Sun Communities (SUI) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12616
Entity Registrant Name	SUN COMMUNITIES, INC
Entity Incorporation, State or Country Code	MD
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		124,634,174
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Assets
Land	$ 4,551.7	$ 4,278.2
Land improvements and buildings	11,529.5	11,682.2
Rental homes and improvements	755.9	744.4
Furniture, fixtures and equipment	1,031.3	1,011.7
Investment property	17,868.4	17,716.5
Accumulated depreciation	(3,410.5)	(3,272.9)
Investment property, net	14,457.9	14,443.6
Cash, cash equivalents and restricted cash	132.5	42.7
Inventory of manufactured homes	191	205.6
Notes and other receivables, net	469.1	421.6
Collateralized receivables, net	56.5	56.2
Goodwill	731.4	733
Other intangible assets, net	361.7	369.5
Other assets, net	713.2	668.5
Total Assets	17,113.3	16,940.7
Liabilities
Mortgage loans payable (see Note 9; Note 8 at VIEs)	3,465.5	3,478.9
Secured borrowings on collateralized receivables (See Note 5)	56.1	55.8
Unsecured debt	4,350.4	4,242.6
Distributions payable	119.7	118.2
Advanced reservation deposits and rent	480.4	344.5
Accrued expenses and accounts payable	370.4	313.7
Other liabilities	987.5	953.1
Total Liabilities	9,830	9,506.8
Commitments and contingencies
Temporary equity	259.7	260.9
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 124.6 at March 31, 2024 and 124.4 at December 31, 2023	1.2	1.2
Additional paid-in capital	9,471.4	9,466.9
Accumulated other comprehensive income	6.7	12.2
Distributions in excess of accumulated earnings	(2,540.6)	(2,397.5)
Total SUI shareholders' equity	6,938.7	7,082.8
Noncontrolling interests
Common and preferred OP units	84.9	90.2
Total noncontrolling interests	84.9	90.2
Total Shareholders' Equity	7,023.6	7,173
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 17,113.3	$ 16,940.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	360,000,000	360,000,000
Common stock issued (in shares)	124,641,861	124,400,000
Common stock outstanding (in shares)	124,641,861	124,400,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Fixed lease income	$ 476.9	$ 441.6
Home sales	68.9	86.3
Service, retail, dining and entertainment	117.9	102.4
Interest	4.6	11.4
Brokerage commissions and other, net	3	9.5
Total Revenues	671.3	651.2
Expenses
Property operating and maintenance	159.7	157.2
Real estate tax	31.3	30.1
Home costs and selling	51.9	62.6
Service, retail, dining and entertainment	115.9	99.8
General and administrative	78.5	64.1
Catastrophic event-related charges, net	7.2	1
Business combinations	0	2.8
Depreciation and amortization	165.3	155.6
Asset impairments	20.7	2.4
Goodwill impairment (see Note 6)	0	15.4
Loss on extinguishment of debt	0.6	0
Interest	89.7	76.6
Interest on mandatorily redeemable preferred OP units / equity	0	1
Total Expenses	720.8	668.6
Loss Before Other Items	(49.5)	(17.4)
Loss on remeasurement of marketable securities (see Note 16)	0	(19.9)
Gain / (loss) on foreign currency exchanges	1.1	(2.7)
Gain / (loss) on dispositions of properties	5.4	(1.6)
Other income / (expense), net	8	(1)
Gain / (loss) on dispositions of properties	(0.7)	(1.7)
Total Income / (Loss) from Nonconsolidated Affiliates	1.4	(0.2)
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	5.2	(4.5)
Current tax expense (see Note 13)	2.1	3.9
Deferred tax benefit	5.7	4.6
Net Loss	(25.5)	(48.3)
Less: Preferred stock distribution	3.2	2.4
Less: Loss attributable to noncontrolling interests	(1.3)	(5.8)
Net loss attributable to SUI common shareholders	$ (27.4)	$ (44.9)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	123.6	123.3
Diluted weighted average common shares outstanding - diluted (in shares)	126.6	126.2
Earnings per share:
Basic earning per share (in dollars per share)	$ (0.22)	$ (0.36)
Diluted earning per share (in dollars per share)	$ (0.22)	$ (0.36)

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Loss	$ (25.5)	$ (48.3)
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period	(9.2)	16.9
Adjustment for accumulated foreign currency translation loss reclassified into earnings	0	11.9
Net foreign currency translation gain / (loss)	(9.2)	28.8
Cash Flow Hedges
Change in unrealized gain / (loss) on interest rate derivatives	8.8	(8.6)
Less: Interest rate derivative gain reclassified to earnings	(4.9)	(2.3)
Net unrealized gain / (loss) on interest rate derivatives	3.9	(10.9)
Total Comprehensive Loss	(30.8)	(30.4)
Less: Comprehensive loss attributable to noncontrolling interests	1.1	5.2
Comprehensive Loss attributable to SUI	$ (29.7)	$ (25.2)

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Millions	Total	Series K preferred OP units	Total Equity	Total Equity Series K preferred OP units	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 202.9
Temporary Equity
Issuance of third party equity interests in consolidated entities	1.7
Issuance of Series E preferred OP units		$ 100		$ 100
Net loss	(4.6)
Distributions	1.5
Accumulated Distributions In Excess Of Net Income, Adjustment For Accretion Of Temporary Equity	(0.3)		$ 0				$ (0.3)
OP Units accretion	0.3
Ending balance at Mar. 31, 2023	298.8
Beginning balance (in shares) at Dec. 31, 2022					124,000,000
Beginning Balance at Dec. 31, 2022	7,888.5		8,091.4		$ 1.2	$ 9,549.7	(1,731.2)	$ (9.9)	$ 78.7
Shareholders' Equity
Issuance of stock and units (in shares)					400,000
Issuance of stock and units	4.4		4.4			0			4.4
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)		(11)			(11)
Conversion of OP units (in shares)					100,000
Conversion of OP units	7.3		7.3			7.3			0
Issuance of third party equity interests in consolidated entities	0		1.7						0
Share-based compensation - amortization and forfeitures	10.4		10.4			10.4
Other comprehensive income / (loss)	17.9		17.9					17.3	0.6
Net loss	(43.7)		(48.3)				(42.5)		(1.2)
Distributions	(118.9)		(120.4)				(115.8)		(3.1)
Ending balance (in shares) at Mar. 31, 2023					124,400,000
Ending Balance at Mar. 31, 2023	7,754.6		8,053.4		$ 1.2	9,556.4	(1,889.8)	7.4	79.4
Beginning balance at Dec. 31, 2022	202.9
Ending balance at Dec. 31, 2023	260.9	96.7
Beginning balance (in shares) at Dec. 31, 2022					124,000,000
Beginning Balance at Dec. 31, 2022	7,888.5		8,091.4		$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Ending balance (in shares) at Dec. 31, 2023					124,400,000
Ending Balance at Dec. 31, 2023	7,173		7,433.9		$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Temporary Equity
Conversion of OP units	(0.5)
Issuance of Series E preferred OP units		0
Net loss	(0.3)
Distributions	2.3
Accumulated Distributions In Excess Of Net Income, Adjustment For Accretion Of Temporary Equity	(1.9)		0				(1.9)
OP Units accretion	1.9
Ending balance at Mar. 31, 2024	259.7	$ 95.7
Shareholders' Equity
Issuance of stock and units (in shares)					300,000
Issuance of stock and units	0.3		0.3			(0.3)			0.6
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(200,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(7.6)		(7.6)			(7.6)
Conversion of OP units (in shares)					100,000
Conversion of OP units	0.5		0			2.1			(1.6)
Share-based compensation - amortization and forfeitures	10.4		10.4			10.3	0.1
Other comprehensive income / (loss)	(5.3)		(5.3)					(5.5)	0.2
Net loss	(25.2)		(25.5)				(24.2)		(1)
Distributions	$ (120.6)		(122.9)				(117.1)		(3.5)
Ending balance (in shares) at Mar. 31, 2024	3,321,482				124,600,000
Ending Balance at Mar. 31, 2024	$ 7,023.6		$ 7,283.3		$ 1.2	$ 9,471.4	$ (2,540.6)	$ 6.7	$ 84.9

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net Cash Provided By Operating Activities	$ 242.5	$ 194.5
Investing Activities
Investment in properties	160.6	301.8
Acquisitions, net of cash acquired	(29.9)	(47.9)
Proceeds from deposit on acquisition	0.9	1.4
Proceeds from insurance	2.3	4.9
Proceeds from disposition of assets and depreciated homes, net	2	15.5
Proceeds related to disposition of properties	51.7	0.2
Issuance of notes and other receivables	(2)	(6.2)
Repayments of notes and other receivables	7.2	3.3
Investments in nonconsolidated affiliates	(4.3)	(2.7)
Distributions of capital from nonconsolidated affiliates	5.6	11.4
Net Cash Used For Investing Activities	(127.1)	(321.9)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	(0.3)	0
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(7.6)	(11)
Borrowings on lines of credit	1,260.5	626
Payments on lines of credit	(1,637.8)	(951.1)
Proceeds from issuance of other debt	499.4	583
Contributions from noncontrolling interest	0	1.7
Payments on other debt	(14.2)	(19.8)
Distributions	(121.4)	(113.6)
Payments for deferred financing costs, net of prepaid return	(4)	(3.6)
Net Cash Provided By / (Used For) Financing Activities	(25.4)	111.6
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.2)	0.2
Net change in cash, cash equivalents and restricted cash	89.8	(15.6)
Cash, cash equivalents and restricted cash, beginning of period	42.7	90.4
Cash, Cash Equivalents and Restricted Cash, End of Period	132.5	74.8
Supplemental Information
Cash paid for interest, net	87.4	72.2
Cash paid for interest on mandatorily redeemable debt	0	1
Cash paid for income taxes	0.6	10
Noncash investing and financing activities
Reduction in secured borrowing balance	1.2	0
Change in distributions declared and outstanding	1.5	6.9
Conversion of common and preferred OP units	2.1	7.3
Assets held for sale, net (included within Other Assets, net and Other Liabilities)	0	262.1
ROU asset obtained from new operating lease liabilities	3.2	0.2
Issuance of notes and other receivables in relation to disposition of properties	0	111.2
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued	0.6	4.5
Series K preferred OP units
Noncash investing and financing activities at the date of acquisition
Common OP units issued for acquisition of noncontrolling interests	$ 0	$ 100

Consolidated Statements Of Ca_2

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 2.7	$ 2.5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Sun Communities, Inc., 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 the entities through which we operate our business in the United Kingdom (collectively, "Park Holidays") are referred to herein as the "Company," "SUI," "us," "we," or "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 reclassifications have been made to prior period financial statements in order to conform to current period presentation. There was no impact to prior period net income for any of the reclassifications. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 28, 2024 (our "2023 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2023 Annual Report. Significant Accounting Policies: Investment Property Investment property is recorded at cost, less accumulated depreciation. Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicator for potential impairment is based on NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change the value of the long-lived asset. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions. Reportable Segments During the three months ended March 31, 2024, we expanded our organizational structure from three segments, which consisted of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) Marinas, to a four-segment structure that now includes (iv) communities in the United Kingdom ("UK"). The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2024, we are reporting our financial results consistent with our newly realigned operating segments and have recast prior period amounts to conform to the way we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. There was no impact to prior period net income, stockholders' equity or cash flows for any of the reclassifications. Restatement of Previously Issued Financial Statements As disclosed in our 2023 Annual Report, we restated the unaudited financial information as of and for the three months ended March 31, 2023, the three and six months ended June 30, 2023, and the three and nine months ended September 30, 2023 (collectively, the "2023 Interim Financial Statements"). Accordingly, certain prior period balances within our consolidated financial statements and the accompanying footnotes have been restated, where applicable. In 2022, we acquired a portfolio of holiday park properties located in the United Kingdom, which we refer to as our Park Holidays business, classified within our UK reporting segment. As disclosed in our Current Report on Form 8-K filed with the SEC on February 20, 2024, during the course of management's 2023 year-end procedures, we reviewed the controls relating to the valuation of the Park Holidays business and the associated goodwill at March 31, 2023, June 30, 2023 and September 30, 2023. In connection with that review, we concluded that there were triggering events relevant to the valuation of the Park Holidays business, including reduced financial projections and increases in interest rates, that should have been taken into account when preparing the 2023 Interim Financial Statements. Management undertook a full review of the valuations and determined that at each of March 31, 2023, June 30, 2023 and September 30, 2023, we should have recognized non-cash impairments to goodwill for the Park Holidays business. For the three months ended March 31, 2023, non-cash goodwill impairment increased Net loss on our Consolidated Statements of Operations by $15.4 million.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue Our revenue consists of real property revenue at our MH, RV, Marina and UK properties, revenue from home sales, revenue from service, retail, dining and entertainment, interest income, and brokerage commissions and other revenue. The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended March 31, 2024 March 31, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 238.0 $ 104.5 $ 96.4 $ 38.0 $ 476.9 $ 224.0 $ 99.6 $ 89.1 $ 28.9 $ 441.6 Home sales 27.3 5.5 — 36.1 68.9 40.8 6.4 — 39.1 86.3 Service, retail, dining and entertainment 2.6 6.5 104.5 4.3 117.9 2.6 5.8 91.1 2.9 102.4 Interest 3.1 1.4 0.1 — 4.6 10.3 0.9 0.2 — 11.4 Brokerage commissions and other, net 1.0 0.7 1.0 0.3 3.0 3.8 4.7 0.9 0.1 9.5 Total Revenues $ 272.0 $ 118.6 $ 202.0 $ 78.7 $ 671.3 $ 281.5 $ 117.4 $ 181.3 $ 71.0 $ 651.2 (1) Recast to reflect segment changes. 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 2023 Annual Report.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Real Estate Acquisitions and Dispositions	3. Real Estate Acquisitions and Dispositions 2024 Acquisitions We did not acquire any operating properties during the three months ended March 31, 2024. During the same period, we entered into a ground lease to support one marina with eight wet slips and dry storage spaces. 2024 Development and Expansion Activities During the three months ended March 31, 2024, we acquired two land parcels located in the United States ("U.S.") for an aggregate purchase price of $12.9 million. In conjunction with one of the land parcel acquisitions, we issued 4,452 common OP units valued at $0.6 million. During the three months ended March 31, 2024, we acquired two buildings related to our marinas located in the U.S. for an aggregate purchase price of $13.7 million. 2024 Dispositions In February 2024, we sold two MH communities located in Arizona and Florida with 533 developed sites for total cash consideration of $51.7 million. The gain from the sale of the properties was $6.2 million and was recorded in Gain / (loss) on dispositions of properties on our Consolidated Statements of Operations. 2023 Acquisitions For the year ended December 31, 2023, we acquired the following properties: Property Name (1) Type Sites, Wet Slips and Dry Storage Spaces 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 (1) Property names are subject to changes subsequent to acquisition. 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 2023 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition (2) Fox Run (3) $ 7.2 $ — $ — $ — $ 7.2 $ 2.8 $ 4.4 $ 7.2 Savannah Yacht Center (4) 100.2 0.1 0.4 4.2 104.9 4.3 100.6 104.9 Total $ 107.4 $ 0.1 $ 0.4 $ 4.2 $ 112.1 $ 7.1 $ 105.0 $ 112.1 (1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) Property names are subject to changes subsequent to acquisition. (3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million. (4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million. During the year ended December 31, 2023, we incurred and capitalized $3.1 million of transaction costs, which have been allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. During the year ended December 31, 2023, we recognized $3.0 million of business combination expenses in connection with transactions completed during 2022. 2023 Development and Expansion Activities During the year ended December 31, 2023, we acquired four land parcels located in the U.S. and one land parcel in the United Kingdom for an aggregate purchase price of $35.8 million. 2023 Dispositions In December 2023, as part of a transaction with our joint venture partners in Sun NG RV Resorts, Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC and four standalone affiliates (collectively, "Sun NG"), we disposed of our majority equity interest owned in three consolidated joint venture RV properties with 955 developed sites. In August 2023, we sold one MH community located in Maine with 155 developed sites at its net carrying value for cash consideration of $6.8 million. The property was previously classified as held for sale during the three months ended June 30, 2023, with its net carrying value of $13.1 million written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, to a fair value less cost to sell of $6.8 million. In February 2023, we sold two parcels of land in the United Kingdom for total consideration of $111.5 million. The consideration 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 and subsequently extended to July 31, 2023 as part of the operator's total facility. On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $2.2 million during the year ended December 31, 2023, net of the release of foreign currency translation losses from Accumulated other comprehensive income ("AOCI") of $11.9 million. The total loss on sale was recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. As of December 31, 2023, we have reacquired these two parcels of land at fair value as part of the settlement of the related note receivable, with no remeasurement gain or loss recognized. Refer to Note 4, "Notes and Other Receivables," for additional information on the settlement of the notes receivable. Real Estate Held For Sale - Changes to a Plan of Sale We periodically classify real estate 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, the criteria was met to classify Sandy Bay, an operating MH community in the United Kingdom, with 730 developed sites, as held for sale. Previously, this property had been under contract. At December 31, 2023, the sale contract was no longer in effect, and due to an unexpected change in circumstance related to the counterparty, we reclassified the property as held for use. In accordance with ASC Topic 360, " Property, Plant, and Equipment ," we recorded the property at the lower of the carrying amount before the asset was held for sale, adjusted for depreciation and amortization expense that would have been recognized had the asset been continually classified as held for use, and the fair value at the time of the reclassification. During the three months ended December 31, 2023, we recorded depreciation and amortization expense of $1.3 million in conjunction with the reclassification of the property. The following assets and liabilities, which were previously classified as held for sale within Other assets and Other liabilities, respectively, were reclassified as of December 31, 2023: Investment in property, net of $259.0 million, Inventory of manufactured homes of $4.6 million, Other intangible assets of $1.3 million and Other liabilities, net of $55.8 million. Refer to Note 20, "Subsequent Events," for information regarding acquisitions completed after March 31, 2024.

Notes And Other Receivables

Notes And Other Receivables	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Installment notes receivable on manufactured homes, net $ 38.3 $ 19.6 Notes receivable from real estate developers and operators 127.7 134.5 Other receivables, net 303.1 267.5 Total Notes and Other Receivables, net $ 469.1 $ 421.6 Installment Notes Receivable on Manufactured Homes Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, " Fair Value Measurements and Disclosures ." During the three months ended December 31, 2023, we transferred a group of installment notes receivable to an unrelated party. Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for additional details. The balances of installment notes receivable of $38.3 million (gross installment notes receivable of $39.1 million less fair value adjustment of $0.8 million) and $19.6 million (gross installment notes receivable of $20.4 million less fair value adjustment of $0.8 million) as of March 31, 2024 and December 31, 2023, 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 6.6% and 18.2 years as of March 31, 2024, and 6.9% and 17.2 years as of December 31, 2023, respectively. Refer to Note 16, "Fair Value Measurements," for additional details. 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. " Refer to Note 16, "Fair Value Measurements," for additional information. Note Receivable from a Real Estate Operator The note receivable from a real estate operator was comprised of a fully drawn loan provided to Royale Holdings Group HoldCo Limited, a real estate development owner and operator in the United Kingdom, and certain other parties, to fund investing and financing activities (the "Note"). The Note was collateralized by a first-priority security interest in three real estate assets and three MH manufacturers in the United Kingdom. As of March 31, 2024, there was no remaining balance due on the note receivable. After the maturity date of July 31, 2023, the Note became past due. On September 29, 2023, we appointed receivers over the real estate assets. The receivers marketed the real estate assets for sale during the fourth quarter of 2023. Upon completion of the marketing process, on December 28, 2023, we appointed administrators over the real estate assets and acquired such assets through a credit bid. During the fourth quarter, we engaged third party valuation specialists to appraise the real estate assets in accordance with ASC 820. The appraisals were completed using the discounted cash flow method (income approach), with the significant assumptions being development density, estimated absorption rate, home sale price and discount rate. The real estate assets appraised at fair value totaling $263.8 million. The Note balance was reduced by this amount, with an offsetting adjustment to Investment property, net on our Consolidated Balance Sheets as of December 31, 2023. As of December 31, 2023, the balance remaining on the Note, which was in nonaccrual status, collateralized by a first-priority security interest in three MH manufacturers in the United Kingdom, was adjusted to fair value totaling $10.8 million (gross notes receivable of $114.3 million, inclusive of accrued interest of $10.4 million, less a fair value adjustment of $103.5 million). The note had a weighted average interest rate of 12.5% as of December 31, 2023. During the three months ended March 31, 2024, we completed a receivership process related to the three MH manufacturers in the United Kingdom. The receivers sold such assets for a total consideration of $10.7 million, resulting in cash proceeds to the Company of $7.0 million, net of non-cash consideration and fees. The sale of these assets resulted in an incremental fair value remeasurement adjustment of $0.8 million that was recorded in Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. Notes Receivable from Real Estate Developers Other acquisition and construction loans provided to real estate developers total $127.7 million with a net weighted average interest rate and maturity of 9.3% and 2.6 years as of March 31, 2024, and total $123.7 million with a net weighted average interest rate and maturity of 9.2% and 2.6 years as of December 31, 2023. As of March 31, 2024, the additional acquisition and construction loans provided to real estate developers have $38.3 million of undrawn funds. There were no adjustments to the fair value of notes receivable from real estate developers during the three months ended March 31, 2024 and the year ended December 31, 2023. Other Receivables, net Other receivables, net were comprised of amounts due from the following categories (in millions): March 31, 2024 December 31, 2023 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (1) $ 83.2 $ 65.9 Insurance receivables 65.2 77.8 Home sale proceeds 54.8 28.2 Marina customers for storage, service and lease payments, net (2) 52.8 46.8 Other receivables 47.1 48.8 Total Other Receivables, net $ 303.1 $ 267.5 (1) Net of allowance of $5.0 million and $4.8 million as of March 31, 2024 and December 31, 2023, respectively. (2) Net of allowance of $3.1 million and $2.9 million as of March 31, 2024 and December 31, 2023, respectively.

Collateralized Receivables and

Collateralized Receivables and Transfers of Financial Assets	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Transfers Of Financial Assets	5. Collateralized Receivables and Transfers of Financial Assets During the three months ended December 31, 2023, we completed a transfer of our installment notes receivable to an unrelated entity and received net cash proceeds of $53.4 million, along with an agreed upon future cash payment of $1.1 million from the third-party servicer, in exchange for relinquishing our right, title and interest in the receivables. We used the proceeds to pay down borrowings outstanding under our senior credit facility. We have no further obligations or rights with respect to the control, management, administration, servicing or collection of the installment notes receivables. However, we are subject to certain recourse provisions requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement which precluded establishing legal isolation, and therefore these transferred loans do not meet the requirements for sale accounting under ASC 860, " Transfers and Servicing ." The transaction has been accounted for in accordance with ASC 860-30, with the transferred assets classified as Collateralized receivables, net and the cash proceeds received from this transaction classified as Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related secured borrowings under ASC 820, " Fair Value Measurements and Disclosures ." The balance of collateralized receivables was $56.5 million (gross collateralized receivable of $57.8 million less fair value adjustments of $1.3 million) and $56.2 million (gross collateralized receivable of $59.1 million less fair value adjustments of $2.9 million) as of March 31, 2024 and December 31, 2023, respectively. The balance of secured borrowings on collateralized receivables was $56.1 million (gross secured borrowings of $52.6 million plus fair value adjustments of $3.5 million) and $55.8 million (gross secured borrowings of $53.9 million plus fair value adjustments of $1.9 million) as of March 31, 2024, and December 31, 2023, respectively. 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 and maturity of 8.6% and 13.9 years as of March 31, 2024 and 8.6% and 14.2 years as of December 31, 2023. Refer to Note 16, "Fair Value Measurements," for additional details. The collateralized receivables earn interest income and the secured borrowings accrue interest expense at the same amount. The amount of interest income and interest expense recognized during the three months ended March 31, 2024 was $1.2 million.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure	6. 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 on the earlier of (i) the dates of acquisition, or (ii) 12 months after the acquisition dates. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. Changes in the carrying amount of goodwill during the three months ended March 31, 2024 by reportable segment were as follows (in millions): MH RV Marina UK Total Balance as of December 31, 2023 (1) $ — $ 9.5 $ 541.5 $ 182.0 $ 733.0 Currency Translation Adjustment — — — (1.6) (1.6) Balance as of March 31, 2024 $ — $ 9.5 $ 541.5 $ 180.4 $ 731.4 Accumulated impairment losses as of March 31, 2024 (2) $ — $ — $ — $ 369.9 $ 369.9 (1) Recast to reflect segment changes. (2) During the three months ended March 31, 2024, we performed a qualitative assessment of our goodwill balance in accordance with ASC 350-20, " Goodwill and Other ." We concluded that the fair value of each respective reporting segment was more-likely-than-not greater than its carrying value. Accordingly, there were no goodwill impairment charges recorded during the three months ended March 31, 2024. For the year ended December 31, 2023, we recorded aggregate non-cash impairment charges of $369.9 million within Goodwill impairment on the Consolidated Statements of Operations. The decline in fair value of the UK reporting segment was primarily driven by a higher weighted average cost of capital due to changes in the macroeconomic environment, as well as inflationary pressures in the UK causing a decline in financial projections. We evaluate goodwill for impairment on an annual basis and at an interim date, if indicators of potential impairment exist. During the three months ended March 31, 2024, we voluntarily changed our annual impairment assessment date from April 1 to October 31 for the UK reporting segment. As the last quantitative impairment test was performed as of December 31, 2023, there will not be more than 12 months that have elapsed between goodwill impairment tests of the UK reporting segment. The change in measurement date represents a change in method of applying an accounting principle. This change is preferable because it better aligns our goodwill impairment testing procedures with our annual planning process, our fiscal year-end, and with the annual testing for our Marina segment. We continue to monitor each reporting segment for triggering events for purposes of goodwill impairment testing. The change in accounting principle did not result in any, nor do we expect the change in accounting principle to result in any delay, acceleration or avoidance of an impairment charge. Other Intangible Assets, net The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): March 31, 2024 December 31, 2023 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 166.1 $ (147.5) $ 166.0 $ (146.2) Non-competition agreements 5 years 10.5 (6.7) 10.5 (6.2) Trademarks and trade names 3 - 15 years 84.6 (13.7) 85.3 (12.3) Customer relationships 4 - 17 years 131.6 (40.5) 131.6 (37.3) Franchise agreements and other intangible assets 1 - 27 years 48.4 (15.1) 48.4 (14.3) Total finite-lived assets $ 441.2 $ (223.5) $ 441.8 $ (216.3) Indefinite-lived assets - Trademarks and trade names N/A 141.0 — 141.0 — Indefinite-lived assets - Other N/A 3.0 — 3.0 — Total indefinite-lived assets $ 144.0 $ — $ 144.0 $ — Total $ 585.2 $ (223.5) $ 585.8 $ (216.3) Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Other Intangible Asset Amortization Expense March 31, 2024 March 31, 2023 In-place leases $ 1.9 $ 3.6 Non-competition agreements 0.5 0.5 Trademarks and trade names 1.4 1.5 Customer relationships 3.2 3.2 Franchise fees and other intangible assets 0.7 0.9 Total $ 7.7 $ 9.7 We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions): Other Intangible Asset Future Amortization Expense Remainder 2024 2025 2026 2027 2028 In-place leases $ 5.1 $ 6.1 $ 3.9 $ 2.3 $ 0.9 Non-competition agreements 1.6 2.1 0.1 — — Trademarks and trade names 4.3 5.7 5.7 5.4 5.3 Customer relationships 9.5 12.7 12.3 12.2 12.1 Franchise agreements and other intangible assets 2.3 3.0 2.7 2.5 2.5 Total $ 22.8 $ 29.6 $ 24.7 $ 22.4 $ 20.8

Investment in Nonconsolidated A

Investment in Nonconsolidated Affiliates	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Nonconsolidated Affiliates	7. 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 Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations. Sungenia Joint Venture ("Sungenia JV") At March 31, 2024 and December 31, 2023, we had a 50.0% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group (ASX:INA) ("Ingenia") in November 2018, to establish and grow a manufactured housing community development program in Australia. GTSC LLC ( "GTSC" ) At March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Investment in Sungenia JV $ 60.6 $ 56.8 Investment in GTSC 60.3 60.4 Investment in SV Lift 1.5 1.7 Total $ 122.4 $ 118.9 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Income / (loss) from Nonconsolidated Affiliates March 31, 2024 March 31, 2023 RezPlot Systems LLC equity loss (1) $ — $ (1.5) Sungenia JV equity income 0.9 0.6 GTSC equity income 0.9 1.0 SV Lift equity loss (0.4) (0.3) Total Income / (Loss) from Nonconsolidated Affiliates $ 1.4 $ (0.2) (1) Represents an RV reservation software technology company, operating under the Campspot brand, which we acquired in January 2019 and disposed of our ownership interest in December 2023. The change in the Sungenia JV investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2024 December 31, 2023 Beginning balance $ 56.8 $ 44.5 Cumulative translation adjustment (1.0) (0.5) Contributions 3.9 9.6 Equity earnings 0.9 3.2 Ending Balance $ 60.6 $ 56.8 The change in the GTSC investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2024 December 31, 2023 Beginning balance $ 60.4 $ 54.5 Contributions 0.2 27.5 Distributions (6.4) (20.7) Equity earnings 0.9 3.3 Fair value adjustment 5.2 (4.2) Ending Balance $ 60.3 $ 60.4

Consolidated Variable Interest

Consolidated Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Disclosure of Variable Interest Entities [Abstract]
Consolidated Variable Interest Entities	8. 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 Cisco Grove RV LLC, Sun NG Coyote Ranch RV LLC, Sun NG Kittatinny RV LLC, Sun NG River Beach 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 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 10, "Equity and Temporary Equity," for additional information on consolidated VIEs. Sun NG Cisco Grove RV LLC, Sun NG Coyote Ranch RV LLC, S un NG Kittatinny RV LLC and Sun NG River Beach RV LLC were formed in December 2023 to engage in the sourcing, due diligence, acquisition, management, construction, leasing and disposition of certain RV parks and resorts. The table below shows their respective ownership percentages, representing the common equity interests: Sun NG LLC Third Party Interest Sun NG Cisco Grove RV LLC 94.8 % 5.2 % Sun NG Coyote Ranch RV LLC 96.0 % 4.0 % Sun NG Kittatinny RV LLC 95.9 % 4.1 % Sun NG River Beach RV LLC 95.9 % 4.1 % Sun NG Beaver Brook RV LLC was formed during the three months ended September 30, 2022. The purpose of the company is to engage in the sourcing, due diligence, acquisition, management, construction, leasing and disposition of a recreational vehicle park and resort. The Company's ownership percentages were split between Sun NG LLC and NG Beaver Brook, LLC in the ratio of 70% and 30%, representing common equity interests. In December 2023, the terms were amended which resulted in the Company ownership percentages split between Sun NG LLC and NG Beaver Brook, LLC changing to a ratio of 98.4% and 1.6%, respectively, representing the common equity interests. The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions): March 31, 2024 December 31, 2023 Assets Investment property, net $ 136.4 $ 132.3 Cash, cash equivalents and restricted cash 3.5 2.9 Other intangible assets, net 0.1 0.1 Other assets, net 0.4 0.4 Total Assets $ 140.4 $ 135.7 Liabilities and Other Equity Secured debt $ 3.2 $ 3.2 Advanced reservation deposits and rent 0.9 0.4 Accrued expenses and accounts payable 24.0 24.1 Total Liabilities 28.1 27.7 Temporary equity 10.9 10.7 Total Liabilities and Other Equity $ 39.0 $ 38.4 Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 0.8% of our consolidated total assets at March 31, 2024 and December 31, 2023. Total liabilities comprised 0.3% of our consolidated total liabilities at March 31, 2024 and December 31, 2023. 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, 2024 and December 31, 2023.

Debt and Line of Credit

Debt and Line of Credit	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt and Line of Credit	9. 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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Secured Debt Mortgage loans payable (1) $ 3,465.5 $ 3,478.9 8.9 9.2 3.995 % 3.994 % Secured borrowings on collateralized receivables (2) 56.1 55.8 13.9 14.2 8.559 % 8.556 % Total Secured Debt $ 3,521.6 $ 3,534.7 Unsecured Debt Senior unsecured notes (3) 2,673.7 2,177.5 6.8 7.5 3.778 % 3.375 % Line of credit and other debt (4) 1,676.7 2,065.1 2.0 1.7 5.186 % 5.428 % Total Unsecured Debt 4,350.4 4,242.6 Total Debt $ 7,872.0 $ 7,777.3 6.8 6.8 4.207 % 4.234 % (1) Balances at March 31, 2024 and December 31, 2023 include zero net debt premium, as of each such date, and $16.2 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at March 31, 2024 and December 31, 2023 include fair value adjustments of $3.5 million and $1.9 million, respectively. (3) Balances at March 31, 2024 and December 31, 2023 include $6.9 million and $6.5 million of net debt discount, respectively, and $19.4 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at March 31, 2024 and December 31, 2023 include zero and $1.6 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. Secured Debt Mortgage term loans During the three months ended March 31, 2024 and the year ended December 31, 2023, no mortgage term loans were repaid. During the three months ended March 31, 2024 we did not enter into any mortgage term loans. During the year ended December 31, 2023, 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 December 31, 2023 $ 252.8 (1) 7 6.49 % November 1, 2030 Three months ended March 31, 2023 $ 85.0 (2) 3 5.0 % February 13, 2026 $ 99.1 (3) 7 - 10 5.72 % April 1, 2030 - April 1, 2033 (1) Includes two newly encumbered properties. (2) Includes five existing encumbered properties. (3) Includes 22 existing encumbered properties. The mortgage term loans, which total $3.5 billion as of March 31, 2024, are secured by 156 properties comprised of 62,848 sites representing approximately $2.7 billion of net book value. Secured Borrowings on Collateralized Receivables Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for information on Secured Borrowings on Collateralized Receivables. 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 within the Unsecured debt line item on the Consolidated Balance Sheets. Carrying Amount Principal Amount March 31, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 495.6 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 395.8 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.7 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.0 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 742.6 742.4 Total $ 2,700.0 $ 2,673.7 $ 2,177.5 (1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 (the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and estimated offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our Senior Credit Facility. Line of Credit The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our senior credit facility (the "Senior Credit Facility"). Prior to March 2024, the aggregate amount of our Senior Credit Facility was $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The aggregate amount under the Senior Credit Facility consisted 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 maturity date of the revolving term loan facility is April 7, 2026. At our option that maturity date may be extended two additional six-month periods. The maturity date of the term loan facility was April 7, 2025. In March 2024, we terminated the term loan facility and settled the associated $1.1 billion of borrowings outstanding under the term loan by increasing our borrowings under the revolving loan of the Senior Credit Facility. Subsequent to the termination of the term loan, our aggregate borrowing capacity under the Senior Credit Facility was reduced to the original capacity under the revolving loan of $3.05 billion. During the three months ended March 31, 2024, we recognized a Loss on extinguishment of debt in our Consolidated Statements of Operations of $0.6 million related to the termination of the term loan facility. 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 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, 2024, the margins based on our credit ratings were 0.85% on the revolving loan facility. At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. We had $1.7 billion and $944.1 million of borrowings outstanding under the revolving loan as of March 31, 2024 and December 31, 2023, respectively. We also had zero and $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of March 31, 2024 and December 31, 2023, 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 $11.2 million and $26.2 million of outstanding letters of credit at March 31, 2024 and December 31, 2023, respectively. 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, we amended the agreement to release the associated collateral, extend the term loan facility maturity date to October 29, 2025 and adjust 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, 2024, the margin based on our credit rating was 0.95%. The outstanding balance was $3.9 million and $7.8 million at March 31, 2024 and December 31, 2023, respectively. These balances are recorded in Unsecured debt 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 maximum leverage ratio, minimum fixed charge coverage ratio and maximum secured leverage ratio, 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 ratio. At March 31, 2024, we were in compliance with all financial 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. Interest Capitalized We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three months ended March 31, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 March 31, 2023 Interest capitalized $ 2.7 $ 2.5

Equity and Temporary Equity

Equity and Temporary Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity and Temporary Equity	10. 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, 2024 and December 31, 2023 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 Carrying Amount March 31, 2024 March 31, 2024 December 31, 2023 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time $ 47.3 $ 46.9 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 8.5 8.5 Series G preferred OP units 205,812 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 19.8 20.4 Series H preferred OP units 581,229 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 54.9 55.0 Series J preferred OP units 238,000 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 22.6 22.7 Series K preferred OP units 1,000,000 0.5882 4.0 % Holder's Option Within 60 days after March 23, 2028 95.7 96.7 Total 2,603,999 $ 248.8 $ 250.2 (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. Redeemable Equity Interests The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions): Carrying Amount Equity Interest Description March 31, 2024 December 31, 2023 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities $ 5.2 $ 5.1 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.3 2.3 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 2.4 2.3 Other stand-alone joint ventures (1) In connection with investments in land for future development and joint ventures that operate portfolios of RV communities in the U.S. 1.0 1.0 Total $ 10.9 $ 10.7 (1) Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the consolidated VIEs. Permanent Equity Universal Shelf Registration Statement In March 2024, 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. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of March 31, 2024, we had 124,641,861 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. At the Market Offering Sales Agreement We have 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 "ATM"), 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 ATM. Through March 31, 2024, we had entered into forward sales agreements under the ATM for an aggregate gross sales price of $160.6 million. Issuances of Common OP Units in Connection with the Acquisition of Certain Properties Three Months Ended March 31, 2024 and 2023 Common OP Units Issued Value at Issuance (in millions) Related Acquisition March 2024 4,452 $ 0.6 Land for development January 2023 31,289 $ 4.4 Fox Run Accumulated Other Comprehensive Income AOCI attributable to SUI common shareholders is separately presented on our Consolidated Balance Sheets as a component of total SUI shareholders' equity. Other Comprehensive Income ("OCI") attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Consolidated Balance Sheets. Refer to the Statements of Comprehensive Loss for complete details related to OCI activity in the reporting period. AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions): March 31, 2024 December 31, 2023 Net foreign currency translation losses $ (38.7) $ (29.5) Accumulated net gains on derivatives 45.4 41.7 Accumulated other comprehensive income $ 6.7 $ 12.2 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 Carrying Amount March 31, 2024 March 31, 2024 December 31, 2023 Common OP units 2,683,654 1.0000 Same distribution rate for common stock N/A N/A $ 42.8 $ 46.5 Series A-1 preferred OP units 191,812 2.4390 6.0 % N/A N/A 10.5 11.5 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.4 2.4 Series C preferred OP units 305,748 1.1100 5.0 % N/A N/A 20.9 21.4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.3 6.4 Series L preferred OP units 20,000 0.6250 3.5 % N/A N/A 2.0 2.0 Total 3,321,482 $ 84.9 $ 90.2 (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 and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Aspen preferred OP units Various — — 270,000 86,224 Common OP units 1.0000 55,781 55,781 2,910 2,910 Series A-1 preferred OP units 2.4390 10,332 25,195 — — Series C preferred OP units 1.1100 100 111 65 72 Series G preferred OP units 0.6452 4,898 3,160 1,000 645 Series H preferred OP units 0.6098 9 5 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. Distributions Distributions declared for the three months ended March 31, 2024 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, 2024 3/29/2024 4/15/2024 $ 0.94 $ 119.7

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	11. Share-Based Compensation As of March 31, 2024, 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, 2024 and 2023, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2024 Key Employees 2015 Equity Incentive Plan 205,540 $ 132.10 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 31,800 $ 132.13 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 41,400 $ 98.14 (2) Market Condition (3) 2024 Directors 2004 Non-Employee Director Option Plan 20,000 $ 129.47 (1) Time Based (4) 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 (5) (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. (4) Includes 6,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan and are issuable on future dates. (5) Includes 2,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan and are issuable on future dates. The vesting requirements for 166,304 and 203,898 restricted shares granted to our executives, directors and employees were satisfied during the three months ended March 31, 2024 and 2023, 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 (in millions): Three Months Ended March 31, 2024 March 31, 2023 Share-based compensation - expensed (1) $ 10.1 $ 9.6 Share-based compensation - capitalized (2) $ 0.4 $ 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, 2024
Segment Reporting [Abstract]
Segment Reporting	12. 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," effective January 1, 2024, we expanded our organizational structure from three segments, which consisted of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) Marinas to add a fourth segment that includes communities in the United Kingdom ("UK"). The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2024, we are reporting our financial results consistent with our newly realigned operating segments and have recast prior period amounts to conform to the way we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. There was no impact to prior period net income, stockholders' equity or cash flows for any of the reclassifications. Our four reportable segments are: (i) MH, (ii) RV, (iii) Marina and (iv) UK. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., 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 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. The UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the business of acquiring, operating and developing communities in the United Kingdom. It also provides home sales and associated site license activities to owners and tenants within the communities.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. 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 gains) 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 during the three months ended March 31, 2024. As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the United Kingdom due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. As currently structured, we are not subject to United Kingdom withholding taxes on distributions from our United Kingdom properties. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation, interest 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, 2024, we had $309.1 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $61.9 million, and deferred tax liabilities of $371.0 million. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the United Kingdom and Canada. As of December 31, 2023, we had $277.1 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $58.1 million, and deferred tax liabilities of $335.2 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, 2024 and December 31, 2023. We had no unrecognized tax benefits as of March 31, 2024 and 2023. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of March 31, 2024. For the three months ended March 31, 2024, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes totaling $2.1 million. For the three months ended March 31, 2023, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes and Australian withholding taxes totaling $3.9 million. For the three months ended March 31, 2024 and 2023, we recorded a deferred tax benefit of $5.7 million and $4.6 million, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	14. Loss Per Share Loss per share ("EPS") is computed by dividing net loss 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 10, "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 Series L 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, 2024 March 31, 2023 Numerator As Restated Net loss attributable to SUI common shareholders $ (27.4) $ (44.9) Less: allocation to restricted stock awards (0.2) (0.2) Basic earnings - net loss attributable to common shareholders after allocation to restricted stock awards $ (27.2) $ (44.7) Add: allocation to common and preferred OP units dilutive effect (0.8) (0.9) Add: allocation to restricted stock awards (0.2) (0.2) Diluted earnings - net loss attributable to common shareholders after allocation to common and preferred OP units (1) $ (28.2) $ (45.8) Denominator Weighted average common shares outstanding 123.6 123.3 Add: dilutive restricted stock 0.3 0.4 Add: common and preferred OP units dilutive effect 2.7 2.5 Diluted weighted average common shares and securities (1) 126.6 126.2 EPS Available to Common Shareholders After Allocation Basic loss per share $ (0.22) $ (0.36) Diluted loss per share (1) $ (0.22) $ (0.36) (1) For the three months ended March 31, 2024 and March 31, 2023, diluted loss per share was calculated using the treasury stock method for restricted common shares as the application of this method resulted in a more diluted loss per share during those periods. We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of March 31, 2024 and 2023 (in thousands): As of March 31, 2024 March 31, 2023 Common OP units — — A-1 preferred OP units 192 208 A-3 preferred OP units 40 40 Aspen preferred OP units (1) N/A 989 Series C preferred OP units 306 306 Series D preferred OP units 489 489 Series E preferred OP units 80 80 Series F preferred OP units 90 90 Series G preferred OP units 206 240 Series H preferred OP units 581 581 Series J preferred OP units 238 239 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 3,242 4,262

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	15. 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 rate locks, interest rate swaps, and forward 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, 2024 and December 31, 2023, we held 7 and 13 derivative contracts, which have each been designated as cash flow hedges under ASC Topic 815, " Derivatives and Hedging ." The risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate. The unrealized gains or losses on the derivative instruments are recorded in AOCI 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 $16.3 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. Derivative Contract Activity During the three months ended March 31, 2024 and 2023, we entered into the following derivative contracts (with notional amounts in millions): Period Number of Contracts Instrument Type Currency Notional Amount Index Type Hedged Item March 31, 2024 1 Interest Rate Swap USD $ 25.0 SOFR Future Debt Offering March 31, 2023 1 Interest Rate Swap GBP (1) $ 127.3 SONIA Term Loan Senior Credit Facility 1 Interest Rate Swap USD 50.0 SOFR Future Debt Offering Total 2 $ 177.3 (1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023. During the three months ended March 31, 2024 and 2023, we terminated the following derivative contracts (amounts in millions): Period Type Currency Notional Amount Cash Settlement March 31, 2024 Forward Swap USD $ 255.0 $ (2.3) (1) March 31, 2023 Treasury Rate Locks & Forward Swap (2) USD $ 250.0 $ 7.4 (2) (1) Includes seven forward swap contracts which were terminated in connection with the 2029 Notes issuance. (2) These includes two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the 2033 Notes issuance. The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Interest rate derivatives $ 806.2 $ 12.2 $ 0.9 $ 1,041.5 $ 11.7 $ 7.7 (1) Included within Other assets, net on the Consolidated Balance Sheets. (2) Included within Other liabilities on the Consolidated Balance Sheets. Refer to Note 16, "Fair Value Measurements," 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 OCI (in millions): Three Months Ended Derivatives designated as cash flow hedges March 31, 2024 March 31, 2023 Interest rate derivatives $ 8.8 $ (8.6) The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions): Financial Statement Classification Three Months Ended Derivatives designated as cash flow hedges March 31, 2024 March 31, 2023 Interest rate derivatives Interest expense $ 4.9 $ 2.3

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	16. Fair Value Measurements Our financial instruments consist primarily of cash, cash equivalents and restricted cash, notes and other receivables, derivative 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 assumptions. 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, 2024. The table presents the carrying values and fair values of our financial instruments as of March 31, 2024 and December 31, 2023, 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 financial instruments are classified as Level 1 in the hierarchy. March 31, 2024 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 132.5 $ 132.5 $ — $ — $ 132.5 Installment notes receivable on manufactured homes, net 38.3 — — 38.3 38.3 Notes receivable from real estate developers and operators 127.7 — — 127.7 127.7 Collateralized receivables, net 56.5 — — 56.5 56.5 Derivative assets 12.2 — 12.2 — 12.2 Total assets measured at fair value $ 367.2 $ 132.5 $ 12.2 $ 222.5 $ 367.2 Financial Liabilities Mortgage loan payable $ 3,465.5 $ — $ 3,089.3 $ — $ 3,089.3 Secured borrowings on collateralized receivables 56.1 — — 56.1 56.1 Total secured debt 3,521.6 — 3,089.3 56.1 3,145.4 Unsecured debt Senior unsecured notes 2,673.7 — 2,440.0 — 2,440.0 Line of credit and other unsecured debt 1,676.7 — 1,676.7 — 1,676.7 Total unsecured debt 4,350.4 — 4,116.7 — 4,116.7 Derivative liabilities 0.9 — 0.9 — 0.9 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,893.1 $ — $ 7,206.9 $ 76.3 $ 7,283.2 December 31, 2023 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 42.7 $ 42.7 $ — $ — $ 42.7 Installment notes receivable on manufactured homes, net 19.6 — — 19.6 19.6 Notes receivable from real estate developers and operators 134.5 — — 134.5 134.5 Collateralized receivables, net 56.2 — — 56.2 56.2 Derivative assets 11.7 — 11.7 — 11.7 Total assets measured at fair value $ 264.7 $ 42.7 $ 11.7 $ 210.3 $ 264.7 Financial Liabilities Mortgage loan payable $ 3,478.9 $ — $ 3,167.0 $ — $ 3,167.0 Secured borrowings on collateralized receivables 55.8 — — 55.8 55.8 Total secured debt 3,534.7 — 3,167.0 55.8 3,222.8 Unsecured debt Senior unsecured notes 2,177.5 — 1,973.2 — 1,973.2 Line of credit and other unsecured debt 2,065.1 — 2,065.1 — 2,065.1 Total unsecured debt 4,242.6 — 4,038.3 — 4,038.3 Derivative liabilities 7.7 — 7.7 — 7.7 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,805.2 $ — $ 7,213.0 $ 76.0 $ 7,289.0 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). We had zero marketable securities as of March 31, 2024. The change in the marketable securities balance was as follows (in millions): Year Ended Marketable Securities December 31, 2023 Beginning Balance $ 127.3 Change in fair value measurement (16.0) Foreign currency exchange losses (7.8) Dispositions (1) (103.5) Ending Balance $ — (1) During the year ended December 31, 2023, we sold our 41.8 million share position in Ingenia, generating $102.5 million of proceeds, net of $1.0 million of underwriting and other fees, with a realized loss of $8.0 million. The proceeds were used to pay down amounts drawn under our Senior Credit Facility. Installment Notes Receivable on Manufactured Homes and Collateralized Receivables 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," and Note 5, "Collateralized Receivables and Transfers of Financial Assets," 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 other collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information. Derivative Assets and Liabilities - 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 9, "Debt and Line of Credit," for additional information. Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," and Note 9, "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 9, "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 (Level 2). The estimated fair value of our debt as of March 31, 2024 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, 2024. 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, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 March 31, 2023 Assets Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Collateralized Receivables, net Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Warrants Level 3 beginning balance at December 31, 2023 and 2022 $ 19.6 $ 134.5 $ 56.2 $ 65.9 $ 305.2 $ — Realized gains / (losses) — (1) (0.8) (1) 1.6 (2) (1.7) (1) — (0.4) (3) Purchases and issuances 19.4 5.0 — 0.1 124.3 0.4 Sales and settlements (0.7) (10.9) (1.3) (2.1) (3.0) — Foreign currency exchange losses — (0.1) — — — — Other adjustments — — — — 8.5 — Level 3 ending balance at March 31, 2024 and 2023 $ 38.3 $ 127.7 $ 56.5 $ 62.2 $ 435.0 $ — (1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized gains recorded within Other income / (expense), net on the Consolidated Statements of Operations. (3) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations. Three Months Ended March 31, 2024 March 31, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance December 31, 2023 and 2022 $ 55.8 $ 20.2 $ 20.2 Realized losses (1) 1.6 — — Purchases and issuances — — — Sales and settlements (1.3) — — Other adjustments — — — Level 3 ending balance at March 31, 2024 and 2023 $ 56.1 $ 20.2 $ 20.2 (1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations. 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, 2024. 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, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Legal Proceedings - Class Action Litigation Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and nine other large MH operators in the U.S. The complaint alleges that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715. Plaintiffs seek both injunctive and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable. We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful. Other Legal Proceedings We are involved in various other 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 - When Hurricane Ian made landfall on Florida's western coast in September 2022, 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. Estimated property insurance recoveries, excluding business interruption recoveries, of $52.8 million related to Hurricane Ian were recorded in Notes and other receivables, net on the Consolidated Balance Sheets as of March 31, 2024. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions): Three Months Ended Total estimated insurance receivable - December 31, 2023 $ 56.7 Change in estimated property insurance recoveries 3.0 Proceeds received from insurer (6.9) Total estimated insurance receivable - March 31, 2024 $ 52.8 Changes in estimated property insurance recoveries related to Hurricane Ian during the three months ended March 31, 2024 were primarily the result of $3.0 million of incremental costs that exceeded the applicable deductible. 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. We are actively working with our insurance providers on claims for business interruption recoveries. During the three months ended March 31, 2024 and 2023, we did not recognize any business interruption recoveries for lost earnings from the hurricane event. The related communities are under redevelopment. 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. Other - In December 2023, one of our RV properties with approximately 300 sites sustained property damage due to heavy rainfall and flooding in the North Conway, New Hampshire area. Based on a preliminary review performed by an insurance adjuster, we recognized asset impairment charges of $7.0 million during the three months ended December 31, 2023, primarily related to site improvements, vacation rental cabins, and equipment. During the three months ended March 31, 2024, we recognized incremental charges of $4.7 million related to the impacted property, comprised of $3.1 million for impaired assets and $1.6 million for debris removal and cleanup. The charges were recorded within Catastrophic event-related charges, net in our Consolidated Statements of Operations. The foregoing estimates are based on current information available after the preliminary review of the damages incurred. Actual charges and insurance recoveries could differ from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK 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, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding three months ended March 31, 2024) $ 4.4 $ 10.7 $ 15.1 2025 0.5 14.0 14.5 2026 0.5 12.5 13.0 2027 0.5 10.5 11.0 2028 0.5 9.8 10.3 Thereafter 21.3 240.4 261.7 Total Lease Payments $ 27.7 $ 297.9 $ 325.6 Less: Imputed interest (13.7) (136.3) (150.0) Present Value of Lease Liabilities $ 14.0 $ 161.6 $ 175.6 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, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.7 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 177.4 $ 176.0 Below market operating leases, net Other assets, net $ 93.8 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.0 $ 14.3 Operating lease liabilities Other liabilities $ 161.6 $ 159.5 The components of lease costs 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, 2024 March 31, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.7 Interest on lease liabilities Interest expense 0.2 0.2 Operating lease cost General and administrative expense, Property operating and maintenance, 4.4 4.6 Variable lease cost Property operating and maintenance 2.0 1.6 Total Lease Cost $ 7.3 $ 7.1 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.17 27.71 Weighted-average Discount Rate Finance lease 3.60 % 3.59 % Operating lease 3.78 % 3.82 % Three Months Ended March 31, 2024 March 31, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 3.0 $ 3.3 Financing cash outflows for finance leases 0.2 5.9 Total Cash Paid on Lease Liabilities $ 3.2 $ 9.2 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of March 31, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK 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, 2024, 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 or UK 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, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the three months ended March 31, 2024) $ 18.7 2025 18.1 2026 13.1 2027 8.8 2028 7.8 Thereafter 81.5 Total Undiscounted Cash Flows $ 148.0 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, 2024 March 31, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.7 $ 7.9 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 1.5 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. 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 in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $357.1 million and $359.7 million as of March 31, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of March 31, 2024 (in millions): Maturity of Financial Liability March 31, 2024 2024 (excluding three months ended March 31, 2024) $ 10.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,742.9 Total Payments $ 1,801.5 Less: Imputed interest (1,444.4) Present Value of Financial Liability $ 357.1
Leases	18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK 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, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding three months ended March 31, 2024) $ 4.4 $ 10.7 $ 15.1 2025 0.5 14.0 14.5 2026 0.5 12.5 13.0 2027 0.5 10.5 11.0 2028 0.5 9.8 10.3 Thereafter 21.3 240.4 261.7 Total Lease Payments $ 27.7 $ 297.9 $ 325.6 Less: Imputed interest (13.7) (136.3) (150.0) Present Value of Lease Liabilities $ 14.0 $ 161.6 $ 175.6 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, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.7 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 177.4 $ 176.0 Below market operating leases, net Other assets, net $ 93.8 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.0 $ 14.3 Operating lease liabilities Other liabilities $ 161.6 $ 159.5 The components of lease costs 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, 2024 March 31, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.7 Interest on lease liabilities Interest expense 0.2 0.2 Operating lease cost General and administrative expense, Property operating and maintenance, 4.4 4.6 Variable lease cost Property operating and maintenance 2.0 1.6 Total Lease Cost $ 7.3 $ 7.1 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.17 27.71 Weighted-average Discount Rate Finance lease 3.60 % 3.59 % Operating lease 3.78 % 3.82 % Three Months Ended March 31, 2024 March 31, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 3.0 $ 3.3 Financing cash outflows for finance leases 0.2 5.9 Total Cash Paid on Lease Liabilities $ 3.2 $ 9.2 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of March 31, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK 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, 2024, 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 or UK 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, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the three months ended March 31, 2024) $ 18.7 2025 18.1 2026 13.1 2027 8.8 2028 7.8 Thereafter 81.5 Total Undiscounted Cash Flows $ 148.0 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, 2024 March 31, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.7 $ 7.9 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 1.5 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. 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 in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $357.1 million and $359.7 million as of March 31, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of March 31, 2024 (in millions): Maturity of Financial Liability March 31, 2024 2024 (excluding three months ended March 31, 2024) $ 10.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,742.9 Total Payments $ 1,801.5 Less: Imputed interest (1,444.4) Present Value of Financial Liability $ 357.1
Leases	18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK 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, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding three months ended March 31, 2024) $ 4.4 $ 10.7 $ 15.1 2025 0.5 14.0 14.5 2026 0.5 12.5 13.0 2027 0.5 10.5 11.0 2028 0.5 9.8 10.3 Thereafter 21.3 240.4 261.7 Total Lease Payments $ 27.7 $ 297.9 $ 325.6 Less: Imputed interest (13.7) (136.3) (150.0) Present Value of Lease Liabilities $ 14.0 $ 161.6 $ 175.6 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, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.7 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 177.4 $ 176.0 Below market operating leases, net Other assets, net $ 93.8 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.0 $ 14.3 Operating lease liabilities Other liabilities $ 161.6 $ 159.5 The components of lease costs 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, 2024 March 31, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.7 Interest on lease liabilities Interest expense 0.2 0.2 Operating lease cost General and administrative expense, Property operating and maintenance, 4.4 4.6 Variable lease cost Property operating and maintenance 2.0 1.6 Total Lease Cost $ 7.3 $ 7.1 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.17 27.71 Weighted-average Discount Rate Finance lease 3.60 % 3.59 % Operating lease 3.78 % 3.82 % Three Months Ended March 31, 2024 March 31, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 3.0 $ 3.3 Financing cash outflows for finance leases 0.2 5.9 Total Cash Paid on Lease Liabilities $ 3.2 $ 9.2 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of March 31, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK 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, 2024, 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 or UK 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, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the three months ended March 31, 2024) $ 18.7 2025 18.1 2026 13.1 2027 8.8 2028 7.8 Thereafter 81.5 Total Undiscounted Cash Flows $ 148.0 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, 2024 March 31, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.7 $ 7.9 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 1.5 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. 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 in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $357.1 million and $359.7 million as of March 31, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of March 31, 2024 (in millions): Maturity of Financial Liability March 31, 2024 2024 (excluding three months ended March 31, 2024) $ 10.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,742.9 Total Payments $ 1,801.5 Less: Imputed interest (1,444.4) Present Value of Financial Liability $ 357.1

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	19. 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 were 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 March 31, 2024, all of our debt and derivative instruments have been 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. Recent Accounting Pronouncements - Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, " Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ," which adds interim and annual disclosure requirements to the US GAAP codification at the request of the SEC. The new guidance is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the US GAAP codification and will not be effective. In November 2023, the FASB issued ASU 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ," which enhances disclosure of significant segment expenses that are regularly provided to the chief operating decision maker to assess segment performance, including each reported measure of segment profit or loss, an amount and description of the composition for other segment items to reconcile to segment profit or loss, interim disclosures of a reportable segment's profit or loss and assets, and the title and position of our chief operating decision maker. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures ," which requires disclosure of specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events Acquisitions Subsequent to the three months ended March 31, 2024, we acquired the following properties: Property Name Property Type Sites, Wet Slips and Dry Storage Spaces Development State, Province or Country Total Port Milford (1) Marina 92 — CT $ 4.0 Oak Leaf Marina 89 — CT 5.0 Berth One Palm Beach Marina 4 — FL 3.0 Total Subsequent Acquisitions 185 — $ 12.0 (1) In conjunction with the acquisition, we issued 19,326 common OP units valued at $2.5 million. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Investment Property	Significant Accounting Policies: Investment Property Investment property is recorded at cost, less accumulated depreciation. Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicator for potential impairment is based on NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change the value of the long-lived asset. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended March 31, 2024 March 31, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 238.0 $ 104.5 $ 96.4 $ 38.0 $ 476.9 $ 224.0 $ 99.6 $ 89.1 $ 28.9 $ 441.6 Home sales 27.3 5.5 — 36.1 68.9 40.8 6.4 — 39.1 86.3 Service, retail, dining and entertainment 2.6 6.5 104.5 4.3 117.9 2.6 5.8 91.1 2.9 102.4 Interest 3.1 1.4 0.1 — 4.6 10.3 0.9 0.2 — 11.4 Brokerage commissions and other, net 1.0 0.7 1.0 0.3 3.0 3.8 4.7 0.9 0.1 9.5 Total Revenues $ 272.0 $ 118.6 $ 202.0 $ 78.7 $ 671.3 $ 281.5 $ 117.4 $ 181.3 $ 71.0 $ 651.2 (1) Recast to reflect segment changes.

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	For the year ended December 31, 2023, we acquired the following properties: Property Name (1) Type Sites, Wet Slips and Dry Storage Spaces 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 (1) Property names are subject to changes subsequent to acquisition.
Schedule of Purchase Price Allocation	The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2023 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts In-place leases, goodwill and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition (2) Fox Run (3) $ 7.2 $ — $ — $ — $ 7.2 $ 2.8 $ 4.4 $ 7.2 Savannah Yacht Center (4) 100.2 0.1 0.4 4.2 104.9 4.3 100.6 104.9 Total $ 107.4 $ 0.1 $ 0.4 $ 4.2 $ 112.1 $ 7.1 $ 105.0 $ 112.1 (1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) Property names are subject to changes subsequent to acquisition. (3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million. (4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million.

Notes And Other Receivables (Ta

Notes And Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Installment notes receivable on manufactured homes, net $ 38.3 $ 19.6 Notes receivable from real estate developers and operators 127.7 134.5 Other receivables, net 303.1 267.5 Total Notes and Other Receivables, net $ 469.1 $ 421.6
Schedule Of Other Receivables	Other receivables, net were comprised of amounts due from the following categories (in millions): March 31, 2024 December 31, 2023 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (1) $ 83.2 $ 65.9 Insurance receivables 65.2 77.8 Home sale proceeds 54.8 28.2 Marina customers for storage, service and lease payments, net (2) 52.8 46.8 Other receivables 47.1 48.8 Total Other Receivables, net $ 303.1 $ 267.5 (1) Net of allowance of $5.0 million and $4.8 million as of March 31, 2024 and December 31, 2023, respectively. (2) Net of allowance of $3.1 million and $2.9 million as of March 31, 2024 and December 31, 2023, respectively.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill during the three months ended March 31, 2024 by reportable segment were as follows (in millions): MH RV Marina UK Total Balance as of December 31, 2023 (1) $ — $ 9.5 $ 541.5 $ 182.0 $ 733.0 Currency Translation Adjustment — — — (1.6) (1.6) Balance as of March 31, 2024 $ — $ 9.5 $ 541.5 $ 180.4 $ 731.4 Accumulated impairment losses as of March 31, 2024 (2) $ — $ — $ — $ 369.9 $ 369.9 (1) Recast to reflect segment changes. (2) During the three months ended March 31, 2024, we performed a qualitative assessment of our goodwill balance in accordance with ASC 350-20, " Goodwill and Other ." We concluded that the fair value of each respective reporting segment was more-likely-than-not greater than its carrying value. Accordingly, there were no goodwill impairment charges recorded during the three months ended March 31, 2024. For the year ended December 31, 2023, we recorded aggregate non-cash impairment charges of $369.9 million within Goodwill impairment on the Consolidated Statements of Operations. The decline in fair value of the UK reporting segment was primarily driven by a higher weighted average cost of capital due to changes in the macroeconomic environment, as well as inflationary pressures in the UK causing a decline in financial projections.
Schedule of Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): March 31, 2024 December 31, 2023 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 166.1 $ (147.5) $ 166.0 $ (146.2) Non-competition agreements 5 years 10.5 (6.7) 10.5 (6.2) Trademarks and trade names 3 - 15 years 84.6 (13.7) 85.3 (12.3) Customer relationships 4 - 17 years 131.6 (40.5) 131.6 (37.3) Franchise agreements and other intangible assets 1 - 27 years 48.4 (15.1) 48.4 (14.3) Total finite-lived assets $ 441.2 $ (223.5) $ 441.8 $ (216.3) Indefinite-lived assets - Trademarks and trade names N/A 141.0 — 141.0 — Indefinite-lived assets - Other N/A 3.0 — 3.0 — Total indefinite-lived assets $ 144.0 $ — $ 144.0 $ — Total $ 585.2 $ (223.5) $ 585.8 $ (216.3)
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, 2024 March 31, 2023 In-place leases $ 1.9 $ 3.6 Non-competition agreements 0.5 0.5 Trademarks and trade names 1.4 1.5 Customer relationships 3.2 3.2 Franchise fees and other intangible assets 0.7 0.9 Total $ 7.7 $ 9.7
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): Other Intangible Asset Future Amortization Expense Remainder 2024 2025 2026 2027 2028 In-place leases $ 5.1 $ 6.1 $ 3.9 $ 2.3 $ 0.9 Non-competition agreements 1.6 2.1 0.1 — — Trademarks and trade names 4.3 5.7 5.7 5.4 5.3 Customer relationships 9.5 12.7 12.3 12.2 12.1 Franchise agreements and other intangible assets 2.3 3.0 2.7 2.5 2.5 Total $ 22.8 $ 29.6 $ 24.7 $ 22.4 $ 20.8

Investment in Nonconsolidated_2

Investment in Nonconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Nonconsolidated Affiliates	The investment balance in each nonconsolidated affiliate was as follows (in millions): Investment March 31, 2024 December 31, 2023 Investment in Sungenia JV $ 60.6 $ 56.8 Investment in GTSC 60.3 60.4 Investment in SV Lift 1.5 1.7 Total $ 122.4 $ 118.9 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Income / (loss) from Nonconsolidated Affiliates March 31, 2024 March 31, 2023 RezPlot Systems LLC equity loss (1) $ — $ (1.5) Sungenia JV equity income 0.9 0.6 GTSC equity income 0.9 1.0 SV Lift equity loss (0.4) (0.3) Total Income / (Loss) from Nonconsolidated Affiliates $ 1.4 $ (0.2) (1) Represents an RV reservation software technology company, operating under the Campspot brand, which we acquired in January 2019 and disposed of our ownership interest in December 2023. The change in the Sungenia JV investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2024 December 31, 2023 Beginning balance $ 56.8 $ 44.5 Cumulative translation adjustment (1.0) (0.5) Contributions 3.9 9.6 Equity earnings 0.9 3.2 Ending Balance $ 60.6 $ 56.8 The change in the GTSC investment balance is as follows (in millions): Three Months Ended Year Ended March 31, 2024 December 31, 2023 Beginning balance $ 60.4 $ 54.5 Contributions 0.2 27.5 Distributions (6.4) (20.7) Equity earnings 0.9 3.3 Fair value adjustment 5.2 (4.2) Ending Balance $ 60.3 $ 60.4

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Disclosure of Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions): March 31, 2024 December 31, 2023 Assets Investment property, net $ 136.4 $ 132.3 Cash, cash equivalents and restricted cash 3.5 2.9 Other intangible assets, net 0.1 0.1 Other assets, net 0.4 0.4 Total Assets $ 140.4 $ 135.7 Liabilities and Other Equity Secured debt $ 3.2 $ 3.2 Advanced reservation deposits and rent 0.9 0.4 Accrued expenses and accounts payable 24.0 24.1 Total Liabilities 28.1 27.7 Temporary equity 10.9 10.7 Total Liabilities and Other Equity $ 39.0 $ 38.4
Schedule of Variable Interest Entities, Ownership Percentages	The table below shows their respective ownership percentages, representing the common equity interests: Sun NG LLC Third Party Interest Sun NG Cisco Grove RV LLC 94.8 % 5.2 % Sun NG Coyote Ranch RV LLC 96.0 % 4.0 % Sun NG Kittatinny RV LLC 95.9 % 4.1 % Sun NG River Beach RV LLC 95.9 % 4.1 %

Debt and Line of Credit (Tables

Debt and Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	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, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Secured Debt Mortgage loans payable (1) $ 3,465.5 $ 3,478.9 8.9 9.2 3.995 % 3.994 % Secured borrowings on collateralized receivables (2) 56.1 55.8 13.9 14.2 8.559 % 8.556 % Total Secured Debt $ 3,521.6 $ 3,534.7 Unsecured Debt Senior unsecured notes (3) 2,673.7 2,177.5 6.8 7.5 3.778 % 3.375 % Line of credit and other debt (4) 1,676.7 2,065.1 2.0 1.7 5.186 % 5.428 % Total Unsecured Debt 4,350.4 4,242.6 Total Debt $ 7,872.0 $ 7,777.3 6.8 6.8 4.207 % 4.234 % (1) Balances at March 31, 2024 and December 31, 2023 include zero net debt premium, as of each such date, and $16.2 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at March 31, 2024 and December 31, 2023 include fair value adjustments of $3.5 million and $1.9 million, respectively. (3) Balances at March 31, 2024 and December 31, 2023 include $6.9 million and $6.5 million of net debt discount, respectively, and $19.4 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at March 31, 2024 and December 31, 2023 include zero and $1.6 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. During the three months ended March 31, 2024 we did not enter into any mortgage term loans. During the year ended December 31, 2023, 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 December 31, 2023 $ 252.8 (1) 7 6.49 % November 1, 2030 Three months ended March 31, 2023 $ 85.0 (2) 3 5.0 % February 13, 2026 $ 99.1 (3) 7 - 10 5.72 % April 1, 2030 - April 1, 2033 (1) Includes two newly encumbered properties. (2) Includes five existing encumbered properties. (3) Includes 22 existing encumbered properties.
Schedule of Interest Capitalized	Interest Capitalized We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three months ended March 31, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 March 31, 2023 Interest capitalized $ 2.7 $ 2.5
Schedule of Long-Term Debt Instruments	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 within the Unsecured debt line item on the Consolidated Balance Sheets. Carrying Amount Principal Amount March 31, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 495.6 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 395.8 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.7 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.0 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 742.6 742.4 Total $ 2,700.0 $ 2,673.7 $ 2,177.5 (1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 (the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and estimated offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our Senior Credit Facility.

Equity and Temporary Equity (Ta

Equity and Temporary Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Preferred Units	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, 2024 and December 31, 2023 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 Carrying Amount March 31, 2024 March 31, 2024 December 31, 2023 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time $ 47.3 $ 46.9 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 8.5 8.5 Series G preferred OP units 205,812 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 19.8 20.4 Series H preferred OP units 581,229 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 54.9 55.0 Series J preferred OP units 238,000 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 22.6 22.7 Series K preferred OP units 1,000,000 0.5882 4.0 % Holder's Option Within 60 days after March 23, 2028 95.7 96.7 Total 2,603,999 $ 248.8 $ 250.2 (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.
Schedule of Redeemable Equity	The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions): Carrying Amount Equity Interest Description March 31, 2024 December 31, 2023 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities $ 5.2 $ 5.1 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.3 2.3 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 2.4 2.3 Other stand-alone joint ventures (1) In connection with investments in land for future development and joint ventures that operate portfolios of RV communities in the U.S. 1.0 1.0 Total $ 10.9 $ 10.7 (1) Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the consolidated VIEs.
Schedule of Issuances	Three Months Ended March 31, 2024 and 2023 Common OP Units Issued Value at Issuance (in millions) Related Acquisition March 2024 4,452 $ 0.6 Land for development January 2023 31,289 $ 4.4 Fox Run
Schedule of Accumulated Other Comprehensive Income (Loss)	AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions): March 31, 2024 December 31, 2023 Net foreign currency translation losses $ (38.7) $ (29.5) Accumulated net gains on derivatives 45.4 41.7 Accumulated other comprehensive income $ 6.7 $ 12.2
Schedule of Noncontrolling Interests	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 Carrying Amount March 31, 2024 March 31, 2024 December 31, 2023 Common OP units 2,683,654 1.0000 Same distribution rate for common stock N/A N/A $ 42.8 $ 46.5 Series A-1 preferred OP units 191,812 2.4390 6.0 % N/A N/A 10.5 11.5 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.4 2.4 Series C preferred OP units 305,748 1.1100 5.0 % N/A N/A 20.9 21.4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.3 6.4 Series L preferred OP units 20,000 0.6250 3.5 % N/A N/A 2.0 2.0 Total 3,321,482 $ 84.9 $ 90.2 (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.
Schedule of Conversions	Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Aspen preferred OP units Various — — 270,000 86,224 Common OP units 1.0000 55,781 55,781 2,910 2,910 Series A-1 preferred OP units 2.4390 10,332 25,195 — — Series C preferred OP units 1.1100 100 111 65 72 Series G preferred OP units 0.6452 4,898 3,160 1,000 645 Series H preferred OP units 0.6098 9 5 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.
Schedule of Distributions Declared	Distributions declared for the three months ended March 31, 2024 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, 2024 3/29/2024 4/15/2024 $ 0.94 $ 119.7

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Shares Granted	During the three months ended March 31, 2024 and 2023, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2024 Key Employees 2015 Equity Incentive Plan 205,540 $ 132.10 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 31,800 $ 132.13 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 41,400 $ 98.14 (2) Market Condition (3) 2024 Directors 2004 Non-Employee Director Option Plan 20,000 $ 129.47 (1) Time Based (4) 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 (5) (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. (4) Includes 6,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan and are issuable on future dates. (5) Includes 2,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan and are issuable on future dates.
Schedule of Share-based Compensation Costs	We recognized the following share-based compensation costs (in millions): Three Months Ended March 31, 2024 March 31, 2023 Share-based compensation - expensed (1) $ 10.1 $ 9.6 Share-based compensation - capitalized (2) $ 0.4 $ 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, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	A presentation of segment financial information is summarized as follows (in millions): Three Months Ended March 31, 2024 March 31, 2023 As Restated MH RV Marina UK Consolidated MH RV Marina UK Consolidated Operating revenues $ 267.9 $ 116.5 $ 200.9 $ 78.4 $ 663.7 $ 267.4 $ 111.8 $ 180.2 $ 70.9 $ 630.3 Operating expenses / Cost of sales 100.5 64.0 139.3 55.0 358.8 107.1 66.5 121.3 54.8 349.7 NOI $ 167.4 $ 52.5 $ 61.6 $ 23.4 $ 304.9 $ 160.3 $ 45.3 $ 58.9 $ 16.1 $ 280.6 Adjustments to arrive at net income Interest income 4.6 11.4 Brokerage commissions and other revenues, net 3.0 9.5 General and administrative expense (78.5) (64.1) Catastrophic event-related charges, net (7.2) (1.0) Business combination expense, net — (2.8) Depreciation and amortization (165.3) (155.6) Asset impairments (20.7) (2.4) Goodwill impairment — (15.4) Loss on extinguishment of debt (see Note 9) (0.6) — Interest expense (89.7) (76.6) Interest on mandatorily redeemable preferred OP units / equity — (1.0) Loss on remeasurement of marketable securities — (19.9) Gain / (loss) on foreign currency exchanges 1.1 (2.7) Gain / (loss) on dispositions of properties 5.4 (1.6) Other income / (expense), net 8.0 (1.0) Loss on remeasurement of notes receivable (0.7) (1.7) Income / (loss) from nonconsolidated affiliates (see Note 7) 1.4 (0.2) Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 5.2 (4.5) Current tax expense (2.1) (3.9) Deferred tax benefit 5.7 4.6 Net Loss (25.5) (48.3) Less: Preferred return to preferred OP units / equity interests 3.2 2.4 Less: Loss attributable to noncontrolling interests (1.3) (5.8) Net Loss Attributable to SUI Common Shareholders $ (27.4) $ (44.9)
Schedule of Segment Assets	March 31, 2024 December 31, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Identifiable Assets Investment property, net $ 5,267.9 $ 3,699.2 $ 3,257.6 $ 2,233.2 $ 14,457.9 $ 5,317.4 $ 3,718.8 $ 3,214.5 $ 2,192.9 $ 14,443.6 Cash, cash equivalents and restricted cash 71.1 36.9 16.2 8.3 132.5 20.1 11.8 6.4 4.4 42.7 Inventory of manufactured homes 94.4 24.3 — 72.3 191.0 103.1 24.3 — 78.2 205.6 Notes and other receivables, net 211.7 157.7 60.4 39.3 469.1 159.1 119.7 54.3 88.5 421.6 Collateralized receivables, net 56.5 — — — 56.5 56.2 — — — 56.2 Goodwill — 9.5 541.5 180.4 731.4 — 9.5 541.5 182.0 733.0 Other intangible assets, net 13.1 28.3 248.5 71.8 361.7 14.3 29.0 252.2 74.0 369.5 Other assets, net 269.0 51.9 250.4 141.9 713.2 271.0 47.6 240.7 109.2 668.5 Total Assets $ 5,983.7 $ 4,007.8 $ 4,374.6 $ 2,747.2 $ 17,113.3 $ 5,941.2 $ 3,960.7 $ 4,309.6 $ 2,729.2 $ 16,940.7 (1) Recast to reflect segment changes.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 March 31, 2023 Numerator As Restated Net loss attributable to SUI common shareholders $ (27.4) $ (44.9) Less: allocation to restricted stock awards (0.2) (0.2) Basic earnings - net loss attributable to common shareholders after allocation to restricted stock awards $ (27.2) $ (44.7) Add: allocation to common and preferred OP units dilutive effect (0.8) (0.9) Add: allocation to restricted stock awards (0.2) (0.2) Diluted earnings - net loss attributable to common shareholders after allocation to common and preferred OP units (1) $ (28.2) $ (45.8) Denominator Weighted average common shares outstanding 123.6 123.3 Add: dilutive restricted stock 0.3 0.4 Add: common and preferred OP units dilutive effect 2.7 2.5 Diluted weighted average common shares and securities (1) 126.6 126.2 EPS Available to Common Shareholders After Allocation Basic loss per share $ (0.22) $ (0.36) Diluted loss per share (1) $ (0.22) $ (0.36) (1) For the three months ended March 31, 2024 and March 31, 2023, diluted loss per share was calculated using the treasury stock method for restricted common shares as the application of this method resulted in a more diluted loss per share during those periods.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of March 31, 2024 and 2023 (in thousands): As of March 31, 2024 March 31, 2023 Common OP units — — A-1 preferred OP units 192 208 A-3 preferred OP units 40 40 Aspen preferred OP units (1) N/A 989 Series C preferred OP units 306 306 Series D preferred OP units 489 489 Series E preferred OP units 80 80 Series F preferred OP units 90 90 Series G preferred OP units 206 240 Series H preferred OP units 581 581 Series J preferred OP units 238 239 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 3,242 4,262 N/A = Not applicable. (1) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instrument Activity	During the three months ended March 31, 2024 and 2023, we entered into the following derivative contracts (with notional amounts in millions): Period Number of Contracts Instrument Type Currency Notional Amount Index Type Hedged Item March 31, 2024 1 Interest Rate Swap USD $ 25.0 SOFR Future Debt Offering March 31, 2023 1 Interest Rate Swap GBP (1) $ 127.3 SONIA Term Loan Senior Credit Facility 1 Interest Rate Swap USD 50.0 SOFR Future Debt Offering Total 2 $ 177.3 (1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023. During the three months ended March 31, 2024 and 2023, we terminated the following derivative contracts (amounts in millions): Period Type Currency Notional Amount Cash Settlement March 31, 2024 Forward Swap USD $ 255.0 $ (2.3) (1) March 31, 2023 Treasury Rate Locks & Forward Swap (2) USD $ 250.0 $ 7.4 (2) (1) Includes seven forward swap contracts which were terminated in connection with the 2029 Notes issuance. (2) These includes two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the 2033 Notes issuance.
Schedule of Fair Value of Derivative Instruments	The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Interest rate derivatives $ 806.2 $ 12.2 $ 0.9 $ 1,041.5 $ 11.7 $ 7.7 (1) Included within Other assets, net on the Consolidated Balance Sheets. (2) Included within Other liabilities on the Consolidated Balance Sheets.
Schedule of Gains on Derivatives	The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in OCI (in millions): Three Months Ended Derivatives designated as cash flow hedges March 31, 2024 March 31, 2023 Interest rate derivatives $ 8.8 $ (8.6) The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions): Financial Statement Classification Three Months Ended Derivatives designated as cash flow hedges March 31, 2024 March 31, 2023 Interest rate derivatives Interest expense $ 4.9 $ 2.3

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Values	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, 2024. The table presents the carrying values and fair values of our financial instruments as of March 31, 2024 and December 31, 2023, 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 financial instruments are classified as Level 1 in the hierarchy. March 31, 2024 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 132.5 $ 132.5 $ — $ — $ 132.5 Installment notes receivable on manufactured homes, net 38.3 — — 38.3 38.3 Notes receivable from real estate developers and operators 127.7 — — 127.7 127.7 Collateralized receivables, net 56.5 — — 56.5 56.5 Derivative assets 12.2 — 12.2 — 12.2 Total assets measured at fair value $ 367.2 $ 132.5 $ 12.2 $ 222.5 $ 367.2 Financial Liabilities Mortgage loan payable $ 3,465.5 $ — $ 3,089.3 $ — $ 3,089.3 Secured borrowings on collateralized receivables 56.1 — — 56.1 56.1 Total secured debt 3,521.6 — 3,089.3 56.1 3,145.4 Unsecured debt Senior unsecured notes 2,673.7 — 2,440.0 — 2,440.0 Line of credit and other unsecured debt 1,676.7 — 1,676.7 — 1,676.7 Total unsecured debt 4,350.4 — 4,116.7 — 4,116.7 Derivative liabilities 0.9 — 0.9 — 0.9 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,893.1 $ — $ 7,206.9 $ 76.3 $ 7,283.2 December 31, 2023 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 42.7 $ 42.7 $ — $ — $ 42.7 Installment notes receivable on manufactured homes, net 19.6 — — 19.6 19.6 Notes receivable from real estate developers and operators 134.5 — — 134.5 134.5 Collateralized receivables, net 56.2 — — 56.2 56.2 Derivative assets 11.7 — 11.7 — 11.7 Total assets measured at fair value $ 264.7 $ 42.7 $ 11.7 $ 210.3 $ 264.7 Financial Liabilities Mortgage loan payable $ 3,478.9 $ — $ 3,167.0 $ — $ 3,167.0 Secured borrowings on collateralized receivables 55.8 — — 55.8 55.8 Total secured debt 3,534.7 — 3,167.0 55.8 3,222.8 Unsecured debt Senior unsecured notes 2,177.5 — 1,973.2 — 1,973.2 Line of credit and other unsecured debt 2,065.1 — 2,065.1 — 2,065.1 Total unsecured debt 4,242.6 — 4,038.3 — 4,038.3 Derivative liabilities 7.7 — 7.7 — 7.7 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total liabilities measured at fair value $ 7,805.2 $ — $ 7,213.0 $ 76.0 $ 7,289.0 Year Ended Marketable Securities December 31, 2023 Beginning Balance $ 127.3 Change in fair value measurement (16.0) Foreign currency exchange losses (7.8) Dispositions (1) (103.5) Ending Balance $ — (1) During the year ended December 31, 2023, we sold our 41.8 million share position in Ingenia, generating $102.5 million of proceeds, net of $1.0 million of underwriting and other fees, with a realized loss of $8.0 million. The proceeds were used to pay down amounts drawn under our Senior Credit Facility.
Schedule of Charges in Fair Values	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, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 March 31, 2023 Assets Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Collateralized Receivables, net Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Warrants Level 3 beginning balance at December 31, 2023 and 2022 $ 19.6 $ 134.5 $ 56.2 $ 65.9 $ 305.2 $ — Realized gains / (losses) — (1) (0.8) (1) 1.6 (2) (1.7) (1) — (0.4) (3) Purchases and issuances 19.4 5.0 — 0.1 124.3 0.4 Sales and settlements (0.7) (10.9) (1.3) (2.1) (3.0) — Foreign currency exchange losses — (0.1) — — — — Other adjustments — — — — 8.5 — Level 3 ending balance at March 31, 2024 and 2023 $ 38.3 $ 127.7 $ 56.5 $ 62.2 $ 435.0 $ — (1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized gains recorded within Other income / (expense), net on the Consolidated Statements of Operations. (3) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations. Three Months Ended March 31, 2024 March 31, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance December 31, 2023 and 2022 $ 55.8 $ 20.2 $ 20.2 Realized losses (1) 1.6 — — Purchases and issuances — — — Sales and settlements (1.3) — — Other adjustments — — — Level 3 ending balance at March 31, 2024 and 2023 $ 56.1 $ 20.2 $ 20.2 (1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Estimated Insurance Recoveries	The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions): Three Months Ended Total estimated insurance receivable - December 31, 2023 $ 56.7 Change in estimated property insurance recoveries 3.0 Proceeds received from insurer (6.9) Total estimated insurance receivable - March 31, 2024 $ 52.8

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Operating Lease Payments	Future minimum lease payments under non-cancellable leases as of March 31, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding three months ended March 31, 2024) $ 4.4 $ 10.7 $ 15.1 2025 0.5 14.0 14.5 2026 0.5 12.5 13.0 2027 0.5 10.5 11.0 2028 0.5 9.8 10.3 Thereafter 21.3 240.4 261.7 Total Lease Payments $ 27.7 $ 297.9 $ 325.6 Less: Imputed interest (13.7) (136.3) (150.0) Present Value of Lease Liabilities $ 14.0 $ 161.6 $ 175.6
Schedule of Future Minimum Finance Lease Payments	Future minimum lease payments under non-cancellable leases as of March 31, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding three months ended March 31, 2024) $ 4.4 $ 10.7 $ 15.1 2025 0.5 14.0 14.5 2026 0.5 12.5 13.0 2027 0.5 10.5 11.0 2028 0.5 9.8 10.3 Thereafter 21.3 240.4 261.7 Total Lease Payments $ 27.7 $ 297.9 $ 325.6 Less: Imputed interest (13.7) (136.3) (150.0) Present Value of Lease Liabilities $ 14.0 $ 161.6 $ 175.6 Maturity of Financial Liability March 31, 2024 2024 (excluding three months ended March 31, 2024) $ 10.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,742.9 Total Payments $ 1,801.5 Less: Imputed interest (1,444.4) Present Value of Financial Liability $ 357.1
Schedule of Balance Sheet Lease Info	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, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.7 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 177.4 $ 176.0 Below market operating leases, net Other assets, net $ 93.8 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.0 $ 14.3 Operating lease liabilities Other liabilities $ 161.6 $ 159.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of March 31, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.17 27.71 Weighted-average Discount Rate Finance lease 3.60 % 3.59 % Operating lease 3.78 % 3.82 %
Schedule of Lease Expense	The components of lease costs 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, 2024 March 31, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.7 Interest on lease liabilities Interest expense 0.2 0.2 Operating lease cost General and administrative expense, Property operating and maintenance, 4.4 4.6 Variable lease cost Property operating and maintenance 2.0 1.6 Total Lease Cost $ 7.3 $ 7.1 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, 2024 March 31, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.7 $ 7.9 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 1.5 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.
Schedule of Lease Terms	Three Months Ended March 31, 2024 March 31, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 3.0 $ 3.3 Financing cash outflows for finance leases 0.2 5.9 Total Cash Paid on Lease Liabilities $ 3.2 $ 9.2
Schedule of Future Minimum Lease Receivables	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, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the three months ended March 31, 2024) $ 18.7 2025 18.1 2026 13.1 2027 8.8 2028 7.8 Thereafter 81.5 Total Undiscounted Cash Flows $ 148.0

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Schedule of Subsequent Events	Subsequent to the three months ended March 31, 2024, we acquired the following properties: Property Name Property Type Sites, Wet Slips and Dry Storage Spaces Development State, Province or Country Total Port Milford (1) Marina 92 — CT $ 4.0 Oak Leaf Marina 89 — CT 5.0 Berth One Palm Beach Marina 4 — FL 3.0 Total Subsequent Acquisitions 185 — $ 12.0 (1) In conjunction with the acquisition, we issued 19,326 common OP units valued at $2.5 million.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) segement	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) segement
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 731.4		$ 733
Goodwill impairment (see Note 6)	$ 0	$ 15.4	$ 369.9
Number of Operating Segments | segement	4		3
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment (see Note 6)		$ 15.4

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Fixed lease income	$ 476.9	$ 441.6
Home sales	68.9	86.3
Service, retail, dining and entertainment	117.9	102.4
Interest	4.6	11.4
Brokerage commissions and other, net	3	9.5
Total Revenues	671.3	651.2
MH
Disaggregation of Revenue [Line Items]
Fixed lease income	238	224
Home sales	27.3	40.8
Service, retail, dining and entertainment	2.6	2.6
Interest	3.1	10.3
Brokerage commissions and other, net	1	3.8
Total Revenues	272	281.5
RV
Disaggregation of Revenue [Line Items]
Fixed lease income	104.5	99.6
Home sales	5.5	6.4
Service, retail, dining and entertainment	6.5	5.8
Interest	1.4	0.9
Brokerage commissions and other, net	0.7	4.7
Total Revenues	118.6	117.4
Marinas
Disaggregation of Revenue [Line Items]
Fixed lease income	96.4	89.1
Home sales	0	0
Service, retail, dining and entertainment	104.5	91.1
Interest	0.1	0.2
Brokerage commissions and other, net	1	0.9
Total Revenues	202	181.3
UK Segment
Disaggregation of Revenue [Line Items]
Fixed lease income	38	28.9
Home sales	36.1	39.1
Service, retail, dining and entertainment	4.3	2.9
Interest	0	0
Brokerage commissions and other, net	0.3	0.1
Total Revenues	$ 78.7	$ 71

Real Estate Acquisitions and _3

Real Estate Acquisitions and Dispositions - Schedule of Business Acquisitions, by Acquisition (Details)	Dec. 31, 2023 developmentSite site
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces | site	92
Development Sites | developmentSite	72
Fox Run
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces | site	68
Development Sites | developmentSite	72
Savannah Yacht Center
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces | site	24
Development Sites | developmentSite	0

Real Estate Acquisitions and _4

Real Estate Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Investment in property					$ 107.4
Inventory of manufactured homes, boat parts and retail related items					0.1
In-place leases, goodwill and other intangible assets					0.4
Other assets / (liabilities), net					(4.2)
Total identifiable assets acquired net of liabilities assumed					112.1
Cash and escrow				$ 7.1
Temporary and permanent equity				105
Total consideration				112.1
Issuance of common stock and common OP units, net		$ 0.3	$ 4.4
Fox Run
Business Acquisition [Line Items]
Investment in property					7.2
Inventory of manufactured homes, boat parts and retail related items					0
In-place leases, goodwill and other intangible assets					0
Other assets / (liabilities), net					0
Total identifiable assets acquired net of liabilities assumed					7.2
Cash and escrow				2.8
Temporary and permanent equity				4.4
Total consideration				7.2
Fox Run | Common OP units
Business Acquisition [Line Items]
Issuance of stock and units (in shares)	31,289
Issuance of common stock and common OP units, net	$ 4.4				4.4
Savannah Yacht Center
Business Acquisition [Line Items]
Investment in property					100.2
Inventory of manufactured homes, boat parts and retail related items					0.1
In-place leases, goodwill and other intangible assets					0.4
Other assets / (liabilities), net					4.2
Total identifiable assets acquired net of liabilities assumed					104.9
Cash and escrow				4.3
Temporary and permanent equity				100.6
Total consideration				$ 104.9
Savannah Yacht Center | Series K preferred OP units
Business Acquisition [Line Items]
Issuance of common stock and common OP units, net					$ 100.6

Real Estate Acquisitions and _5

Real Estate Acquisitions and Dispositions - Narrative (Details)		1 Months Ended				3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) site	Dec. 31, 2023 USD ($) developmentSite site	Aug. 31, 2023 USD ($) developmentSite	Feb. 28, 2023 USD ($) property Rate	Jan. 31, 2023 USD ($) shares	Mar. 31, 2024 USD ($) developmentSite lease shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) landParcel property site developmentSite
Business Acquisition [Line Items]
Number of ground leases entered into | lease						1
Number of wet slips and dry storage spaces leased | developmentSite						8
Capitalized transaction costs	$ 3,100,000	$ 3,100,000								$ 3,100,000
Business combinations						$ 0		$ 2,800,000
Aggregate purchase price										$ 35,800,000
Gain / (loss) on dispositions of properties						(5,400,000)		1,600,000
Sites, Wet Slips and Dry Storage Spaces | site	92	92								92
Asset impairments						20,700,000		2,400,000
Number of Properties Reacquired | property										2
Real Estate Reacquired, Gain (Loss)										$ 0
Issuance of common stock and common OP units, net						$ 300,000		$ 4,400,000
Intangible Assets, Transfers										1,300,000
Other Liabilities, Transfers From Held-For-Sale										$ 55,800,000
Wholly Owned Properties
Business Acquisition [Line Items]
Property, Plant and Equipment, Transfers and Changes	$ 259,000,000
Residential Real Estate
Business Acquisition [Line Items]
Property, Plant and Equipment, Transfers and Changes	$ 4,600,000
Marinas
Business Acquisition [Line Items]
Number Of Buildings Acquired | developmentSite						2
Payments to Acquire Buildings						$ 13,700,000
Cabrillo Isle and Emerald Coast
Business Acquisition [Line Items]
Business combinations									$ 3,000,000
Sun NG Results Transaction
Business Acquisition [Line Items]
Number of land parcels acquired | landParcel										4
Fox Run
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces | site	68	68								68
Fox Run | Common OP units
Business Acquisition [Line Items]
Issuance of common stock and common OP units, net					$ 4,400,000					$ 4,400,000
Issuance of stock and units (in shares) | shares					31,289
Savannah Yacht Center
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces | site	24	24								24
Savannah Yacht Center | Series K preferred OP units
Business Acquisition [Line Items]
Issuance of common stock and common OP units, net										$ 100,600,000
Petosky | Common OP units
Business Acquisition [Line Items]
Issuance of common stock and common OP units, net						$ 600,000
Issuance of stock and units (in shares) | shares						4,452
UK Non-Operating Properties | Notes receivable from real estate developers and operators
Business Acquisition [Line Items]
Weighted average interest rate | Rate				11.90%
Spanish Trails MHC
Business Acquisition [Line Items]
Gain / (loss) on dispositions of properties						$ (6,200,000)
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | UK Non-Operating Properties
Business Acquisition [Line Items]
Number of communities sold | property				2
Consideration received				$ 111,500,000
Note receivable				$ 108,800,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | UK Non-Operating Properties | Gain / (loss) on disposition of properties
Business Acquisition [Line Items]
Release of foreign currency translation losses										$ 11,900,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community
Business Acquisition [Line Items]
Number of communities sold | developmentSite			1
Number of sites sold | developmentSite			155
Assets held for sale							$ 6,800,000		6,800,000
Proceeds related to disposition of properties			$ 6,800,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community | Other Assets
Business Acquisition [Line Items]
Assets held for sale							13,100,000		$ 13,100,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community | Asset Impairments
Business Acquisition [Line Items]
Asset impairments							$ 6,300,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | UK MH Operating Community
Business Acquisition [Line Items]
Number of sites sold | developmentSite										730
Depreciation Expense on Reclassified Assets										$ 1,300,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Sun NG RV Resorts
Business Acquisition [Line Items]
Number of communities sold | developmentSite		3
Number of sites sold | developmentSite		955
Disposal Group, Held-for-Sale, Not Discontinued Operations | UK Non-Operating Properties | Gain / (loss) on disposition of properties
Business Acquisition [Line Items]
Gain / (loss) on dispositions of properties										$ (2,200,000)
Disposal Group, Held-for-Sale, Not Discontinued Operations | MH Operating Community
Business Acquisition [Line Items]
Number of communities sold | developmentSite						2
Number of sites sold | developmentSite						533
Proceeds related to disposition of properties						$ 51,700,000
UNITED STATES
Business Acquisition [Line Items]
Number of land parcels acquired						2				4
Aggregate purchase price						$ 12,900,000
UNITED KINGDOM
Business Acquisition [Line Items]
Number of land parcels acquired | landParcel										1

Notes and Other Receivables - S

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 469.1	$ 421.6
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	303.1	267.5
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	469.1	421.6
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	38.3	19.6
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	127.7	134.5
Notes Due From Royale Holdings | UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment		10.8
Notes Due From Other Real Estate Developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 127.7	$ 123.7

Notes And Other Receivables - N

Notes And Other Receivables - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) developmentSite realEstateAsset	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 469,100,000		$ 421,600,000
Undrawn funds	38,300,000
Gain / (loss) on dispositions of properties	(700,000)	$ (1,700,000)
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross installment notes receivable			20,400,000
Installment notes receivable on manufactured homes, net | Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	(1,300,000)		(2,900,000)
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	127,700,000		$ 134,500,000
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross installment notes receivable	$ 39,100,000
Weighted average interest rate	6.60%		6.90%
Maturity	18 years 2 months 12 days		17 years 2 months 12 days
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 38,300,000		$ 19,600,000
Secured Installment Notes Receivable on Manufactured Homes | Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	(800,000)		800,000
Notes Due From Other Real Estate Developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	$ 0		$ 0
Weighted average interest rate	9.30%		9.20%
Maturity	2 years 7 months 6 days		2 years 7 months 6 days
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 127,700,000		$ 123,700,000
Notes Due From Royale Holdings | UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment			$ 103,500,000
Weighted average interest rate | Rate			12.50%
Proceeds from Sale of Notes Receivable	7,000,000
Proceeds from Sale of Notes Receivable, Gross of Fees	10,700,000
Gain / (loss) on dispositions of properties	800,000
Financing Receivable, before Allowance for Credit Loss			$ 114,300,000
Financing Receivable, Accrued Interest, before Allowance for Credit Loss			10,400,000
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment			$ 10,800,000
Notes Due From Royale Holdings | Royale Holdings Group HoldCo Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 0
Notes Due From Royale Holdings | Royale Holdings Group HoldCo Limited | UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of MH Manufacturers Securing Note	3		3
Real Estate Reacquired, Note Receivable Settlement, Value			$ 263,800,000
Number of Real Estate Assets Securing Note | realEstateAsset	3

Notes and Other Receivables -_2

Notes and Other Receivables - Schedule of Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	$ 83.2	$ 65.9
Insurance receivables	65.2	77.8
Marina customers for storage, service and lease payments, net	52.8	46.8
Other Receivables, Other	47.1	48.8
Home sale proceeds	54.8	28.2
Other receivables	303.1	267.5
Total Notes and Other Receivables, net	469.1	421.6
Allowance for rent, water, sewer usage receivables	5	4.8
Marinas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for rent, water, sewer usage receivables	$ 3.1	$ 2.9

Collateralized Receivables an_2

Collateralized Receivables and Transfers of Financial Assets, Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net cash proceeds received			$ 53.4
Receivable for future cash payment			1.1
Collateralized receivables	$ 56.5		56.2
Gross collateralized receivable			59.1
Secured borrowings on collateralized receivables	56.1		55.8
Gross secured borrowings	52.6		53.9
Secured borrowings, fair value adjustment	$ 3.5		$ 1.9
Weighted Average Interest Rates	4.207%		4.234%
Weighted Average Years to Maturity	6 years 9 months 18 days		6 years 9 months 18 days
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Years to Maturity	13 years 10 months 24 days	14 years 2 months 12 days	14 years 2 months 12 days
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized receivables	$ 56.5
Gross collateralized receivable	57.8
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income and expense, net	1.2
Fair Value, Recurring | Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	$ (1.3)		$ (2.9)
Secured Borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rates	8.559%		8.556%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 733
Currency Translation Adjustment	(1.6)
Goodwill, ending balance	731.4		$ 733
Accumulated impairment losses as of March 31, 2024(2)	369.9
Goodwill impairment (see Note 6)	0	$ 15.4	369.9
MH
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Currency Translation Adjustment	0
Goodwill, ending balance	0		0
Accumulated impairment losses as of March 31, 2024(2)	0
RV
Goodwill [Roll Forward]
Goodwill, beginning balance	9.5
Currency Translation Adjustment	0
Goodwill, ending balance	9.5		9.5
Accumulated impairment losses as of March 31, 2024(2)	0
Marinas
Goodwill [Roll Forward]
Goodwill, beginning balance	541.5
Currency Translation Adjustment	0
Goodwill, ending balance	541.5		541.5
Accumulated impairment losses as of March 31, 2024(2)	0
UK Segment
Goodwill [Roll Forward]
Goodwill, beginning balance	182
Currency Translation Adjustment	(1.6)
Goodwill, ending balance	180.4		$ 182
Accumulated impairment losses as of March 31, 2024(2)	$ (369.9)

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 441.2	$ 441.8
Accumulated Amortization	(223.5)	(216.3)
Total indefinite-lived assets	144	144
Total	585.2	585.8
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	141	141
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	3	3
In-place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	166.1	166
Accumulated Amortization	$ (147.5)	(146.2)
In-place leases | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 months
In-place leases | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	13 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Gross Carrying Amount	$ 10.5	10.5
Accumulated Amortization	(6.7)	(6.2)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	84.6	85.3
Accumulated Amortization	$ (13.7)	(12.3)
Trademarks and trade names | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Trademarks and trade names | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 131.6	131.6
Accumulated Amortization	$ (40.5)	(37.3)
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	17 years
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48.4	48.4
Accumulated Amortization	$ (15.1)	$ (14.3)
Franchise agreements and other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year
Franchise agreements and other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
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, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 7.7	$ 9.7
In-place leases
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.9	3.6
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	1.4	1.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	3.2	3.2
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 0.7	$ 0.9

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	$ 22.8
2025	29.6
2026	24.7
2027	22.4
2028	20.8
In-place leases
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	5.1
2025	6.1
2026	3.9
2027	2.3
2028	0.9
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	1.6
2025	2.1
2026	0.1
2027	0
2028	0
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	4.3
2025	5.7
2026	5.7
2027	5.4
2028	5.3
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	9.5
2025	12.7
2026	12.3
2027	12.2
2028	12.1
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	2.3
2025	3
2026	2.7
2027	2.5
2028	$ 2.5

Investment in Nonconsolidated_3

Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment	$ 122.4	$ 118.9
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership interest	50%	50%
Investment	$ 60.6	$ 56.8	$ 44.5
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership interest	40%	40%
Investment	$ 60.3	$ 60.4	$ 54.5
SV Lift
Schedule of Equity Method Investments [Line Items]
Ownership interest	50%	50%
Investment	$ 1.5	$ 1.7

Investment in Nonconsolidated_4

Investment in Nonconsolidated Affiliates - Schedule of Nonconsolidated Affiliate (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment	$ 122.4		$ 118.9
Total Income / (Loss) from Nonconsolidated Affiliates	1.4	$ (0.2)
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment	60.6		56.8	$ 44.5
Total Income / (Loss) from Nonconsolidated Affiliates	0.9	0.6	3.2
Cumulative translation adjustment	(1)		(0.5)
Contributions	3.9		9.6
GTSC
Schedule of Equity Method Investments [Line Items]
Investment	60.3		60.4	$ 54.5
Total Income / (Loss) from Nonconsolidated Affiliates	0.9	1	3.3
Contributions	0.2		27.5
Distributions	(6.4)		(20.7)
Fair value adjustment	5.2		(4.2)
SV Lift
Schedule of Equity Method Investments [Line Items]
Investment	1.5		$ 1.7
Total Income / (Loss) from Nonconsolidated Affiliates	(0.4)	(0.3)
RezPlot
Schedule of Equity Method Investments [Line Items]
Total Income / (Loss) from Nonconsolidated Affiliates	$ 0	$ (1.5)

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2022	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Investment property, net	$ 14,457.9		$ 14,443.6
Cash, cash equivalents and restricted cash	132.5		42.7	$ 74.8	$ 90.4
Other assets, net	713.2		668.5
Total Assets	17,113.3		16,940.7
Liabilities and Other Equity
Secured debt	3,521.6		3,534.7
Advanced reservation deposits and rent	480.4		344.5
Accrued expenses and accounts payable	370.4		313.7
Other liabilities	987.5		953.1
Total Liabilities	9,830		9,506.8
Land improvements and buildings	$ 11,529.5		11,682.2
Assets related to VIEs, percentage	0.80%
Variable Interest Entity, Primary Beneficiary
Assets
Investment property, net	$ 136.4		132.3
Cash, cash equivalents and restricted cash	3.5		2.9
Other intangible assets, net	0.1		0.1
Other assets, net	0.4		0.4
Total Assets	140.4		135.7
Liabilities and Other Equity
Secured debt	3.2		3.2
Advanced reservation deposits and rent	0.9		0.4
Accrued expenses and accounts payable	24		24.1
Total Liabilities	28.1		27.7
Temporary equity	10.9		10.7
Total Liabilities and Other Equity	$ 39		$ 38.4
Sun NG Cisco Grove RV LLC
Liabilities and Other Equity
Ownership percentage	94.80%
Sun NG Cisco Grove RV LLC | Third-Party
Liabilities and Other Equity
Ownership percentage	5.20%
Sun NG Kittatinny RV LLC
Liabilities and Other Equity
Ownership percentage	95.90%
Sun NG Kittatinny RV LLC | Third-Party
Liabilities and Other Equity
Ownership percentage	4.10%
Sun NG River Beach LLC
Liabilities and Other Equity
Ownership percentage	95.90%
Sun NG River Beach LLC | Third-Party
Liabilities and Other Equity
Ownership percentage	4.10%
Sun NG Coyote Ranch RV LLC
Liabilities and Other Equity
Ownership percentage	96%
Sun NG Coyote Ranch RV LLC | Third-Party
Liabilities and Other Equity
Ownership percentage	4%
Sun NG Beaver Brook RV LLC
Liabilities and Other Equity
Ownership percentage	98.40%	70%
Sun NG Beaver Brook RV LLC | Third-Party
Liabilities and Other Equity
Ownership percentage	1.60%	30%

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Narrative (Details)	Mar. 31, 2024 Rate	Dec. 31, 2023
Disclosure of Variable Interest Entities [Abstract]
Assets related to VIEs, percentage	0.80%
Liabilities related to VIEs, percentage	0.30%
Equity interests and noncontrolling interests related to VIEs, percentage	1%	1%

Debt and Line of Credit - Sched

Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Secured debt	$ 3,521,600		$ 3,534,700
Senior unsecured notes	$ 2,673,700		$ 2,177,500
Weighted Average Years to Maturity	6 years 9 months 18 days		6 years 9 months 18 days
Weighted Average Interest Rates	4.207%		4.234%
Loans Payable	$ 3,465,500		$ 3,478,900
Secured borrowings on collateralized receivables (See Note 5)	56,100		55,800
Unsecured Debt And Other	4,350,400		4,242,600
Debt And Other	7,872,000		7,777,300
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Fair Value Adjustment	$ 3,500		$ 1,900
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Years to Maturity	2 years		1 year 8 months 12 days
Weighted Average Interest Rates	5.186%		5.428%
Line of credit and other	$ 1,676,700		$ 2,065,100
Debt Issuance Costs, Line of Credit Arrangements, Net	$ 0		$ 1,600
Collateralized Receivables
Debt Instrument [Line Items]
Weighted Average Years to Maturity	13 years 10 months 24 days	14 years 2 months 12 days	14 years 2 months 12 days
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	6 years 9 months 18 days		7 years 6 months
Weighted Average Interest Rates	3.778%		3.375%
Net debt discount (premium)	$ 6,900		$ 6,500
Deferred financing costs	$ (19,400)		$ (16,000)
Loans Payable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	8 years 10 months 24 days		9 years 2 months 12 days
Weighted Average Interest Rates	3.995%		3.994%
Net debt discount (premium)	$ 0		$ 0
Deferred financing costs	$ (16,200)		$ (16,900)
Secured Borrowings
Debt Instrument [Line Items]
Weighted Average Interest Rates	8.559%		8.556%

Debt and Line of Credit - Sch_2

Debt and Line of Credit - Schedule of Secured Debt (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) encumberedProperty	Dec. 31, 2023 USD ($) encumberedProperty
Debt Instrument [Line Items]
Repayment Amount | $	$ 1.2	$ 0
Loss on Extinguishment of Debt | $	(0.6)	$ 0
Loans Payable | April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Number of Encumbered Properties | encumberedProperty		22
Loans Payable | February 13, 2026
Debt Instrument [Line Items]
Number of Encumbered Properties | encumberedProperty		5
Loans Payable | November 1, 2030
Debt Instrument [Line Items]
Number of Encumbered Properties | encumberedProperty			2
Secured Debt
Debt Instrument [Line Items]
Repayment Amount | $	$ 0		$ 0

Debt and Line of Credit - Sch_3

Debt and Line of Credit - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Loan Amount	$ 3,478,900			$ 3,465,500
Loans Payable	3,478,900			3,465,500
Secured debt	$ 3,534,700			3,521,600
Secured Debt | February 13, 2026
Debt Instrument [Line Items]
Term (in years)		3 years
Loans Payable			$ 85,000
Secured Debt | April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Loans Payable			$ 99,100
Secured Debt | November 1, 2030
Debt Instrument [Line Items]
Term (in years)	7 years
Loans Payable	$ 252,800
Secured Debt | Minimum | April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Term (in years)			7 years
Secured Debt | Maximum | April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Term (in years)			10 years
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Pledged Assets, Real Estate, Not Separately Reported				$ 2,700,000
Loans Payable | Secured Debt | February 13, 2026
Debt Instrument [Line Items]
Interest Rate			5%
Loans Payable | Secured Debt | April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Interest Rate			5.72%
Loans Payable | Secured Debt | November 1, 2030
Debt Instrument [Line Items]
Interest Rate	6.49%

Debt and Line of Credit- Narrat

Debt and Line of Credit- Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended	15 Months Ended
	Oct. 31, 2019 USD ($) Rate	Mar. 31, 2024 USD ($) site property Rate	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) site	Mar. 31, 2024 USD ($) site property	Apr. 07, 2022 USD ($) option
Debt Instrument [Line Items]
Loan Amount		$ 3,465.5		$ 3,478.9	$ 3,465.5
Sites, Wet Slips and Dry Storage Spaces | site				92
Termination of term loan		14.2	$ 19.8
Loss on extinguishment of debt		0.6	0
Average closing price of units (in dollars per share)		7.6	11
Conversion of OP units		0.5	7.3
Reduction in secured borrowing balance		1.2	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Termination of term loan		1,100
Line of credit and other		1,676.7		$ 2,065.1	1,676.7
Long-term debt		0		1,100	0
Unsecured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt		3.9		7.8	3.9
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity						$ 4,200
Line of credit, additional borrowing capacity						$ 800
Line of Credit, Number of Options to Extend Maturity Date | option						2
Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other		$ 1,700		$ 944.1	1,700
Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity						$ 3,050
Line of Credit, Extended Maturity Date Period						6 months
Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Basis points | Rate		0.85%
Line of credit and other	$ 58
Term (in years)	4 years
Term Loan | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis points				0.725%
Term Loan | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis points				1.60%
Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity						$ 1,150
Line of Credit and Other Debt
Debt Instrument [Line Items]
Outstanding letters of credit		$ 11.2		$ 26.2	$ 11.2
Line of Credit and Other Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit variable interest rate		0.95%			0.95%
Line of Credit and Other Debt | Term Loan | Minimum
Debt Instrument [Line Items]
Basis points					0.80%
Fixed Interest Rate | Rate	1.20%
Fixed Interest Rate | Rate	1.20%
Line of Credit and Other Debt | Term Loan | Maximum
Debt Instrument [Line Items]
Basis points					1.60%
Fixed Interest Rate | Rate	2.05%
Fixed Interest Rate | Rate	2.05%
Secured Debt
Debt Instrument [Line Items]
Reduction in secured borrowing balance		$ 0		$ 0
Properties Securing Debt | Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured | property		156			156
Sites, Wet Slips and Dry Storage Spaces | site		62,848			62,848

Debt and Line of Credit - Sch_4

Debt and Line of Credit - Schedule of Unsecured Debt (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Jan. 11, 2024	Dec. 31, 2023	Jan. 31, 2023	Apr. 15, 2022	Oct. 05, 2021	Jun. 28, 2021	Oct. 31, 2019
Debt Instrument [Line Items]
Unsecured debt		$ 4,350.4		$ 4,242.6
Senior Unsecured Notes - January 2033 Maturity
Debt Instrument [Line Items]
Interest Rate					5.70%
Principal Amount					$ 400
Unsecured debt		395.8		395.7
Senior Unsecured Notes - April 2032 Maturity
Debt Instrument [Line Items]
Interest Rate						4.20%
Principal Amount						$ 600
Unsecured debt		592.7		592.6
Senior Unsecured Notes - November 2028 Maturity
Debt Instrument [Line Items]
Interest Rate							2.30%
Principal Amount							$ 450
Unsecured debt		447		446.8
Senior Unsecured Notes - July 2031 Maturity - First Tranche
Debt Instrument [Line Items]
Interest Rate								2.70%
Principal Amount								$ 750
Unsecured debt		742.6		742.4
Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount		2,700
Unsecured debt		2,673.7		2,177.5
Senior Unsecured Notes - January 2029 Maturity
Debt Instrument [Line Items]
Interest Rate			5.50%
Principal Amount			$ 500
Unsecured debt		$ 495.6		$ 0
Term			5 years
Net proceeds from offering	$ 495.4
Line of Credit and Other Debt | Minimum | Term Loan
Debt Instrument [Line Items]
Fixed Interest Rate									1.20%
Fixed Interest Rate									1.20%

Debt and Line of Credit - Sch_5

Debt and Line of Credit - Schedule of Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest capitalized	$ 2.7	$ 2.5

Equity and Temporary Equity - S

Equity and Temporary Equity - Schedule of Redeemable Preferred Units (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Redeemable preferred stock	$ 259.7	$ 260.9	$ 298.8	$ 202.9
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	$ 47.3	46.9
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	$ 8.5	8.5
Series G preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	205,812
Exchange rate	0.6452
Annual distribution rate	0.032
Redeemable preferred stock	$ 19.8	20.4
Series H preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	581,229
Exchange rate	0.6098
Annual distribution rate	0.030
Redeemable preferred stock	$ 54.9	55
Series J preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	238,000
Exchange rate	0.6061
Annual distribution rate	0.0285
Redeemable preferred stock	$ 22.6	22.7
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	$ 95.7	96.7
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP units outstanding (in shares) | shares	2,603,999
Redeemable preferred stock	$ 248.8	$ 250.2

Equity and Temporary Equity -_2

Equity and Temporary Equity - Schedule of Redeemable Equity Units (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable preferred stock	$ 259.7	$ 260.9	$ 298.8	$ 202.9
Total
Class of Stock [Line Items]
Redeemable preferred stock	10.9	10.7
Solar Energy Project LLC
Class of Stock [Line Items]
Redeemable preferred stock	2.3	2.3
Solar Energy Project CA II LLC
Class of Stock [Line Items]
Redeemable preferred stock	5.2	5.1
Solar Energy Project III LLC
Class of Stock [Line Items]
Redeemable preferred stock	2.4	2.3
Other Stand-Alone Joint Ventures
Class of Stock [Line Items]
Redeemable preferred stock	$ 1	$ 1

Equity and Temporary Equity - N

Equity and Temporary Equity - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	May 16, 2023 shares
Class of Stock [Line Items]
Shares availability for issuance (in shares)				380,000,000
Common stock authorized (in shares)		360,000,000	360,000,000	360,000,000
Common stock outstanding (in shares)		124,641,861	124,400,000
Preferred stock outstanding (in shares)		0
Aggregate gross sales price | $	$ 1,250
Percentage of gross price per share of shares sold	2%
Common and preferred OP units | $		$ 84.9	$ 90.2
OP Units Outstanding		3,321,482
Preferred Stock, Shares Issued		0
Preferred Stock
Class of Stock [Line Items]
Preferred stock available for issuance (in shares)				20,000,000
Common OP units | Common OP units
Class of Stock [Line Items]
Common and preferred OP units | $		$ 42.8	46.5
OP Units Outstanding		2,683,654
Conversion Of Stock, Exchange Rate		1
Series E preferred OP units | Preferred Stock
Class of Stock [Line Items]
Common and preferred OP units | $		$ 6.3	6.4
OP Units Outstanding		80,000
Conversion Of Stock, Exchange Rate		0.6897
Annual distribution rate		5.50%
Series L Preferred OP Units | Preferred Stock
Class of Stock [Line Items]
Common and preferred OP units | $		$ 2	$ 2
OP Units Outstanding		20,000
Conversion Of Stock, Exchange Rate		0.6250
Annual distribution rate		3.50%
December 2021 Sales Agreement
Class of Stock [Line Items]
Value of Shares Sold in Forward Sale Transactions | $		$ 160.6

Equity and Temporary Equity -_3

Equity and Temporary Equity - Schedule of Issuances (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Dividends Payable [Line Items]
Value at Issuance (in millions)			$ 0.3	$ 4.4
Temporary and permanent equity					$ 105
Investment	$ 122.4		$ 122.4			$ 118.9
OP Units Outstanding	3,321,482		3,321,482
Common and preferred OP units	$ 84.9		$ 84.9			90.2
Preferred OP Units, Issuance Price			$ 100
Common OP units | Common OP units
Dividends Payable [Line Items]
OP Units Outstanding	2,683,654		2,683,654
Common and preferred OP units	$ 42.8		$ 42.8			46.5
Preferred Stock | Series A-1 preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	191,812		191,812
Annual distribution rate			6%
Common and preferred OP units	$ 10.5		$ 10.5			11.5
Preferred Stock | A-3 preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	40,268		40,268
Annual distribution rate			4.50%
Common and preferred OP units	$ 2.4		$ 2.4			2.4
Preferred Stock | Series C preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	305,748		305,748
Annual distribution rate			5%
Common and preferred OP units	$ 20.9		$ 20.9			21.4
Preferred Stock | Series E preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	80,000		80,000
Annual distribution rate			5.50%
Common and preferred OP units	$ 6.3		$ 6.3			6.4
Fox Run
Dividends Payable [Line Items]
Temporary and permanent equity					$ 4.4
Fox Run | Common OP units
Dividends Payable [Line Items]
Units issued (in shares)		31,289
Value at Issuance (in millions)		$ 4.4				$ 4.4
Land for Development | Common OP units
Dividends Payable [Line Items]
Units issued (in shares)	4,452
Value at Issuance (in millions)	$ 0.6

Equity and Temporary Equity -_4

Equity and Temporary Equity - Schedule of Conversions (Details)	3 Months Ended
	Mar. 31, 2024 shares	Mar. 31, 2023 shares
Aspen preferred OP units | Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	270,000
Aspen preferred OP units | Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	86,224
Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	55,781	2,910
Common OP units | Common OP units
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	1
Series A-1 preferred OP units | Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	10,332	0
Preferred Stock, Convertible, Conversion Ratio	2.4390
Series A-1 preferred OP units | Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	25,195	0
Series C preferred OP units | Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	100	65
Preferred Stock, Convertible, Conversion Ratio	1.1100
Series C preferred OP units | Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	111	72
Series G preferred OP units | Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	4,898	1,000
Preferred Stock, Convertible, Conversion Ratio	0.6452
Series G preferred OP units | Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	3,160	645
Series H preferred OP units | Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	9	25
Preferred Stock, Convertible, Conversion Ratio	0.6098
Series H preferred OP units | Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	5	15
Series J preferred OP units | Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	1,000
Preferred Stock, Convertible, Conversion Ratio	0.6061
Series J preferred OP units | Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	606

Equity and Temporary Equity -_5

Equity and Temporary Equity - Schedule of Distributions (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 15, 2024	Mar. 31, 2024
Dividends Payable [Line Items]
Dividends per share (in dollars per share)		$ 0.94
Subsequent Event
Dividends Payable [Line Items]
Total Distribution (in Millions)	$ 119.7

Equity and Temporary Equity -_6

Equity and Temporary Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Net foreign currency translation losses	$ (38.7)	$ (29.5)
Accumulated net gains on derivatives	45.4	41.7
Accumulated other comprehensive income	$ 6.7	$ 12.2

Equity and Temporary Equity Non

Equity and Temporary Equity Noncontrolling Interests - Common and Preferred OP Units (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Conversion of Stock [Line Items]
OP Units Outstanding | shares	3,321,482
Common and preferred OP units | $	$ 84.9	$ 90.2
Common OP units | Common OP units
Conversion of Stock [Line Items]
OP Units Outstanding | shares	2,683,654
Conversion Of Stock, Exchange Rate	1
Common and preferred OP units | $	$ 42.8	46.5
Preferred Stock | Series A-1 preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding | shares	191,812
Conversion Of Stock, Exchange Rate	2.4390
Common and preferred OP units | $	$ 10.5	11.5
Annual distribution rate	6%
Preferred Stock | A-3 preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding | shares	40,268
Conversion Of Stock, Exchange Rate	1.8605
Common and preferred OP units | $	$ 2.4	2.4
Annual distribution rate	4.50%
Preferred Stock | Series C preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding | shares	305,748
Conversion Of Stock, Exchange Rate	1.1100
Common and preferred OP units | $	$ 20.9	21.4
Annual distribution rate	5%
Preferred Stock | Series E preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding | shares	80,000
Conversion Of Stock, Exchange Rate	0.6897
Common and preferred OP units | $	$ 6.3	6.4
Annual distribution rate	5.50%
Preferred Stock | Series L Preferred OP Units
Conversion of Stock [Line Items]
OP Units Outstanding | shares	20,000
Conversion Of Stock, Exchange Rate	0.6250
Common and preferred OP units | $	$ 2	$ 2
Annual distribution rate	3.50%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 plan shares	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans | plan	2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	166,304	203,898
Restricted Stock | Directors | Time Based | 2004 Non-employee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock | Key Employees and Executive Officers | Time Based | 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Restricted Stock | Executive Officers | Market Condition | 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 - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
2015 Equity Plan | Time Based | Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	205,540	220,258
Grant date fair value per share (in dollars per share)	$ 132.10	$ 137.16
2015 Equity Plan | Time Based | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	31,800	62,800
Grant date fair value per share (in dollars per share)	$ 132.13	$ 144.88
2015 Equity Plan | Market Condition | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	41,400	82,200
Grant date fair value per share (in dollars per share)	$ 98.14	$ 108.60
Two Thousand and Four Director Plan | Time Based | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	20,000	16,000
Grant date fair value per share (in dollars per share)	$ 129.47	$ 148.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Deferred		6,000	2,000

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 10.1	$ 9.6
Share-based compensation - capitalized	$ 0.4	$ 0.7

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 671.3	$ 651.2
Interest	4.6	11.4
Brokerage commissions and other, net	3	9.5
General and administrative expense	(78.5)	(64.1)
Catastrophic event-related charges, net	(7.2)	(1)
Business combinations	0	2.8
Goodwill impairment	0	(15.4)	$ (369.9)
Loss on Extinguishment of Debt	(0.6)	0
Interest on mandatorily redeemable preferred OP units / equity	0	(1)
Loss on remeasurement of marketable securities (see Note 16)	0	(19.9)
Gain / (loss) on foreign currency exchanges	1.1	(2.7)
Gain / (loss) on dispositions of properties	5.4	(1.6)
Other income / (expense), net	8	(1)
Loss on remeasurement of notes receivable	(0.7)	(1.7)
Total Income / (Loss) from Nonconsolidated Affiliates	1.4	(0.2)
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	5.2	(4.5)
Current tax expense	(2.1)	(3.9)
Deferred tax benefit	5.7	4.6
Net Loss	(25.5)	(48.3)
Less: Preferred return to preferred OP units / equity interests	3.2	2.4
Less: Loss attributable to noncontrolling interests	(1.3)	(5.8)
Net loss attributable to SUI common shareholders	(27.4)	(44.9)
MH
Segment Reporting Information [Line Items]
Operating revenues	272	281.5
Interest	3.1	10.3
Brokerage commissions and other, net	1	3.8
RV
Segment Reporting Information [Line Items]
Operating revenues	118.6	117.4
Interest	1.4	0.9
Brokerage commissions and other, net	0.7	4.7
Marinas
Segment Reporting Information [Line Items]
Operating revenues	202	181.3
Interest	0.1	0.2
Brokerage commissions and other, net	1	0.9
UK Segment
Segment Reporting Information [Line Items]
Operating revenues	78.7	71
Interest	0	0
Brokerage commissions and other, net	0.3	0.1
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	663.7	630.3
Operating expenses / Cost of sales	358.8	349.7
NOI	304.9	280.6
Operating Segments | MH
Segment Reporting Information [Line Items]
Operating revenues	267.9	267.4
Operating expenses / Cost of sales	100.5	107.1
NOI	167.4	160.3
Operating Segments | RV
Segment Reporting Information [Line Items]
Operating revenues	116.5	111.8
Operating expenses / Cost of sales	64	66.5
NOI	52.5	45.3
Operating Segments | Marinas
Segment Reporting Information [Line Items]
Operating revenues	200.9	180.2
Operating expenses / Cost of sales	139.3	121.3
NOI	61.6	58.9
Operating Segments | UK Segment
Segment Reporting Information [Line Items]
Operating revenues	78.4	70.9
Operating expenses / Cost of sales	55	54.8
NOI	23.4	16.1
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative expense	(78.5)	(64.1)
Catastrophic event-related charges, net	(7.2)	(1)
Business combinations	0	(2.8)
Depreciation and amortization	(165.3)	(155.6)
Asset impairments	20.7	2.4
Loss on Extinguishment of Debt	(0.6)	0
Interest expense	(89.7)	(76.6)
Interest on mandatorily redeemable preferred OP units / equity	0	(1)
Loss on remeasurement of marketable securities (see Note 16)	0	(19.9)
Gain / (loss) on foreign currency exchanges	1.1	(2.7)
Gain / (loss) on dispositions of properties	5.4	(1.6)
Other income / (expense), net	8	(1)
Loss on remeasurement of notes receivable	(0.7)	(1.7)
Total Income / (Loss) from Nonconsolidated Affiliates	1.4	(0.2)
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	5.2	(4.5)
Current tax expense	(2.1)	(3.9)
Deferred tax benefit	$ 5.7	$ 4.6

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Identifiable Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Investment property, net	$ 14,457.9	$ 14,443.6
Cash, cash equivalents and restricted cash	132.5	42.7	$ 74.8	$ 90.4
Inventory of manufactured homes	191	205.6
Total Notes and Other Receivables, net	469.1	421.6
Collateralized receivables, net	56.5	56.2
Goodwill	731.4	733
Other intangible assets, net	361.7	369.5
Other assets, net	713.2	668.5
Total Assets	17,113.3	16,940.7
MH
Segment Reporting Information [Line Items]
Investment property, net	5,267.9	5,317.4
Cash, cash equivalents and restricted cash	71.1	20.1
Inventory of manufactured homes	94.4	103.1
Total Notes and Other Receivables, net	211.7	159.1
Collateralized receivables, net	56.5	56.2
Goodwill	0	0
Other intangible assets, net	13.1	14.3
Other assets, net	269	271
Total Assets	5,983.7	5,941.2
RV
Segment Reporting Information [Line Items]
Investment property, net	3,699.2	3,718.8
Cash, cash equivalents and restricted cash	36.9	11.8
Inventory of manufactured homes	24.3	24.3
Total Notes and Other Receivables, net	157.7	119.7
Collateralized receivables, net	0	0
Goodwill	9.5	9.5
Other intangible assets, net	28.3	29
Other assets, net	51.9	47.6
Total Assets	4,007.8	3,960.7
Marinas
Segment Reporting Information [Line Items]
Investment property, net	3,257.6	3,214.5
Cash, cash equivalents and restricted cash	16.2	6.4
Inventory of manufactured homes	0	0
Total Notes and Other Receivables, net	60.4	54.3
Collateralized receivables, net	0	0
Goodwill	541.5	541.5
Other intangible assets, net	248.5	252.2
Other assets, net	250.4	240.7
Total Assets	4,374.6	4,309.6
UK Segment
Segment Reporting Information [Line Items]
Investment property, net	2,233.2	2,192.9
Cash, cash equivalents and restricted cash	8.3	4.4
Inventory of manufactured homes	72.3	78.2
Total Notes and Other Receivables, net	39.3	88.5
Collateralized receivables, net	0	0
Goodwill	180.4	182
Other intangible assets, net	71.8	74
Other assets, net	141.9	109.2
Total Assets	$ 2,747.2	$ 2,729.2

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Examination [Line Items]
Percentage of gross income	95%
Percentage of REIT taxable income	90%
Net deferred tax liabilities	$ 309,100,000		$ 277,100,000
Valuation allowance	61,900,000		58,100,000
Deferred tax liabilities	371,000,000		$ 335,200,000
Unrecognized tax benefits	0	$ 0
Withholding taxes current tax expense	2,100,000	3,900,000
Deferred Income Tax Expense (Benefit)	(5,700,000)	(4,600,000)
Deferred Federal Income Tax Expense (Benefit)	$ 5,700,000	$ 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, 2024	Mar. 31, 2023
Numerator
Net loss attributable to SUI common shareholders	$ (27.4)	$ (44.9)
Less: allocation to restricted stock awards	(0.2)	(0.2)
Basic earnings - net loss attributable to common shareholders after allocation to restricted stock awards	(27.2)	(44.7)
Diluted earnings - net loss attributable to common shareholders after allocation to common and preferred OP units(1)	$ (28.2)	$ (45.8)
Denominator
Weighted average common shares outstanding (in shares)	123.6	123.3
Add: dilutive restricted stock (in shares)	0.3	0.4
Add: common and preferred OP units dilutive effect (in shares)	2.7	2.5
Diluted weighted average common shares and securities (in shares)	126.6	126.2
Basic earning per share (in dollars per share)	$ (0.22)	$ (0.36)
Diluted earning per share (in dollars per share)	$ (0.22)	$ (0.36)
Restricted Stock
Numerator
Add: allocation to restricted stock awards	$ (0.2)	$ (0.2)
Common OP units
Numerator
Add: allocation to restricted stock awards	$ (0.8)	$ (0.9)

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, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	3,242	4,262
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	0	0
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	192	208
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
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	80
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)	206	240
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	581	581
Series J preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	238	239
Series K preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,000	1,000
Series L
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	20

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Contract contract	Jan. 31, 2024 segment	Dec. 31, 2023 Contract	Mar. 31, 2023 USD ($) contract
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts | contract				2
Aggregate notional value				$ 177.3
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts | contract	1
Aggregate notional value	$ 25
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives settled | segment		7
Treasury Lock
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts | contract				2
Aggregate notional value				$ 100
Designated as Hedging Instrument | Cash Flow Hedging | Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts | Contract	7		13
Reclassification of derivatives	$ 16.3

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Fair Value of Derivatives (Details) £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) contract	Mar. 31, 2023 USD ($) contract	Dec. 31, 2023 USD ($)	Mar. 31, 2023 GBP (£) contract
Derivative [Line Items]
Number of Contracts | contract		2		2
Notional		$ 177.3
Proceeds from Hedge, Financing Activities		7.4
Derivative, Notional Amount, terminated	$ 255	$ 250
Payments for Hedge, Financing Activities	(2.3)
Interest Rate Swap and Forward Contracts | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Notional	806.2		$ 1,041.5
Derivative liabilities	0.9		7.7
Interest Rate Swap and Forward Contracts | Significant Other Observable Inputs (Level 2) | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Fair value of assets	$ 12.2		$ 11.7
Interest Rate Swap
Derivative [Line Items]
Number of Contracts | contract	1
Notional	$ 25
Interest Rate Swap, GBP
Derivative [Line Items]
Number of Contracts | contract		1		1
Notional		$ 127.3		£ 100
Interest Rate Swap, USD
Derivative [Line Items]
Number of Contracts | contract		1		1
Notional		$ 50
Treasury Lock
Derivative [Line Items]
Number of Contracts | contract		2		2
Notional		$ 100
Forward Swap
Derivative [Line Items]
Number of Contracts | contract		1		1
Notional		$ 50

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized gain / (loss) on interest rate derivatives	$ 8.8	$ (8.6)
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	4.9	2.3
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	$ 4.9	$ 2.3

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financial Assets
Cash, cash equivalents and restricted cash	$ 132,500	$ 42,700	$ 74,800	$ 90,400
Total Notes and Other Receivables, net	469,100	421,600
Financial Liabilities
Secured debt	3,521,600	3,534,700
Senior unsecured notes	2,673,700	2,177,500
Total unsecured debt	4,350,400	4,242,600
Loan Amount	3,465,500	3,478,900
Secured borrowings on collateralized receivables (See Note 5)	56,100	55,800
Collateralized receivables, net	56,500	56,200
Interest Rate Swap and Forward Contracts | Cash Flow Hedging | Designated as Hedging Instrument
Financial Liabilities
Derivative liabilities	900	7,700
Installment notes receivable on manufactured homes, net
Financial Liabilities
Collateralized receivables, net	56,500
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Liabilities
Collateralized receivables, net	0	0
Significant Other Observable Inputs (Level 2)
Financial Liabilities
Collateralized receivables, net	0	0
Significant Other Observable Inputs (Level 2) | Interest Rate Swap and Forward Contracts | Cash Flow Hedging | Designated as Hedging Instrument
Financial Assets
Derivative assets	12,200	11,700
Significant Unobservable Inputs (Level 3)
Financial Liabilities
Collateralized receivables, net	56,500	56,200
Carrying Value
Financial Liabilities
Secured debt	3,521,600	3,534,700
Collateralized receivables, net		56,200
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net
Financial Assets
Total assets measured at fair value	38,300	19,600	62,200	65,900
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators
Financial Assets
Total assets measured at fair value	127,700	134,500	$ 435,000	$ 305,200
Fair Value, Recurring | Carrying Value
Financial Assets
Cash, cash equivalents and restricted cash	132,500	42,700
Derivative assets	12,200	11,700
Total assets measured at fair value	367,200	264,700
Financial Liabilities
Senior unsecured notes	2,673,700	2,177,500
Line of credit and other unsecured debt	1,676,700	2,065,100
Total unsecured debt	4,350,400	4,242,600
Derivative liabilities	900	7,700
Other financial liabilities (contingent consideration)	20,200	20,200
Total liabilities measured at fair value	7,893,100	7,805,200
Loan Amount	3,465,500	3,478,900
Fair Value, Recurring | Carrying Value | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	38,300	19,600
Fair Value, Recurring | Carrying Value | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	127,700	134,500
Fair Value, Recurring | Carrying Value | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Liabilities
Loan Amount		0
Fair Value, Recurring | Estimate of Fair Value Measurement
Financial Assets
Cash, cash equivalents and restricted cash	132,500	42,700
Derivative assets	12,200	11,700
Total assets measured at fair value	367,200	264,700
Financial Liabilities
Secured debt	3,145,400	3,222,800
Senior unsecured notes	2,440,000	1,973,200
Line of credit and other unsecured debt	1,676,700	2,065,100
Total unsecured debt	4,116,700	4,038,300
Derivative liabilities	900	7,700
Other financial liabilities (contingent consideration)	20,200	20,200
Total liabilities measured at fair value	7,283,200	7,289,000
Loan Amount	3,089,300	3,167,000
Secured borrowings on collateralized receivables (See Note 5)	56,100	55,800
Collateralized receivables, net	56,500	56,200
Fair Value, Recurring | Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	38,300	19,600
Fair Value, Recurring | Estimate of Fair Value Measurement | Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	127,700	134,500
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	132,500	42,700
Derivative assets	0	0
Total assets measured at fair value	132,500	42,700
Financial Liabilities
Secured debt	0
Senior unsecured notes	0	0
Line of credit and other unsecured debt	0	0
Total unsecured debt	0	0
Derivative liabilities	0	0
Other financial liabilities (contingent consideration)	0	0
Total liabilities measured at fair value	0	0
Loan Amount	0
Secured borrowings on collateralized receivables (See Note 5)	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 | Significant Other Observable Inputs (Level 2)
Financial Assets
Cash, cash equivalents and restricted cash	0	0
Derivative assets	12,200	11,700
Total assets measured at fair value	12,200	11,700
Financial Liabilities
Secured debt	3,089,300	3,167,000
Senior unsecured notes	2,440,000	1,973,200
Line of credit and other unsecured debt	1,676,700	2,065,100
Total unsecured debt	4,116,700	4,038,300
Derivative liabilities	900	7,700
Other financial liabilities (contingent consideration)	0	0
Total liabilities measured at fair value	7,206,900	7,213,000
Loan Amount	3,089,300	3,167,000
Secured borrowings on collateralized receivables (See Note 5)	0	0
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 Unobservable Inputs (Level 3)
Financial Assets
Cash, cash equivalents and restricted cash	0	0
Derivative assets	0	0
Total assets measured at fair value	222,500	210,300
Financial Liabilities
Secured debt	56,100	55,800
Senior unsecured notes	0	0
Line of credit and other unsecured debt	0	0
Total unsecured debt	0	0
Derivative liabilities	0	0
Other financial liabilities (contingent consideration)	20,200	20,200
Total liabilities measured at fair value	76,300	76,000
Loan Amount	0	0
Secured borrowings on collateralized receivables (See Note 5)	56,100	55,800
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	38,300	19,600
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	$ 127,700	$ 134,500

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Marketable Securities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Sale of Marketable Securities, Underwriting and Other Fees	$ 1
Ingenia Communities Group
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Security, Realized Gain (Loss)	(8)
Marketable securities | Ingenia Communities Group
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of Shares Sold, Investment	41.8
Proceeds from Sale and Maturity of Marketable Securities	102.5
Fair Value, Recurring | Marketable securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	127.3
Change in fair value measurement	(16)
Investment, Foreign Current Translation Adjustment	(7.8)
Disposition of investment	(103.5)
Ending Balance	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Apr. 12, 2022	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net		$ 14,457.9	$ 14,443.6
MH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net		5,267.9	5,317.4
UK Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net		$ 2,233.2	$ 2,192.9
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

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Assets
Foreign currency exchange losses	$ 1.1	$ (2.7)
Liabilities
Investment property, net	14,457.9		$ 14,443.6
Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Beginning balance	55.8
Ending balance	56.1
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Contingent Consideration
Liabilities
Beginning balance	20.2	20.2
Ending balance	20.2	20.2
Realized losses	0	0
Purchases and issuances	0	0
Other adjustments	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Realized losses	1.6
Purchases and issuances	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Other Adjustments	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(1.3)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net
Assets
Beginning balance	19.6	65.9
Foreign currency exchange losses	0	0
Ending balance	38.3	62.2
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Realized gains / (losses)
Assets
Changes to fair value	0	(1.7)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Purchases and issuances
Assets
Changes to fair value	19.4	0.1
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Sales and settlements
Assets
Changes to fair value	(0.7)	(2.1)
Liabilities
Purchases and issuances	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Other Adjustments
Assets
Changes to fair value	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net
Assets
Beginning balance	56.2	0
Foreign currency exchange losses	0	0
Ending balance	56.5	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Realized gains / (losses)
Assets
Changes to fair value	1.6	(0.4)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Purchases and issuances
Assets
Changes to fair value	0	0.4
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Sales and settlements
Assets
Changes to fair value	(1.3)	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Other Adjustments
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	134.5	305.2
Foreign currency exchange losses	(0.1)	0
Ending balance	127.7	435
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | Realized gains / (losses)
Assets
Changes to fair value	(0.8)	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	5	124.3
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | Sales and settlements
Assets
Changes to fair value	(10.9)	(3)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | Other Adjustments
Assets
Changes to fair value	$ 0	$ 8.5

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property developmentSite	Mar. 31, 2023 USD ($)	Aug. 31, 2023 defendant	Sep. 28, 2022 developmentSite property
Loss Contingencies [Line Items]
Asset impairments	$ 20.7		$ 2.4
Catastrophic event-related charges, net	7.2		$ 1
In Re Manufactured Home Lot Rents Antitrust Litigation No.123 Cv06715 Member
Loss Contingencies [Line Items]
Number of additional defendants | defendant				9
Hurricane Ian
Loss Contingencies [Line Items]
Number of affected properties in Florida | property					3
Number of affected sites | developmentSite					2,500
Estimated insurance recoveries	52.8	$ 56.7
Change in estimated property insurance recoveries	3
Proceeds received from insurer	6.9
Incremental costs	3
Flood | RV
Loss Contingencies [Line Items]
Number of affected sites | developmentSite		300
Impairment adjustment	3.1	$ 7
Unusual Or Infrequent Item, Number Of Properties Affected By Natural Disasters | property		1
Catastrophic event-related charges, net	4.7
Flood | Debris Removal and Clean up | RV
Loss Contingencies [Line Items]
Catastrophic event-related charges, net	$ 1.6

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (excluding three months ended March 31, 2024)	$ 10.7
2025	14
2026	12.5
2027	10.5
2028	9.8
Thereafter	240.4
Total Lease Payments	297.9
Less: Imputed interest	(136.3)
Present Value of Lease Liabilities	161.6	$ 159.5
Finance Leases
2024 (excluding three months ended March 31, 2024)	4.4
2025	0.5
2026	0.5
2027	0.5
2028	0.5
Thereafter	21.3
Total Lease Payments	27.7
Less: Imputed interest	(13.7)
Present Value of Lease Liabilities	14	$ 14.3
Total
2024 (excluding three months ended March 31, 2024)	15.1
2025	14.5
2026	13
2027	11
2028	10.3
Thereafter	261.7
Total Lease Payments	325.6
Less: Imputed interest	(150)
Present Value of Lease Liabilities	$ 175.6

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Finance lease - ROU asset, net of accumulated amortization	$ 31.7		$ 32.6
Operating lease - ROU asset, net	177.4		176
Below market operating leases, net	93.8		95
Finance lease liabilities	14		14.3
Operating lease liabilities	161.6		$ 159.5
Amortization of ROU assets	0.7	$ 0.7
Interest on lease liabilities	0.2	0.2
Operating lease cost	4.4	4.6
Variable lease cost	2	1.6
Total Lease Cost	$ 7.3	$ 7.1

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term, Discount Rates and Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Weighted - average remaining lease term - finance leases	36 years 10 months 9 days		36 years 7 months 17 days
Weighted - average remaining lease term - operating leases	34 years 2 months 1 day		27 years 8 months 15 days
Weighted - average discount rate - finance leases	3.60%		3.59%
Weighted - average discount rate - operating leases	3.78%		3.82%
Operating cash outflows for operating leases	$ 3	$ 3.3
Financing cash outflows for finance leases	0.2	5.9
Total Cash Paid on Lease Liabilities	$ 3.2	$ 9.2

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 31, 2024)	$ 18.7
2025	18.1
2026	13.1
2027	8.8
2028	7.8
Thereafter	81.5
Total Undiscounted Cash Flows	$ 148

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Variable lease income	$ 3.4	$ 1.5
Real Estate Operator
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 8.7	$ 7.9

Leases - Narrative (Details)

Leases - Narrative (Details) - Park Holidays - UNITED KINGDOM $ in Millions	Mar. 31, 2024 GBP (£) developmentSite	Mar. 31, 2024 USD ($) developmentSite	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of ground leases | developmentSite	34	34
Lease repurchase amount | £	£ 1
Ground lease financial liability | $		$ 357.1	$ 359.7

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Fixed lease income	$ 476.9	$ 441.6
Park Holidays | UNITED KINGDOM
Lessee, Lease, Description [Line Items]
2024 (excluding three months ended March 31, 2024)	10.6
2025	11.9
2026	12
2027	12.1
2028	12
Thereafter	1,742.9
Total Payments	1,801.5
Less: Imputed interest	(1,444.4)
Present Value of Financial Liability	$ 357.1		$ 359.7

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 15, 2024 USD ($) site	Apr. 01, 2024 USD ($) site shares	Apr. 15, 2024 USD ($) site	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 site developmentSite
Subsequent Event [Line Items]
Sites, Wet Slips and Dry Storage Spaces							92
Development Sites | developmentSite							72
Total consideration | $						$ 112.1
Issuance of common stock and common OP units, net | $				$ 0.3	$ 4.4
Common OP units | Port Milford
Subsequent Event [Line Items]
Issuance of stock and units (in shares) | shares		19,326
Issuance of common stock and common OP units, net | $		$ 2.5
Subsequent Event
Subsequent Event [Line Items]
Sites, Wet Slips and Dry Storage Spaces	185		185
Development Sites	0		0
Total consideration | $			$ 12
Subsequent Event | Port Milford
Subsequent Event [Line Items]
Sites, Wet Slips and Dry Storage Spaces		92
Development Sites		0
Total consideration | $		$ 4
Subsequent Event | Oak Leaf
Subsequent Event [Line Items]
Sites, Wet Slips and Dry Storage Spaces	89		89
Development Sites	0		0
Total consideration | $	$ 5
Subsequent Event | Berth One Palm Beach
Subsequent Event [Line Items]
Sites, Wet Slips and Dry Storage Spaces	4		4
Development Sites	0		0
Total consideration | $	$ 3

Uncategorized Items - sui-20240

Label	Element	Value
Marketable Securities [Member] | Fair Value, Recurring [Member]
Investments, Fair Value Disclosure	us-gaap_InvestmentsFairValueDisclosure	$ 0