ended Derivatives designated as cash flow hedges March 31, 2023 March 31, 2022 Interest rate derivatives $ (8.6) $ 24.1 The following table presents the amount of gains / (losses) on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions): Financial Statement Classification Three Months Ended Derivatives designated as cash flow hedges March 31, 2023 March 31, 2022 Interest rate derivatives Interest expense $ 2.3 $ (1.1)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023. The table presents the carrying values and fair values of our financial instruments as of March 31, 2023 and December 31, 2022, 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. March 31, 2023 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 $ 74.8 $ 74.8 $ — $ — $ 74.8 Marketable securities 105.5 105.5 — — 105.5 Installment notes receivable on manufactured homes, net 62.2 — — 62.2 62.2 Notes receivable from real estate developers and operators 435.0 — — 435.0 435.0 Derivative assets 15.2 — 15.2 — 15.2 Total assets measured at fair value $ 692.7 $ 180.3 $ 15.2 $ 497.2 $ 692.7 Financial Liabilities Secured debt $ 3,386.4 $ — $ 3,386.4 $ — $ 3,015.4 Unsecured debt Senior unsecured notes 2,175.6 — 2,175.6 — 1,926.1 Line of credit and other unsecured debt 1,900.0 — 1,900.0 — 1,900.0 Total unsecured debt 4,075.6 — 4,075.6 — 3,826.1 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,482.2 $ — $ 7,462.0 $ 20.2 $ 6,861.7 December 31, 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 $ 90.4 $ 90.4 $ — $ — $ 90.4 Marketable securities 127.3 127.3 — — 127.3 Installment notes receivable on manufactured homes, net 65.9 — — 65.9 65.9 Notes receivable from real estate developers and operators 305.2 — — 305.2 305.2 Derivative assets 32.0 — 32.0 — 32.0 Total assets measured at fair value $ 620.8 $ 217.7 $ 32.0 $ 371.1 $ 620.8 Financial Liabilities Secured debt $ 3,217.8 $ — $ 3,217.8 $ — $ 2,814.1 Unsecured debt Senior unsecured notes 1,779.6 — 1,779.6 — 1,432.7 Line of credit and other unsecured debt 2,199.8 — 2,199.8 — 2,199.8 Total unsecured debt 3,979.4 — 3,979.4 — 3,632.5 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,217.4 $ — $ 7,197.2 $ 20.2 $ 6,466.8 Three Months Ended Year Ended March 31, 2023 December 31, 2022 Beginning Balance $ 127.3 $ 186.9 Change in fair value measurement (19.9) (53.4) Foreign currency translation adjustment (1.9) (7.7) Dividend reinvestment, net of tax — 1.5 Ending Balance $ 105.5 $ 127.3
Fair Value, Assets Measured on Recurring Basis	The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2023 and 2022 (in millions): March 31, 2023 March 31, 2022 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 Warrants Level 3 beginning balance at December 31, 2022 and 2021 $ 65.9 $ 305.2 $ — $ 79.1 $ 284.0 $ — Realized gains / (losses) (1) (1.7) — (0.4) 0.2 — (0.6) Purchases and issuances 0.1 124.3 0.4 0.9 30.5 1.2 Sales and settlements (2.1) (3.0) — (3.0) (4.1) — Dispositions of properties — — — — — — Foreign currency exchange gain / (losses) — 8.5 — — (6.0) — Level 3 ending balance at March 31, 2023 and 2022 $ 62.2 $ 435.0 $ — $ 77.2 $ 304.4 $ 0.6 (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. March 31, 2023 March 31, 2022 Liabilities: Contingent Consideration Contingent Consideration Level 3 beginning balance December 31, 2022 and 2021 $ 20.2 $ 20.2 Level 3 ending balance at March 31, 2023 and 2022 (1) $ 20.2 $ 20.2 (1) There was no activity related to the Contingent consideration liability during the three months ended March 31, 2023 and 2022.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Business Insurance Recoveries	The table below sets forth estimated insurance recoveries (in millions): Three Months Ended Total estimated insurance receivable - December 31, 2022 $ 54.9 Change in estimated insurance recoveries 22.1 Advances from insurer (13.5) Total estimated insurance receivable - March 31, 2023 $ 63.5

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	Future minimum lease payments under non-cancellable leases as of March 31, 2023 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2023 (excluding three months ended March 31, 2023) $ 10.2 $ 0.6 $ 10.8 2024 13.7 4.6 18.3 2025 13.2 0.5 13.7 2026 11.6 0.5 12.1 2027 9.7 0.5 10.2 Thereafter 240.6 20.3 260.9 Total Lease Payments $ 299.0 $ 27.0 $ 326.0 Less: Imputed interest (139.0) (12.8) (151.8) Present Value of Lease Liabilities $ 160.0 $ 14.2 $ 174.2
Finance Lease, Liability, Maturity	Future minimum lease payments under non-cancellable leases as of March 31, 2023 where we are the lessee include: Maturity of Lease Liabilities (in millions) Operating Leases Finance Leases Total 2023 (excluding three months ended March 31, 2023) $ 10.2 $ 0.6 $ 10.8 2024 13.7 4.6 18.3 2025 13.2 0.5 13.7 2026 11.6 0.5 12.1 2027 9.7 0.5 10.2 Thereafter 240.6 20.3 260.9 Total Lease Payments $ 299.0 $ 27.0 $ 326.0 Less: Imputed interest (139.0) (12.8) (151.8) Present Value of Lease Liabilities $ 160.0 $ 14.2 $ 174.2 Maturity of Financial Liability (in millions) March 31, 2023 2023 (excluding three months ended March 31, 2023) $ 5.9 2024 11.3 2025 11.6 2026 11.7 2027 11.8 Thereafter 1,623.0 Total Payments $ 1,675.3 Less: Imputed interest (1,337.8) Present Value of Financial Liability $ 337.5
Lease, Cost	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 March 31, 2023 December 31, 2022 Lease Assets Finance lease, right-of-use asset, net of accumulated amortization Investment property, net $ 32.8 $ 32.2 Operating lease, right-of-use asset, net Other assets, net $ 186.8 $ 189.4 Below market operating leases, net Other assets, net $ 90.3 $ 90.9 Lease Liabilities Finance lease liabilities Other liabilities $ 14.2 $ 15.0 Operating lease liabilities Other liabilities $ 160.0 $ 160.3 Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Three Months Ended Description Financial Statement Classification March 31, 2023 March 31, 2022 Finance Lease Expense Amortization of ROU assets Depreciation and amortization $ 0.7 $ — Interest on lease liabilities Interest expense 0.2 0.1 Operating lease cost General and administrative expense, Property operating and maintenance, 4.6 3.8 Variable lease cost Property operating and maintenance 1.6 1.6 Short term lease cost Property operating and maintenance — — Total Lease Expense $ 7.1 $ 5.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.23 Operating lease 34.11 Weighted-average Discount Rate Finance lease 3.38 % Operating lease 3.80 % Three Months Ended March 31, 2023 March 31, 2022 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flow from operating leases $ 3.3 $ 2.4 Financing cash flow from finance leases 5.9 0.1 Total Cash Paid On Lease Liabilities $ 9.2 $ 2.5 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 Description Financial Statement Classification March 31, 2023 March 31, 2022 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 7.9 $ 7.1 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 1.5 $ 0.7 (1) Consists of rent primarily based on a percentage of acquisition costs and net operating income.
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	uture minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of March 31, 2023: Maturity of Lease Payments (in millions) Operating Leases 2023 (excluding the three months ended March 31, 2023) $ 21.6 2024 19.4 2025 10.9 2026 6.9 2027 6.1 Thereafter 53.1 Total Undiscounted Cash Flows $ 118.0

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 441.4	$ 387.8
Total Revenues	651.2	548.5
Real property
Disaggregation of Revenue [Line Items]
Revenues	441.4	387.8
Home sales
Disaggregation of Revenue [Line Items]
Revenues	86.3	64.7
Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	102.6	81.2
Interest
Disaggregation of Revenue [Line Items]
Revenues	11.4	6.8
Brokerage commissions and other, net
Disaggregation of Revenue [Line Items]
Revenues	9.5	8
MH
Disaggregation of Revenue [Line Items]
Total Revenues	352.7	279.5
MH | Real property
Disaggregation of Revenue [Line Items]
Revenues	252.9	208.8
MH | Home sales
Disaggregation of Revenue [Line Items]
Revenues	79.9	58
MH | Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	5.4	2.3
MH | Interest
Disaggregation of Revenue [Line Items]
Revenues	10.3	6.2
MH | Brokerage commissions and other, net
Disaggregation of Revenue [Line Items]
Revenues	4.2	4.2
RV
Disaggregation of Revenue [Line Items]
Total Revenues	117.1	120.8
RV | Real property
Disaggregation of Revenue [Line Items]
Revenues	99.6	102.7
RV | Home sales
Disaggregation of Revenue [Line Items]
Revenues	6.4	6.7
RV | Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	5.8	7.3
RV | Interest
Disaggregation of Revenue [Line Items]
Revenues	0.9	0.6
RV | Brokerage commissions and other, net
Disaggregation of Revenue [Line Items]
Revenues	4.4	3.5
Marina
Disaggregation of Revenue [Line Items]
Total Revenues	181.4	148.2
Marina | Real property
Disaggregation of Revenue [Line Items]
Revenues	88.9	76.3
Marina | Home sales
Disaggregation of Revenue [Line Items]
Revenues	0	0
Marina | Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	91.4	71.6
Marina | Interest
Disaggregation of Revenue [Line Items]
Revenues	0.2	0
Marina | Brokerage commissions and other, net
Disaggregation of Revenue [Line Items]
Revenues	$ 0.9	$ 0.3

Real Estate Acquisitions and _3

Real Estate Acquisitions and Dispositions - Schedule of Business Acquisitions, by Acquisition (Details)		3 Months Ended
	Jan. 10, 2023 USD ($)	Mar. 31, 2023 USD ($) manufactured_home property development_site site shares	Dec. 31, 2022 development_site site
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces		92	24,347
Development Sites | development_site		72	2,655
Number Of Managed Properties | property		2
Number Of Properties | property		2
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			12
Development Sites | development_site			0
Park Holidays
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			15,906
Development Sites			608
Number of motor home communities (in communities) | manufactured_home		40
Bluewater
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			0
Development Sites			0
Park Leisure
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			2,914
Development Sites			123
Number of motor home communities (in communities) | manufactured_home		11
Callaly Leisure
Business Acquisition [Line Items]
Number of Development Sites | development_site		1
Fox Run
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces		68
Development Sites | development_site		72
Fox Run | Common OP units
Business Acquisition [Line Items]
Issuance of stock and units (in shares) | shares		31,289
Issuance of common stock and common OP units, net | $	$ 4,500,000	$ 4,500,000
Savannah Yacht Center
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces		24
Development Sites | development_site		0
Savannah Yacht Center | Series K preferred OP units
Business Acquisition [Line Items]
Issuance of stock and units (in shares) | shares		1,000,000
Issuance of common stock and common OP units, net | $		$ 100,000,000
Harrison Yacht Yard
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			21
Development Sites | development_site			0
Outer Banks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			196
Development Sites | development_site			0
Tower Marine
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			446
Development Sites | development_site			0
Sandy Bay
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			730
Development Sites | development_site			456
Christies Parks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			249
Development Sites			0
Bluewater
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			200
Development Sites			0
Bodmin Holiday Park
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			69
Development Sites			0
Kittery Point
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			62
Development Sites			0
Spanish Trails MHC
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			195
Development Sites			6
Pine Acre Trails
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			251
Development Sites			603
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			379
Development Sites			0
Montauk Yacht Club
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			232
Development Sites			0
Callaly Leisure
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			380
Development Sites			823
Newhaven
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			224
Development Sites			14
Bayfront Marina
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			583
Development Sites			0
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			800
Development Sites			0
Jellystone Lincoln
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			267
Development Sites			0
Norway Commons
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			231
Development Sites			22

Real Estate Acquisitions and _4

Real Estate Acquisitions and Dispositions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 08, 2022	Dec. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Investment in property		$ 2,213.9	$ 107	$ 2,213.9
Inventory of manufactured homes, boat parts and retail related items		45	0.2	45
Other assets, net		803.3	4.5	803.3
Total identifiable assets acquired net of liabilities assumed		2,185.9	111.7	2,185.9
Cash and escrow			7.2
Temporary and permanent equity			104.5	37.7
Total consideration			111.7	2,185.9
In-place leases, goodwill and other intangible assets		730.3		730.3
Cash and escrow				2,148.2
Secured Debt | Blue Water Loan
Business Acquisition [Line Items]
Long-term debt		12.9		12.9
Loan balance forgiven		7.9
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Investment in property		21.3		21.3
Inventory of manufactured homes, boat parts and retail related items		1.4		1.4
Other assets, net		(1)		(1)
Total identifiable assets acquired net of liabilities assumed		71.2		71.2
Cash and escrow				68.4
Temporary and permanent equity				2.8
Total consideration				71.2
In-place leases, goodwill and other intangible assets		47.5		47.5
Park Holidays
Business Acquisition [Line Items]
Investment in property		1,254.7		1,254.7
Inventory of manufactured homes, boat parts and retail related items		29.5		29.5
Other assets, net		(624.9)		(624.9)
Total identifiable assets acquired net of liabilities assumed		1,233.8		1,233.8
Cash and escrow				1,199.9
Temporary and permanent equity	$ 33.9			33.9
Total consideration				1,233.8
In-place leases, goodwill and other intangible assets		574.5		574.5
Amortization of acquired intangible assets				$ 70.2
Weighted average amortization period of acquired intangible assets				14 years 7 months 6 days
Park Leisure
Business Acquisition [Line Items]
Investment in property		259.5		$ 259.5
Inventory of manufactured homes, boat parts and retail related items		0.7		0.7
Other assets, net		(111.9)		(111.9)
Total identifiable assets acquired net of liabilities assumed		225.8		225.8
Cash and escrow				225.8
Temporary and permanent equity				0
Total consideration				225.8
In-place leases, goodwill and other intangible assets		77.5		77.5
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
Other assets, net		(0.3)		(0.3)
Total identifiable assets acquired net of liabilities assumed		190.5		190.5
Cash and escrow				190.5
Temporary and permanent equity				0
Total consideration				190.5
In-place leases, goodwill and other intangible assets		26.3		26.3
Fox Run
Business Acquisition [Line Items]
Investment in property			7
Inventory of manufactured homes, boat parts and retail related items			0.2
Other assets, net			0
Total identifiable assets acquired net of liabilities assumed			7.2
Cash and escrow			2.7
Temporary and permanent equity			4.5
Total consideration			7.2
Savannah Yacht Center
Business Acquisition [Line Items]
Investment in property			100
Inventory of manufactured homes, boat parts and retail related items			0
Other assets, net			4.5
Total identifiable assets acquired net of liabilities assumed			104.5
Cash and escrow			4.5
Temporary and permanent equity			100
Total consideration			$ 104.5
Harrison Yacht Yard
Business Acquisition [Line Items]
Investment in property		5.8		5.8
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		5.8		5.8
Cash and escrow				5.8
Temporary and permanent equity				0
Total consideration				5.8
In-place leases, goodwill and other intangible assets		0		0
Outer Banks
Business Acquisition [Line Items]
Investment in property		5.2		5.2
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0.4		0.4
Total identifiable assets acquired net of liabilities assumed		4.8		4.8
Cash and escrow				4.8
Temporary and permanent equity				0
Total consideration				4.8
In-place leases, goodwill and other intangible assets		0		0
Tower Marine
Business Acquisition [Line Items]
Investment in property		20.2		20.2
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		2.1		2.1
Total identifiable assets acquired net of liabilities assumed		18.3		18.3
Cash and escrow				18.3
Temporary and permanent equity				0
Total consideration				18.3
In-place leases, goodwill and other intangible assets		0.2		0.2
Sandy Bay
Business Acquisition [Line Items]
Investment in property		247.9		247.9
Inventory of manufactured homes, boat parts and retail related items		9.4		9.4
Other assets, net		68.3		68.3
Total identifiable assets acquired net of liabilities assumed		191.1		191.1
Cash and escrow				191.1
Temporary and permanent equity				0
Total consideration				191.1
In-place leases, goodwill and other intangible assets		2.1		2.1
Christies Parks
Business Acquisition [Line Items]
Investment in property		10.1		10.1
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		2.1		2.1
Total identifiable assets acquired net of liabilities assumed		12.2		12.2
Cash and escrow				12.2
Temporary and permanent equity				0
Total consideration				12.2
In-place leases, goodwill and other intangible assets		0		0
Bluewater
Business Acquisition [Line Items]
Investment in property		25.3		25.3
Inventory of manufactured homes, boat parts and retail related items		1.3		1.3
Other assets, net		1.3		1.3
Total identifiable assets acquired net of liabilities assumed		28		28
Cash and escrow				28
Temporary and permanent equity				0
Total consideration				28
In-place leases, goodwill and other intangible assets		0.1		0.1
Bodmin Holiday Park
Business Acquisition [Line Items]
Investment in property		13.1		13.1
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		13.1		13.1
Cash and escrow				13.1
Temporary and permanent equity				0
Total consideration				13.1
In-place leases, goodwill and other intangible assets		0		0
Kittery Point
Business Acquisition [Line Items]
Investment in property		8		8
Inventory of manufactured homes, boat parts and retail related items		0.1		0.1
Other assets, net		0.1		0.1
Total identifiable assets acquired net of liabilities assumed		8		8
Cash and escrow				7
Temporary and permanent equity				1
Total consideration				8
In-place leases, goodwill and other intangible assets		0		0
Spanish Trails MHC
Business Acquisition [Line Items]
Investment in property		20.6		20.6
Inventory of manufactured homes, boat parts and retail related items		1.8		1.8
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		22.4		22.4
Cash and escrow				22.4
Temporary and permanent equity				0
Total consideration				22.4
In-place leases, goodwill and other intangible assets		0		0
Pine Acre Trails
Business Acquisition [Line Items]
Investment in property		29.7		29.7
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		29.7		29.7
Cash and escrow				29.7
Temporary and permanent equity				0
Total consideration				29.7
In-place leases, goodwill and other intangible assets		0		0
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Investment in property		39.3		39.3
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		40		40
Cash and escrow				40
Temporary and permanent equity				0
Total consideration				40
In-place leases, goodwill and other intangible assets		0.7		0.7
Callaly Leisure
Business Acquisition [Line Items]
Investment in property		23.8		23.8
Inventory of manufactured homes, boat parts and retail related items		0.1		0.1
Other assets, net		0.3		0.3
Total identifiable assets acquired net of liabilities assumed		23.6		23.6
Cash and escrow				23.6
Temporary and permanent equity				0
Total consideration				23.6
In-place leases, goodwill and other intangible assets		0		0
Newhaven
Business Acquisition [Line Items]
Investment in property		6.2		6.2
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		6.2		6.2
Cash and escrow				6.2
Temporary and permanent equity				0
Total consideration				6.2
In-place leases, goodwill and other intangible assets		0		0
Bayfront Marina
Business Acquisition [Line Items]
Investment in property		11.3		11.3
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0.5		0.5
Total identifiable assets acquired net of liabilities assumed		11.7		11.7
Cash and escrow				11.7
Temporary and permanent equity				0
Total consideration				11.7
In-place leases, goodwill and other intangible assets		0.9		0.9
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Investment in property		16.2		16.2
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		0.7		0.7
Total identifiable assets acquired net of liabilities assumed		15.7		15.7
Cash and escrow				15.7
Temporary and permanent equity				0
Total consideration				15.7
In-place leases, goodwill and other intangible assets		0.2		0.2
Jellystone Lincoln
Business Acquisition [Line Items]
Investment in property		17		17
Inventory of manufactured homes, boat parts and retail related items		0		0
Other assets, net		1.2		1.2
Total identifiable assets acquired net of liabilities assumed		18.2		18.2
Cash and escrow				18.2
Temporary and permanent equity				0
Total consideration		17		18.2
In-place leases, goodwill and other intangible assets		0		0
Cash consideration		5
Acquisition price		3.7
Vacation rental unit consideration		0.4
Norway Commons
Business Acquisition [Line Items]
Investment in property		15.1		15.1
Inventory of manufactured homes, boat parts and retail related items		0.4		0.4
Other assets, net		0		0
Total identifiable assets acquired net of liabilities assumed		15.8		15.8
Cash and escrow				15.8
Temporary and permanent equity				0
Total consideration				15.8
In-place leases, goodwill and other intangible assets		0.3		0.3
Jarrett Bay Bluewater Yacht Sales
Business Acquisition [Line Items]
Investment in property		0.1		0.1
Other assets, net		0.4		0.4
In-place leases, goodwill and other intangible assets		$ 17.6		$ 17.6

Real Estate Acquisitions and _5

Real Estate Acquisitions and Dispositions - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended			12 Months Ended
	Feb. 23, 2023 USD ($) property	Mar. 31, 2023 USD ($) development_site site	Sep. 30, 2022 USD ($) development_site	Mar. 31, 2022 USD ($) development_site	Dec. 31, 2022 USD ($) development_site site landParcel
Business Acquisition [Line Items]
Capitalized transaction costs		$ 2.6			$ 19.2
Business combinations		2.8		$ 0.5
Number of land parcels acquired | landParcel					6
Aggregate purchase price					$ 26.2
Gain / (loss) on dispositions of properties		$ (1.6)		$ 13.4
Sites, Wet Slips and Dry Storage Spaces | site		92			24,347
Notes receivable from real estate developers and operators
Business Acquisition [Line Items]
Weighted average interest rate		8.50%			7.80%
UNITED STATES
Business Acquisition [Line Items]
Number of land parcels acquired | development_site		3
Aggregate purchase price		$ 34.9
Park Holidays
Business Acquisition [Line Items]
Business combinations		2.8
Sites, Wet Slips and Dry Storage Spaces | site					15,906
Marina
Business Acquisition [Line Items]
Number of land parcels acquired | development_site					2
Aggregate purchase price					$ 13.9
Southern Pines
Business Acquisition [Line Items]
Number of communities sold | development_site			2
Gain / (loss) on dispositions of properties			$ 13.3
Proceeds related to disposition of properties			$ 29.5
Country Squire
Business Acquisition [Line Items]
Number of communities sold | development_site			1
Gain / (loss) on dispositions of properties			$ 13.3
Sites, Wet Slips and Dry Storage Spaces | development_site				323
Proceeds related to disposition of properties			$ 29.5
New Ranch
Business Acquisition [Line Items]
Number of communities sold | development_site			2
Gain / (loss) on dispositions of properties			$ 13.3
Proceeds related to disposition of properties			29.5
The Sands RV & Golf Course
Business Acquisition [Line Items]
Gain / (loss) on dispositions of properties			$ 0.8
Sites, Wet Slips and Dry Storage Spaces | development_site			514
Proceeds related to disposition of properties			$ 15
UK Non-Operating Properties | Notes receivable from real estate developers and operators
Business Acquisition [Line Items]
Weighted average interest rate	11.90%
UK Non-Operating Properties | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of communities sold | property	2
Consideration received	$ 111.5
Note receivable	108.8
UK Non-Operating Properties | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Gain / (loss) on disposition of properties
Business Acquisition [Line Items]
Gain / (loss) on dispositions of properties		1.6
Release of foreign currency translation losses		$ 11.9
UK MH Operating Community
Business Acquisition [Line Items]
Consideration received	$ 240
UK MH Operating Community | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of sites sold | development_site		730
UK MH Operating Community | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Other Liabilities
Business Acquisition [Line Items]
Liabilities held for sale		$ 64
UK MH Operating Community | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Other Assets [Member]
Business Acquisition [Line Items]
Assets held for sale		$ 262.2
Cabrillo Isle and Emerald Coast
Business Acquisition [Line Items]
Business combinations					$ 24.7

Real Estate Acquisitions and _6

Real Estate Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Total Revenues	$ 651.2	$ 548.5
Net income	$ (30.1)	$ 0.7
Total revenues			$ 3,091.3
Net income attributable to SUI common shareholders			$ 241.2
Net income per share attributable to SUI common stockholders - basic (in dollars per share)			$ 1.99
Net income per share attributable to SUI common stockholders - diluted (in dollars per share)			$ 1.99
Park Holidays, Park Leisure, Jarrett Bay, and Montauk Yacht Club
Business Acquisition [Line Items]
Total Revenues			$ 353.6
Net income			$ 13.8

Notes and Other Receivables - S

Notes and Other Receivables - Schedule of notes and other receivables (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 716.7	$ 617.3
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	62.2	65.9
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	435	305.2
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	219.5	246.2
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 716.7	$ 617.3

Notes And Other Receivables - N

Notes And Other Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 716.7	$ 617.3
Undrawn funds	41.3
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 62.2	$ 65.9
Weighted average interest rate	7.60%	7.60%
Maturity	13 years 7 months 6 days	13 years 9 months 18 days
Installment notes receivable on manufactured homes, net | Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value adjustments	$ 3.1
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	219.5	$ 246.2
Fair value adjustments		(1.4)
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	435	305.2
Notes due from Real Estate Operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 341.1	$ 217.6
Weighted average interest rate	11.60%	15.30%
Maturity	2 months 12 days	1 month 6 days
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 93.9	$ 87.6
Weighted average interest rate	8.50%	7.80%
Maturity	2 years 4 months 24 days	2 years 3 months 18 days

Notes and Other Receivables -_2

Notes and Other Receivables - Schedule of installment notes receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jan. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Insurance receivables	$ 74.9	$ 78.5
Marina customers for storage, service and lease payments, net	46.4	40
Home sale proceeds	31.8	28.9
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	24.2	61.5
Other receivables	219.5	246.2
Allowance for rent, water, sewer usage receivables	$ 4.9	5.9
Draw down period	3 years
Total Notes and Other Receivables, net	$ 716.7	$ 617.3
RezPlot
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership percentage	49.10%	48.90%
Principal Amount	$ 10		$ 5
Interest Rate	3%
Total Notes and Other Receivables, net	$ 12.3	$ 12.7
Marina
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for rent, water, sewer usage receivables	2.4	2.2
Total Notes and Other Receivables, net	54.6	45.6
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables	42.2	37.3
Total Notes and Other Receivables, net	$ 62.2	$ 65.9

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,018.4
Currency Translation Adjustment	12.2
Other	62
Goodwill, ending balance	1,092.6
MH
Goodwill [Roll Forward]
Goodwill, beginning balance	467.4
Currency Translation Adjustment	12.2
Other	62
Goodwill, ending balance	541.6
RV
Goodwill [Roll Forward]
Goodwill, beginning balance	9.5
Currency Translation Adjustment	0
Other	0
Goodwill, ending balance	9.5
Marina
Goodwill [Roll Forward]
Goodwill, beginning balance	541.5
Currency Translation Adjustment	0
Other	0
Goodwill, ending balance	$ 541.5

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 437.3	$ 437.2
Accumulated Amortization	(188.1)	(178.6)
Total indefinite-lived assets	143.5	143.4
Total	$ 580.8	580.6
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	$ 141	140.9
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	2.5	2.5
In-place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	166	165.7
Accumulated Amortization	$ (139)	(135.4)
In-place leases | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 months
In-place leases | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Gross Carrying Amount	$ 10.5	10.5
Accumulated Amortization	(4.5)	(4.1)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	81	81.2
Accumulated Amortization	$ (6.8)	(5.5)
Trademarks and trade names | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 131.5	131.5
Accumulated Amortization	$ (27.8)	(24.7)
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	17 years
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48.3	48.3
Accumulated Amortization	$ (10)	$ (8.9)
Franchise agreements and other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Franchise agreements and other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	27 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 9.7	$ 8.7
In-place leases
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	3.6	4.6
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	0.5	0.5
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.5	0.2
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	3.2	2.8
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 0.9	$ 0.6

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	$ 25.7
2024	30.4
2025	29.3
2026	23.9
2027	22
In-place leases
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	7
2024	7.1
2025	6.2
2026	3.5
2027	2
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	1.6
2024	2.1
2025	2.1
2026	0.1
2027	0
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	4.6
2024	5.2
2025	5.2
2026	5.2
2027	5.2
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	9.5
2024	12.7
2025	12.7
2026	12.2
2027	12.2
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	3
2024	3.3
2025	3.1
2026	2.9
2027	$ 2.6

Investment in Nonconsolidated_3

Investment in Nonconsolidated Affiliates - Narrative (Details)	Mar. 31, 2023	Dec. 31, 2022
RezPlot
Schedule of Equity Method Investments [Line Items]
Ownership percentage	49.10%	48.90%
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	40%	40%
SV Lift
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%

Investment in Nonconsolidated_4

Investment in Nonconsolidated Affiliates - Investment Balance (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment	$ 88.1		$ 101.3
Total Income / (Loss) from Nonconsolidated Affiliates	(0.2)	$ 0.9
RezPlot
Schedule of Equity Method Investments [Line Items]
Investment	0		0
Total Income / (Loss) from Nonconsolidated Affiliates	(1.5)	(0.7)
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment	45.1		44.5	$ 36.2
Total Income / (Loss) from Nonconsolidated Affiliates	0.6	0.6	2.2
Cumulative translation adjustment	0		(3)
Contributions	0		9.1
GTSC
Schedule of Equity Method Investments [Line Items]
Investment	40.8		54.5	$ 35.7
Total Income / (Loss) from Nonconsolidated Affiliates	1	1.2	5.9
Contributions	2.2		37.4
Distributions	(12.4)		(22.5)
Fair value adjustment	(4.5)		(2)
SV Lift
Schedule of Equity Method Investments [Line Items]
Investment	2.2		$ 2.3
Total Income / (Loss) from Nonconsolidated Affiliates	$ (0.3)	$ (0.2)

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investment property, net	$ 13,850.8	$ 13,971
Cash, cash equivalents and restricted cash	74.8	90.4	$ 102.6	$ 78.2
Other intangible assets, net	392.7	402
Other assets, net	898.2	655.1
Total Assets	17,363.8	17,084.2
Secured debt	3,386.4	3,217.8
Advanced reservation deposits and rent	433.8	352.1
Accrued expenses and accounts payable	340.9	396.3
Other liabilities	940.1	935.9
Total Liabilities	9,294.8	8,992.8
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investment property, net	782.3	739.7
Cash, cash equivalents and restricted cash	11	14.1
Other intangible assets, net	12.7	13
Other assets, net	5.7	10.5
Total Assets	811.7	777.3
Secured debt	22	22.2
Unsecured debt	35.2	35.2
Advanced reservation deposits and rent	34.1	13.8
Accrued expenses and accounts payable	20.6	11.8
Other liabilities	1.2	1.4
Total Liabilities	113.1	84.4
Temporary equity	39	41.3
Total Liabilities and Other Equity	$ 152.1	$ 125.7

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Narrative (Details)	Mar. 31, 2023 Rate	Dec. 31, 2022 Rate
Disclosure of Variable Interest Entities [Abstract]
VIE as a percentage of consolidated assets	4.70%	4.50%
VIE as a percentage of consolidated liabilities	1.20%	0.90%
VIE as a Percentage of total equity	1%	1%

Debt and Line of Credit - Sched

Debt and Line of Credit - Schedule of Debt (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Secured debt	$ 3,386,400,000	$ 3,217,800,000
Weighted Average Years to Maturity	7 years 4 months 24 days	7 years 4 months 24 days
Weighted Average Interest Rates	3.908%	3.746%
Unsecured debt	$ 4,075,600,000	$ 3,979,400,000
Total debt	7,462,000,000	7,197,200,000
Net debt discount (premium)		100,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other	1,838,100,000	2,130,600,000
Deferred financing costs	$ 2,700,000	$ 3,000,000
Secured Debt
Debt Instrument [Line Items]
Weighted Average Years to Maturity	9 years 9 months 18 days	10 years 2 months 12 days
Weighted Average Interest Rates	3.811%	3.723%
Deferred financing costs	$ 16,200,000	$ 14,600,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	8 years 2 months 12 days	8 years 1 month 6 days
Weighted Average Interest Rates	3.375%	2.90%
Unsecured debt	$ 2,175,600,000	$ 1,779,600,000
Net debt discount (premium)	7,000,000	6,100,000
Deferred financing costs	$ 17,400,000	$ 14,300,000
Line of Credit and Other Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Years to Maturity	2 years 4 months 24 days	2 years 9 months 18 days
Weighted Average Interest Rates	4.638%	4.417%
Preferred equity - Sun NG Resorts - mandatorily redeemable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	1 year 6 months	1 year 9 months 18 days
Weighted Average Interest Rates	6%	6%
Preferred OP units - mandatorily redeemable	$ 35,200,000	$ 35,200,000
Preferred OP units - mandatorily redeemable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	9 months 18 days	3 years 1 month 6 days
Weighted Average Interest Rates	6.50%	5.921%
Preferred OP units - mandatorily redeemable	$ 26,700,000	$ 34,000,000
Debt Securities
Debt Instrument [Line Items]
Net debt discount (premium)	$ 100,000

Debt and Line of Credit - Sch_2

Debt and Line of Credit - Schedule of Secured Debt (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) loans Rate	Jun. 30, 2022 USD ($) Rate	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Loss on Extinguishment of Debt	$ 0			$ (300,000)
Collateralized Term Loan 1
Debt Instrument [Line Items]
Number of loans | loans		17
Number of secured properties		35
Secured Debt
Debt Instrument [Line Items]
Repayment Amount		$ 318,000,000
Fixed Interest Rate | Rate		4.81%
Loss on Extinguishment of Debt		$ 4,000,000
Secured Debt | Matures on October 1, 2022 3.89% Interest Rate
Debt Instrument [Line Items]
Repayment Amount			$ 15,800,000
Fixed Interest Rate | Rate			3.89%
Loss on Extinguishment of Debt			$ 0

Debt and Line of Credit - Sch_3

Debt and Line of Credit - Schedule of Mortgage Loans (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) loans property Rate	Sep. 30, 2022 USD ($) Rate	Dec. 31, 2022 USD ($) loans Rate
Debt Instrument [Line Items]
Loan Amount	$ 3,400
Term (in years)		25 years
Construction loan		$ 20.6
Minimum
Debt Instrument [Line Items]
Term (in years)	7 years		4 years
Maximum
Debt Instrument [Line Items]
Term (in years)	10 years		7 years
Secured Debt
Debt Instrument [Line Items]
Loan Amount		$ 3.4
Interest Rate | Rate		3.65%
Debt Securities
Debt Instrument [Line Items]
Loan Amount			$ 226
Term (in years)		25 years
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured | property	1
Mortgage Term Loan Maturing February 2026
Debt Instrument [Line Items]
Loan Amount	$ 85
Number of loans | loans	5
Mortgage Term Loan Maturing February 2026 | Secured Debt
Debt Instrument [Line Items]
Term (in years)	3 years
Interest Rate | Rate	5%
Mortgage Term Loans Maturing in 2030 through 2033
Debt Instrument [Line Items]
Number of loans | loans	22
Mortgage Term Loans Maturing in 2030 through 2033 | Secured Debt
Debt Instrument [Line Items]
Interest Rate | Rate	5.72%
Mortgage Term Loans Maturing in 2030 through 2033 | Debt Securities
Debt Instrument [Line Items]
Loan Amount	$ 99.1
Mortgage Term Loans
Debt Instrument [Line Items]
Number of loans | loans			18
Mortgage Term Loans | Secured Debt
Debt Instrument [Line Items]
Interest Rate | Rate			4.50%
Mortgage Term Loans | Debt Securities
Debt Instrument [Line Items]
Interest Rate | Rate		3.65%

Debt and Line of Credit- Narrat

Debt and Line of Credit- Narrative (Details) $ / shares in Units, £ in Millions		1 Months Ended		3 Months Ended				12 Months Ended
	Apr. 07, 2022 USD ($) Rate	Oct. 31, 2019 USD ($) Rate	Jun. 30, 2018 USD ($)	Mar. 31, 2023 USD ($) property site shares $ / shares Rate	Sep. 30, 2022	Mar. 31, 2022 USD ($)	Mar. 31, 2020 shares	Dec. 31, 2022 USD ($) site Rate	Mar. 31, 2022 GBP (£)	Jun. 14, 2021 USD ($)
Debt Instrument [Line Items]
Loan Amount				$ 3,400,000,000
Sites, Wet Slips and Dry Storage Spaces | site				92				24,347
Loss on extinguishment of debt				$ 0		$ 300,000
Term (in years)					25 years
Margin adjustments | Rate				0.01%
Preferred rate of return			6%
Convertible units to shares (in shares) | shares				988,819
Average closing price of units (in dollars per share)				$ 11,000,000		16,400,000
Minimum
Debt Instrument [Line Items]
Term (in years)				7 years				4 years
Maximum
Debt Instrument [Line Items]
Term (in years)				10 years				7 years
Revolving Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 0
Line of credit and other				1,838,100,000				$ 2,130,600,000
Long-term debt				$ 1,100,000,000				1,100,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity	$ 4,200,000,000
Line of credit, additional borrowing capacity	$ 800,000,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis points | Rate	0.725%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis points | Rate	1.60%
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured | property				1
Net book value				$ 2,700,000,000
Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other				$ 741,600,000				1,100,000,000
Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, additional borrowing capacity										$ 1,000,000,000
Current borrowing capacity	$ 3,050,000,000									$ 2,000,000,000
Basis points | Rate				0.85%
Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity				$ 500,000,000
Line of credit and other		$ 58,000,000
Term (in years)		4 years
Term Loan | Unsecured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt				$ 16,200,000				$ 19,800,000
Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 1,150,000,000
Basis points | Rate				0.95%
Term Loan Adjustment | Revolving Credit Facility
Debt Instrument [Line Items]
Basis points | Rate				0.04%				0.01%
Line of Credit and Other Debt
Debt Instrument [Line Items]
Outstanding letters of credit				$ 4,800,000				$ 2,300,000
Line of Credit and Other Debt | Term Loan | Eurodollar
Debt Instrument [Line Items]
Basis points				0.95%
Line of Credit and Other Debt | Term Loan | Minimum | Eurodollar
Debt Instrument [Line Items]
Basis points | Rate				0.80%
Fixed Interest Rate | Rate		1.20%
Line of Credit and Other Debt | Term Loan | Maximum | Eurodollar
Debt Instrument [Line Items]
Basis points | Rate				1.60%
Fixed Interest Rate | Rate		2.05%
Bridge Loan
Debt Instrument [Line Items]
Loss on extinguishment of debt								(300,000)
Principal Amount						$ 1,200,000,000			£ 950
Preferred equity - Sun NG Resorts - mandatorily redeemable
Debt Instrument [Line Items]
Mandatorily redeemable preferred equity			$ 35,300,000
Term			7 years
Preferred OP units - mandatorily redeemable				$ 35,200,000				35,200,000
Preferred OP units - mandatorily redeemable
Debt Instrument [Line Items]
Preferred OP units - mandatorily redeemable				$ 26,700,000				34,000,000
Convertible units to shares (in shares) | shares							270,000
Preferred distribution rate | Rate				6.50%
Preferred OP units - mandatorily redeemable | Convertible debt - Aspen Preferred OP Units January 2024 [Member]
Debt Instrument [Line Items]
Principal Amount				$ 26,700,000				$ 34,000,000
Convertible units to shares (in shares) | shares				320,699
Average closing price of shares (in dollars per share) | $ / shares				$ 68
Shares converted (in shares) | shares				0.397
Average closing price of units (in dollars per share)				$ 27
Percentage of overage closing price | Rate				25%
Preferred distribution rate | Rate				3.80%
Properties Securing Debt | Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured | property				154
Sites, Wet Slips and Dry Storage Spaces | site				61,624

Debt and Line of Credit - Sch_4

Debt and Line of Credit - Schedule of Unsecured Debt (Details) - USD ($)	1 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Apr. 15, 2022	Oct. 05, 2021
Debt Instrument [Line Items]
Unsecured debt		$ 4,075,600,000	$ 3,979,400,000
Senior Unsecured Notes - January 2033 Maturity
Debt Instrument [Line Items]
Interest Rate	5.70%
Principal Amount	$ 400,000,000
Unsecured debt		395,400,000
Net proceeds from offering	$ 395,300,000
Senior Unsecured Notes - April 2032 Maturity
Debt Instrument [Line Items]
Interest Rate				4.20%
Principal Amount				$ 600,000,000
Unsecured debt		592,000,000	591,800,000
Senior Unsecured Notes - November 2028 Maturity
Debt Instrument [Line Items]
Interest Rate					2.30%
Principal Amount					$ 450,000,000
Unsecured debt		446,300,000	446,200,000
Senior Unsecured Notes - July 2031 Maturity - First Tranche
Debt Instrument [Line Items]
Interest Rate					2.70%
Principal Amount					$ 750,000,000
Unsecured debt		741,900,000	741,600,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount		2,200,000,000
Unsecured debt		$ 2,175,600,000	$ 1,779,600,000

Equity and Temporary Equity - S

Equity and Temporary Equity - Schedule of Redeemable Preferred Units (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Issue price (in dollars per share) | $ / shares	$ 100
Series D preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	488,958
Exchange rate	0.8000
Annual distribution rate	$ 0.040
Redeemable preferred stock	$ 47,700,000	$ 48,100,000
Series F preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	90,000
Exchange rate	0.6250
Annual distribution rate	$ 0.030
Redeemable preferred stock	$ 8,700,000	8,700,000
Series G preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	239,710
Exchange rate	0.6452
Annual distribution rate	$ 0.032
Redeemable preferred stock	$ 24,000,000	24,400,000
Series H preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	581,342
Exchange rate	0.6098
Annual distribution rate	$ 0.030
Redeemable preferred stock	$ 56,300,000	56,700,000
Series J preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	239,000
Exchange rate	0.6061
Annual distribution rate	$ 0.0285
Redeemable preferred stock	$ 23,300,000	23,600,000
Series K preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	1,000,000
Exchange rate	0.5882
Annual distribution rate	$ 0.040
Redeemable preferred stock	$ 99,900,000	0
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	2,639,010
Redeemable preferred stock	$ 259,900,000	$ 161,500,000

Equity and Temporary Equity - N

Equity and Temporary Equity - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 15, 2022 USD ($)

Apr. 08, 2022 USD ($) shares

Dec. 17, 2021 USD ($) Rate

Nov. 16, 2021 $ / shares USD ($) shares

Apr. 30, 2022 shares

Jun. 30, 2018 USD ($)

Mar. 31, 2023 USD ($) $ / shares shares

Sep. 30, 2022 USD ($) shares

Jun. 30, 2022 USD ($) shares

Mar. 31, 2022 USD ($) shares

Sep. 30, 2021 shares

Sep. 30, 2020 USD ($)

Dec. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($) shares

Mar. 23, 2023 shares

Class of Stock [Line Items]

Issue price (in dollars per share) | $ / shares

$ 100

Shares availability for issuance (in shares) | shares

200,000,000

Common stock authorized (in shares) | shares

180,000,000

180,000,000

Preferred stock available for issuance (in shares) | shares

20,000,000

Preferred stock par value (in dollars per share) | $ / shares

$ 0.01

Common stock outstanding (in shares) | shares

124,421,717

124,000,000

Preferred stock outstanding (in shares) | shares

0

Forward sale agreements | $

2

Aggregate net proceeds received | $

$ 275,500,000

$ 229,500,000

Aggregate gross sales price | $

$ 1,250,000,000

Percentage of gross price per share of shares sold | Rate

2%

Temporary and permanent equity | $

$ 104,500,000

$ 37,700,000

Shares, Outstanding | shares

3,080,847

Park Holidays

Class of Stock [Line Items]

Shares issued (in shares) | shares

186,044

Temporary and permanent equity | $

$ 33,900,000

33,900,000

Public Offering

Class of Stock [Line Items]

underwritten registered public offering (in shares) | shares

4,025,000

Public offering price (in dollars per share) | $ / shares

$ 185

Issuance of stock and units (in shares) | shares

4,025,000

Aggregate net proceeds received | $

$ 705,400,000

December 2021 Sales Agreement

Class of Stock [Line Items]

underwritten registered public offering (in shares) | shares

15,000

290,600

600,503

Aggregate gross sales price | $

$ 160,600,000

Forward sales agreement | $

$ 2,600,000

$ 50,100,000

$ 107,900,000

Shares settled (in shares) | shares

1,526,212

June 2021 Sales Agreement

Class of Stock [Line Items]

underwritten registered public offering (in shares) | shares

620,109

1,820,109

Forward sales agreement | $

$ 356,500,000

Shares settled (in shares) | shares

1,200,000

620,109

NG Sun LLC

Class of Stock [Line Items]

Redeemable preferred stock | $

$ 27,700,000

31,100,000

NG Sun LLC | Sun NG RV Resorts

Class of Stock [Line Items]

Rate of return

5%

NG Sun LLC | Common Stock | Sun NG RV Resorts

Class of Stock [Line Items]

Value of interest purchased | $

$ 6,500,000

Sun NG RV Resorts | Common Stock

Class of Stock [Line Items]

Value of interest purchased | $

$ 3,000,000

Sun NG RV Resorts | Common Stock | Sun NG RV Resorts

Class of Stock [Line Items]

Value of interest purchased | $

$ 15,400,000

Contingent consideration earnout | $

38,300,000

Series K preferred OP units

Class of Stock [Line Items]

Units issued (in shares) | shares

1,000,000

Annual distribution rate | $

$ 0.040

OP units outstanding (in shares) | shares

1,000,000

Redeemable preferred stock | $

$ 99,900,000

$ 0

Series K preferred OP units | Minimum

Class of Stock [Line Items]

Units exchangeable (in dollars per share)

100

Series K preferred OP units | Maximum

Class of Stock [Line Items]

Units exchangeable (in dollars per share)

170

Preferred Stock | A-3 preferred OP units

Class of Stock [Line Items]

Shares, Outstanding | shares

40,268

Equity and Temporary Equity -_2

Equity and Temporary Equity - Schedule of Redeemable Equity Units (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares, Outstanding	3,080,847
Preferred Stock | Series E preferred OP units
Class of Stock [Line Items]
Shares, Outstanding	80,000
FPG Sun Moreno Valley 66 LLC
Class of Stock [Line Items]
Redeemable preferred stock	$ 0.1	$ 0.1
Solar Energy Project CA II LLC
Class of Stock [Line Items]
Redeemable preferred stock	4.3	4.2
Solar Energy Project LLC
Class of Stock [Line Items]
Redeemable preferred stock	2	1.9
Solar Energy Project III LLC
Class of Stock [Line Items]
Redeemable preferred stock	1.9	0.3
FPG Sun Menifee 80 LLC
Class of Stock [Line Items]
Redeemable preferred stock	0.1	0.1
NG Sun Whitewater LLC
Class of Stock [Line Items]
Redeemable preferred stock	2.5	3.2
NG Sun LLC
Class of Stock [Line Items]
Redeemable preferred stock	27.7	31.1
NG Sun Beaver Brook LLC
Class of Stock [Line Items]
Redeemable preferred stock	0.4	0.5
Total
Class of Stock [Line Items]
Redeemable preferred stock	$ 39	$ 41.4

Equity and Temporary Equity -_3

Equity and Temporary Equity - Schedule of Issuances (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 10, 2023	Feb. 28, 2022	Mar. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Issue price (in dollars per share)			$ 100
Common and preferred OP units			$ 79,800,000	$ 78,700,000
Shares, Outstanding			3,080,847
Preferred OP Units, Issuance Price			$ 100
Class of Stock [Line Items]
Shares, Outstanding			3,080,847
Common OP units
Dividends Payable [Line Items]
Common and preferred OP units			$ 33,600,000	31,500,000
Shares, Outstanding			2,447,083
Class of Stock [Line Items]
Shares, Outstanding			2,447,083
Common OP units | Series A-1 preferred OP units
Dividends Payable [Line Items]
Conversion Rate			2.4390
Common OP units | Common OP units
Dividends Payable [Line Items]
Conversion Rate			1
Preferred Stock | Series E preferred OP units
Dividends Payable [Line Items]
Annual distribution rate			5.50%
Conversion Rate			0.6897
Common and preferred OP units			$ 6,800,000	6,900,000
Shares, Outstanding			80,000
Class of Stock [Line Items]
Shares, Outstanding			80,000
Preferred Stock | Series C preferred OP units
Dividends Payable [Line Items]
Annual distribution rate			5%
Conversion Rate			1.1100
Common and preferred OP units			$ 23,100,000	23,600,000
Shares, Outstanding			305,948
Class of Stock [Line Items]
Shares, Outstanding			305,948
Preferred Stock | A-3 preferred OP units
Dividends Payable [Line Items]
Annual distribution rate			4.50%
Conversion Rate			1.8605
Common and preferred OP units			$ 2,700,000	2,700,000
Shares, Outstanding			40,268
Class of Stock [Line Items]
Shares, Outstanding			40,268
Preferred Stock | Series A-1 preferred OP units
Dividends Payable [Line Items]
Annual distribution rate			6%
Conversion Rate			2.4390
Common and preferred OP units			$ 13,600,000	$ 14,000,000
Shares, Outstanding			207,548
Class of Stock [Line Items]
Shares, Outstanding			207,548
Fox Run | Common OP units
Dividends Payable [Line Items]
Units issued (in shares)			31,289
Value at Issuance (in millions)	$ 4,500,000		$ 4,500,000
Jarrett Bay Boatworks | Common OP units
Dividends Payable [Line Items]
Units issued (in shares)		14,683
Value at Issuance (in millions)		$ 2,800,000

Equity and Temporary Equity -_4

Equity and Temporary Equity - Schedule of Conversions (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Conversion of Stock [Line Items]
Shares, Outstanding	3,080,847
Aspen preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	86,224	0
Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	2,910	1,260
Series A-1 preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	6,568
Series C preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	72	166
Series E preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	3,448
Series G preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	645	0
Series H preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	15	0
Series J preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	606	0
Preferred Stock | Aspen preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	270,000	0
Preferred Stock | Series A-1 preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	2.4390
Shares, Outstanding	207,548
Preferred Stock | Series C preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	1.1100
Shares, Outstanding	305,948
Conversion of OP units (in shares)	65	150
Preferred Stock | Series E preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	0.6897
Shares, Outstanding	80,000
Conversion of OP units (in shares)	0	5,000
Preferred Stock | Series G preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	0.6452
Conversion of OP units (in shares)	1,000	0
Preferred Stock | Series H preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	25	0
Preferred Stock | Series J preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	0.6061
Conversion of OP units (in shares)	1,000	0
Common OP units
Conversion of Stock [Line Items]
Shares, Outstanding	2,447,083
Common OP units | Common OP units
Conversion of Stock [Line Items]
Conversion Rate	1
Conversion of OP units (in shares)	2,910	1,260
Common OP units | Series A-1 preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	2.4390
Conversion of OP units (in shares)	0	2,694

Equity and Temporary Equity -_5

Equity and Temporary Equity - Schedule of Distributions (Details) - Common Stock, Restricted Stock, and Common OP Units $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares
Dividends Payable [Line Items]
Dividends per share (in dollars per share) | $ / shares	$ 0.93
Total Distribution (in Millions) | $	$ 118

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 numberOfPlans shares	Mar. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans | numberOfPlans	2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	203,898	230,411
Time Based | Directors | Restricted Stock | 2004 Non-employee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Time Based | Key Employees and Executive Officers | Restricted Stock | 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Market Condition | Executive Officers | Restricted Stock | 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Grants (Details) - Restricted Stock - 2015 Equity Plan - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Time Based | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	220,258	138,510
Grant date fair value per share (in dollars per share)	$ 137.16	$ 180.49
Time Based | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	62,800	66,000
Grant date fair value per share (in dollars per share)	$ 144.88	$ 178.20
Time Based | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	16,000	11,900
Grant date fair value per share (in dollars per share)	$ 148.12	$ 197
Market Condition | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	82,200	91,500
Grant date fair value per share (in dollars per share)	$ 108.60	$ 124.88

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 9.6	$ 9.7
Share-based compensation - capitalized	$ 0.7	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Operating revenues	$ 651.2	$ 548.5
Brokerage commissions and other, net	9.5	8
General and administrative expense	(63.9)	(55.7)
Catastrophic event-related charges, net	(1)	0
Loss on Extinguishment of Debt	0	(0.3)
Interest on mandatorily redeemable preferred OP units / equity	(1)	(1)
Loss on remeasurement of marketable securities	(19.9)	(34.5)
Loss on foreign currency exchanges	(2.7)	(2.2)
Gain / (loss) on dispositions of properties	(1.6)	13.4
Other expense, net	(1)	(0.6)
Gain / (loss) on remeasurement of notes receivable	(1.7)	0.2
Total Income / (Loss) from Nonconsolidated Affiliates	(0.2)	0.9
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(4.5)	0.1
Deferred tax benefit	4.6	0
Net Income / (Loss)	(32.9)	1.5
Net income / (loss) attributable to SUI common shareholders	(30.1)	0.7
MH
Segment Reporting Information [Line Items]
Operating revenues	352.7	279.5
RV
Segment Reporting Information [Line Items]
Operating revenues	117.1	120.8
Marina
Segment Reporting Information [Line Items]
Operating revenues	181.4	148.2
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	630.3	533.7
Operating expenses / Cost of sales	349.9	271.8
NOI	280.4	261.9
Operating Segments | MH
Segment Reporting Information [Line Items]
Operating revenues	338.2	269.1
Operating expenses / Cost of sales	162	107.4
NOI	176.2	161.7
Operating Segments | RV
Segment Reporting Information [Line Items]
Operating revenues	111.8	116.7
Operating expenses / Cost of sales	66.6	67.1
NOI	45.2	49.6
Operating Segments | Marina
Segment Reporting Information [Line Items]
Operating revenues	180.3	147.9
Operating expenses / Cost of sales	121.3	97.3
NOI	59	50.6
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	11.4	6.8
Brokerage commissions and other, net	9.5	8
General and administrative expense	(63.9)	(55.7)
Catastrophic event-related charges, net	(1)	0
Business combination expense, net	(2.8)	(0.5)
Depreciation and amortization	(158)	(148.5)
Loss on Extinguishment of Debt	0	(0.3)
Interest expense	(76.6)	(45.2)
Interest on mandatorily redeemable preferred OP units / equity	(1)	(1)
Loss on remeasurement of marketable securities	(19.9)	(34.5)
Loss on foreign currency exchanges	(2.7)	(2.2)
Gain / (loss) on dispositions of properties	(1.6)	13.4
Other expense, net	(1)	(0.6)
Gain / (loss) on remeasurement of notes receivable	(1.7)	0.2
Total Income / (Loss) from Nonconsolidated Affiliates	(0.2)	0.9
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(4.5)	0.1
Current tax expense	(3.9)	(1.3)
Deferred tax benefit	4.6	0
Net Income / (Loss)	(32.9)	1.5
Less: Preferred return to preferred OP units / equity interests	2.4	3
Less: Loss attributable to noncontrolling interests	(5.2)	(2.2)
Net income / (loss) attributable to SUI common shareholders	$ (30.1)	$ 0.7

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Identifiable Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Investment property, net	$ 13,850.8	$ 13,971
Cash, cash equivalents and restricted cash	74.8	90.4	$ 102.6	$ 78.2
Marketable securities	105.5	127.3
Inventory of manufactured homes	232.5	202.7
Total Notes and Other Receivables, net	716.7	617.3
Goodwill	1,092.6	1,018.4
Other intangible assets, net	392.7	402
Other assets, net	898.2	655.1
Total Assets	17,363.8	17,084.2
MH
Segment Reporting Information [Line Items]
Investment property, net	6,871.5	7,181.7
Cash, cash equivalents and restricted cash	38.1	49.4
Marketable securities	68.3	82.4
Inventory of manufactured homes	209.4	189.1
Total Notes and Other Receivables, net	559.4	475.2
Goodwill	541.6	467.4
Other intangible assets, net	95.1	97.9
Other assets, net	603.2	356.1
Total Assets	8,986.6	8,899.2
RV
Segment Reporting Information [Line Items]
Investment property, net	3,808.2	3,744.3
Cash, cash equivalents and restricted cash	22.2	30.3
Marketable securities	37.2	44.9
Inventory of manufactured homes	23.1	13.6
Total Notes and Other Receivables, net	102.7	96.5
Goodwill	9.5	9.5
Other intangible assets, net	31.2	32.6
Other assets, net	51.3	63
Total Assets	4,085.4	4,034.7
Marina
Segment Reporting Information [Line Items]
Investment property, net	3,171.1	3,045
Cash, cash equivalents and restricted cash	14.5	10.7
Marketable securities	0	0
Inventory of manufactured homes	0	0
Total Notes and Other Receivables, net	54.6	45.6
Goodwill	541.5	541.5
Other intangible assets, net	266.4	271.5
Other assets, net	243.7	236
Total Assets	$ 4,291.8	$ 4,150.3

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Percentage of gross income	95%
Percentage of REIT taxable income	90%
Net deferred tax liabilities	$ 230,400,000		$ 308,600,000
Valuation allowance	37,600,000		49,800,000
Deferred tax liabilities	268,000,000		$ 340,800,000
Unrecognized tax benefits	0	$ 0
Withholding taxes current tax expense	3,900,000	$ 1,300,000
Deferred tax benefit	$ 4,600,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income / (loss) attributable to SUI common shareholders	$ (30.1)	$ 0.7
Less: allocation to restricted stock awards	(0.1)	0
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	(30)	0.7
Add: allocation to common and preferred OP units dilutive effect	(0.6)	0
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units	$ (30.7)	$ 0.7
Denominator
Weighted average common shares outstanding (in shares)	123.3	115.3
Add: common shares dilutive effect: Forward Equity Offering (in shares)	0	0.2
Add: dilutive restricted stock (in shares)	0.4	0.4
Add: common and preferred OP units dilutive effect (in shares)	2.5	0
Diluted weighted average common shares and securities (in shares)	126.2	115.9
Basic earning / (loss) per share (in dollars per share)	$ (0.24)	$ 0.01
Diluted earning / (loss) per share (in dollars per share)	$ (0.24)	$ 0.01
Restricted Stock
Numerator
Add: allocation to restricted stock awards	$ (0.1)	$ 0

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	4,262	7,101
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	0	2,551
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	208	272
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40
Aspen preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	989	1,284
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	306	306
Series D preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	489	489
Series E preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	80	85
Series F preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	90	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	240	241
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	581	581
Series I Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)		922
Series J preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	239	240
Series K preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - Cash Flow Hedging £ in Millions, $ in Millions		3 Months Ended
	Apr. 12, 2022	Mar. 31, 2023 USD ($) contract	Mar. 31, 2023 GBP (£) contract	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Value of derivatives settled		$ 250
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives held | contract		4	4
Number of derivatives entered into | contract		1
Aggregate notional value		$ 123.7	£ 100
Effective interest rate		4.808%	4.808%
Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification of derivatives		$ 13.4
Effective interest rate		5.50%	5.50%	5.70%
Net settlement payment received		$ 7.4
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives entered into | contract		1
Aggregate notional value		$ 50
Number of derivatives settled | contract		1	1
Value of derivatives settled		$ 50
Treasury Lock
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate notional value		$ 668.4		$ 733.6
Number of derivatives settled | contract		2	2
Value of derivatives settled		$ 100
Term of derivates	10 years	10 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Fair Value of Derivatives (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Treasury Lock - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional	$ 668.4	$ 733.6
Fair Value of Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Fair value of assets	$ 15.2	$ 32

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized gain / (loss) on interest rate derivatives	$ (8.6)	$ 24.1
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	2.3	(1.1)
Designated as Hedging Instrument | Cash Flow Hedging | Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	$ 2.3	$ (1.1)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Financial Liabilities
Secured debt	$ 3,386.4	$ 3,217.8
Senior unsecured notes	2,175.6	1,779.6
Line of credit and other unsecured debt	1,900	2,199.8
Total unsecured debt	4,075.6	3,979.4
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	7,482.2	7,217.4
Cash, cash equivalents and restricted cash	74.8	90.4	$ 102.6	$ 78.2
Total Notes and Other Receivables, net	716.7	617.3
Secured debt	3,386.4	3,217.8
Total unsecured debt	4,075.6	3,979.4
Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	62.2	65.9
Fair Value, Recurring | Carrying Value
Financial Assets
Cash, cash equivalents and restricted cash	74.8	90.4
Derivative assets	15.2	32
Total assets measured at fair value	692.7	620.8
Fair Value, Recurring | Carrying Value | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	62.2	65.9
Fair Value, Recurring | Carrying Value | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	435	305.2
Fair Value, Recurring | Carrying Value | Marketable securities
Financial Assets
Marketable securities	105.5	127.3
Fair Value, Recurring | Estimate of Fair Value Measurement
Financial Assets
Cash, cash equivalents and restricted cash	74.8	90.4
Derivative assets	15.2	32
Total assets measured at fair value	692.7	620.8
Financial Liabilities
Secured debt	3,015.4	2,814.1
Senior unsecured notes	1,926.1	1,432.7
Line of credit and other unsecured debt	1,900	2,199.8
Total unsecured debt	3,826.1	3,632.5
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	6,861.7	6,466.8
Fair Value, Recurring | Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	62.2	65.9
Fair Value, Recurring | Estimate of Fair Value Measurement | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	435	305.2
Fair Value, Recurring | Estimate of Fair Value Measurement | Marketable securities
Financial Assets
Marketable securities	105.5	127.3
Fair Value, Recurring | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Cash, cash equivalents and restricted cash	74.8	90.4
Derivative assets	0	0
Total assets measured at fair value	180.3	217.7
Financial Liabilities
Secured debt	0	0
Senior unsecured notes	0	0
Line of credit and other unsecured debt	0	0
Total unsecured debt	0	0
Other financial liabilities (contingent consideration)	0	0
Total liabilities measured at fair value	0	0
Fair Value, Recurring | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	0	0
Fair Value, Recurring | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	0	0
Fair Value, Recurring | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Marketable securities
Financial Assets
Marketable securities	105.5	127.3
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2)
Financial Assets
Cash, cash equivalents and restricted cash	0	0
Derivative assets	15.2	32
Total assets measured at fair value	15.2	32
Financial Liabilities
Secured debt	3,386.4	3,217.8
Senior unsecured notes	2,175.6	1,779.6
Line of credit and other unsecured debt	1,900	2,199.8
Total unsecured debt	4,075.6	3,979.4
Other financial liabilities (contingent consideration)	0	0
Total liabilities measured at fair value	7,462	7,197.2
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	0	0
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	0	0
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Marketable securities
Financial Assets
Marketable securities	0	0
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, cash equivalents and restricted cash	0	0
Derivative assets	0	0
Total assets measured at fair value	497.2	371.1
Financial Liabilities
Secured debt	0	0
Senior unsecured notes	0	0
Line of credit and other unsecured debt	0	0
Total unsecured debt	0	0
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	20.2	20.2
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	62.2	65.9
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	435	305.2
Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Marketable securities
Financial Assets
Marketable securities	0	0
Fair Value, Recurring | Marketable securities
Financial Assets
Marketable securities	105.5	127.3		186.9
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net
Financial Assets
Total assets measured at fair value	62.2	65.9	77.2	79.1
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators
Financial Assets
Total assets measured at fair value	$ 435	$ 305.2	$ 304.4	$ 284

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Marketable Securities (Details) - Fair Value, Recurring - Marketable securities - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 127.3	$ 186.9
Change in fair value measurement	(19.9)	(53.4)
Foreign currency translation adjustment	(1.9)	(7.7)
Dividend reinvestment, net of tax	0	1.5
Ending Balance	$ 105.5	$ 127.3

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Narrative (Details)		3 Months Ended
	Apr. 12, 2022	Mar. 31, 2023
Designated as Hedging Instrument | Cash Flow Hedging | Treasury Lock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term of derivates	10 years	10 years

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Level 3 Instruments at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Assets:
Foreign currency exchange gain / (losses)	$ (2.7)	$ (2.2)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Contingent Consideration
Liabilities:
Beginning balance	20.2	20.2
Ending balance	20.2	20.2
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net
Assets:
Beginning balance	65.9	79.1
Foreign currency exchange gain / (losses)	0	0
Ending balance	62.2	77.2
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Realized gains / (losses)
Assets:
Changes to fair value	(1.7)	0.2
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Purchases and issuances
Assets:
Changes to fair value	0.1	0.9
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Sales and settlements
Assets:
Changes to fair value	(2.1)	(3)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Dispositions of properties
Assets:
Changes to fair value	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators
Assets:
Beginning balance	305.2	284
Foreign currency exchange gain / (losses)	8.5	(6)
Ending balance	435	304.4
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators | Realized gains / (losses)
Assets:
Changes to fair value	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators | Purchases and issuances
Assets:
Changes to fair value	124.3	30.5
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators | Sales and settlements
Assets:
Changes to fair value	(3)	(4.1)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators | Dispositions of properties
Assets:
Changes to fair value	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Warrants
Assets:
Beginning balance	0	0
Foreign currency exchange gain / (losses)	0	0
Ending balance	0	0.6
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Warrants | Realized gains / (losses)
Assets:
Changes to fair value	(0.4)	(0.6)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Warrants | Purchases and issuances
Assets:
Changes to fair value	0.4	1.2
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Warrants | Sales and settlements
Assets:
Changes to fair value	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Warrants | Dispositions of properties
Assets:
Changes to fair value	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 28, 2022 property development_site
Loss Contingencies [Line Items]
Number of affected properties in Florida | property				3
Number of affected sites | development_site				2,500
Insurance recoveries received	$ 4.9	$ 0
Business Insurance Recoveries	The table below sets forth estimated insurance recoveries (in millions): Three Months Ended Total estimated insurance receivable - December 31, 2022 $ 54.9 Change in estimated insurance recoveries 22.1 Advances from insurer (13.5) Total estimated insurance receivable - March 31, 2023 $ 63.5
Commitments and Contingencies	16. 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 - Hurricane Ian In September 2022, Hurricane Ian made landfall on Florida's western coast. The storm primarily affected three properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At affected marina properties, docks, buildings, and landscaping sustained wind and water damage. We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits. The table below sets forth estimated insurance recoveries (in millions): Three Months Ended Total estimated insurance receivable - December 31, 2022 $ 54.9 Change in estimated insurance recoveries 22.1 Advances from insurer (13.5) Total estimated insurance receivable - March 31, 2023 $ 63.5 The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and, insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined. Changes in estimated insurance recoveries related to Hurricane Ian during the three months ended March 31, 2023 were primarily the result of incremental costs that exceeded the applicable deductible. Expected insurance recoveries for lost earnings and redevelopment costs greater than asset impairment charges for the three Fort Myers, Florida properties were excluded from our Consolidated Statements of Operations for the three months ended March 31, 2023. We are actively working with our insurer on the related claims. The three Fort Myers, Florida RV communities will require redevelopment, followed by a tenant lease-up period. As such, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.
Hurricane Ian
Loss Contingencies [Line Items]
Estimated insurance recoveries	$ 63.5		$ 54.9
Change in Estimated Insurance Recoveries	22.1
Insurance recoveries received	$ (13.5)

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (excluding three months ended March 31, 2023)	$ 10.2
2024	13.7
2025	13.2
2026	11.6
2027	9.7
Thereafter	240.6
Total Lease Payments	299
Less: Imputed interest	(139)
Present Value of Lease Liabilities	160	$ 160.3
Finance Leases
2023 (excluding three months ended March 31, 2023)	0.6
2024	4.6
2025	0.5
2026	0.5
2027	0.5
Thereafter	20.3
Total Lease Payments	27
Less: Imputed interest	(12.8)
Present Value of Lease Liabilities	14.2	$ 15
2023 (excluding three months ended March 31, 2023)	10.8
2024	18.3
2025	13.7
2026	12.1
2027	10.2
Thereafter	260.9
Total Lease Payments	326
Less: Imputed interest	(151.8)
Present Value of Lease Liabilities	$ 174.2

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases [Abstract]
Finance lease, right-of-use asset, net of accumulated amortization	$ 32.8		$ 32.2
Operating lease, right-of-use asset, net	186.8		189.4
Below market operating leases, net	90.3		90.9
Finance lease liabilities	14.2		15
Operating lease liabilities	160		$ 160.3
Amortization of ROU assets	0.7	$ 0
Interest on lease liabilities	0.2	0.1
Operating lease cost	4.6	3.8
Variable lease cost	1.6	1.6
Short term lease cost	0	0
Total Lease Expense	$ 7.1	$ 5.5

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted - average remaining lease term - finance leases	36 years 2 months 23 days
Weighted - average remaining lease term - operating leases	34 years 1 month 9 days
Weighted - average discount rate - finance leases	3.38%
Weighted - average discount rate - operating leases	3.80%
Operating cash flow from operating leases	$ 3.3	$ 2.4
Financing cash flow from finance leases	5.9	0.1
Total Cash Paid On Lease Liabilities	$ 9.2	$ 2.5

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (excluding the three months ended March 31, 2023)	$ 21.6
2024	19.4
2025	10.9
2026	6.9
2027	6.1
Thereafter	53.1
Total Undiscounted Cash Flows	$ 118

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed lease income	$ 7.9	$ 7.1
Variable lease income	$ 1.5	$ 0.7

Leases - Narrative (Details)

Leases - Narrative (Details) - UNITED KINGDOM - Park Holidays $ in Millions	Mar. 31, 2023 GBP (£) development_site	Mar. 31, 2023 USD ($) development_site
Lessee, Lease, Description [Line Items]
Number of ground leases | development_site	34	34
Lease repurchase amount | £	£ 1
Ground lease financial liability | $		$ 337.5

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Rental Payments (Details) - UNITED KINGDOM - Park Holidays $ in Millions	Mar. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
2023 (excluding three months ended March 31, 2023)	$ 5.9
2024	11.3
2025	11.6
2026	11.7
2027	11.8
Thereafter	1,623
Total Payments	1,675.3
Less: Imputed interest	(1,337.8)
Present Value of Financial Liability	$ 337.5