Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 25, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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, $0.01 par value | |
Trading Symbol | SUI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 124,669,886 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000912593 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Land | $ 4,555 | $ 4,278.2 |
Land improvements and buildings | 11,619.4 | 11,682.2 |
Rental homes and improvements | 769.2 | 744.4 |
Furniture, fixtures and equipment | 1,073.3 | 1,011.7 |
Investment property | 18,016.9 | 17,716.5 |
Accumulated depreciation | (3,552.2) | (3,272.9) |
Investment property, net | 14,464.7 | 14,443.6 |
Cash, cash equivalents and restricted cash | 104.2 | 42.7 |
Inventory of manufactured homes | 182.3 | 205.6 |
Notes and other receivables, net | 417.4 | 421.6 |
Collateralized receivables, net | 54.3 | 56.2 |
Goodwill | 731.7 | 733 |
Other intangible assets, net | 354.2 | 369.5 |
Other assets, net | 702.3 | 668.5 |
Total Assets | 17,011.1 | 16,940.7 |
Liabilities | ||
Mortgage loans payable (see Note 9; Note 8 at VIEs) | 3,452 | 3,478.9 |
Secured borrowings on collateralized receivables (See Note 5) | 54.3 | 55.8 |
Unsecured debt | 4,346.5 | 4,242.6 |
Distributions payable | 119.7 | 118.2 |
Advanced reservation deposits and rent | 423.3 | 344.5 |
Accrued expenses and accounts payable | 406.3 | 313.7 |
Other liabilities | 979.5 | 953.1 |
Total Liabilities | 9,781.6 | 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: 124.7 at June 30, 2024 and 124.4 at December 31, 2023 | 1.2 | 1.2 |
Additional paid-in capital | 9,481.2 | 9,466.9 |
Accumulated other comprehensive income | 6 | 12.2 |
Distributions in excess of accumulated earnings | (2,604.1) | (2,397.5) |
Total SUI Shareholders' Equity | 6,884.3 | 7,082.8 |
Noncontrolling interests | ||
Common and preferred OP units | 84.8 | 90.2 |
Consolidated entities (see Note 8 at VIEs) | 0.7 | 0 |
Total noncontrolling interests | 85.5 | 90.2 |
Total Shareholders' Equity | 6,969.8 | 7,173 |
Total Liabilities, Temporary Equity and Shareholders' Equity | $ 17,011.1 | $ 16,940.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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) | 124,653,364 | 124,400,000 |
Common stock outstanding (in shares) | 124,653,364 | 124,400,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Fixed lease income | $ 551.4 | $ 526 | $ 1,028.3 | $ 967.6 |
Home sales | 107.5 | 122.6 | 176.4 | 208.9 |
Service, retail, dining and entertainment | 188.6 | 191 | 306.5 | 293.4 |
Interest | 5.3 | 14 | 9.9 | 25.4 |
Brokerage commissions and other, net | 11.2 | 9.8 | 14.2 | 19.3 |
Total Revenues | 864 | 863.4 | 1,535.3 | 1,514.6 |
Expenses | ||||
Property operating and maintenance | 188.7 | 179.6 | 348.4 | 336.8 |
Real estate tax | 31.4 | 30 | 62.7 | 60.1 |
Home costs and selling | 76.8 | 86.4 | 128.7 | 149 |
Service, retail, dining and entertainment | 165.9 | 165 | 281.8 | 264.8 |
General and administrative | 65.3 | 62.7 | 143.8 | 126.8 |
Catastrophic event-related charges, net | 2.3 | (0.1) | 9.5 | 0.9 |
Business combinations | 0.2 | 0.2 | 0.2 | 3 |
Depreciation and amortization | 172.8 | 164.1 | 338.1 | 319.7 |
Asset impairments (see Note 16) | 11.6 | 6.5 | 32.3 | 8.9 |
Goodwill impairment (see Note 6) | 0 | 309.7 | 0 | 325.1 |
Loss on extinguishment of debt | 0 | 0 | 0.6 | 0 |
Interest | 89.8 | 79.2 | 179.5 | 155.8 |
Interest on mandatorily redeemable preferred OP units / equity | 0 | 0.9 | 0 | 1.9 |
Total Expenses | 804.8 | 1,084.2 | 1,525.6 | 1,752.8 |
Income / (Loss) Before Other Items | 59.2 | (220.8) | 9.7 | (238.2) |
Gain / (loss) on remeasurement of marketable securities | 0 | 5.8 | 0 | (14.1) |
Gain / (loss) on foreign currency exchanges | (2.8) | 2.7 | (1.7) | 0 |
Gain / (loss) on dispositions of properties | 2.5 | (0.6) | 7.9 | (2.2) |
Other income / (expense), net | (1.6) | (0.8) | 6.4 | (1.8) |
Gain / (loss) on dispositions of properties | (0.4) | (0.1) | (1.1) | (1.8) |
Total Income / (Loss) from Nonconsolidated Affiliates | 3 | (0.7) | 4.4 | (0.9) |
Gain on remeasurement of investment in nonconsolidated affiliates | 0.1 | 0 | 5.3 | (4.5) |
Current tax expense (see Note 13) | 5.3 | 5.4 | 7.4 | 9.3 |
Deferred tax benefit | 3.7 | 7.7 | 9.4 | 12.3 |
Net Income / (Loss) | 58.4 | (212.2) | 32.9 | (260.5) |
Less: Preferred stock distribution | 3.2 | 3.2 | 6.4 | 5.6 |
Less: Income / (loss) attributable to noncontrolling interests | 3.1 | (7.8) | 1.8 | (13.6) |
Net income / (loss) attributable to SUI common shareholders | $ 52.1 | $ (207.6) | $ 24.7 | $ (252.5) |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding - basic (in shares) | 123.7 | 123.4 | 123.7 | 123.4 |
Diluted weighted average common shares outstanding - diluted (in shares) | 123.7 | 126.1 | 126.4 | 126.2 |
Earnings per share: | ||||
Basic earning per share (in dollars per share) | $ 0.42 | $ (1.67) | $ 0.20 | $ (2.03) |
Diluted earning per share (in dollars per share) | $ 0.42 | $ (1.68) | $ 0.20 | $ (2.04) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income / (Loss) | $ 58.4 | $ (212.2) | $ 32.9 | $ (260.5) |
Foreign Currency Translation | ||||
Foreign currency translation gain / (loss) arising during period | 1.6 | 14.3 | (7.6) | 31.2 |
Adjustment for accumulated foreign currency translation loss reclassified into earnings | 0 | 0 | 0 | 11.9 |
Net foreign currency translation gain / (loss) | 1.6 | 14.3 | (7.6) | 43.1 |
Cash Flow Hedges | ||||
Change in unrealized gain on interest rate derivatives | 2.6 | 19 | 11.4 | 10.4 |
Less: Interest rate derivative gain reclassified to earnings | (5) | (3.2) | (9.9) | (5.5) |
Net unrealized gain / (loss) on interest rate derivatives | (2.4) | 15.8 | 1.5 | 4.9 |
Total Comprehensive Income / (Loss) | 57.6 | (182.1) | 26.8 | (212.5) |
Less: Comprehensive (income) / loss attributable to noncontrolling interests | (3) | 6.5 | (1.9) | 11.7 |
Comprehensive Income / (Loss) Attributable to SUI | $ 54.6 | $ (175.6) | $ 24.9 | $ (200.8) |
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 | Total Shareholders' Equity |
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 | |||||||||
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 | 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 | |||||||||
Conversions | 7.3 | 7.3 | 7.3 | |||||||
Issuance of third party equity interests in consolidated entities | 1.7 | |||||||||
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) | ||||||
OP units accretion | (0.3) | 0 | (0.3) | |||||||
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 | |||||||||
Temporary Equity | ||||||||||
Issuance of Series E preferred OP units | 100.6 | |||||||||
Ending balance at Jun. 30, 2023 | 294 | |||||||||
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 Jun. 30, 2023 | 124,400,000 | |||||||||
Ending Balance at Jun. 30, 2023 | 7,466.2 | 7,760.2 | $ 1.2 | 9,567.5 | (2,210.4) | 36.2 | 71.7 | |||
Beginning balance at Mar. 31, 2023 | 298.8 | |||||||||
Temporary Equity | ||||||||||
Conversions | (2) | |||||||||
Issuance of third party equity interests in consolidated entities | 0.2 | |||||||||
Other redeemable noncontrolling interests | 0.1 | |||||||||
Issuance of Series E preferred OP units | 0.6 | $ 0.6 | ||||||||
Net loss | (2) | |||||||||
Distributions | 2.4 | |||||||||
OP units accretion | 0.7 | |||||||||
Ending balance at Jun. 30, 2023 | 294 | |||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 124,400,000 | |||||||||
Beginning Balance at Mar. 31, 2023 | 7,754.6 | 8,053.4 | $ 1.2 | 9,556.4 | (1,889.8) | 7.4 | 79.4 | |||
Shareholders' Equity | ||||||||||
Issuance of stock and units | (0.2) | (0.2) | (0.2) | |||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | (1.1) | (1.1) | (1.1) | |||||||
Conversions | 2 | 0 | 2.1 | (0.1) | ||||||
Issuance of third party equity interests in consolidated entities | (0.2) | |||||||||
Other redeemable noncontrolling interests | 0 | (0.1) | $ (0.1) | |||||||
Share-based compensation - amortization and forfeitures | 10.5 | 10.5 | 10.3 | 0.2 | ||||||
Other comprehensive income / (loss) | 30.1 | 30.1 | 28.8 | 1.3 | ||||||
Net loss | (210.2) | (212.2) | (204.4) | (5.8) | ||||||
Distributions | (118.7) | (121.1) | (115.6) | (3.1) | ||||||
OP units accretion | (0.7) | 0 | (0.7) | |||||||
Ending balance (in shares) at Jun. 30, 2023 | 124,400,000 | |||||||||
Ending Balance at Jun. 30, 2023 | 7,466.2 | 7,760.2 | $ 1.2 | 9,567.5 | (2,210.4) | 36.2 | 71.7 | |||
Beginning balance at Dec. 31, 2023 | 260.9 | 96.7 | ||||||||
Temporary Equity | ||||||||||
Conversions | (0.5) | |||||||||
Net loss | (0.3) | |||||||||
Distributions | 2.3 | |||||||||
OP units accretion | 1.9 | |||||||||
Ending balance at Mar. 31, 2024 | 259.7 | |||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 124,400,000 | |||||||||
Beginning Balance at Dec. 31, 2023 | 7,173 | 7,433.9 | $ 1.2 | 9,466.9 | (2,397.5) | 12.2 | 90.2 | |||
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 | |||||||||
Conversions | 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) | ||||||
OP units accretion | (1.9) | 0 | (1.9) | |||||||
Ending balance (in shares) at Mar. 31, 2024 | 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 | |||
Beginning balance at Dec. 31, 2023 | 260.9 | 96.7 | ||||||||
Temporary Equity | ||||||||||
Issuance of Series E preferred OP units | 0 | |||||||||
Ending balance at Jun. 30, 2024 | 259.7 | 95.3 | ||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 124,400,000 | |||||||||
Beginning Balance at Dec. 31, 2023 | $ 7,173 | 7,433.9 | $ 1.2 | 9,466.9 | (2,397.5) | 12.2 | 90.2 | |||
Ending balance (in shares) at Jun. 30, 2024 | 3,318,803 | 124,700,000 | ||||||||
Ending Balance at Jun. 30, 2024 | $ 6,969.8 | 7,229.5 | $ 1.2 | 9,481.2 | (2,604.1) | 6 | 85.5 | |||
Beginning balance at Mar. 31, 2024 | 259.7 | |||||||||
Temporary Equity | ||||||||||
Conversions | (0.8) | |||||||||
Net loss | 1.7 | |||||||||
Distributions | 2.5 | |||||||||
OP units accretion | 1.6 | |||||||||
Ending balance at Jun. 30, 2024 | 259.7 | $ 95.3 | ||||||||
Beginning balance (in shares) at Mar. 31, 2024 | 124,600,000 | |||||||||
Beginning Balance at Mar. 31, 2024 | 7,023.6 | 7,283.3 | $ 1.2 | 9,471.4 | (2,540.6) | 6.7 | 84.9 | |||
Shareholders' Equity | ||||||||||
Issuance of stock and units | 2.2 | 2.2 | (0.3) | 2.5 | ||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | (1.3) | (1.3) | (1.3) | |||||||
Conversion of OP units (in shares) | 100,000 | |||||||||
Conversions | 0.8 | 0 | 0.8 | 0 | ||||||
Share-based compensation - amortization and forfeitures | 10.7 | 10.7 | 10.6 | 0.1 | ||||||
Other comprehensive income / (loss) | (0.8) | (0.8) | (0.7) | (0.1) | ||||||
Net loss | 56.7 | 58.4 | 55.3 | 1.4 | ||||||
Distributions | (120.5) | (123) | (117.3) | (3.2) | ||||||
OP units accretion | $ (1.6) | 0 | (1.6) | |||||||
Ending balance (in shares) at Jun. 30, 2024 | 3,318,803 | 124,700,000 | ||||||||
Ending Balance at Jun. 30, 2024 | $ 6,969.8 | $ 7,229.5 | $ 1.2 | $ 9,481.2 | $ (2,604.1) | $ 6 | $ 85.5 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net Cash Provided By Operating Activities | $ 553.8 | $ 449.9 |
Investing Activities | ||
Investment in properties | 333.2 | 564.7 |
Acquisitions, net of cash acquired | (50.3) | (48.7) |
Proceeds / (payments) from deposit on acquisition | (7.2) | 1.2 |
Proceeds from insurance | 3.3 | 5 |
Proceeds from disposition of assets and depreciated homes, net | 0 | 34.2 |
Proceeds related to disposition of properties | 57.7 | 0.2 |
Issuance of notes and other receivables | (3.8) | (14.5) |
Repayments of notes and other receivables | 7.6 | 4.8 |
Investments in nonconsolidated affiliates | (5.7) | (12.1) |
Distributions of capital from nonconsolidated affiliates | 11.7 | 12.8 |
Net Cash Used For Investing Activities | (319.9) | (581.8) |
Financing Activities | ||
Issuance and costs of common stock, OP units and preferred OP units, net | (0.6) | (0.2) |
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | (8.9) | (12.1) |
Borrowings on lines of credit | 1,578 | 990.1 |
Payments on lines of credit | (1,963.4) | (1,186.5) |
Proceeds from issuance of other debt | 499.8 | 583 |
Contributions from noncontrolling interest | 0 | 1.9 |
Payments on other debt | (28.5) | (28.3) |
Distributions | (244.4) | (234.8) |
Payments for deferred financing costs, net of prepaid return | (4.1) | (3.7) |
Net Cash Provided By / (Used For) Financing Activities | (172.1) | 109.4 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | 0.8 |
Net change in cash, cash equivalents and restricted cash | 61.5 | (21.7) |
Cash, cash equivalents and restricted cash, beginning of period | 42.7 | 90.4 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 104.2 | 68.7 |
Supplemental Information | ||
Cash paid for interest, net | 169.7 | 151.6 |
Cash paid for interest on mandatorily redeemable debt | 0 | 1.9 |
Cash paid for income taxes | 2.6 | 15 |
Noncash investing and financing activities | ||
Reduction in secured borrowing balance | 3.5 | 0 |
Change in distributions declared and outstanding | 1.5 | 6.8 |
Conversion of common and preferred OP units | 2.9 | 9.4 |
Assets held for sale, net (included within Other Assets, net and Other Liabilities) | 0 | 269.8 |
ROU asset obtained from new operating lease liabilities | 3 | 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 | 3.1 | 4.4 |
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 | $ 100.6 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest | $ 4.9 | $ 5.1 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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. 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, shareholders' 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 notes 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 a higher weighted average cost of capital due to 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. For the three and six months ended June 30, 2023, we recorded non-cash goodwill impairment charges of $309.7 million and $325.1 million, respectively, which changed Net income to Net loss on our Consolidated Statements of Operations by these corresponding amounts. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 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 June 30, 2024 June 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 239.7 $ 148.2 $ 118.8 $ 44.7 $ 551.4 $ 224.3 $ 148.2 $ 111.7 $ 41.8 $ 526.0 Home sales 49.2 9.1 — 49.2 107.5 48.8 13.5 — 60.3 122.6 Service, retail, dining and entertainment 1.9 24.7 148.0 14.0 188.6 2.0 26.0 149.3 13.7 191.0 Interest 3.4 1.5 0.2 0.2 5.3 12.7 1.1 0.2 — 14.0 Brokerage commissions and other, net 5.9 3.4 0.8 1.1 11.2 3.0 4.4 1.1 1.3 9.8 Total Revenues $ 300.1 $ 186.9 $ 267.8 $ 109.2 $ 864.0 $ 290.8 $ 193.2 $ 262.3 $ 117.1 $ 863.4 (1) Recast to reflect segment changes. Six Months Ended June 30, 2024 June 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 477.7 $ 252.7 $ 215.2 $ 82.7 $ 1,028.3 $ 448.3 $ 247.8 $ 200.8 $ 70.7 $ 967.6 Home sales 76.4 14.6 — 85.4 176.4 89.6 19.9 — 99.4 208.9 Service, retail, dining and entertainment 4.5 31.1 252.6 18.3 306.5 4.5 31.9 240.4 16.6 293.4 Interest 6.5 2.9 0.2 0.3 9.9 23.0 2.0 0.4 — 25.4 Brokerage commissions and other, net 6.9 4.1 1.8 1.4 14.2 6.8 9.0 2.1 1.4 19.3 Total Revenues $ 572.0 $ 305.4 $ 469.8 $ 188.1 $ 1,535.3 $ 572.2 $ 310.6 $ 443.7 $ 188.1 $ 1,514.6 (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 | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions and Dispositions | 3. Real Estate Acquisitions and Dispositions 2024 Acquisitions For the six months ended June 30, 2024, we acquired the following properties: Property Name Type Sites, Wet Slips and State, Province or Country Month Acquired Port Milford Marina 92 CT April Oak Leaf (1) Marina 89 CT April Berth One Palm Beach (1) Marina 4 FL April Total 185 (1) Combined with an existing property. The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the six months ended June 30, 2024 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Goodwill and other intangible assets Other assets, net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition Port Milford (2) $ 3.9 $ — $ 0.1 $ (0.4) $ 3.6 $ 1.1 $ 2.5 $ 3.6 Berth One Palm Beach (3) 2.9 — 0.1 0.2 3.2 3.2 — 3.2 Business Combination Oak Leaf (3)(4) 5.1 0.1 — — 5.2 5.2 — 5.2 Total $ 11.9 $ 0.1 $ 0.2 $ (0.2) $ 12.0 $ 9.5 $ 2.5 $ 12.0 (1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) In conjunction with this acquisition, we issued 19,326 common OP units valued at $2.5 million. (3) Combined with an existing property. (4) The purchase price allocation is preliminary as of June 30, 2024, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. During the three months ended March 31, 2024, we entered into a ground lease that can support one marina with eight wet slips and dry storage spaces. 2024 Development and Expansion Activities During the six months ended June 30, 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. We also acquired two buildings related to our marinas located in the U.S. for an aggregate purchase price of $13.7 million. During the six months ended June 30, 2024, we acquired one land parcel located in the United Kingdom ("U.K.") for an aggregate purchase price of $9.6 million. 2024 and 2023 Disposition Activity The following real estate dispositions occurred during the six months ended June 30, 2024: Property Name Property Type Number of Properties Sites, Wet Slips, State, Province or Country Month Disposed Net Cash Proceeds Gain on Disposition (1) Spanish Trails and Sundance MH 2 533 AZ & FL February $ 51.7 $ 6.2 Littondale MH 1 114 UK May $ 5.4 $ 2.2 (1) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. 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. Refer to Note 20, "Subsequent Events," for information regarding dispositions completed after June 30, 2024. |
Notes And Other Receivables
Notes And Other Receivables | 6 Months Ended |
Jun. 30, 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): June 30, 2024 December 31, 2023 Installment notes receivable on manufactured homes, net $ 54.5 $ 19.6 Notes receivable from real estate developers and operators 131.3 134.5 Other receivables, net 231.6 267.5 Total Notes and Other Receivables, net $ 417.4 $ 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 $54.5 million (gross installment notes receivable of $55.7 million less fair value adjustment of $1.2 million) and $19.6 million (gross installment notes receivable of $20.4 million less fair value adjustment of $0.8 million) as of June 30, 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 6.5% and 18.5 years as of June 30, 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 June 30, 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 $131.3 million with a net weighted average interest rate and maturity of 9.3% and 2.4 years as of June 30, 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 June 30, 2024, the additional acquisition and construction loans provided to real estate developers have $37.1 million of undrawn funds. There were no adjustments to the fair value of notes receivable from real estate developers during the six months ended June 30, 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): June 30, 2024 December 31, 2023 Insurance receivables $ 72.7 $ 77.8 Home sale proceeds 65.1 28.2 Marina customers for storage, service and lease payments, net (1) 49.9 46.8 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (2) 12.0 65.9 Other receivables 31.9 48.8 Total Other Receivables, net $ 231.6 $ 267.5 (1) Net of allowance of $3.1 million and $2.9 million as of June 30, 2024 and December 31, 2023, respectively. (2) Net of allowance of $4.8 million as of June 30, 2024 and December 31, 2023, respectively. |
Collateralized Receivables and
Collateralized Receivables and Transfers of Financial Assets | 6 Months Ended |
Jun. 30, 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 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. During the six months ended June 30, 2024, we received a subsequent cash payment of $1.1 million from the servicer in accordance with the terms of the transfer. 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 $54.3 million (gross collateralized receivable of $55.6 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 June 30, 2024 and December 31, 2023, respectively. The balance of secured borrowings on collateralized receivables was $54.3 million (gross secured borrowings of $50.8 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 June 30, 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 13.7 years as of June 30, 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 and six months ended June 30, 2024 was $1.2 million and $2.4 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2024 by reportable segment were as follows (in millions): RV Marina UK Total Balance as of December 31, 2023 (1) $ 9.5 $ 541.5 $ 182.0 $ 733.0 Currency translation adjustments — — (1.3) (1.3) Balance as of June 30, 2024 $ 9.5 $ 541.5 $ 180.7 $ 731.7 Accumulated impairment losses as of June 30, 2024 (2) $ — $ — $ 369.9 $ 369.9 (1) Recast to reflect segment changes. (2) During the six months ended June 30, 2024, we performed a qualitative assessment of our goodwill balance in accordance with ASC 350-20, " Goodwill and Other ." We reviewed relevant events and circumstances and 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 six months ended June 30, 2024. For the three and six months ended June 30, 2023, we recorded aggregate non-cash impairment charges of $309.7 million and $325.1 million, respectively, 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 increases in interest rates, as well as inflationary pressures in the UK causing a decline in financial projections. Other Intangible Assets, net The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): June 30, 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 $ 166.3 $ (149.4) $ 166.0 $ (146.2) Non-competition agreements 5 years 10.5 (7.2) 10.5 (6.2) Trademarks and trade names 3 - 15 years 84.8 (15.1) 85.3 (12.3) Customer relationships 4 - 17 years 131.6 (43.7) 131.6 (37.3) Franchise agreements and other intangible assets 1 - 27 years 48.3 (15.9) 48.4 (14.3) Total finite-lived assets $ 441.5 $ (231.3) $ 441.8 $ (216.3) Indefinite-lived assets - Trademarks, trade names and other N/A 144.0 — 144.0 — Total indefinite-lived assets $ 144.0 $ — $ 144.0 $ — Total $ 585.5 $ (231.3) $ 585.8 $ (216.3) Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Six Months Ended Other Intangible Asset Amortization Expense June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 In-place leases $ 1.8 $ 3.2 $ 3.7 $ 6.8 Non-competition agreements 0.6 0.6 1.1 1.1 Trademarks and trade names 1.4 1.6 2.8 3.1 Customer relationships 3.2 3.1 6.4 6.3 Franchise fees and other intangible assets 0.6 0.8 1.3 1.7 Total $ 7.6 $ 9.3 $ 15.3 $ 19.0 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 $ 3.4 $ 6.1 $ 3.9 $ 2.3 $ 0.9 Non-competition agreements 1.1 2.1 0.1 — — Trademarks and trade names 3.0 5.7 5.7 5.4 5.4 Customer relationships 6.3 12.7 12.3 12.2 12.1 Franchise agreements and other intangible assets 1.5 3.0 2.7 2.5 2.5 Total $ 15.3 $ 29.6 $ 24.7 $ 22.4 $ 20.9 |
Investment in Nonconsolidated A
Investment in Nonconsolidated Affiliates | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2024 December 31, 2023 Investment in Sungenia JV $ 64.3 $ 56.8 Investment in GTSC 55.4 60.4 Investment in SV Lift 1.4 1.7 Total $ 121.1 $ 118.9 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Six Months Ended Income / (Loss) from Nonconsolidated Affiliates June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 RezPlot Systems LLC equity loss (1) $ — $ (0.8) $ — $ (2.3) Sungenia JV equity income 2.3 — 3.2 0.6 GTSC equity income 0.9 0.6 1.8 1.6 SV Lift equity loss (0.2) (0.5) (0.6) (0.8) Total Income / (Loss) from Nonconsolidated Affiliates $ 3.0 $ (0.7) $ 4.4 $ (0.9) (1) Represents an RV reservation software technology company, operating under the Campspot brand, which we invested into 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): Six Months Ended Year Ended June 30, 2024 December 31, 2023 Beginning balance $ 56.8 $ 44.5 Cumulative translation adjustment 0.4 (0.5) Contributions 3.9 9.6 Equity earnings 3.2 3.2 Ending Balance $ 64.3 $ 56.8 The change in the GTSC investment balance is as follows (in millions): Six Months Ended Year Ended June 30, 2024 December 31, 2023 Beginning balance $ 60.4 $ 54.5 Contributions 1.4 27.5 Distributions (13.5) (20.7) Equity earnings 1.8 3.3 Fair value adjustment 5.3 (4.2) Ending Balance $ 55.4 $ 60.4 |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 6 Months Ended |
Jun. 30, 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 and Sun NG Beaver Brook RV LLC was formed in September 2022 to engage in the sourcing, due diligence, acquisition, management, construction, leasing and disposition of certain RV parks and resorts (collectively, "the Sun NG Resorts joint ventures"). The table below shows their respective ownership percentages as of June 30, 2024, representing the common equity interests: Sun NG LLC Third Party Interest Sun NG Cisco Grove RV LLC 95.4 % 4.6 % Sun NG Coyote Ranch RV LLC 96.1 % 3.9 % Sun NG Kittatinny RV LLC 96.0 % 4.0 % Sun NG River Beach RV LLC 96.1 % 3.9 % Sun NG Beaver Brook RV LLC 98.6 % 1.4 % 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): June 30, 2024 December 31, 2023 Assets Investment property, net $ 127.6 $ 132.3 Cash, cash equivalents and restricted cash 5.0 2.9 Other intangible assets, net 0.1 0.1 Other assets, net 0.7 0.4 Total Assets $ 133.4 $ 135.7 Liabilities and Other Equity Secured debt $ 3.2 $ 3.2 Advanced reservation deposits and rent 1.6 0.4 Accrued expenses and accounts payable 0.4 24.1 Total Liabilities 5.2 27.7 Temporary equity 10.9 10.7 Noncontrolling interests 0.7 — Total Liabilities and Other Equity $ 16.8 $ 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 June 30, 2024 and December 31, 2023. Total liabilities comprised 0.1% and 0.3% of our consolidated total liabilities at June 30, 2024 and December 31, 2023, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at June 30, 2024 and December 31, 2023. |
Debt and Line of Credit
Debt and Line of Credit | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Secured Debt Mortgage loans payable (1) $ 3,452.0 $ 3,478.9 8.7 9.2 3.995 % 3.994 % Secured borrowings on collateralized receivables (2) 54.3 55.8 13.7 14.2 8.592 % 8.556 % Total Secured Debt $ 3,506.3 $ 3,534.7 Unsecured Debt Senior unsecured notes (3) 2,674.6 2,177.5 6.5 7.5 3.778 % 3.375 % Line of credit and other debt (4) 1,671.9 2,065.1 1.8 1.7 5.195 % 5.428 % Total Unsecured Debt 4,346.5 4,242.6 Total Debt $ 7,852.8 $ 7,777.3 6.5 6.8 4.208 % 4.234 % (1) Balances at June 30, 2024 and December 31, 2023 include zero net debt premiums, as of each such date, and $15.6 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at June 30, 2024 and December 31, 2023 include fair value adjustments of $3.5 million and $1.9 million, respectively. (3) Balances at June 30, 2024 and December 31, 2023 include $6.7 million and $6.5 million of net debt discount, respectively, and $18.6 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at June 30, 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 six months ended June 30, 2024 and the year ended December 31, 2023, no mortgage term loans were repaid. During the six months ended June 30, 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 Three months ended March 31, 2023 $ 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 June 30, 2024, are secured by 156 properties comprised of 62,953 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 June 30, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 495.8 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 395.9 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.8 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.1 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 743.0 742.4 Total $ 2,700.0 $ 2,674.6 $ 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 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. 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. By terminating the term loan, we reduced our aggregate borrowing capacity under the Senior Credit Facility to $3.05 billion under the revolving loan. During the six months ended June 30, 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. In June 2024, we amended the Senior Credit Facility to replace the Canadian Dollar Offered Rate with the Canadian Overnight Repo Rate Average ("CORRA") as the benchmark rate for borrowings denominated in Canadian Dollars, with no other significant changes to the terms of the Senior Credit 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 CORRA, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments. As of June 30, 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 June 30, 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 June 30, 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 June 30, 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 unsecured term loan facility to transition from the Eurodollar rate to SOFR. During the three months ended June 30, 2024, we settled the term loan facility and had no balance outstanding as of June 30, 2024. The outstanding balance was $7.8 million at December 31, 2023 and was 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 June 30, 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 and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest capitalized $ 2.2 $ 2.6 $ 4.9 $ 5.1 |
Equity and Temporary Equity
Equity and Temporary Equity | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2024 June 30, 2024 December 31, 2023 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time $ 47.4 $ 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 8.6 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 55.1 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 95.3 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 June 30, 2024 December 31, 2023 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities $ 5.6 $ 5.1 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.5 2.3 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 2.6 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. 0.2 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 June 30, 2024, we had 124,653,364 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. At the Market Offering Sales Agreement During May 2024, we renewed our 2021 At the Market Offering Sales Agreement (the "ATM") 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. Through June 30, 2024, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $160.6 million, leaving $1.1 billion available for sale under the ATM. Issuances of Common OP Units During the six months ended June 30, 2024 and 2023, we issued common OP units in connection with the acquisition of certain properties: Month Common OP Units Issued Fair Value at Issuance (in millions) Related Acquisition April 2024 19,326 $ 2.5 Port Milford 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 Income / (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): June 30, 2024 December 31, 2023 Net foreign currency translation losses $ (37.1) $ (29.5) Accumulated net gains on derivatives 43.1 41.7 Accumulated other comprehensive income $ 6.0 $ 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 units and statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption Redemption Period Carrying Amount June 30, 2024 June 30, 2024 December 31, 2023 Common OP units 2,689,978 1.0000 Same distribution rate for common stock N/A N/A $ 43.8 $ 46.5 Series A-1 preferred OP units 191,812 2.4390 6.0 % N/A N/A 10.4 11.5 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.3 2.4 Series C preferred OP units 296,745 1.1100 5.0 % N/A N/A 20.1 21.4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.2 6.4 Series L preferred OP units 20,000 0.6250 3.5 % N/A N/A 2.0 2.0 Total 3,318,803 $ 84.8 $ 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 June 30, 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 68,783 68,783 3,612 3,612 Series A-1 preferred OP units 2.4390 10,332 25,195 91 221 Series C preferred OP units 1.1100 9,103 10,104 65 72 Series G preferred OP units 0.6452 4,898 3,160 18,500 11,934 Series H preferred OP units 0.6098 9 5 40 24 Series J preferred OP units 0.6061 — — 2,000 1,212 (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. Distributions Distributions declared for the six months ended June 30, 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 June 30, 2024 6/28/2024 7/15/2024 $ 0.94 $ 119.7 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | 11. Share-Based Compensation As of June 30, 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 six months ended June 30, 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 220,558 $ 137.15 (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 195,934 and 223,529 restricted shares granted to our executives, directors and employees were satisfied during the six months ended June 30, 2024 and 2023, respectively. We recognized the following share-based compensation costs (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Share-based compensation - expensed (1) $ 10.1 $ 9.9 $ 20.2 $ 19.5 (1) Recorded within General and administrative expense on the Consolidated Income Statements. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 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, shareholders' 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 June 30, 2024, we had $303.7 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $58.9 million, and deferred tax liabilities of $362.6 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 June 30, 2024 and December 31, 2023. We had no unrecognized tax benefits as of June 30, 2024 and 2023. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of June 30, 2024. For the three and six months ended June 30, 2024, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes totaling $5.3 million and $7.4 million, respectively. For the three and six months ended June 30, 2023, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes and Australian withholding taxes totaling $5.4 million and $9.3 million, respectively. For the three and six months ended June 30, 2024, we recorded a deferred tax benefit of $3.7 million and $9.4 million, respectively. For the three and six months ended June 30, 2023, we recorded a deferred tax benefit of $7.7 million and $12.3 million, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings / (Loss) Per Share Earnings / (loss) per share ("EPS") is computed by dividing net earnings / (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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator As Restated As Restated Net income / (loss) attributable to SUI common shareholders $ 52.1 $ (207.6) $ 24.7 $ (252.5) Less: allocation to restricted stock awards 0.3 (1.7) 0.1 (1.9) Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards 51.8 (205.9) 24.6 (250.6) Add: allocation to common and preferred OP units dilutive effect — (4.1) 0.4 (5.0) Add: allocation to restricted stock awards — (1.7) — (1.9) Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units (1) $ 51.8 $ (211.7) $ 25.0 $ (257.5) Denominator Weighted average common shares outstanding 123.7 123.4 123.7 123.4 Add: dilutive restricted stock — 0.2 — 0.4 Add: common and preferred OP units dilutive effect — 2.5 2.7 2.4 Diluted weighted average common shares and securities (1) 123.7 126.1 126.4 126.2 EPS Available to Common Shareholders After Allocation Basic earnings / (loss) per share $ 0.42 $ (1.67) $ 0.20 $ (2.03) Diluted earnings / (loss) per share (1) $ 0.42 $ (1.68) $ 0.20 $ (2.04) (1) For the three and six months ended June 30, 2024, diluted earnings per share was calculated using the two-class method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods. For the three and six months ended June 30, 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 June 30, 2024 and 2023 (in thousands): As of June 30, 2024 June 30, 2023 Common OP units 2,690 (1) — A-1 preferred OP units 192 208 A-3 preferred OP units 40 40 Aspen preferred OP units (2) N/A 989 Series C preferred OP units 297 306 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 206 222 Series H preferred OP units 581 581 Series J preferred OP units 238 238 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 5,923 4,243 N/A = Not applicable. (1) For the three months ended June 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023, we held 10 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 $14.2 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 six months ended June 30, 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 Three months ended June 30, 2024 3 Interest Rate Swap USD $ 100.0 SOFR Future Debt Offering Three months ended March 31, 2024 1 Interest Rate Swap USD 25.0 SOFR Future Debt Offering Total 4 $ 125.0 Three months ended March 31, 2023 1 Interest Rate Swap GBP (1) $ 127.3 SONIA Term Loan Senior Credit Facility Three months ended March 31, 2023 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 six months ended June 30, 2024 and 2023, we terminated the following derivative contracts (amounts in millions): Period Type Currency Notional Amount Cash Settlement Three months ended March 31, 2024 Forward Swap USD $ 255.0 $ (2.3) (1) Three months ended 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 include two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the issuance of $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033. The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): June 30, 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 $ 907.2 $ 10.7 $ 0.5 $ 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. Refer to Note 20, "Subsequent Events," for information regarding additional derivative transactions subsequent to June 30, 2024. The following table presents the gains on derivatives in cash flow hedging relationships recognized in OCI (in millions): Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedges June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest rate derivatives $ 2.6 $ 19.0 $ 11.4 $ 10.4 The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions): Derivatives Designated as Cash Flow Hedges Financial Statement Classification Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest rate derivatives Interest expense $ 5.0 $ 3.2 $ 9.9 $ 5.5 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 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 June 30, 2024. The table presents the carrying values and fair values of our financial instruments as of June 30, 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. June 30, 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 $ 104.2 $ 104.2 $ — $ — $ 104.2 Installment notes receivable on manufactured homes, net 54.5 — — 54.5 54.5 Notes receivable from real estate developers and operators 131.3 — — 131.3 131.3 Collateralized receivables, net 54.3 — — 54.3 54.3 Derivative assets 10.7 — 10.7 — 10.7 Total Assets Measured at Fair Value $ 355.0 $ 104.2 $ 10.7 $ 240.1 $ 355.0 Financial Liabilities Mortgage loan payable $ 3,452.0 $ — $ 3,082.5 $ — $ 3,082.5 Secured borrowings on collateralized receivables 54.3 — — 54.3 54.3 Total secured debt 3,506.3 — 3,082.5 54.3 3,136.8 Unsecured debt Senior unsecured notes 2,674.6 — 2,440.8 — 2,440.8 Line of credit and other unsecured debt 1,671.9 — 1,671.9 — 1,671.9 Total unsecured debt 4,346.5 — 4,112.7 — 4,112.7 Derivative liabilities 0.5 — 0.5 — 0.5 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total Liabilities Measured at Fair Value $ 7,873.5 $ — $ 7,195.7 $ 74.5 $ 7,270.2 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. 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 interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on 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 June 30, 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 six months ended June 30, 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 and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended June 30, 2024 June 30, 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 March 31, 2024 and 2023 $ 38.3 $ 127.7 $ 56.5 $ 62.2 $ 435.0 $ — Realized losses (0.4) (1) — — (0.1) (1) — — Purchases and issuances 18.0 4.2 — 0.1 23.1 — Sales and settlements (1.2) (0.6) (2.2) (2.7) (3.9) — Dispositions of properties (0.2) — — — — — Foreign currency exchange gain — — — — 8.2 — Level 3 ending balance at June 30, 2024 and 2023 $ 54.5 $ 131.3 $ 54.3 $ 59.5 $ 462.4 $ — (1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. Six Months Ended June 30, 2024 June 30, 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) (0.4) (1) (0.8) (1) 1.6 (2) (1.8) (1) — (0.4) (3) Purchases and issuances 37.4 9.2 — 0.2 147.4 0.4 Sales and settlements (1.9) (11.5) (3.5) (4.8) (6.9) — Dispositions of properties (0.2) — — — — — Foreign currency exchange gains / (losses) — (0.1) — — 16.7 — Level 3 ending balance at June 30, 2024 and 2023 $ 54.5 $ 131.3 $ 54.3 $ 59.5 $ 462.4 $ — (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 June 30, 2024 June 30, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance March 31, 2024 and 2023 $ 56.1 $ 20.2 $ 20.2 Realized losses (1) — — — Purchases and issuances 0.4 — — Sales and settlements (2.2) — — Other adjustments — — — Level 3 ending balance at June 30, 2024 and 2023 $ 54.3 $ 20.2 $ 20.2 (1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations. Six Months Ended June 30, 2024 June 30, 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 0.4 — — Sales and settlements (3.5) — — Other adjustments — — — Level 3 ending balance at June 30, 2024 and 2023 $ 54.3 $ 20.2 $ 20.2 (1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations. Fair Value Measurements on a Nonrecurring Basis During the three months ended June 30, 2024, we recognized asset impairment charges of $10.8 million within the MH segment to reduce the carrying value of two development properties to an aggregate fair value of $36.1 million, driven by our contemplated change in strategic plan for these properties. The fair value measurement was determined using an income approach and Level 3 inputs based on a probability weighted holding period and estimated sale price for the assets. Refer to Note 20, "Subsequent Events," for additional activity related to the two properties subsequent to June 30, 2024. 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 June 30, 2024. As such, our estimates of fair value could differ significantly from the actual carrying value. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 $56.6 million related to Hurricane Ian were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of June 30, 2024. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions): Six Months Ended Total estimated insurance receivable - December 31, 2023 $ 56.7 Change in estimated property insurance recoveries 6.8 Proceeds received from insurer (6.9) Total estimated insurance receivable - June 30, 2024 $ 56.6 Changes in estimated property insurance recoveries related to Hurricane Ian during the six months ended June 30, 2024 were primarily the result of $6.8 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 six months ended June 30, 2024 we recognized $5.2 million, net of deductibles, for lost earnings from the hurricane event covering the period from September 1, 2023 through January 31, 2024. The business interruption proceeds were recorded within Brokerage commissions and other, net in our Consolidated Statements of Operations. 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 six months ended June 30, 2024, we recognized incremental charges of $10.6 million related to the impacted property, comprised of $3.1 million for impaired assets and $7.5 million for debris removal, cleanup and repairs. We received $2.4 million in insurance proceeds during the six months ended June 30, 2024 related to the flood event. The charges and related proceeds 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding six months ended June 30, 2024) $ 4.4 $ 7.2 $ 11.6 2025 0.5 14.3 14.8 2026 0.5 13.0 13.5 2027 0.5 11.0 11.5 2028 0.5 10.2 10.7 Thereafter 20.7 245.9 266.6 Total Lease Payments $ 27.1 $ 301.6 $ 328.7 Less: Imputed interest (13.0) (137.8) (150.8) Present Value of Lease Liabilities $ 14.1 $ 163.8 $ 177.9 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description June 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.2 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 182.6 $ 176.0 Below market operating leases, net Other assets, net $ 92.7 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.8 $ 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.6 $ 1.4 $ 1.3 Interest on lease liabilities Interest expense 0.2 0.1 0.4 0.3 Operating lease cost General and administrative expense, Property operating and maintenance, 3.9 2.3 8.3 6.9 Variable lease cost Property operating and maintenance 2.2 1.1 4.2 2.7 Total Lease Cost $ 7.0 $ 4.1 $ 14.3 $ 11.2 Lease term, discount rates and additional information for finance and operating leases are as follows: As of June 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.59 27.71 Weighted-average Discount Rate Finance lease 3.59 % 3.59 % Operating lease 3.82 % 3.82 % Six Months Ended June 30, 2024 June 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 5.9 $ 6.6 Financing cash outflows for finance leases 0.4 0.5 Total Cash Paid on Lease Liabilities $ 6.3 $ 7.1 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of June 30, 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 June 30, 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 June 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the six months ended June 30, 2024) $ 12.2 2025 18.8 2026 13.4 2027 9.4 2028 8.1 Thereafter 84.8 Total Undiscounted Cash Flows $ 146.7 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.1 $ 5.3 $ 16.8 $ 13.2 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 4.5 $ 0.8 $ 7.9 $ 2.3 (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 $357.0 million and $359.7 million as of June 30, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2024 (in millions): Maturity of Financial Liability June 30, 2024 2024 (excluding six months ended June 30, 2024) $ 5.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,744.0 Total Payments $ 1,797.6 Less: Imputed interest (1,440.6) Present Value of Financial Liability $ 357.0 |
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 June 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding six months ended June 30, 2024) $ 4.4 $ 7.2 $ 11.6 2025 0.5 14.3 14.8 2026 0.5 13.0 13.5 2027 0.5 11.0 11.5 2028 0.5 10.2 10.7 Thereafter 20.7 245.9 266.6 Total Lease Payments $ 27.1 $ 301.6 $ 328.7 Less: Imputed interest (13.0) (137.8) (150.8) Present Value of Lease Liabilities $ 14.1 $ 163.8 $ 177.9 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description June 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.2 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 182.6 $ 176.0 Below market operating leases, net Other assets, net $ 92.7 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.8 $ 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.6 $ 1.4 $ 1.3 Interest on lease liabilities Interest expense 0.2 0.1 0.4 0.3 Operating lease cost General and administrative expense, Property operating and maintenance, 3.9 2.3 8.3 6.9 Variable lease cost Property operating and maintenance 2.2 1.1 4.2 2.7 Total Lease Cost $ 7.0 $ 4.1 $ 14.3 $ 11.2 Lease term, discount rates and additional information for finance and operating leases are as follows: As of June 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.59 27.71 Weighted-average Discount Rate Finance lease 3.59 % 3.59 % Operating lease 3.82 % 3.82 % Six Months Ended June 30, 2024 June 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 5.9 $ 6.6 Financing cash outflows for finance leases 0.4 0.5 Total Cash Paid on Lease Liabilities $ 6.3 $ 7.1 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of June 30, 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 June 30, 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 June 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the six months ended June 30, 2024) $ 12.2 2025 18.8 2026 13.4 2027 9.4 2028 8.1 Thereafter 84.8 Total Undiscounted Cash Flows $ 146.7 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.1 $ 5.3 $ 16.8 $ 13.2 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 4.5 $ 0.8 $ 7.9 $ 2.3 (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 $357.0 million and $359.7 million as of June 30, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2024 (in millions): Maturity of Financial Liability June 30, 2024 2024 (excluding six months ended June 30, 2024) $ 5.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,744.0 Total Payments $ 1,797.6 Less: Imputed interest (1,440.6) Present Value of Financial Liability $ 357.0 |
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 June 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding six months ended June 30, 2024) $ 4.4 $ 7.2 $ 11.6 2025 0.5 14.3 14.8 2026 0.5 13.0 13.5 2027 0.5 11.0 11.5 2028 0.5 10.2 10.7 Thereafter 20.7 245.9 266.6 Total Lease Payments $ 27.1 $ 301.6 $ 328.7 Less: Imputed interest (13.0) (137.8) (150.8) Present Value of Lease Liabilities $ 14.1 $ 163.8 $ 177.9 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description June 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.2 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 182.6 $ 176.0 Below market operating leases, net Other assets, net $ 92.7 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.8 $ 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.6 $ 1.4 $ 1.3 Interest on lease liabilities Interest expense 0.2 0.1 0.4 0.3 Operating lease cost General and administrative expense, Property operating and maintenance, 3.9 2.3 8.3 6.9 Variable lease cost Property operating and maintenance 2.2 1.1 4.2 2.7 Total Lease Cost $ 7.0 $ 4.1 $ 14.3 $ 11.2 Lease term, discount rates and additional information for finance and operating leases are as follows: As of June 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.59 27.71 Weighted-average Discount Rate Finance lease 3.59 % 3.59 % Operating lease 3.82 % 3.82 % Six Months Ended June 30, 2024 June 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 5.9 $ 6.6 Financing cash outflows for finance leases 0.4 0.5 Total Cash Paid on Lease Liabilities $ 6.3 $ 7.1 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of June 30, 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 June 30, 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 June 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the six months ended June 30, 2024) $ 12.2 2025 18.8 2026 13.4 2027 9.4 2028 8.1 Thereafter 84.8 Total Undiscounted Cash Flows $ 146.7 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.1 $ 5.3 $ 16.8 $ 13.2 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 4.5 $ 0.8 $ 7.9 $ 2.3 (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 $357.0 million and $359.7 million as of June 30, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2024 (in millions): Maturity of Financial Liability June 30, 2024 2024 (excluding six months ended June 30, 2024) $ 5.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,744.0 Total Payments $ 1,797.6 Less: Imputed interest (1,440.6) Present Value of Financial Liability $ 357.0 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 19. Recent Accounting Pronouncements 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 | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events Dispositions In July 2024, we sold six MH properties located in Illinois, Indiana, Iowa, Minnesota, Tennessee and Wisconsin with an aggregate of 2,087 developed sites for a gross sale price of $224.6 million. We received cash consideration of $150.7 million, net of settlement of the associated mortgage debt of $62.3 million and other closing adjustments. In July 2024, we sold one MH property located in Florida with 361 total developed sites for a gross sale price of $38.0 million. We received cash consideration of $20.3 million, net of settlement of the associated mortgage debt of $16.7 million and other closing adjustments. Real Estate Held for Sale In July 2024, we entered into a purchase and sale agreement to sell two development properties within the MH segment and received a non-refundable deposit from the counterparty. Accordingly, the sale is considered probable and the two properties were reclassified to held for sale in July 2024. Derivatives In July 2024, we entered into an interest rate swap contract with a notional amount of $25.0 million to hedge a future debt offering. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | 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. |
Segment Reporting, Policy | 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, shareholders' equity or cash flows for any of the reclassifications. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 June 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 239.7 $ 148.2 $ 118.8 $ 44.7 $ 551.4 $ 224.3 $ 148.2 $ 111.7 $ 41.8 $ 526.0 Home sales 49.2 9.1 — 49.2 107.5 48.8 13.5 — 60.3 122.6 Service, retail, dining and entertainment 1.9 24.7 148.0 14.0 188.6 2.0 26.0 149.3 13.7 191.0 Interest 3.4 1.5 0.2 0.2 5.3 12.7 1.1 0.2 — 14.0 Brokerage commissions and other, net 5.9 3.4 0.8 1.1 11.2 3.0 4.4 1.1 1.3 9.8 Total Revenues $ 300.1 $ 186.9 $ 267.8 $ 109.2 $ 864.0 $ 290.8 $ 193.2 $ 262.3 $ 117.1 $ 863.4 (1) Recast to reflect segment changes. Six Months Ended June 30, 2024 June 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 477.7 $ 252.7 $ 215.2 $ 82.7 $ 1,028.3 $ 448.3 $ 247.8 $ 200.8 $ 70.7 $ 967.6 Home sales 76.4 14.6 — 85.4 176.4 89.6 19.9 — 99.4 208.9 Service, retail, dining and entertainment 4.5 31.1 252.6 18.3 306.5 4.5 31.9 240.4 16.6 293.4 Interest 6.5 2.9 0.2 0.3 9.9 23.0 2.0 0.4 — 25.4 Brokerage commissions and other, net 6.9 4.1 1.8 1.4 14.2 6.8 9.0 2.1 1.4 19.3 Total Revenues $ 572.0 $ 305.4 $ 469.8 $ 188.1 $ 1,535.3 $ 572.2 $ 310.6 $ 443.7 $ 188.1 $ 1,514.6 |
Real Estate Acquisitions and _2
Real Estate Acquisitions and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | For the six months ended June 30, 2024, we acquired the following properties: Property Name Type Sites, Wet Slips and State, Province or Country Month Acquired Port Milford Marina 92 CT April Oak Leaf (1) Marina 89 CT April Berth One Palm Beach (1) Marina 4 FL April Total 185 (1) Combined with an existing property. |
Schedule of Purchase Price Allocation | The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the six months ended June 30, 2024 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Goodwill and other intangible assets Other assets, net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition Port Milford (2) $ 3.9 $ — $ 0.1 $ (0.4) $ 3.6 $ 1.1 $ 2.5 $ 3.6 Berth One Palm Beach (3) 2.9 — 0.1 0.2 3.2 3.2 — 3.2 Business Combination Oak Leaf (3)(4) 5.1 0.1 — — 5.2 5.2 — 5.2 Total $ 11.9 $ 0.1 $ 0.2 $ (0.2) $ 12.0 $ 9.5 $ 2.5 $ 12.0 (1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) In conjunction with this acquisition, we issued 19,326 common OP units valued at $2.5 million. (3) Combined with an existing property. (4) The purchase price allocation is preliminary as of June 30, 2024, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. |
Summary of Real Estate Dispositions | The following real estate dispositions occurred during the six months ended June 30, 2024: Property Name Property Type Number of Properties Sites, Wet Slips, State, Province or Country Month Disposed Net Cash Proceeds Gain on Disposition (1) Spanish Trails and Sundance MH 2 533 AZ & FL February $ 51.7 $ 6.2 Littondale MH 1 114 UK May $ 5.4 $ 2.2 (1) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. |
Notes And Other Receivables (Ta
Notes And Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2024 December 31, 2023 Installment notes receivable on manufactured homes, net $ 54.5 $ 19.6 Notes receivable from real estate developers and operators 131.3 134.5 Other receivables, net 231.6 267.5 Total Notes and Other Receivables, net $ 417.4 $ 421.6 |
Schedule Of Other Receivables | Other receivables, net were comprised of amounts due from the following categories (in millions): June 30, 2024 December 31, 2023 Insurance receivables $ 72.7 $ 77.8 Home sale proceeds 65.1 28.2 Marina customers for storage, service and lease payments, net (1) 49.9 46.8 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (2) 12.0 65.9 Other receivables 31.9 48.8 Total Other Receivables, net $ 231.6 $ 267.5 (1) Net of allowance of $3.1 million and $2.9 million as of June 30, 2024 and December 31, 2023, respectively. (2) Net of allowance of $4.8 million as of June 30, 2024 and December 31, 2023, respectively. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill during the six months ended June 30, 2024 by reportable segment were as follows (in millions): RV Marina UK Total Balance as of December 31, 2023 (1) $ 9.5 $ 541.5 $ 182.0 $ 733.0 Currency translation adjustments — — (1.3) (1.3) Balance as of June 30, 2024 $ 9.5 $ 541.5 $ 180.7 $ 731.7 Accumulated impairment losses as of June 30, 2024 (2) $ — $ — $ 369.9 $ 369.9 (1) Recast to reflect segment changes. (2) During the six months ended June 30, 2024, we performed a qualitative assessment of our goodwill balance in accordance with ASC 350-20, " Goodwill and Other ." We reviewed relevant events and circumstances and 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 six months ended June 30, 2024. For the three and six months ended June 30, 2023, we recorded aggregate non-cash impairment charges of $309.7 million and $325.1 million, respectively, 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 increases in interest rates, 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): June 30, 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 $ 166.3 $ (149.4) $ 166.0 $ (146.2) Non-competition agreements 5 years 10.5 (7.2) 10.5 (6.2) Trademarks and trade names 3 - 15 years 84.8 (15.1) 85.3 (12.3) Customer relationships 4 - 17 years 131.6 (43.7) 131.6 (37.3) Franchise agreements and other intangible assets 1 - 27 years 48.3 (15.9) 48.4 (14.3) Total finite-lived assets $ 441.5 $ (231.3) $ 441.8 $ (216.3) Indefinite-lived assets - Trademarks, trade names and other N/A 144.0 — 144.0 — Total indefinite-lived assets $ 144.0 $ — $ 144.0 $ — Total $ 585.5 $ (231.3) $ 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 Six Months Ended Other Intangible Asset Amortization Expense June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 In-place leases $ 1.8 $ 3.2 $ 3.7 $ 6.8 Non-competition agreements 0.6 0.6 1.1 1.1 Trademarks and trade names 1.4 1.6 2.8 3.1 Customer relationships 3.2 3.1 6.4 6.3 Franchise fees and other intangible assets 0.6 0.8 1.3 1.7 Total $ 7.6 $ 9.3 $ 15.3 $ 19.0 |
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 $ 3.4 $ 6.1 $ 3.9 $ 2.3 $ 0.9 Non-competition agreements 1.1 2.1 0.1 — — Trademarks and trade names 3.0 5.7 5.7 5.4 5.4 Customer relationships 6.3 12.7 12.3 12.2 12.1 Franchise agreements and other intangible assets 1.5 3.0 2.7 2.5 2.5 Total $ 15.3 $ 29.6 $ 24.7 $ 22.4 $ 20.9 |
Investment in Nonconsolidated_2
Investment in Nonconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 Investment in Sungenia JV $ 64.3 $ 56.8 Investment in GTSC 55.4 60.4 Investment in SV Lift 1.4 1.7 Total $ 121.1 $ 118.9 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Six Months Ended Income / (Loss) from Nonconsolidated Affiliates June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 RezPlot Systems LLC equity loss (1) $ — $ (0.8) $ — $ (2.3) Sungenia JV equity income 2.3 — 3.2 0.6 GTSC equity income 0.9 0.6 1.8 1.6 SV Lift equity loss (0.2) (0.5) (0.6) (0.8) Total Income / (Loss) from Nonconsolidated Affiliates $ 3.0 $ (0.7) $ 4.4 $ (0.9) (1) Represents an RV reservation software technology company, operating under the Campspot brand, which we invested into 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): Six Months Ended Year Ended June 30, 2024 December 31, 2023 Beginning balance $ 56.8 $ 44.5 Cumulative translation adjustment 0.4 (0.5) Contributions 3.9 9.6 Equity earnings 3.2 3.2 Ending Balance $ 64.3 $ 56.8 The change in the GTSC investment balance is as follows (in millions): Six Months Ended Year Ended June 30, 2024 December 31, 2023 Beginning balance $ 60.4 $ 54.5 Contributions 1.4 27.5 Distributions (13.5) (20.7) Equity earnings 1.8 3.3 Fair value adjustment 5.3 (4.2) Ending Balance $ 55.4 $ 60.4 |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2024 December 31, 2023 Assets Investment property, net $ 127.6 $ 132.3 Cash, cash equivalents and restricted cash 5.0 2.9 Other intangible assets, net 0.1 0.1 Other assets, net 0.7 0.4 Total Assets $ 133.4 $ 135.7 Liabilities and Other Equity Secured debt $ 3.2 $ 3.2 Advanced reservation deposits and rent 1.6 0.4 Accrued expenses and accounts payable 0.4 24.1 Total Liabilities 5.2 27.7 Temporary equity 10.9 10.7 Noncontrolling interests 0.7 — Total Liabilities and Other Equity $ 16.8 $ 38.4 |
Schedule of Variable Interest Entities, Ownership Percentages | The table below shows their respective ownership percentages as of June 30, 2024, representing the common equity interests: Sun NG LLC Third Party Interest Sun NG Cisco Grove RV LLC 95.4 % 4.6 % Sun NG Coyote Ranch RV LLC 96.1 % 3.9 % Sun NG Kittatinny RV LLC 96.0 % 4.0 % Sun NG River Beach RV LLC 96.1 % 3.9 % Sun NG Beaver Brook RV LLC 98.6 % 1.4 % |
Debt and Line of Credit (Tables
Debt and Line of Credit (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Secured Debt Mortgage loans payable (1) $ 3,452.0 $ 3,478.9 8.7 9.2 3.995 % 3.994 % Secured borrowings on collateralized receivables (2) 54.3 55.8 13.7 14.2 8.592 % 8.556 % Total Secured Debt $ 3,506.3 $ 3,534.7 Unsecured Debt Senior unsecured notes (3) 2,674.6 2,177.5 6.5 7.5 3.778 % 3.375 % Line of credit and other debt (4) 1,671.9 2,065.1 1.8 1.7 5.195 % 5.428 % Total Unsecured Debt 4,346.5 4,242.6 Total Debt $ 7,852.8 $ 7,777.3 6.5 6.8 4.208 % 4.234 % (1) Balances at June 30, 2024 and December 31, 2023 include zero net debt premiums, as of each such date, and $15.6 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at June 30, 2024 and December 31, 2023 include fair value adjustments of $3.5 million and $1.9 million, respectively. (3) Balances at June 30, 2024 and December 31, 2023 include $6.7 million and $6.5 million of net debt discount, respectively, and $18.6 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at June 30, 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 six months ended June 30, 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 Three months ended March 31, 2023 $ 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 and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest capitalized $ 2.2 $ 2.6 $ 4.9 $ 5.1 |
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 June 30, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 495.8 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 395.9 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.8 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.1 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 743.0 742.4 Total $ 2,700.0 $ 2,674.6 $ 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 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2024 June 30, 2024 December 31, 2023 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time $ 47.4 $ 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 8.6 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 55.1 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 95.3 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 June 30, 2024 December 31, 2023 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities $ 5.6 $ 5.1 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.5 2.3 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 2.6 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. 0.2 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 | Month Common OP Units Issued Fair Value at Issuance (in millions) Related Acquisition April 2024 19,326 $ 2.5 Port Milford 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): June 30, 2024 December 31, 2023 Net foreign currency translation losses $ (37.1) $ (29.5) Accumulated net gains on derivatives 43.1 41.7 Accumulated other comprehensive income $ 6.0 $ 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 units and statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption Redemption Period Carrying Amount June 30, 2024 June 30, 2024 December 31, 2023 Common OP units 2,689,978 1.0000 Same distribution rate for common stock N/A N/A $ 43.8 $ 46.5 Series A-1 preferred OP units 191,812 2.4390 6.0 % N/A N/A 10.4 11.5 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.3 2.4 Series C preferred OP units 296,745 1.1100 5.0 % N/A N/A 20.1 21.4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.2 6.4 Series L preferred OP units 20,000 0.6250 3.5 % N/A N/A 2.0 2.0 Total 3,318,803 $ 84.8 $ 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 June 30, 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 68,783 68,783 3,612 3,612 Series A-1 preferred OP units 2.4390 10,332 25,195 91 221 Series C preferred OP units 1.1100 9,103 10,104 65 72 Series G preferred OP units 0.6452 4,898 3,160 18,500 11,934 Series H preferred OP units 0.6098 9 5 40 24 Series J preferred OP units 0.6061 — — 2,000 1,212 (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. |
Schedule of Distributions Declared | Distributions declared for the six months ended June 30, 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 June 30, 2024 6/28/2024 7/15/2024 $ 0.94 $ 119.7 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Shares Granted | During the six months ended June 30, 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 220,558 $ 137.15 (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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Share-based compensation - expensed (1) $ 10.1 $ 9.9 $ 20.2 $ 19.5 (1) Recorded within General and administrative expense on the Consolidated Income Statements. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | A presentation of segment financial information is summarized as follows (in millions): Three Months Ended June 30, 2024 June 30, 2023 As Restated MH RV Marina UK Consolidated MH RV Marina UK Consolidated Operating revenues $ 290.8 $ 182.0 $ 266.8 $ 107.9 $ 847.5 $ 275.1 $ 187.7 $ 261.0 $ 115.8 $ 839.6 Operating expenses / Cost of sales 119.6 96.9 174.8 71.5 462.8 111.8 98.6 172.9 77.7 461.0 NOI $ 171.2 $ 85.1 $ 92.0 $ 36.4 $ 384.7 $ 163.3 $ 89.1 $ 88.1 $ 38.1 $ 378.6 Adjustments to arrive at net income Interest income 5.3 14.0 Brokerage commissions and other revenues, net 11.2 9.8 General and administrative expense (65.3) (62.7) Catastrophic event-related charges, net (2.3) 0.1 Business combination expense, net (0.2) (0.2) Depreciation and amortization (172.8) (164.1) Asset impairments (11.6) (6.5) Goodwill impairment — (309.7) Interest expense (89.8) (79.2) Interest on mandatorily redeemable preferred OP units / equity — (0.9) Gain on remeasurement of marketable securities — 5.8 Gain / (loss) on foreign currency exchanges (2.8) 2.7 Gain / (loss) on dispositions of properties 2.5 (0.6) Other expense, net (1.6) (0.8) Loss on remeasurement of notes receivable (0.4) (0.1) Income / (loss) from nonconsolidated affiliates (see Note 7) 3.0 (0.7) Gain on remeasurement of investment in nonconsolidated affiliates 0.1 — Current tax expense (5.3) (5.4) Deferred tax benefit 3.7 7.7 Net Income / (Loss) 58.4 (212.2) Less: Preferred return to preferred OP units / equity interests 3.2 3.2 Less: Income / (loss) attributable to noncontrolling interests 3.1 (7.8) Net income / (Loss) Attributable to SUI Common Shareholders $ 52.1 $ (207.6) Six Months Ended June 30, 2024 June 30, 2023 As Restated MH RV Marina UK Consolidated MH RV Marina UK Consolidated Operating revenues $ 558.6 $ 298.4 $ 467.8 $ 186.4 $ 1,511.2 $ 542.4 $ 299.6 $ 441.2 $ 186.7 $ 1,469.9 Operating expenses / Cost of sales 220.0 161.0 314.1 126.5 821.6 218.9 165.1 294.2 132.5 810.7 Net Operating Income / Gross Profit $ 338.6 $ 137.4 $ 153.7 $ 59.9 $ 689.6 $ 323.5 $ 134.5 $ 147.0 $ 54.2 $ 659.2 Adjustments to arrive at net income Interest income 9.9 25.4 Brokerage commissions and other revenues, net 14.2 19.3 General and administrative expense (143.8) (126.8) Catastrophic event-related charges, net (9.5) (0.9) Business combination expense, net (0.2) (3.0) Depreciation and amortization (338.1) (319.7) Asset impairments (32.3) (8.9) Goodwill impairment — (325.1) Loss on extinguishment of debt (see Note 9) (0.6) — Interest expense (179.5) (155.8) Interest on mandatorily redeemable preferred OP units / equity — (1.9) Loss on remeasurement of marketable securities — (14.1) Loss on foreign currency exchanges (1.7) — Gain / (loss) on dispositions of properties 7.9 (2.2) Other income / (expense), net 6.4 (1.8) Loss on remeasurement of notes receivable (1.1) (1.8) Income / (loss) from nonconsolidated affiliates (see Note 7) 4.4 (0.9) Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 5.3 (4.5) Current tax expense (7.4) (9.3) Deferred tax benefit 9.4 12.3 Net Income / (Loss) 32.9 (260.5) Less: Preferred return to preferred OP units / equity interests 6.4 5.6 Less: Income / (loss) attributable to noncontrolling interests 1.8 (13.6) Net Income / (Loss) Attributable to Sun Communities, Inc. $ 24.7 $ (252.5) |
Schedule of Segment Assets | June 30, 2024 December 31, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Identifiable Assets Investment property, net $ 5,244.4 $ 3,694.0 $ 3,276.3 $ 2,250.0 $ 14,464.7 $ 5,317.4 $ 3,718.8 $ 3,214.5 $ 2,192.9 $ 14,443.6 Cash, cash equivalents and restricted cash 53.2 28.3 7.0 15.7 104.2 20.1 11.8 6.4 4.4 42.7 Inventory of manufactured homes 94.0 22.6 — 65.7 182.3 103.1 24.3 — 78.2 205.6 Notes and other receivables, net 214.4 128.4 57.1 17.5 417.4 159.1 119.7 54.3 88.5 421.6 Collateralized receivables, net 54.3 — — — 54.3 56.2 — — — 56.2 Goodwill — 9.5 541.5 180.7 731.7 — 9.5 541.5 182.0 733.0 Other intangible assets, net 11.9 27.6 244.4 70.3 354.2 14.3 29.0 252.2 74.0 369.5 Other assets, net 219.8 43.3 273.7 165.5 702.3 271.0 47.6 240.7 109.2 668.5 Total Assets $ 5,892.0 $ 3,953.7 $ 4,400.0 $ 2,765.4 $ 17,011.1 $ 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) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator As Restated As Restated Net income / (loss) attributable to SUI common shareholders $ 52.1 $ (207.6) $ 24.7 $ (252.5) Less: allocation to restricted stock awards 0.3 (1.7) 0.1 (1.9) Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards 51.8 (205.9) 24.6 (250.6) Add: allocation to common and preferred OP units dilutive effect — (4.1) 0.4 (5.0) Add: allocation to restricted stock awards — (1.7) — (1.9) Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units (1) $ 51.8 $ (211.7) $ 25.0 $ (257.5) Denominator Weighted average common shares outstanding 123.7 123.4 123.7 123.4 Add: dilutive restricted stock — 0.2 — 0.4 Add: common and preferred OP units dilutive effect — 2.5 2.7 2.4 Diluted weighted average common shares and securities (1) 123.7 126.1 126.4 126.2 EPS Available to Common Shareholders After Allocation Basic earnings / (loss) per share $ 0.42 $ (1.67) $ 0.20 $ (2.03) Diluted earnings / (loss) per share (1) $ 0.42 $ (1.68) $ 0.20 $ (2.04) (1) For the three and six months ended June 30, 2024, diluted earnings per share was calculated using the two-class method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods. For the three and six months ended June 30, 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 June 30, 2024 and 2023 (in thousands): As of June 30, 2024 June 30, 2023 Common OP units 2,690 (1) — A-1 preferred OP units 192 208 A-3 preferred OP units 40 40 Aspen preferred OP units (2) N/A 989 Series C preferred OP units 297 306 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 206 222 Series H preferred OP units 581 581 Series J preferred OP units 238 238 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 5,923 4,243 N/A = Not applicable. (1) For the three months ended June 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023. |
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 June 30, 2024 and 2023 (in thousands): As of June 30, 2024 June 30, 2023 Common OP units 2,690 (1) — A-1 preferred OP units 192 208 A-3 preferred OP units 40 40 Aspen preferred OP units (2) N/A 989 Series C preferred OP units 297 306 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 206 222 Series H preferred OP units 581 581 Series J preferred OP units 238 238 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 5,923 4,243 N/A = Not applicable. (1) For the three months ended June 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instrument Activity | During the six months ended June 30, 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 Three months ended June 30, 2024 3 Interest Rate Swap USD $ 100.0 SOFR Future Debt Offering Three months ended March 31, 2024 1 Interest Rate Swap USD 25.0 SOFR Future Debt Offering Total 4 $ 125.0 Three months ended March 31, 2023 1 Interest Rate Swap GBP (1) $ 127.3 SONIA Term Loan Senior Credit Facility Three months ended March 31, 2023 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 six months ended June 30, 2024 and 2023, we terminated the following derivative contracts (amounts in millions): Period Type Currency Notional Amount Cash Settlement Three months ended March 31, 2024 Forward Swap USD $ 255.0 $ (2.3) (1) Three months ended 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 include two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the issuance of $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033. |
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): June 30, 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 $ 907.2 $ 10.7 $ 0.5 $ 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 on derivatives in cash flow hedging relationships recognized in OCI (in millions): Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedges June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest rate derivatives $ 2.6 $ 19.0 $ 11.4 $ 10.4 The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions): Derivatives Designated as Cash Flow Hedges Financial Statement Classification Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest rate derivatives Interest expense $ 5.0 $ 3.2 $ 9.9 $ 5.5 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024. The table presents the carrying values and fair values of our financial instruments as of June 30, 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. June 30, 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 $ 104.2 $ 104.2 $ — $ — $ 104.2 Installment notes receivable on manufactured homes, net 54.5 — — 54.5 54.5 Notes receivable from real estate developers and operators 131.3 — — 131.3 131.3 Collateralized receivables, net 54.3 — — 54.3 54.3 Derivative assets 10.7 — 10.7 — 10.7 Total Assets Measured at Fair Value $ 355.0 $ 104.2 $ 10.7 $ 240.1 $ 355.0 Financial Liabilities Mortgage loan payable $ 3,452.0 $ — $ 3,082.5 $ — $ 3,082.5 Secured borrowings on collateralized receivables 54.3 — — 54.3 54.3 Total secured debt 3,506.3 — 3,082.5 54.3 3,136.8 Unsecured debt Senior unsecured notes 2,674.6 — 2,440.8 — 2,440.8 Line of credit and other unsecured debt 1,671.9 — 1,671.9 — 1,671.9 Total unsecured debt 4,346.5 — 4,112.7 — 4,112.7 Derivative liabilities 0.5 — 0.5 — 0.5 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total Liabilities Measured at Fair Value $ 7,873.5 $ — $ 7,195.7 $ 74.5 $ 7,270.2 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 |
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 and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended June 30, 2024 June 30, 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 March 31, 2024 and 2023 $ 38.3 $ 127.7 $ 56.5 $ 62.2 $ 435.0 $ — Realized losses (0.4) (1) — — (0.1) (1) — — Purchases and issuances 18.0 4.2 — 0.1 23.1 — Sales and settlements (1.2) (0.6) (2.2) (2.7) (3.9) — Dispositions of properties (0.2) — — — — — Foreign currency exchange gain — — — — 8.2 — Level 3 ending balance at June 30, 2024 and 2023 $ 54.5 $ 131.3 $ 54.3 $ 59.5 $ 462.4 $ — (1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. Six Months Ended June 30, 2024 June 30, 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) (0.4) (1) (0.8) (1) 1.6 (2) (1.8) (1) — (0.4) (3) Purchases and issuances 37.4 9.2 — 0.2 147.4 0.4 Sales and settlements (1.9) (11.5) (3.5) (4.8) (6.9) — Dispositions of properties (0.2) — — — — — Foreign currency exchange gains / (losses) — (0.1) — — 16.7 — Level 3 ending balance at June 30, 2024 and 2023 $ 54.5 $ 131.3 $ 54.3 $ 59.5 $ 462.4 $ — (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 June 30, 2024 June 30, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance March 31, 2024 and 2023 $ 56.1 $ 20.2 $ 20.2 Realized losses (1) — — — Purchases and issuances 0.4 — — Sales and settlements (2.2) — — Other adjustments — — — Level 3 ending balance at June 30, 2024 and 2023 $ 54.3 $ 20.2 $ 20.2 (1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations. Six Months Ended June 30, 2024 June 30, 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 0.4 — — Sales and settlements (3.5) — — Other adjustments — — — Level 3 ending balance at June 30, 2024 and 2023 $ 54.3 $ 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) | 6 Months Ended |
Jun. 30, 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): Six Months Ended Total estimated insurance receivable - December 31, 2023 $ 56.7 Change in estimated property insurance recoveries 6.8 Proceeds received from insurer (6.9) Total estimated insurance receivable - June 30, 2024 $ 56.6 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Future Minimum Operating Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding six months ended June 30, 2024) $ 4.4 $ 7.2 $ 11.6 2025 0.5 14.3 14.8 2026 0.5 13.0 13.5 2027 0.5 11.0 11.5 2028 0.5 10.2 10.7 Thereafter 20.7 245.9 266.6 Total Lease Payments $ 27.1 $ 301.6 $ 328.7 Less: Imputed interest (13.0) (137.8) (150.8) Present Value of Lease Liabilities $ 14.1 $ 163.8 $ 177.9 |
Schedule of Future Minimum Finance Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding six months ended June 30, 2024) $ 4.4 $ 7.2 $ 11.6 2025 0.5 14.3 14.8 2026 0.5 13.0 13.5 2027 0.5 11.0 11.5 2028 0.5 10.2 10.7 Thereafter 20.7 245.9 266.6 Total Lease Payments $ 27.1 $ 301.6 $ 328.7 Less: Imputed interest (13.0) (137.8) (150.8) Present Value of Lease Liabilities $ 14.1 $ 163.8 $ 177.9 Maturity of Financial Liability June 30, 2024 2024 (excluding six months ended June 30, 2024) $ 5.6 2025 11.9 2026 12.0 2027 12.1 2028 12.0 Thereafter 1,744.0 Total Payments $ 1,797.6 Less: Imputed interest (1,440.6) Present Value of Financial Liability $ 357.0 |
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 June 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 31.2 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 182.6 $ 176.0 Below market operating leases, net Other assets, net $ 92.7 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 14.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.8 $ 159.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of June 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 36.86 36.63 Operating lease 34.59 27.71 Weighted-average Discount Rate Finance lease 3.59 % 3.59 % Operating lease 3.82 % 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.6 $ 1.4 $ 1.3 Interest on lease liabilities Interest expense 0.2 0.1 0.4 0.3 Operating lease cost General and administrative expense, Property operating and maintenance, 3.9 2.3 8.3 6.9 Variable lease cost Property operating and maintenance 2.2 1.1 4.2 2.7 Total Lease Cost $ 7.0 $ 4.1 $ 14.3 $ 11.2 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 Six Months Ended Description Financial Statement Classification June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 8.1 $ 5.3 $ 16.8 $ 13.2 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 4.5 $ 0.8 $ 7.9 $ 2.3 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. |
Schedule of Lease Terms | Six Months Ended June 30, 2024 June 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 5.9 $ 6.6 Financing cash outflows for finance leases 0.4 0.5 Total Cash Paid on Lease Liabilities $ 6.3 $ 7.1 |
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 June 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the six months ended June 30, 2024) $ 12.2 2025 18.8 2026 13.4 2027 9.4 2028 8.1 Thereafter 84.8 Total Undiscounted Cash Flows $ 146.7 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) segement | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) segement | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Goodwill | $ 731.7 | $ 731.7 | $ 733 | |||
Goodwill impairment (see Note 6) | $ 0 | $ 309.7 | $ 0 | $ 325.1 | ||
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) | $ 309.7 | $ 15.4 | $ 325.1 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Fixed lease income | $ 551.4 | $ 526 | $ 1,028.3 | $ 967.6 |
Home sales | 107.5 | 122.6 | 176.4 | 208.9 |
Service, retail, dining and entertainment | 188.6 | 191 | 306.5 | 293.4 |
Interest | 5.3 | 14 | 9.9 | 25.4 |
Brokerage commissions and other, net | 11.2 | 9.8 | 14.2 | 19.3 |
Total Revenues | 864 | 863.4 | 1,535.3 | 1,514.6 |
MH | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed lease income | 239.7 | 224.3 | 477.7 | 448.3 |
Home sales | 49.2 | 48.8 | 76.4 | 89.6 |
Service, retail, dining and entertainment | 1.9 | 2 | 4.5 | 4.5 |
Interest | 3.4 | 12.7 | 6.5 | 23 |
Brokerage commissions and other, net | 5.9 | 3 | 6.9 | 6.8 |
Total Revenues | 300.1 | 290.8 | ||
RV | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed lease income | 148.2 | 148.2 | 252.7 | 247.8 |
Home sales | 9.1 | 13.5 | 14.6 | 19.9 |
Service, retail, dining and entertainment | 24.7 | 26 | 31.1 | 31.9 |
Interest | 1.5 | 1.1 | 2.9 | 2 |
Brokerage commissions and other, net | 3.4 | 4.4 | 4.1 | 9 |
Total Revenues | 186.9 | 193.2 | ||
Marinas | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed lease income | 118.8 | 111.7 | 215.2 | 200.8 |
Home sales | 0 | 0 | 0 | 0 |
Service, retail, dining and entertainment | 148 | 149.3 | 252.6 | 240.4 |
Interest | 0.2 | 0.2 | 0.2 | 0.4 |
Brokerage commissions and other, net | 0.8 | 1.1 | 1.8 | 2.1 |
Total Revenues | 267.8 | 262.3 | ||
UK Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Fixed lease income | 44.7 | 41.8 | 82.7 | 70.7 |
Home sales | 49.2 | 60.3 | 85.4 | 99.4 |
Service, retail, dining and entertainment | 14 | 13.7 | 18.3 | 16.6 |
Interest | 0.2 | 0 | 0.3 | 0 |
Brokerage commissions and other, net | 1.1 | 1.3 | 1.4 | 1.4 |
Total Revenues | $ 109.2 | $ 117.1 | 188.1 | 188.1 |
Marina | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 469.8 | 443.7 | ||
RV | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 305.4 | 310.6 | ||
MH | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 572 | $ 572.2 |
Real Estate Acquisitions and _3
Real Estate Acquisitions and Dispositions - Schedule of Business Acquisitions, by Acquisition (Details) | Jun. 30, 2024 site |
Business Acquisition [Line Items] | |
Number of Units in Real Estate Property | 185 |
Port Milford | |
Business Acquisition [Line Items] | |
Number of Units in Real Estate Property | 92 |
Oak Leaf | |
Business Acquisition [Line Items] | |
Number of Units in Real Estate Property | 89 |
Berth One Palm Beach | |
Business Acquisition [Line Items] | |
Number of Units in Real Estate Property | 4 |
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 | |||||
Apr. 30, 2024 | Mar. 31, 2024 | Jan. 31, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | |
Business Combination | ||||||||
Investment in property | $ 11.9 | $ 11.9 | ||||||
Inventory of manufactured homes, boat parts and retail related items | 0.1 | 0.1 | ||||||
Goodwill and other intangible assets | 0.2 | 0.2 | ||||||
Other assets, net | (0.2) | (0.2) | ||||||
Total identifiable assets acquired net of liabilities assumed | 12 | 12 | ||||||
Cash and escrow | 9.5 | |||||||
Temporary and permanent equity | 2.5 | |||||||
Total consideration | 12 | |||||||
Issuance of common stock and common OP units, net | 2.2 | $ 0.3 | $ (0.2) | $ 4.4 | ||||
Oak Leaf | ||||||||
Business Combination | ||||||||
Investment in property | 5.1 | 5.1 | ||||||
Inventory of manufactured homes, boat parts and retail related items | 0.1 | 0.1 | ||||||
Goodwill and other intangible assets | 0 | 0 | ||||||
Other assets, net | 0 | 0 | ||||||
Total identifiable assets acquired net of liabilities assumed | 5.2 | 5.2 | ||||||
Cash and escrow | 5.2 | |||||||
Temporary and permanent equity | 0 | |||||||
Total consideration | 5.2 | |||||||
Port Milford | ||||||||
Asset Acquisition | ||||||||
Investment in property | 3.9 | 3.9 | ||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | 0 | ||||||
Goodwill and other intangible assets | 0.1 | 0.1 | ||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | (0.4) | (0.4) | ||||||
Total identifiable assets acquired net of liabilities assumed | 3.6 | 3.6 | ||||||
Cash and escrow | 1.1 | |||||||
Temporary and permanent equity | 2.5 | |||||||
Total consideration | 3.6 | |||||||
Port Milford | Common OP units | ||||||||
Business Combination | ||||||||
Issuance of stock and units (in shares) | 19,326 | 19,326 | ||||||
Issuance of common stock and common OP units, net | $ 2.5 | $ 2.5 | ||||||
Berth One Palm Beach | ||||||||
Asset Acquisition | ||||||||
Investment in property | 2.9 | 2.9 | ||||||
Inventory of manufactured homes, boat parts and retail related items | 0 | 0 | ||||||
Goodwill and other intangible assets | 0.1 | 0.1 | ||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities) | 0.2 | 0.2 | ||||||
Total identifiable assets acquired net of liabilities assumed | $ 3.2 | 3.2 | ||||||
Cash and escrow | 3.2 | |||||||
Temporary and permanent equity | 0 | |||||||
Total consideration | $ 3.2 |
Real Estate Acquisitions and _5
Real Estate Acquisitions and Dispositions - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Aug. 31, 2023 USD ($) developmentSite | Feb. 28, 2023 USD ($) property Rate | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) lease developmentSite | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) developmentSite building shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) property | |
Business Acquisition [Line Items] | |||||||||
Business combinations | $ 200,000 | $ 200,000 | $ 200,000 | $ 3,000,000 | |||||
Number of ground leases entered into | lease | 1 | ||||||||
Number of wet slips and dry storage spaces leased | developmentSite | 8 | ||||||||
Issuance of common stock and common OP units, net | 2,200,000 | $ 300,000 | (200,000) | $ 4,400,000 | |||||
Asset impairments (see Note 16) | 11,600,000 | 6,500,000 | 32,300,000 | 8,900,000 | |||||
Gain / (loss) on dispositions of properties | $ 2,500,000 | (600,000) | 7,900,000 | (2,200,000) | |||||
Number of Properties Reacquired | property | 2 | ||||||||
Real Estate Reacquired, Gain (Loss) | $ 0 | ||||||||
UK Non-Operating Properties | Notes receivable from real estate developers and operators | |||||||||
Business Acquisition [Line Items] | |||||||||
Weighted average interest rate | Rate | 11.90% | ||||||||
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 | ||||||||
Proceeds related to disposition of properties | $ 6,800,000 | ||||||||
Assets held for sale | 6,800,000 | 6,800,000 | |||||||
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community | Asset Impairments | |||||||||
Business Acquisition [Line Items] | |||||||||
Asset impairments (see Note 16) | 6,300,000 | ||||||||
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 | 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, 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 | ||||||||
Marinas | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Buildings | $ 13,700,000 | ||||||||
UNITED STATES | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of land parcels acquired | developmentSite | 2 | ||||||||
Aggregate purchase price | $ 12,900,000 | ||||||||
Number Of Buildings Acquired | building | 2 | ||||||||
UNITED KINGDOM | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of land parcels acquired | developmentSite | 1 | ||||||||
Aggregate purchase price | $ 9,600,000 | ||||||||
Petosky | Common OP units | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of stock and units (in shares) | shares | 4,452 | ||||||||
Issuance of common stock and common OP units, net | $ 600,000 |
Real Estate Acquisitions and _6
Real Estate Acquisitions and Dispositions - Summary of Real Estate Dispositions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) developmentSite | Jun. 30, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on Disposition | $ 2.5 | $ (0.6) | $ 7.9 | $ (2.2) |
Spanish Trails MHC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on Disposition | 6.2 | |||
Littondale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on Disposition | $ 2.2 | |||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Spanish Trails MHC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Properties | developmentSite | 2 | |||
Sites, Wet Slips, Dry Storage Spaces and Development Sites | developmentSite | 533 | |||
Net Cash Proceeds | $ 51.7 | |||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Littondale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Properties | developmentSite | 1 | |||
Sites, Wet Slips, Dry Storage Spaces and Development Sites | developmentSite | 114 | |||
Net Cash Proceeds | $ 5.4 |
Notes and Other Receivables - S
Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Notes and Other Receivables, net | $ 417.4 | $ 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 | 231.6 | 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 | 417.4 | 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 | 54.5 | 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 | 131.3 | 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 | $ 131.3 | $ 123.7 |
Notes And Other Receivables - N
Notes And Other Receivables - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 realEstateAsset | Mar. 31, 2024 developmentSite | Mar. 31, 2024 manufacturer | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) manufacturer Rate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total Notes and Other Receivables, net | $ 417.4 | $ 417.4 | $ 421.6 | ||||||
Undrawn funds | 37.1 | 37.1 | |||||||
Gain / (loss) on dispositions of properties | (0.4) | $ (0.1) | (1.1) | $ (1.8) | |||||
Installment notes receivable on manufactured homes, net | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross installment notes receivable | 20.4 | ||||||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, fair value adjustment | 1.3 | 1.3 | 2.9 | ||||||
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 | 131.3 | 131.3 | $ 134.5 | ||||||
Secured Installment Notes Receivable on Manufactured Homes | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross installment notes receivable | 55.7 | $ 55.7 | |||||||
Weighted average interest rate | 6.50% | 6.90% | |||||||
Maturity | 18 years 6 months | 17 years 2 months 12 days | |||||||
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment | 54.5 | $ 54.5 | $ 19.6 | ||||||
Secured Installment Notes Receivable on Manufactured Homes | Fair Value, Recurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, fair value adjustment | 1.2 | 1.2 | 0.8 | ||||||
Notes Due From Other Real Estate Developers | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, fair value adjustment | 0 | $ 0 | $ 0 | ||||||
Weighted average interest rate | 9.30% | 9.20% | |||||||
Maturity | 2 years 4 months 24 days | 2 years 7 months 6 days | |||||||
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment | 131.3 | $ 131.3 | $ 123.7 | ||||||
Notes Due From Royale Holdings | UNITED KINGDOM | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Notes receivable, fair value adjustment | $ 103.5 | ||||||||
Weighted average interest rate | Rate | 12.50% | ||||||||
Proceeds from Sale of Notes Receivable | $ 7 | ||||||||
Proceeds from Sale of Notes Receivable, Gross of Fees | 10.7 | ||||||||
Gain / (loss) on dispositions of properties | $ 0.8 | ||||||||
Financing Receivable, before Allowance for Credit Loss | $ 114.3 | ||||||||
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 10.4 | ||||||||
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment | $ 10.8 | ||||||||
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 | $ 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 | 3 | ||||||
Real Estate Reacquired, Note Receivable Settlement, Value | $ 263.8 | ||||||||
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 | Jun. 30, 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 | $ 12 | $ 65.9 |
Insurance receivables | 72.7 | 77.8 |
Marina customers for storage, service and lease payments, net | 49.9 | 46.8 |
Other Receivables, Other | 31.9 | 48.8 |
Home sale proceeds | 65.1 | 28.2 |
Other receivables | 231.6 | 267.5 |
Total Notes and Other Receivables, net | 417.4 | 421.6 |
Allowance for rent, water, sewer usage receivables | 4.8 | 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 | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 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 | $ 54.3 | $ 54.3 | 56.2 | ||
Gross collateralized receivable | 59.1 | ||||
Secured borrowings on collateralized receivables | 54.3 | 54.3 | 55.8 | ||
Gross secured borrowings | 50.8 | 50.8 | 53.9 | ||
Secured borrowings, fair value adjustment | $ 3.5 | $ 3.5 | $ 1.9 | ||
Weighted Average Interest Rates | 4.208% | 4.208% | 4.234% | ||
Weighted Average Years to Maturity | 6 years 9 months 18 days | 6 years 6 months | |||
Collateralized Receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Weighted Average Years to Maturity | 14 years 2 months 12 days | 13 years 8 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 | $ 54.3 | $ 54.3 | |||
Gross collateralized receivable | 55.6 | 55.6 | |||
Collateralized Receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest income and expense, net | 1.2 | 2.4 | |||
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 | $ 1.3 | $ 2.9 | ||
Secured Borrowings | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Weighted Average Interest Rates | 8.592% | 8.592% | 8.556% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 733 | |||
Currency translation adjustments | (1.3) | |||
Goodwill, ending balance | $ 731.7 | 731.7 | ||
Accumulated impairment losses as of June 30, 2024(2) | 369.9 | 369.9 | ||
Goodwill impairment (see Note 6) | 0 | $ 309.7 | 0 | $ 325.1 |
MH | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 0 | |||
Goodwill, ending balance | 0 | 0 | ||
RV | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 9.5 | |||
Currency translation adjustments | 0 | |||
Goodwill, ending balance | 9.5 | 9.5 | ||
Accumulated impairment losses as of June 30, 2024(2) | 0 | 0 | ||
Marinas | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 541.5 | |||
Currency translation adjustments | 0 | |||
Goodwill, ending balance | 541.5 | 541.5 | ||
Accumulated impairment losses as of June 30, 2024(2) | 0 | 0 | ||
UK Segment | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 182 | |||
Currency translation adjustments | (1.3) | |||
Goodwill, ending balance | 180.7 | 180.7 | ||
Accumulated impairment losses as of June 30, 2024(2) | $ (369.9) | $ (369.9) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 441.5 | $ 441.8 |
Accumulated Amortization | (231.3) | (216.3) |
Total indefinite-lived assets | 144 | 144 |
Total | 585.5 | 585.8 |
Indefinite-lived assets - Trademarks, Trade Names and Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total indefinite-lived assets | 144 | 144 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 166.3 | 166 |
Accumulated Amortization | $ (149.4) | (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 | (7.2) | (6.2) |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 84.8 | 85.3 |
Accumulated Amortization | $ (15.1) | (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 | $ (43.7) | (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 | $ 48.3 | 48.4 |
Accumulated Amortization | $ (15.9) | $ (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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | $ 7.6 | $ 9.3 | $ 15.3 | $ 19 |
In-place leases | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 1.8 | 3.2 | 3.7 | 6.8 |
Non-competition agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 0.6 | 0.6 | 1.1 | 1.1 |
Trademarks and trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 1.4 | 1.6 | 2.8 | 3.1 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 3.2 | 3.1 | 6.4 | 6.3 |
Franchise agreements and other intangible assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | $ 0.6 | $ 0.8 | $ 1.3 | $ 1.7 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2024 | $ 15.3 |
2025 | 29.6 |
2026 | 24.7 |
2027 | 22.4 |
2028 | 20.9 |
In-place leases | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2024 | 3.4 |
2025 | 6.1 |
2026 | 3.9 |
2027 | 2.3 |
2028 | 0.9 |
Non-competition agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2024 | 1.1 |
2025 | 2.1 |
2026 | 0.1 |
2027 | 0 |
2028 | 0 |
Trademarks and trade names | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2024 | 3 |
2025 | 5.7 |
2026 | 5.7 |
2027 | 5.4 |
2028 | 5.4 |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2024 | 6.3 |
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 | 1.5 |
2025 | 3 |
2026 | 2.7 |
2027 | 2.5 |
2028 | $ 2.5 |
Investment in Nonconsolidated_3
Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | |||
Investment | $ 121.1 | $ 118.9 | |
Sungenia JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest | 50% | 50% | |
Investment | $ 64.3 | $ 56.8 | $ 44.5 |
GTSC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest | 40% | 40% | |
Investment | $ 55.4 | $ 60.4 | $ 54.5 |
SV Lift | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest | 50% | 50% | |
Investment | $ 1.4 | $ 1.7 |
Investment in Nonconsolidated_4
Investment in Nonconsolidated Affiliates - Schedule of Nonconsolidated Affiliate (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investment | $ 121.1 | $ 121.1 | $ 118.9 | |||
Total Income / (Loss) from Nonconsolidated Affiliates | 3 | $ (0.7) | 4.4 | $ (0.9) | ||
Sungenia JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment | 64.3 | 64.3 | 56.8 | $ 44.5 | ||
Total Income / (Loss) from Nonconsolidated Affiliates | 2.3 | 0 | 3.2 | 0.6 | 3.2 | |
Cumulative translation adjustment | 0.4 | (0.5) | ||||
Contributions | 3.9 | 9.6 | ||||
GTSC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment | 55.4 | 55.4 | 60.4 | $ 54.5 | ||
Total Income / (Loss) from Nonconsolidated Affiliates | 0.9 | 0.6 | 1.8 | 1.6 | 3.3 | |
Contributions | 1.4 | 27.5 | ||||
Distributions | (13.5) | (20.7) | ||||
Fair value adjustment | 5.3 | (4.2) | ||||
SV Lift | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment | 1.4 | 1.4 | $ 1.7 | |||
Total Income / (Loss) from Nonconsolidated Affiliates | (0.2) | (0.5) | (0.6) | (0.8) | ||
RezPlot | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Income / (Loss) from Nonconsolidated Affiliates | $ 0 | $ (0.8) | $ 0 | $ (2.3) |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | ||||
Investment property, net | $ 14,464.7 | $ 14,443.6 | ||
Cash, cash equivalents and restricted cash | 104.2 | 42.7 | $ 68.7 | $ 90.4 |
Other assets, net | 702.3 | 668.5 | ||
Total Assets | 17,011.1 | 16,940.7 | ||
Liabilities and Other Equity | ||||
Secured debt | 3,506.3 | 3,534.7 | ||
Advanced reservation deposits and rent | 423.3 | 344.5 | ||
Accrued expenses and accounts payable | 406.3 | 313.7 | ||
Total Liabilities | 9,781.6 | 9,506.8 | ||
Consolidated entities (see Note 8 at VIEs) | 0.7 | 0 | ||
Land improvements and buildings | $ 11,619.4 | $ 11,682.2 | ||
Assets related to VIEs, percentage | 0.80% | 0.80% | ||
Variable Interest Entity, Primary Beneficiary | ||||
Assets | ||||
Investment property, net | $ 127.6 | $ 132.3 | ||
Cash, cash equivalents and restricted cash | 5 | 2.9 | ||
Other intangible assets, net | 0.1 | 0.1 | ||
Other assets, net | 0.7 | 0.4 | ||
Total Assets | 133.4 | 135.7 | ||
Liabilities and Other Equity | ||||
Secured debt | 3.2 | 3.2 | ||
Advanced reservation deposits and rent | 1.6 | 0.4 | ||
Accrued expenses and accounts payable | 0.4 | 24.1 | ||
Total Liabilities | 5.2 | 27.7 | ||
Temporary equity | 10.9 | 10.7 | ||
Consolidated entities (see Note 8 at VIEs) | 0.7 | 0 | ||
Total Liabilities and Other Equity | $ 16.8 | $ 38.4 | ||
Sun NG Cisco Grove RV LLC | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 95.40% | |||
Sun NG Cisco Grove RV LLC | Third-Party | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 4.60% | |||
Sun NG Kittatinny RV LLC | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 96% | |||
Sun NG Kittatinny RV LLC | Third-Party | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 4% | |||
Sun NG River Beach LLC | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 96.10% | |||
Sun NG River Beach LLC | Third-Party | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 3.90% | |||
Sun NG Coyote Ranch RV LLC | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 96.10% | |||
Sun NG Coyote Ranch RV LLC | Third-Party | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 3.90% | |||
Sun NG Beaver Brook RV LLC | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 98.60% | |||
Sun NG Beaver Brook RV LLC | Third-Party | ||||
Liabilities and Other Equity | ||||
Ownership percentage | 1.40% |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities - Narrative (Details) | Jun. 30, 2024 Rate | Dec. 31, 2023 Rate |
Disclosure of Variable Interest Entities [Abstract] | ||
Assets related to VIEs, percentage | 0.80% | 0.80% |
Liabilities related to VIEs, percentage | 0.10% | 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 | 6 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||
Secured debt | $ 3,506,300 | $ 3,534,700 | ||
Senior unsecured notes | $ 2,674,600 | $ 2,177,500 | ||
Weighted Average Years to Maturity | 6 years 9 months 18 days | 6 years 6 months | ||
Weighted Average Interest Rates | 4.208% | 4.234% | ||
Loans Payable | $ 3,452,000 | $ 3,478,900 | ||
Secured borrowings on collateralized receivables (See Note 5) | 54,300 | 55,800 | ||
Unsecured Debt And Other | 4,346,500 | 4,242,600 | ||
Debt And Other | 7,852,800 | 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 | 1 year 8 months 12 days | 1 year 9 months 18 days | ||
Weighted Average Interest Rates | 5.195% | 5.428% | ||
Line of credit and other | $ 1,671,900 | $ 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 | 14 years 2 months 12 days | 13 years 8 months 12 days | 14 years 2 months 12 days | |
Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Years to Maturity | 7 years 6 months | 6 years 6 months | ||
Weighted Average Interest Rates | 3.778% | 3.375% | ||
Net debt discount (premium) | $ 6,700 | $ 6,500 | ||
Deferred financing costs | $ (18,600) | $ (16,000) | ||
Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Years to Maturity | 9 years 2 months 12 days | 8 years 8 months 12 days | ||
Weighted Average Interest Rates | 3.995% | 3.994% | ||
Net debt discount (premium) | $ 0 | $ 0 | ||
Deferred financing costs | $ (15,600) | $ (16,900) | ||
Secured Borrowings | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rates | 8.592% | 8.556% |
Debt and Line of Credit - Sch_2
Debt and Line of Credit - Schedule of Secured Debt (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) encumberedProperty | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) encumberedProperty | Dec. 31, 2023 USD ($) encumberedProperty | |
Debt Instrument [Line Items] | |||||
Repayment Amount | $ | $ 3.5 | $ 0 | |||
Loss on Extinguishment of Debt | $ | $ 0 | $ 0 | (0.6) | $ 0 | |
Loans Payable | April 1, 2030 - April 1, 2033 | |||||
Debt Instrument [Line Items] | |||||
Number of Encumbered Properties | encumberedProperty | 22 | 22 | |||
Loans Payable | February 13, 2026 | |||||
Debt Instrument [Line Items] | |||||
Number of Encumbered Properties | encumberedProperty | 5 | 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 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | ||||
Loan Amount | $ 3,478,900 | $ 3,452,000 | ||
Loans Payable | 3,478,900 | 3,452,000 | ||
Secured debt | $ 3,534,700 | 3,506,300 | ||
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 | 6 Months Ended | 12 Months Ended | 15 Months Ended | |||||
Oct. 31, 2019 USD ($) Rate | Jun. 30, 2024 USD ($) site property | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) site property Rate | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2024 | Apr. 07, 2022 USD ($) option | |
Debt Instrument [Line Items] | ||||||||||
Loan Amount | $ 3,452 | $ 3,452 | $ 3,478.9 | |||||||
Number of Units in Real Estate Property | site | 185 | 185 | ||||||||
Termination of term loan | $ 28.5 | $ 28.3 | ||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | 0.6 | 0 | ||||||
Average closing price of units (in dollars per share) | 8.9 | 12.1 | ||||||||
Conversions | 0.8 | $ 0.5 | $ 2 | $ 7.3 | ||||||
Reduction in secured borrowing balance | 3.5 | $ 0 | ||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Termination of term loan | $ 1,100 | |||||||||
Line of credit and other | 1,671.9 | 1,671.9 | 2,065.1 | |||||||
Long-term debt | 0 | 0 | 1,100 | |||||||
Unsecured Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 7.8 | |||||||||
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 | $ 1,700 | $ 944.1 | |||||||
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 | $ 11.2 | $ 26.2 | |||||||
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 | ||||||||
Number of Units in Real Estate Property | site | 62,953 | 62,953 |
Debt and Line of Credit - Sch_4
Debt and Line of Credit - Schedule of Unsecured Debt (Details) - USD ($) | 1 Months Ended | ||||||||||
Jan. 31, 2024 | Jun. 30, 2024 | Jan. 11, 2024 | Dec. 31, 2023 | Jan. 31, 2023 | Jan. 31, 2023 | Jan. 31, 2023 | Apr. 15, 2022 | Oct. 05, 2021 | Jun. 28, 2021 | Oct. 31, 2019 | |
Debt Instrument [Line Items] | |||||||||||
Unsecured debt | $ 4,346,500,000 | $ 4,242,600,000 | |||||||||
Senior Unsecured Notes - January 2033 Maturity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 5.70% | 5.70% | |||||||||
Principal Amount | $ 400,000,000 | ||||||||||
Unsecured debt | 395,900,000 | 395,700,000 | |||||||||
Senior Unsecured Notes - April 2032 Maturity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 4.20% | ||||||||||
Principal Amount | $ 600,000,000 | ||||||||||
Unsecured debt | 592,800,000 | 592,600,000 | |||||||||
Senior Unsecured Notes - November 2028 Maturity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 2.30% | ||||||||||
Principal Amount | $ 450,000,000 | ||||||||||
Unsecured debt | 447,100,000 | 446,800,000 | |||||||||
Senior Unsecured Notes - July 2031 Maturity - First Tranche | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 2.70% | ||||||||||
Principal Amount | $ 750,000,000 | ||||||||||
Unsecured debt | 743,000,000 | 742,400,000 | |||||||||
Senior Unsecured Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal Amount | 2,700,000,000 | ||||||||||
Unsecured debt | 2,674,600,000 | 2,177,500,000 | |||||||||
Senior Unsecured Notes - January 2029 Maturity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 5.50% | ||||||||||
Principal Amount | $ 500,000,000 | ||||||||||
Unsecured debt | $ 495,800,000 | $ 0 | |||||||||
Term | 5 years | ||||||||||
Net proceeds from offering | $ 495,400,000 | ||||||||||
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Disclosure [Abstract] | ||||
Interest capitalized | $ 2.2 | $ 2.6 | $ 4.9 | $ 5.1 |
Equity and Temporary Equity - S
Equity and Temporary Equity - Schedule of Redeemable Preferred Units (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Class of Stock [Line Items] | ||||||
Redeemable preferred stock | $ 259.7 | $ 259.7 | $ 260.9 | $ 294 | $ 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 | $ 47.4 | 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 | $ 8.6 | 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 | $ 55.1 | 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 | $ 95.3 | 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 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||||||
Redeemable preferred stock | $ 259.7 | $ 259.7 | $ 260.9 | $ 294 | $ 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 | 2.5 | 2.3 | ||||
Solar Energy Project CA II LLC | ||||||
Class of Stock [Line Items] | ||||||
Redeemable preferred stock | 5.6 | 5.1 | ||||
Solar Energy Project III LLC | ||||||
Class of Stock [Line Items] | ||||||
Redeemable preferred stock | 2.6 | 2.3 | ||||
Other Stand-Alone Joint Ventures | ||||||
Class of Stock [Line Items] | ||||||
Redeemable preferred stock | $ 0.2 | $ 1 |
Equity and Temporary Equity - N
Equity and Temporary Equity - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 USD ($) | Jun. 30, 2024 USD ($) 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) | 124,653,364 | 124,400,000 | ||
Preferred stock outstanding (in shares) | 0 | |||
Aggregate gross sales price | $ | $ 1,250 | $ 1,100 | ||
Common and preferred OP units | $ | $ 84.8 | $ 90.2 | ||
OP Units Outstanding | 3,318,803 | |||
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 | $ | $ 43.8 | 46.5 | ||
OP Units Outstanding | 2,689,978 | |||
Conversion Of Stock, Exchange Rate | 1 | |||
Series E preferred OP units | Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Common and preferred OP units | $ | $ 6.2 | 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 | ||||||
Apr. 30, 2024 | Mar. 31, 2024 | Jan. 31, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Dividends Payable [Line Items] | |||||||||
Fair Value at Issuance (in millions) | $ 2.2 | $ 0.3 | $ (0.2) | $ 4.4 | |||||
Investment | $ 121.1 | $ 121.1 | $ 118.9 | ||||||
OP Units Outstanding | 3,318,803 | 3,318,803 | |||||||
Common and preferred OP units | $ 84.8 | $ 84.8 | 90.2 | ||||||
Preferred OP Units, Issuance Price | $ 100 | ||||||||
Common OP units | Common OP units | |||||||||
Dividends Payable [Line Items] | |||||||||
OP Units Outstanding | 2,689,978 | 2,689,978 | |||||||
Common and preferred OP units | $ 43.8 | $ 43.8 | 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 | $ 10.4 | $ 10.4 | 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 | $ 2.3 | $ 2.3 | 2.4 | ||||||
Preferred Stock | Series C preferred OP units | |||||||||
Dividends Payable [Line Items] | |||||||||
OP Units Outstanding | 296,745 | 296,745 | |||||||
Annual distribution rate | 5% | ||||||||
Common and preferred OP units | $ 20.1 | $ 20.1 | 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 | $ 6.2 | $ 6.2 | $ 6.4 | ||||||
Fox Run | Common OP units | |||||||||
Dividends Payable [Line Items] | |||||||||
Units issued (in shares) | 31,289 | ||||||||
Fair Value at Issuance (in millions) | $ 4.4 | ||||||||
Land for Development | Common OP units | |||||||||
Dividends Payable [Line Items] | |||||||||
Units issued (in shares) | 4,452 | ||||||||
Fair Value at Issuance (in millions) | $ 0.6 | ||||||||
Port Milford | |||||||||
Dividends Payable [Line Items] | |||||||||
Temporary and permanent equity | $ 2.5 | ||||||||
Port Milford | Common OP units | |||||||||
Dividends Payable [Line Items] | |||||||||
Units issued (in shares) | 19,326 | 19,326 | |||||||
Fair Value at Issuance (in millions) | $ 2.5 | $ 2.5 |
Equity and Temporary Equity -_4
Equity and Temporary Equity - Schedule of Conversions (Details) | 6 Months Ended | |
Jun. 30, 2024 shares | Jun. 30, 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) | 68,783 | 3,612 |
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 | 91 |
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 | 221 |
Series C preferred OP units | Preferred Stock | ||
Conversion of Stock [Line Items] | ||
Conversion of OP units (in shares) | 9,103 | 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) | 10,104 | 72 |
Series G preferred OP units | Preferred Stock | ||
Conversion of Stock [Line Items] | ||
Conversion of OP units (in shares) | 4,898 | 18,500 |
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 | 11,934 |
Series H preferred OP units | Preferred Stock | ||
Conversion of Stock [Line Items] | ||
Conversion of OP units (in shares) | 9 | 40 |
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 | 24 |
Series J preferred OP units | Preferred Stock | ||
Conversion of Stock [Line Items] | ||
Conversion of OP units (in shares) | 0 | 2,000 |
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 | 1,212 |
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 | ||
Jul. 15, 2024 | Apr. 15, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |
Dividends Payable [Line Items] | ||||
Dividends per share (in dollars per share) | $ 0.94 | $ 0.94 | ||
Total Distribution (in Millions) | $ 119.7 | |||
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Net foreign currency translation losses | $ (37.1) | $ (29.5) |
Accumulated net gains on derivatives | 43.1 | 41.7 |
Accumulated other comprehensive income | $ 6 | $ 12.2 |
Equity and Temporary Equity Non
Equity and Temporary Equity Noncontrolling Interests - Common and Preferred OP Units (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) shares | Dec. 31, 2023 USD ($) | |
Conversion of Stock [Line Items] | ||
OP Units Outstanding | shares | 3,318,803 | |
Common and preferred OP units | $ | $ 84.8 | $ 90.2 |
Common OP units | Common OP units | ||
Conversion of Stock [Line Items] | ||
OP Units Outstanding | shares | 2,689,978 | |
Conversion Of Stock, Exchange Rate | 1 | |
Common and preferred OP units | $ | $ 43.8 | 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 | $ | $ 10.4 | 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 | $ | $ 2.3 | 2.4 |
Annual distribution rate | 4.50% | |
Preferred Stock | Series C preferred OP units | ||
Conversion of Stock [Line Items] | ||
OP Units Outstanding | shares | 296,745 | |
Conversion Of Stock, Exchange Rate | 1.1100 | |
Common and preferred OP units | $ | $ 20.1 | 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 | $ | $ 6.2 | 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) | 6 Months Ended | |
Jun. 30, 2024 plan shares | Jun. 30, 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 | 195,934 | 223,529 |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
2015 Equity Plan | Time Based | Key Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted (in shares) | 205,540 | 220,558 |
Grant date fair value per share (in dollars per share) | $ 132.10 | $ 137.15 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation - expensed | $ 10.1 | $ 9.9 | $ 20.2 | $ 19.5 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 864 | $ 863.4 | $ 1,535.3 | $ 1,514.6 |
Interest | 5.3 | 14 | 9.9 | 25.4 |
Brokerage commissions and other, net | 11.2 | 9.8 | 14.2 | 19.3 |
General and administrative expense | (65.3) | (62.7) | (143.8) | (126.8) |
Business combinations | 0.2 | 0.2 | 0.2 | 3 |
Goodwill impairment | 0 | (309.7) | 0 | (325.1) |
Loss on Extinguishment of Debt | 0 | 0 | (0.6) | 0 |
Interest on mandatorily redeemable preferred OP units / equity | 0 | (0.9) | 0 | (1.9) |
Gain / (loss) on remeasurement of marketable securities | 0 | 5.8 | 0 | (14.1) |
Gain / (loss) on foreign currency exchanges | (2.8) | 2.7 | (1.7) | 0 |
Gain / (loss) on dispositions of properties | 2.5 | (0.6) | 7.9 | (2.2) |
Other income / (expense), net | (1.6) | (0.8) | 6.4 | (1.8) |
Loss on remeasurement of notes receivable | (0.4) | (0.1) | (1.1) | (1.8) |
Total Income / (Loss) from Nonconsolidated Affiliates | 3 | (0.7) | 4.4 | (0.9) |
Gain on remeasurement of investment in nonconsolidated affiliates | 0.1 | 0 | 5.3 | (4.5) |
Current tax expense | (5.3) | (5.4) | (7.4) | (9.3) |
Deferred tax benefit | 3.7 | 7.7 | 9.4 | 12.3 |
Net Income / (Loss) | 58.4 | (212.2) | 32.9 | (260.5) |
Less: Preferred return to preferred OP units / equity interests | 3.2 | 3.2 | 6.4 | 5.6 |
Less: Income / (loss) attributable to noncontrolling interests | 3.1 | (7.8) | 1.8 | (13.6) |
Net income / (loss) attributable to SUI common shareholders | 52.1 | (207.6) | 24.7 | (252.5) |
MH | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 300.1 | 290.8 | ||
Interest | 3.4 | 12.7 | 6.5 | 23 |
Brokerage commissions and other, net | 5.9 | 3 | 6.9 | 6.8 |
RV | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 186.9 | 193.2 | ||
Interest | 1.5 | 1.1 | 2.9 | 2 |
Brokerage commissions and other, net | 3.4 | 4.4 | 4.1 | 9 |
Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 267.8 | 262.3 | ||
Interest | 0.2 | 0.2 | 0.2 | 0.4 |
Brokerage commissions and other, net | 0.8 | 1.1 | 1.8 | 2.1 |
UK Segment | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 109.2 | 117.1 | 188.1 | 188.1 |
Interest | 0.2 | 0 | 0.3 | 0 |
Brokerage commissions and other, net | 1.1 | 1.3 | 1.4 | 1.4 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 847.5 | 839.6 | 1,511.2 | 1,469.9 |
Operating expenses / Cost of sales | 462.8 | 461 | 821.6 | 810.7 |
NOI | 384.7 | 378.6 | 689.6 | 659.2 |
Operating Segments | MH | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 290.8 | 275.1 | 558.6 | 542.4 |
Operating expenses / Cost of sales | 119.6 | 111.8 | 220 | 218.9 |
NOI | 171.2 | 163.3 | 338.6 | 323.5 |
Operating Segments | RV | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 182 | 187.7 | 298.4 | 299.6 |
Operating expenses / Cost of sales | 96.9 | 98.6 | 161 | 165.1 |
NOI | 85.1 | 89.1 | 137.4 | 134.5 |
Operating Segments | Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 266.8 | 261 | 467.8 | 441.2 |
Operating expenses / Cost of sales | 174.8 | 172.9 | 314.1 | 294.2 |
NOI | 92 | 88.1 | 153.7 | 147 |
Operating Segments | UK Segment | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 107.9 | 115.8 | 186.4 | 186.7 |
Operating expenses / Cost of sales | 71.5 | 77.7 | 126.5 | 132.5 |
NOI | 36.4 | 38.1 | 59.9 | 54.2 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expense | (65.3) | (62.7) | (143.8) | (126.8) |
Catastrophic event-related charges, net | (2.3) | 0.1 | (9.5) | (0.9) |
Business combinations | (0.2) | (0.2) | (0.2) | (3) |
Depreciation and amortization | (172.8) | (164.1) | (338.1) | (319.7) |
Asset impairments | 11.6 | 6.5 | 32.3 | 8.9 |
Loss on Extinguishment of Debt | (0.6) | 0 | ||
Interest expense | (89.8) | (79.2) | (179.5) | (155.8) |
Interest on mandatorily redeemable preferred OP units / equity | 0 | (0.9) | 0 | (1.9) |
Gain / (loss) on remeasurement of marketable securities | 0 | 5.8 | 0 | (14.1) |
Gain / (loss) on foreign currency exchanges | (2.8) | 2.7 | (1.7) | 0 |
Gain / (loss) on dispositions of properties | 2.5 | (0.6) | 7.9 | (2.2) |
Other income / (expense), net | (1.6) | (0.8) | 6.4 | (1.8) |
Loss on remeasurement of notes receivable | (0.4) | (0.1) | (1.1) | (1.8) |
Total Income / (Loss) from Nonconsolidated Affiliates | 3 | (0.7) | 4.4 | (0.9) |
Gain on remeasurement of investment in nonconsolidated affiliates | 0.1 | 0 | 5.3 | (4.5) |
Current tax expense | (5.3) | (5.4) | (7.4) | (9.3) |
Deferred tax benefit | $ 3.7 | $ 7.7 | $ 9.4 | $ 12.3 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Identifiable Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||||
Investment property, net | $ 14,464.7 | $ 14,443.6 | ||
Cash, cash equivalents and restricted cash | 104.2 | 42.7 | $ 68.7 | $ 90.4 |
Inventory of manufactured homes | 182.3 | 205.6 | ||
Total Notes and Other Receivables, net | 417.4 | 421.6 | ||
Collateralized receivables, net | 54.3 | 56.2 | ||
Goodwill | 731.7 | 733 | ||
Other intangible assets, net | 354.2 | 369.5 | ||
Other assets, net | 702.3 | 668.5 | ||
Total Assets | 17,011.1 | 16,940.7 | ||
MH | ||||
Segment Reporting Information [Line Items] | ||||
Investment property, net | 5,244.4 | 5,317.4 | ||
Cash, cash equivalents and restricted cash | 53.2 | 20.1 | ||
Inventory of manufactured homes | 94 | 103.1 | ||
Total Notes and Other Receivables, net | 214.4 | 159.1 | ||
Collateralized receivables, net | 54.3 | 56.2 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 11.9 | 14.3 | ||
Other assets, net | 219.8 | 271 | ||
Total Assets | 5,892 | 5,941.2 | ||
RV | ||||
Segment Reporting Information [Line Items] | ||||
Investment property, net | 3,694 | 3,718.8 | ||
Cash, cash equivalents and restricted cash | 28.3 | 11.8 | ||
Inventory of manufactured homes | 22.6 | 24.3 | ||
Total Notes and Other Receivables, net | 128.4 | 119.7 | ||
Collateralized receivables, net | 0 | 0 | ||
Goodwill | 9.5 | 9.5 | ||
Other intangible assets, net | 27.6 | 29 | ||
Other assets, net | 43.3 | 47.6 | ||
Total Assets | 3,953.7 | 3,960.7 | ||
Marinas | ||||
Segment Reporting Information [Line Items] | ||||
Investment property, net | 3,276.3 | 3,214.5 | ||
Cash, cash equivalents and restricted cash | 7 | 6.4 | ||
Inventory of manufactured homes | 0 | 0 | ||
Total Notes and Other Receivables, net | 57.1 | 54.3 | ||
Collateralized receivables, net | 0 | 0 | ||
Goodwill | 541.5 | 541.5 | ||
Other intangible assets, net | 244.4 | 252.2 | ||
Other assets, net | 273.7 | 240.7 | ||
Total Assets | 4,400 | 4,309.6 | ||
UK Segment | ||||
Segment Reporting Information [Line Items] | ||||
Investment property, net | 2,250 | 2,192.9 | ||
Cash, cash equivalents and restricted cash | 15.7 | 4.4 | ||
Inventory of manufactured homes | 65.7 | 78.2 | ||
Total Notes and Other Receivables, net | 17.5 | 88.5 | ||
Collateralized receivables, net | 0 | 0 | ||
Goodwill | 180.7 | 182 | ||
Other intangible assets, net | 70.3 | 74 | ||
Other assets, net | 165.5 | 109.2 | ||
Total Assets | $ 2,765.4 | $ 2,729.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Tax Examination [Line Items] | |||||
Percentage of gross income | 95% | ||||
Percentage of REIT taxable income | 90% | ||||
Net deferred tax liabilities | $ 303,700,000 | $ 303,700,000 | $ 277,100,000 | ||
Valuation allowance | 58,900,000 | 58,900,000 | 58,100,000 | ||
Deferred tax liabilities | 362,600,000 | 362,600,000 | $ 335,200,000 | ||
Unrecognized tax benefits | 0 | $ 0 | 0 | $ 0 | |
Withholding taxes current tax expense | 5,300,000 | 5,400,000 | 7,400,000 | 9,300,000 | |
Deferred Income Tax Expense (Benefit) | (3,700,000) | (7,700,000) | (9,400,000) | (12,300,000) | |
Deferred Federal Income Tax Expense (Benefit) | $ 3,700,000 | $ 7,700,000 | $ 9,400,000 | $ 12,300,000 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator | ||||
Net income / (loss) attributable to SUI common shareholders | $ 52.1 | $ (207.6) | $ 24.7 | $ (252.5) |
Less: allocation to restricted stock awards | 0.3 | (1.7) | 0.1 | (1.9) |
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards | 51.8 | (205.9) | 24.6 | (250.6) |
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1) | $ 51.8 | $ (211.7) | $ 25 | $ (257.5) |
Denominator | ||||
Weighted average common shares outstanding (in shares) | 123.7 | 123.4 | 123.7 | 123.4 |
Add: dilutive restricted stock (in shares) | 0 | 0.2 | 0 | 0.4 |
Add: common and preferred OP units dilutive effect (in shares) | 0 | 2.5 | 2.7 | 2.4 |
Diluted weighted average common shares and securities (in shares) | 123.7 | 126.1 | 126.4 | 126.2 |
Basic earning per share (in dollars per share) | $ 0.42 | $ (1.67) | $ 0.20 | $ (2.03) |
Diluted earning per share (in dollars per share) | $ 0.42 | $ (1.68) | $ 0.20 | $ (2.04) |
Restricted Stock | ||||
Numerator | ||||
Add: allocation to restricted stock awards | $ 0 | $ (1.7) | $ 0 | $ (1.9) |
Common OP units | ||||
Numerator | ||||
Add: allocation to restricted stock awards | $ 0 | $ (4.1) | $ 0.4 | $ (5) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Antidilutive Securities Excluded from EPS (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total securities (in shares) | 5,923 | 4,243 |
Common OP units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total securities (in shares) | 2,690 | 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) | 297 | 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 | 222 |
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 | 238 |
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) | 6 Months Ended | |||||||
Jun. 30, 2024 USD ($) Contract contract | Mar. 31, 2024 USD ($) contract | Jan. 31, 2024 segment | Dec. 31, 2023 Contract | Mar. 31, 2023 USD ($) contract | Jan. 31, 2023 Rate | Jan. 31, 2023 | Jan. 31, 2023 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Number of Contracts | contract | 4 | 2 | ||||||
Aggregate notional value | $ 125,000,000 | $ 177,300,000 | ||||||
Senior Unsecured Notes - January 2033 Maturity | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Interest Rate | 5.70% | 5.70% | ||||||
Principal Amount | $ 400,000,000 | |||||||
Interest Rate Swap | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Number of Contracts | contract | 3 | 1 | ||||||
Aggregate notional value | $ 100,000,000 | $ 25,000,000 | ||||||
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 | |||||||
Designated as Hedging Instrument | Cash Flow Hedging | Treasury Lock and Interest Rate Swap | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Number of Contracts | Contract | 10 | 13 | ||||||
Reclassification of derivatives | $ 14,200,000 |
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 | Jun. 30, 2024 USD ($) contract | Dec. 31, 2023 USD ($) | Mar. 31, 2023 GBP (£) contract | |
Derivative [Line Items] | |||||
Number of Contracts | contract | 2 | 4 | 2 | ||
Notional | $ 177.3 | $ 125 | |||
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 | 907.2 | $ 1,041.5 | |||
Derivative liabilities | 0.5 | 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 | $ 10.7 | $ 11.7 | |||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of Contracts | contract | 1 | 3 | |||
Notional | $ 25 | $ 100 | |||
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 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain on interest rate derivatives | $ 2.6 | $ 19 | $ 11.4 | $ 10.4 |
Gains / (losses) on derivative instruments reclassified form AOCI into earnings | 5 | 3.2 | 9.9 | 5.5 |
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 | $ 5 | $ 3.2 | $ 9.9 | $ 5.5 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets | ||||||
Cash, cash equivalents and restricted cash | $ 104,200 | $ 42,700 | $ 68,700 | $ 90,400 | ||
Total Notes and Other Receivables, net | 417,400 | 421,600 | ||||
Collateralized receivables, net | 54,300 | 56,200 | ||||
Financial Liabilities | ||||||
Loan Amount | 3,452,000 | 3,478,900 | ||||
Secured debt | 3,506,300 | 3,534,700 | ||||
Secured borrowings on collateralized receivables (See Note 5) | 54,300 | 55,800 | ||||
Senior unsecured notes | 2,674,600 | 2,177,500 | ||||
Total unsecured debt | 4,346,500 | 4,242,600 | ||||
Interest Rate Swap and Forward Contracts | Cash Flow Hedging | Designated as Hedging Instrument | ||||||
Financial Liabilities | ||||||
Derivative liabilities | 500 | 7,700 | ||||
Installment notes receivable on manufactured homes, net | ||||||
Financial Assets | ||||||
Collateralized receivables, net | 54,300 | |||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||||||
Financial Assets | ||||||
Collateralized receivables, net | 0 | 0 | ||||
Significant Other Observable Inputs (Level 2) | ||||||
Financial Assets | ||||||
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 | 10,700 | 11,700 | ||||
Significant Unobservable Inputs (Level 3) | ||||||
Financial Assets | ||||||
Collateralized receivables, net | 54,300 | 56,200 | ||||
Carrying Value | ||||||
Financial Assets | ||||||
Collateralized receivables, net | 56,200 | |||||
Financial Liabilities | ||||||
Secured debt | 3,506,300 | 3,534,700 | ||||
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | ||||||
Financial Assets | ||||||
Total Assets Measured at Fair Value | 54,500 | $ 38,300 | 19,600 | 59,500 | $ 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 | 131,300 | $ 127,700 | 134,500 | $ 462,400 | $ 435,000 | $ 305,200 |
Fair Value, Recurring | Carrying Value | ||||||
Financial Assets | ||||||
Cash, cash equivalents and restricted cash | 104,200 | 42,700 | ||||
Derivative assets | 10,700 | 11,700 | ||||
Total Assets Measured at Fair Value | 355,000 | 264,700 | ||||
Financial Liabilities | ||||||
Loan Amount | 3,452,000 | 3,478,900 | ||||
Senior unsecured notes | 2,674,600 | 2,177,500 | ||||
Line of credit and other unsecured debt | 1,671,900 | 2,065,100 | ||||
Total unsecured debt | 4,346,500 | 4,242,600 | ||||
Derivative liabilities | 500 | 7,700 | ||||
Other financial liabilities (contingent consideration) | 20,200 | 20,200 | ||||
Total Liabilities Measured at Fair Value | 7,873,500 | 7,805,200 | ||||
Fair Value, Recurring | Carrying Value | Installment notes receivable on manufactured homes, net | ||||||
Financial Assets | ||||||
Total Notes and Other Receivables, net | 54,500 | 19,600 | ||||
Fair Value, Recurring | Carrying Value | Notes receivable from real estate developers and operators | ||||||
Financial Assets | ||||||
Total Notes and Other Receivables, net | 131,300 | 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 | 104,200 | 42,700 | ||||
Collateralized receivables, net | 54,300 | 56,200 | ||||
Derivative assets | 10,700 | 11,700 | ||||
Total Assets Measured at Fair Value | 355,000 | 264,700 | ||||
Financial Liabilities | ||||||
Loan Amount | 3,082,500 | 3,167,000 | ||||
Secured debt | 3,136,800 | 3,222,800 | ||||
Secured borrowings on collateralized receivables (See Note 5) | 54,300 | 55,800 | ||||
Senior unsecured notes | 2,440,800 | 1,973,200 | ||||
Line of credit and other unsecured debt | 1,671,900 | 2,065,100 | ||||
Total unsecured debt | 4,112,700 | 4,038,300 | ||||
Derivative liabilities | 500 | 7,700 | ||||
Other financial liabilities (contingent consideration) | 20,200 | 20,200 | ||||
Total Liabilities Measured at Fair Value | 7,270,200 | 7,289,000 | ||||
Fair Value, Recurring | Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | ||||||
Financial Assets | ||||||
Total Notes and Other Receivables, net | 54,500 | 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 | 131,300 | 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 | 104,200 | 42,700 | ||||
Derivative assets | 0 | 0 | ||||
Total Assets Measured at Fair Value | 104,200 | 42,700 | ||||
Financial Liabilities | ||||||
Loan Amount | 0 | |||||
Secured debt | 0 | |||||
Secured borrowings on collateralized receivables (See Note 5) | 0 | 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 | ||||
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 | 10,700 | 11,700 | ||||
Total Assets Measured at Fair Value | 10,700 | 11,700 | ||||
Financial Liabilities | ||||||
Loan Amount | 3,082,500 | 3,167,000 | ||||
Secured debt | 3,082,500 | 3,167,000 | ||||
Secured borrowings on collateralized receivables (See Note 5) | 0 | 0 | ||||
Senior unsecured notes | 2,440,800 | 1,973,200 | ||||
Line of credit and other unsecured debt | 1,671,900 | 2,065,100 | ||||
Total unsecured debt | 4,112,700 | 4,038,300 | ||||
Derivative liabilities | 500 | 7,700 | ||||
Other financial liabilities (contingent consideration) | 0 | 0 | ||||
Total Liabilities Measured at Fair Value | 7,195,700 | 7,213,000 | ||||
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 | 240,100 | 210,300 | ||||
Financial Liabilities | ||||||
Loan Amount | 0 | 0 | ||||
Secured debt | 54,300 | 55,800 | ||||
Secured borrowings on collateralized receivables (See Note 5) | 54,300 | 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 | 74,500 | 76,000 | ||||
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 | 54,500 | 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 | $ 131,300 | $ 134,500 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) $ in Millions | 3 Months Ended | |
Jun. 30, 2024 USD ($) property | Dec. 31, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment property, net | $ 14,464.7 | $ 14,443.6 |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured at Fair Value | 36.1 | |
MH | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment property, net | $ 5,244.4 | 5,317.4 |
Number of Properties with a Carrying Value Reduction | property | 2 | |
MH | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairments | $ 10.8 | |
UK Segment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment property, net | $ 2,250 | $ 2,192.9 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Level 3 Instruments at Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Assets | |||||
Foreign currency exchange gain | $ (2.8) | $ 2.7 | $ (1.7) | $ 0 | |
Liabilities | |||||
Investment property, net | 14,464.7 | 14,464.7 | $ 14,443.6 | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities | |||||
Liabilities | |||||
Beginning balance | 56.1 | 55.8 | |||
Ending balance | 54.3 | 54.3 | |||
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Contingent Consideration | |||||
Liabilities | |||||
Beginning balance | 20.2 | 20.2 | 20.2 | 20.2 | |
Ending balance | 20.2 | 20.2 | 20.2 | 20.2 | |
Realized losses | 0 | 0 | 0 | 0 | |
Purchases and issuances | 0 | 0 | 0 | 0 | |
Other adjustments | 0 | 0 | 0 | 0 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Transfers Accounted for as Secured Borrowings, Associated Liabilities | |||||
Liabilities | |||||
Realized losses | 0 | 1.6 | |||
Purchases and issuances | 0.4 | 0.4 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Other Adjustments | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (2.2) | (3.5) | |||
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | |||||
Assets | |||||
Beginning balance | 38.3 | 62.2 | 19.6 | 65.9 | |
Foreign currency exchange gain | 0 | 0 | 0 | 0 | |
Ending balance | 54.5 | 59.5 | 54.5 | 59.5 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Realized gains / (losses) | |||||
Assets | |||||
Changes to fair value | (0.4) | (0.1) | (0.4) | (1.8) | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Purchases and issuances | |||||
Assets | |||||
Changes to fair value | 18 | 0.1 | 37.4 | 0.2 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Sales and settlements | |||||
Assets | |||||
Changes to fair value | (1.2) | (2.7) | (1.9) | (4.8) | |
Liabilities | |||||
Purchases and issuances | 0 | 0 | 0 | 0 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Installment notes receivable on manufactured homes, net | Dispositions of properties | |||||
Assets | |||||
Changes to fair value | (0.2) | 0 | (0.2) | 0 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes receivable from real estate developers and operators | Dispositions of properties | |||||
Assets | |||||
Changes to fair value | 0 | 0 | |||
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | |||||
Assets | |||||
Beginning balance | 56.5 | 0 | 56.2 | 0 | |
Foreign currency exchange gain | 0 | 0 | 0 | 0 | |
Ending balance | 54.3 | 0 | 54.3 | 0 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Realized gains / (losses) | |||||
Assets | |||||
Changes to fair value | 0 | 0 | 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 | 0 | 0.4 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Sales and settlements | |||||
Assets | |||||
Changes to fair value | (2.2) | 0 | (3.5) | 0 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Receivables, net | Dispositions of properties | |||||
Assets | |||||
Changes to fair value | 0 | 0 | 0 | 0 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | |||||
Assets | |||||
Beginning balance | 127.7 | 435 | 134.5 | 305.2 | |
Foreign currency exchange gain | 0 | 8.2 | (0.1) | 16.7 | |
Ending balance | 131.3 | 462.4 | 131.3 | 462.4 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | Realized gains / (losses) | |||||
Assets | |||||
Changes to fair value | 0 | 0 | (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 | 4.2 | 23.1 | 9.2 | 147.4 | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | Sales and settlements | |||||
Assets | |||||
Changes to fair value | $ (0.6) | $ (3.9) | (11.5) | (6.9) | |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Notes Receivable from Real Estate Developers and Operators | Dispositions of properties | |||||
Assets | |||||
Changes to fair value | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) developmentSite property | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Aug. 31, 2023 defendant | Sep. 28, 2022 property developmentSite | |
Loss Contingencies [Line Items] | |||||||
Asset impairments (see Note 16) | $ 11.6 | $ 6.5 | $ 32.3 | $ 8.9 | |||
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 | $ 56.6 | $ 56.7 | 56.6 | ||||
Change in estimated property insurance recoveries | 6.8 | ||||||
Proceeds received from insurer | 6.9 | ||||||
Incremental costs | 6.8 | ||||||
Hurricane Ian | Insurance Settlement | |||||||
Loss Contingencies [Line Items] | |||||||
Proceeds received from insurer | 5.2 | ||||||
Flood | RV | |||||||
Loss Contingencies [Line Items] | |||||||
Number of affected sites | developmentSite | 300 | ||||||
Proceeds received from insurer | (2.4) | ||||||
Impairment adjustment | $ 7 | 3.1 | |||||
Unusual Or Infrequent Item, Number Of Properties Affected By Natural Disasters | property | 1 | ||||||
Catastrophic event-related charges, net | 10.6 | ||||||
Flood | Debris Removal and Clean up | RV | |||||||
Loss Contingencies [Line Items] | |||||||
Catastrophic event-related charges, net | $ 7.5 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Operating Leases | ||
2024 (excluding six months ended June 30, 2024) | $ 7.2 | |
2025 | 14.3 | |
2026 | 13 | |
2027 | 11 | |
2028 | 10.2 | |
Thereafter | 245.9 | |
Total Lease Payments | 301.6 | |
Less: Imputed interest | (137.8) | |
Present Value of Lease Liabilities | 163.8 | $ 159.5 |
Finance Leases | ||
2024 (excluding six months ended June 30, 2024) | 4.4 | |
2025 | 0.5 | |
2026 | 0.5 | |
2027 | 0.5 | |
2028 | 0.5 | |
Thereafter | 20.7 | |
Total Lease Payments | 27.1 | |
Less: Imputed interest | (13) | |
Present Value of Lease Liabilities | 14.1 | $ 14.3 |
Total | ||
2024 (excluding six months ended June 30, 2024) | 11.6 | |
2025 | 14.8 | |
2026 | 13.5 | |
2027 | 11.5 | |
2028 | 10.7 | |
Thereafter | 266.6 | |
Total Lease Payments | 328.7 | |
Less: Imputed interest | (150.8) | |
Present Value of Lease Liabilities | $ 177.9 |
Leases - Schedule of ROU Assets
Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||||
Finance lease - ROU asset, net of accumulated amortization | $ 31.2 | $ 31.2 | $ 32.6 | ||
Operating lease - ROU asset, net | 182.6 | 182.6 | 176 | ||
Below market operating leases, net | 92.7 | 92.7 | 95 | ||
Finance lease liabilities | 14.1 | 14.1 | 14.3 | ||
Operating lease liabilities | 163.8 | 163.8 | $ 159.5 | ||
Amortization of ROU assets | 0.7 | $ 0.6 | 1.4 | $ 1.3 | |
Interest on lease liabilities | 0.2 | 0.1 | 0.4 | 0.3 | |
Operating lease cost | 3.9 | 2.3 | 8.3 | 6.9 | |
Variable lease cost | 2.2 | 1.1 | 4.2 | 2.7 | |
Total Lease Cost | $ 7 | $ 4.1 | $ 14.3 | $ 11.2 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Term, Discount Rates and Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 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 7 months 2 days | 27 years 8 months 15 days | |
Weighted - average discount rate - finance leases | 3.59% | 3.59% | |
Weighted - average discount rate - operating leases | 3.82% | 3.82% | |
Operating cash outflows for operating leases | $ 5.9 | $ 6.6 | |
Financing cash outflows for finance leases | 0.4 | 0.5 | |
Total Cash Paid on Lease Liabilities | $ 6.3 | $ 7.1 |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments Under Non-Cancellable Leases (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 (excluding the six months ended June 30, 2024) | $ 12.2 |
2025 | 18.8 |
2026 | 13.4 |
2027 | 9.4 |
2028 | 8.1 |
Thereafter | 84.8 |
Total Undiscounted Cash Flows | $ 146.7 |
Leases - Schedule of Lease Inco
Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Lessor, Lease, Description [Line Items] | ||||
Variable lease income | $ 4.5 | $ 0.8 | $ 7.9 | $ 2.3 |
Real Estate Operator | ||||
Lessor, Lease, Description [Line Items] | ||||
Fixed lease income | $ 8.1 | $ 5.3 | $ 16.8 | $ 13.2 |
Leases - Narrative (Details)
Leases - Narrative (Details) - Park Holidays - UNITED KINGDOM $ in Millions | Jun. 30, 2024 GBP (£) developmentSite | Jun. 30, 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 | $ 359.7 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |||||
Fixed lease income | $ 551.4 | $ 526 | $ 1,028.3 | $ 967.6 | |
Park Holidays | UNITED KINGDOM | |||||
Lessee, Lease, Description [Line Items] | |||||
2024 (excluding six months ended June 30, 2024) | 5.6 | 5.6 | |||
2025 | 11.9 | 11.9 | |||
2026 | 12 | 12 | |||
2027 | 12.1 | 12.1 | |||
2028 | 12 | 12 | |||
Thereafter | 1,744 | 1,744 | |||
Total Payments | 1,797.6 | 1,797.6 | |||
Less: Imputed interest | (1,440.6) | (1,440.6) | |||
Present Value of Financial Liability | $ 357 | $ 357 | $ 359.7 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | 1 Months Ended | |||
Jul. 31, 2024 USD ($) site property | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||||
Aggregate notional value | $ 125 | $ 177.3 | ||
Interest Rate Swap | ||||
Subsequent Event [Line Items] | ||||
Aggregate notional value | $ 100 | $ 25 | ||
Subsequent Event | CALIFORNIA | ||||
Subsequent Event [Line Items] | ||||
Number Of Development Properties Held For Sale | property | 2 | |||
Subsequent Event | Interest Rate Swap | ||||
Subsequent Event [Line Items] | ||||
Aggregate notional value | $ 25 | |||
Subsequent Event | Discontinued Operations, Disposed of by Sale | Illinois, Indiana, Iowa, Minnesota, Tennessee and Wisconsin | ||||
Subsequent Event [Line Items] | ||||
Number of communities sold | property | 6 | |||
Number of sites sold | site | 2,087 | |||
Proceeds related to disposition of properties | $ 224.6 | |||
Proceeds from Divestiture of Businesses | 150.7 | |||
Mortgage Debt Settlement | $ 62.3 | |||
Subsequent Event | Discontinued Operations, Disposed of by Sale | FLORIDA | ||||
Subsequent Event [Line Items] | ||||
Number of communities sold | property | 1 | |||
Number of sites sold | site | 361 | |||
Proceeds related to disposition of properties | $ 38 | |||
Proceeds from Divestiture of Businesses | 20.3 | |||
Mortgage Debt Settlement | $ 16.7 |