(State of Incorporation) | Commission file number | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||
☒ | ☐ | ☐ |
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | Consolidated Financial Statements | |||||||
Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 | ||||||||
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited) | ||||||||
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited) | ||||||||
Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited) | ||||||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (Unaudited) | ||||||||
Notes to Consolidated Financial Statements (Unaudited) | ||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
Item 4. | Controls and Procedures | |||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | Legal Proceedings | |||||||
Item 1A. | Risk Factors | |||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Item 6. | Exhibits | |||||||
Signatures |
(Unaudited) | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Land | $ | $ | |||||||||
Land improvements and buildings | |||||||||||
Rental homes and improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Investment property | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Investment property, net (including $ | |||||||||||
Cash, cash equivalents and restricted cash (including $ | |||||||||||
Marketable securities (see Note 15) | |||||||||||
Inventory of manufactured homes | |||||||||||
Notes and other receivables, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net (including $ | |||||||||||
Other assets, net (including $ | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities | |||||||||||
Secured debt (see Note 8) (including $ | $ | $ | |||||||||
Unsecured debt (see Note 8) (including $ | |||||||||||
Distributions payable | |||||||||||
Advanced reservation deposits and rent | |||||||||||
Accrued expenses and accounts payable | |||||||||||
Other liabilities (including $ | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies (see Note 16) | |||||||||||
Temporary equity (see Note 9) (including $ | |||||||||||
Shareholders' Equity | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income / (loss) | ( | ||||||||||
Distributions in excess of accumulated earnings | ( | ( | |||||||||
Total SUI shareholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Common and preferred OP units | |||||||||||
Consolidated entities (including $ | |||||||||||
Total noncontrolling interests | |||||||||||
Total Shareholders' Equity | |||||||||||
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Real property | $ | $ | $ | $ | |||||||||||||||||||
Home sales | |||||||||||||||||||||||
Service, retail, dining and entertainment | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Brokerage commissions and other, net | |||||||||||||||||||||||
Total Revenues | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Property operating and maintenance | |||||||||||||||||||||||
Real estate tax | |||||||||||||||||||||||
Home costs and selling | |||||||||||||||||||||||
Service, retail, dining and entertainment | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Catastrophic event-related charges, net | |||||||||||||||||||||||
Business combinations | ( | ||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | |||||||||||||||||||||||
Total Expenses | |||||||||||||||||||||||
Income Before Other Items | |||||||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities (see Note 15) | ( | ( | |||||||||||||||||||||
Gain / (loss) on foreign currency exchanges | ( | ( | |||||||||||||||||||||
Gain / (loss) on dispositions of properties | ( | ||||||||||||||||||||||
Other income / (expense), net | ( | ( | ( | ||||||||||||||||||||
Gain on remeasurement of notes receivable (see Note 4) | |||||||||||||||||||||||
Income from nonconsolidated affiliates (see Note 6) | |||||||||||||||||||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6) | ( | ||||||||||||||||||||||
Current tax expense (see Note 12) | ( | ( | ( | ( | |||||||||||||||||||
Deferred tax benefit (see Note 12) | |||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Less: Preferred return to preferred OP units / equity interests | |||||||||||||||||||||||
Less: Income attributable to noncontrolling interests | |||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||||||||
Basic earnings per share (see Note 13) | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share (see Note 13) | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation gain / (loss) adjustment | ( | ( | |||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||
Change in unrealized gain on interest rate swaps | |||||||||||||||||||||||
Less: interest rate swap gains reclassified to earnings | ( | ( | |||||||||||||||||||||
Net unrealized gain on interest rate swaps | |||||||||||||||||||||||
Total Comprehensive Income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive Income attributable to SUI | $ | $ | $ | $ |
Shareholders' Equity | ||||||||||||||||||||||||||||||||
Temporary Equity | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (loss) | Noncontrolling Interests | Total Shareholders' Equity | Total Equity | |||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of common stock and common OP units, net | — | — | ( | — | — | |||||||||||||||||||||||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||
Conversion of OP units | — | — | — | — | ( | — | — | |||||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||
Net income / (loss) | ( | — | — | — | ||||||||||||||||||||||||||||
Distributions | ( | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||
OP Units accretion | — | — | ( | — | — | ( | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of common stock and common OP units, net | — | — | — | — | ||||||||||||||||||||||||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||
Third party equity interest in consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other redeemable noncontrolling interests | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||
Acquisition of third parties equity interest in consolidated entities | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | — | — | ||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Distributions | ( | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||
OP Units accretion | — | — | ( | — | — | ( | ( | |||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||||||||||
Temporary Equity | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total Shareholders' Equity | Total Equity | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of common stock and common OP units, net | — | — | — | — | — | |||||||||||||||||||||||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||
Conversion of OP units | — | — | — | — | ( | — | — | |||||||||||||||||||||||||
Third party equity interest in consolidated entities | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||
Other redeemable noncontrolling interests | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||||||
Net income / (loss) | ( | — | — | — | ||||||||||||||||||||||||||||
Distributions | ( | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of common stock and common OP units, net | — | — | — | — | — | |||||||||||||||||||||||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||
Conversion of OP units | — | — | — | — | ( | — | — | |||||||||||||||||||||||||
Other redeemable noncontrolling interests | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | — | — | ||||||||||||||||||||||||||||
Issuance of Series J preferred OP units | — | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | |||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Distributions | ( | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||
Other | — | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Operating Activities | |||||||||||
Net Cash Provided By Operating Activities | $ | $ | |||||||||
Investing Activities | |||||||||||
Investment in properties | ( | ( | |||||||||
Acquisitions of properties, net of cash acquired | ( | ( | |||||||||
Payment for deposit on acquisition | ( | ||||||||||
Proceeds from disposition of assets and depreciated homes, net | |||||||||||
Proceeds related to disposition of properties | |||||||||||
Issuance of notes and other receivables | ( | ( | |||||||||
Repayments of notes and other receivables | |||||||||||
Investments in nonconsolidated affiliates | ( | ( | |||||||||
Distributions of capital from nonconsolidated affiliates | |||||||||||
Net Cash Used For Investing Activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Issuance and costs of common stock, OP units and preferred OP units, net | |||||||||||
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | ( | ( | |||||||||
Borrowings on lines of credit | |||||||||||
Payments on lines of credit | ( | ( | |||||||||
Proceeds from issuance of other debt | |||||||||||
Contributions from noncontrolling interest | |||||||||||
Payments on other debt | ( | ( | |||||||||
Payments on financial liability | ( | ||||||||||
Fees paid in connection with extinguishment of debt | ( | ( | |||||||||
Distributions | ( | ( | |||||||||
Payments for deferred financing costs | ( | ( | |||||||||
Proceeds from gain on derivative settlement | |||||||||||
Distributions for redemption of noncontrolling interests | ( | ||||||||||
Net Cash Provided By Financing Activities | |||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ||||||||||
Net change in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | $ |
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Supplemental Information | |||||||||||
Cash paid for interest (net of capitalized interest of $ | $ | $ | |||||||||
Cash paid for interest on mandatorily redeemable debt | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Noncash investing and financing activities | |||||||||||
Change in distributions declared and outstanding | $ | $ | |||||||||
Conversion of common and preferred OP units | $ | $ | |||||||||
Asset held for sale | $ | $ | |||||||||
Common OP units issued for redemption of noncontrolling interests | $ | $ | |||||||||
Contingent consideration liability related to prior acquisitions | $ | $ | |||||||||
Noncash investing and financing activities at the date of acquisition | |||||||||||
Acquisitions - Common stock and OP units issued | $ | $ | |||||||||
Acquisitions - Series J preferred interest | $ | $ | |||||||||
Acquisitions - Finance lease liabilities | $ | $ | |||||||||
Acquisitions - Financial liabilities | $ | $ | |||||||||
Acquisitions - Deferred tax liabilities | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Consolidated | MH | RV | Marina | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Real property | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Home sales | |||||||||||||||||||||||||||||||||||||||||||||||
Service, retail, dining and entertainment | |||||||||||||||||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other, net | |||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Consolidated | MH | RV | Marina | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Real property | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Home sales | |||||||||||||||||||||||||||||||||||||||||||||||
Service, retail, dining and entertainment | |||||||||||||||||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other, net | |||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | $ | $ |
Community Name | Type | Sites, Wet Slips and Dry Storage Spaces | Development Sites | State, Province or Country | Month Acquired | |||||||||||||||||||||||||||
Harrison Yacht Yard(1) | Marina: asset acquisition | MD | January | |||||||||||||||||||||||||||||
Outer Banks | Marina: asset acquisition | NC | January | |||||||||||||||||||||||||||||
Jarrett Bay Boatworks | Marina: business combination | NC | February | |||||||||||||||||||||||||||||
Tower Marine | Marina: asset acquisition | MI | March | |||||||||||||||||||||||||||||
Sandy Bay | MH: asset acquisition | UK | March | |||||||||||||||||||||||||||||
Park Holidays(2) | MH: business combination | UK | April | |||||||||||||||||||||||||||||
Christies Parks(1) | MH: asset acquisition | UK | April | |||||||||||||||||||||||||||||
Bluewater Yacht Sales | Marina: asset acquisition | Various states | April | |||||||||||||||||||||||||||||
Jarrett Bay Boatworks (Bluewater Yacht Sales)(1) | Marina: business combination | Various states | April | |||||||||||||||||||||||||||||
Bodmin Holiday Park | MH: asset acquisition | UK | April | |||||||||||||||||||||||||||||
Kittery Point | Marina: asset acquisition | ME | May | |||||||||||||||||||||||||||||
Spanish Trails MHC | MH: asset acquisition | AZ | June | |||||||||||||||||||||||||||||
Pine Acre Trails | MH: asset acquisition | TX | June | |||||||||||||||||||||||||||||
Bel Air Estates & Sunrise Estates(3) | MH: asset acquisition | CA | June | |||||||||||||||||||||||||||||
Park Leisure(4) | MH: asset acquisition | UK | June | |||||||||||||||||||||||||||||
Total |
At Acquisition Date | Consideration | ||||||||||||||||||||||||||||||||||||||||||||||
Investment in property | Inventory of manufactured homes, boat parts and retail related items | In-place leases, goodwill and other intangible assets | Other assets / (liabilities), net | Total identifiable assets acquired net of liabilities assumed | Cash and escrow | Temporary and permanent equity | Total consideration | ||||||||||||||||||||||||||||||||||||||||
Asset Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||
Harrison Yacht Yard(1) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Outer Banks | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Tower Marine | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sandy Bay(2) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Christies Parks(1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Bluewater Yacht Sales | |||||||||||||||||||||||||||||||||||||||||||||||
Bodmin Holiday Park(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Kittery Point | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Spanish Trails MHC(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Pine Acre Trails(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Bel Air Estates & Sunrise Estates(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Park Leisure(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | |||||||||||||||||||||||||||||||||||||||||||||||
Jarrett Bay Boatworks(3) | |||||||||||||||||||||||||||||||||||||||||||||||
Park Holidays(4) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2022 | June 30, 2022 | ||||||||||
Total revenues | $ | $ | |||||||||
Net income | $ | $ |
Three Months Ended (unaudited) | Six Months Ended (unaudited) | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Net income attributable to SUI common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per share attributable to SUI common shareholders - basic | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per share attributable to SUI common shareholders - diluted | $ | $ | $ | $ |
Community Name | Type | Sites, Wet Slips and Dry Storage Spaces | Development Sites | State, Province or Country | Month Acquired | |||||||||||||||||||||||||||
Sun Outdoors Association Island | RV: asset acquisition | NY | January | |||||||||||||||||||||||||||||
Blue Water Beach Resort | RV: asset acquisition | UT | February | |||||||||||||||||||||||||||||
Tranquility MHC | MH: asset acquisition | FL | February | |||||||||||||||||||||||||||||
Islamorada and Angler House(1) | Marina: asset acquisition | FL | February | |||||||||||||||||||||||||||||
Prime Martha's Vineyard(1) | Marina: asset acquisition | MA | March | |||||||||||||||||||||||||||||
Pleasant Beach Campground | RV: asset acquisition | ON, Canada | March | |||||||||||||||||||||||||||||
Sun Outdoors Cape Charles | RV: asset acquisition | VA | March | |||||||||||||||||||||||||||||
Beachwood Resort | RV: asset acquisition | WA | March | |||||||||||||||||||||||||||||
ThemeWorld RV Resort | RV: asset acquisition | FL | April | |||||||||||||||||||||||||||||
Sylvan Glen Estates | MH: asset acquisition | MI | April | |||||||||||||||||||||||||||||
Shelter Island Boatyard | Marina: asset acquisition | CA | May | |||||||||||||||||||||||||||||
Lauderdale Marine Center | Marina: asset acquisition | FL | May | |||||||||||||||||||||||||||||
Apponaug Harbor | Marina: asset acquisition | RI | June | |||||||||||||||||||||||||||||
Cabrillo Isle | Marina: business combination | CA | June | |||||||||||||||||||||||||||||
Marathon | Marina: asset acquisition | FL | June | |||||||||||||||||||||||||||||
Allen Harbor | Marina: asset acquisition | RI | July | |||||||||||||||||||||||||||||
Cisco Grove Campground & RV | RV: asset acquisition | CA | July | |||||||||||||||||||||||||||||
Four Leaf Portfolio(2) | MH: asset acquisition | MI / IN | July | |||||||||||||||||||||||||||||
Harborage Yacht Club | Marina: asset acquisition | FL | July | |||||||||||||||||||||||||||||
Zeman Portfolio(3) | RV: asset acquisition | IL / NJ | July | |||||||||||||||||||||||||||||
Southern Leisure RV Resort | RV: asset acquisition | FL | August | |||||||||||||||||||||||||||||
Sunroad Marina | Marina: asset acquisition | CA | August | |||||||||||||||||||||||||||||
Lazy Lakes RV Resort | RV: asset acquisition | FL | August | |||||||||||||||||||||||||||||
Puerto del Rey | Marina: asset acquisition | Puerto Rico | September |
Community Name | Type | Sites, Wet Slips and Dry Storage Spaces | Development Sites | State, Province or Country | Month Acquired | |||||||||||||||||||||||||||
Stingray Point | Marina: asset acquisition | VA | September | |||||||||||||||||||||||||||||
Detroit River | Marina: asset acquisition | MI | September | |||||||||||||||||||||||||||||
Jetstream RV Resort at NASA | RV: asset acquisition | TX | September | |||||||||||||||||||||||||||||
Beaver Brook Campground | RV: asset acquisition | ME | October | |||||||||||||||||||||||||||||
Emerald Coast | Marina: business combination | FL | November | |||||||||||||||||||||||||||||
Tall Pines Harbor Campground | RV: asset acquisition | VA | November | |||||||||||||||||||||||||||||
Wells Beach Resort Campground | RV: asset acquisition | ME | November | |||||||||||||||||||||||||||||
Port Royal | Marina: asset acquisition | SC | November | |||||||||||||||||||||||||||||
Podickory Point | Marina: asset acquisition | MD | December | |||||||||||||||||||||||||||||
Sunroad Marina (restaurant) | Marina: asset acquisition | CA | December | |||||||||||||||||||||||||||||
Jellystone Park at Mammoth Cave | RV: asset acquisition | KY | December | |||||||||||||||||||||||||||||
South Bay | Marina: asset acquisition | CA | December | |||||||||||||||||||||||||||||
Wentworth by the Sea | Marina: asset acquisition | NH | December | |||||||||||||||||||||||||||||
Rocky Mountain RV Park | RV: asset acquisition | MT | December | |||||||||||||||||||||||||||||
Haas Lake RV Park Campground | RV: asset acquisition | MI | December | |||||||||||||||||||||||||||||
Pearwood RV Resort | RV: asset acquisition | TX | December | |||||||||||||||||||||||||||||
Holly Shores Camping Resort | RV: asset acquisition | NJ | December | |||||||||||||||||||||||||||||
Pheasant Ridge RV Park | RV: asset acquisition | OR | December | |||||||||||||||||||||||||||||
Coyote Ranch Resort | RV: asset acquisition | TX | December | |||||||||||||||||||||||||||||
Jellystone Park at Whispering Pines | RV: asset acquisition | TX | December | |||||||||||||||||||||||||||||
Hospitality Creek Campground | RV: asset acquisition | NJ | December | |||||||||||||||||||||||||||||
Total |
At Acquisition Date | Consideration | ||||||||||||||||||||||||||||||||||||||||||||||
Investment in property | Inventory of manufactured homes, boat parts and retail related items | In-place leases, goodwill and other intangible assets(1) | Other assets / (liabilities), net | Total identifiable assets acquired net of liabilities assumed | Cash and escrow | Temporary and permanent equity | Total consideration | ||||||||||||||||||||||||||||||||||||||||
Asset Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||
Sun Outdoors Association Island | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Blue Water Beach Resort | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Tranquility MHC | |||||||||||||||||||||||||||||||||||||||||||||||
Islamorada and Angler House | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Prime Martha's Vineyard | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Pleasant Beach Campground | |||||||||||||||||||||||||||||||||||||||||||||||
Sun Outdoors Cape Charles | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Beachwood Resort | ( | ||||||||||||||||||||||||||||||||||||||||||||||
ThemeWorld RV Resort | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sylvan Glen Estates | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Shelter Island Boatyard | ( |
At Acquisition Date | Consideration | ||||||||||||||||||||||||||||||||||||||||||||||
Investment in property | Inventory of manufactured homes, boat parts and retail related items | In-place leases, goodwill and other intangible assets(1) | Other assets / (liabilities), net | Total identifiable assets acquired net of liabilities assumed | Cash and escrow | Temporary and permanent equity | Total consideration | ||||||||||||||||||||||||||||||||||||||||
Lauderdale Marine Center | |||||||||||||||||||||||||||||||||||||||||||||||
Apponaug Harbor | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Marathon | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Allen Harbor | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Cisco Grove Campground & RV | |||||||||||||||||||||||||||||||||||||||||||||||
Four Leaf Portfolio | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Harborage Yacht Club | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Zeman Portfolio | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Southern Leisure RV Resort | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sunroad Marina(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Lazy Lakes RV Resort | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Puerto del Rey | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stingray Point | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Detroit River | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Jetstream RV Resort at NASA | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Beaver Brook Campground | |||||||||||||||||||||||||||||||||||||||||||||||
Tall Pines Harbor Campground | |||||||||||||||||||||||||||||||||||||||||||||||
Wells Beach Resort Campground | |||||||||||||||||||||||||||||||||||||||||||||||
Port Royal | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Podickory Point | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Jellystone Park at Mammoth Cave | ( | ||||||||||||||||||||||||||||||||||||||||||||||
South Bay | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Wentworth by the Sea | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Rocky Mountain RV Park | |||||||||||||||||||||||||||||||||||||||||||||||
Haas Lake RV Park Campground | |||||||||||||||||||||||||||||||||||||||||||||||
Pearwood RV Resort | |||||||||||||||||||||||||||||||||||||||||||||||
Holly Shores Camping Resort(3) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Pheasant Ridge RV Park | |||||||||||||||||||||||||||||||||||||||||||||||
Coyote Ranch Resort | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Jellystone Park at Whispering Pines | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Hospitality Creek Campground(3) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | |||||||||||||||||||||||||||||||||||||||||||||||
Cabrillo Isle | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald Coast | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended | ||||||||
December 31, 2021 | ||||||||
Total revenues | $ | |||||||
Net income | $ |
Year Ended (unaudited) | ||||||||
December 31, 2021 | ||||||||
Total revenues | $ | |||||||
Net income attributable to SUI common shareholders | $ | |||||||
Net income per share attributable to SUI common shareholders - basic | $ | |||||||
Net income per share attributable to SUI common shareholders - diluted | $ |
At Acquisition Date | Consideration | ||||||||||||||||||||||||||||||||||||||||||||||
Investment in property | Inventory of manufactured homes, boat parts and retail related items | In-place leases, goodwill and other intangible assets(1) | Other liabilities, net | Total identifiable assets acquired net of liabilities assumed | Cash and escrow | Temporary and permanent equity | Total consideration | ||||||||||||||||||||||||||||||||||||||||
Leisure Systems, Inc(1) | $ | $ | $ | $ | ( | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Installment notes receivable on manufactured homes, net | $ | $ | |||||||||
Notes receivable from real estate developers and operators | |||||||||||
Other receivables, net | |||||||||||
Total Notes and Other Receivables, net | $ | $ |
Six Months Ended | Year Ended | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Beginning balance of gross installment notes receivable | $ | $ | |||||||||
Financed sale of manufactured homes | |||||||||||
Adjustment for notes receivable related to assets held for sale | |||||||||||
Principal payments and payoffs from our customers | ( | ( | |||||||||
Principal reduction from repossessed homes | ( | ( | |||||||||
Dispositions of properties | ( | ||||||||||
Ending balance of gross installment notes receivable | |||||||||||
Beginning balance of fair value adjustments on gross installment notes receivable | ( | ( | |||||||||
Fair value adjustment | |||||||||||
Fair value adjustments on gross installment notes receivable | ( | ( | |||||||||
Ending balance of installment notes receivable, net | $ | $ |
Six Months Ended | Year Ended | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Beginning balance | $ | $ | |||||||||
Additions | |||||||||||
Payments | ( | ( | |||||||||
Foreign currency exchange gain / (loss) | ( | ||||||||||
Other adjustments | |||||||||||
Ending balance | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Home sale proceeds | $ | $ | |||||||||
Marina customers for storage, service and lease payments, net(1) | |||||||||||
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(2) | |||||||||||
Insurance receivables | |||||||||||
Other receivables(3) | |||||||||||
Total Other Receivables, net | $ | $ |
December 31, 2021 | Acquisitions1) | Currency Translation Adjustment | Other(2) | June 30, 2022 | |||||||||||||||||||||||||
Segment | |||||||||||||||||||||||||||||
MH | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
RV | |||||||||||||||||||||||||||||
Marina | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ( | $ |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Other Intangible Asset | Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
In-place leases | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Non-competition agreements | ( | ( | ||||||||||||||||||||||||||||||
Trademarks and trade names | ( | ( | ||||||||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||||||||
Franchise agreements and other intangible assets | ( | ( | ||||||||||||||||||||||||||||||
Total finite-lived assets | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Indefinite-lived assets - Trademarks and trade names | N/A | — | — | |||||||||||||||||||||||||||||
Indefinite-lived assets - Other | N/A | — | — | |||||||||||||||||||||||||||||
Total indefinite-lived assets | $ | $ | — | $ | $ | — | ||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Other Intangible Asset Amortization Expense | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
In-place leases | $ | $ | $ | $ | ||||||||||||||||||||||
Non-competition agreements | ||||||||||||||||||||||||||
Trademarks and trade names | ||||||||||||||||||||||||||
Customer relationships | ||||||||||||||||||||||||||
Franchise fees and other intangible assets | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Remainder 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||
In-place leases | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Non-competition agreements | |||||||||||||||||||||||||||||
Trademarks and trade names | |||||||||||||||||||||||||||||
Customer relationships | |||||||||||||||||||||||||||||
Franchise agreements and other intangible assets | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Investment | June 30, 2022 | December 31, 2021 | ||||||||||||
Investment in RezPlot | $ | $ | ||||||||||||
Investment in Sungenia JV | ||||||||||||||
Investment in GTSC | ||||||||||||||
Investment in OFS | ||||||||||||||
Investment in SV Lift | ||||||||||||||
Total | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Income / (Loss) from Nonconsolidated Affiliates | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
RezPlot equity loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Sungenia JV equity income | ||||||||||||||||||||||||||
GTSC equity income | ||||||||||||||||||||||||||
OFS equity income | ||||||||||||||||||||||||||
SV Lift equity loss | ( | ( | ( | ( | ||||||||||||||||||||||
Total Income from Nonconsolidated Affiliates | $ | $ | $ | $ |
Six Months Ended | Year Ended | |||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Contributions | ||||||||||||||
Distributions | ( | ( | ||||||||||||
Equity earnings | ||||||||||||||
Fair value adjustment | ( | |||||||||||||
Ending Balance | $ | $ |
Six Months Ended | Year Ended | |||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Cumulative translation adjustment | ( | ( | ||||||||||||
Contributions | ||||||||||||||
Equity earnings | ||||||||||||||
Ending Balance | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Investment property, net | $ | $ | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Other intangible assets, net | |||||||||||
Other assets, net | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Other Equity | |||||||||||
Secured debt | $ | $ | |||||||||
Unsecured debt | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Temporary equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Liabilities and Other Equity | $ | $ |
Carrying Amount | Weighted Average Years to Maturity | Weighted Average Interest Rates | |||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||
Secured Debt | $ | $ | % | % | |||||||||||||||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||||||||||||||
Senior unsecured notes | % | % | |||||||||||||||||||||||||||||||||
Line of credit and other debt | % | % | |||||||||||||||||||||||||||||||||
Preferred equity - Sun NG Resorts - mandatorily redeemable | % | % | |||||||||||||||||||||||||||||||||
Preferred OP units - mandatorily redeemable | % | % | |||||||||||||||||||||||||||||||||
Total Unsecured Debt | |||||||||||||||||||||||||||||||||||
Total Debt | $ | $ | % | % |
Period | Repayment Amount | Fixed Interest Rate | Maturity Date | Loss on Extinguishment of Debt | ||||||||||||||||||||||
Three months ended June 30, 2022 | $ | % | October 1, 2022 | $ | ||||||||||||||||||||||
Three months ended December 31, 2021 | $ | (1) | % | February 1, 2022 | $ | |||||||||||||||||||||
Description | OP Units Outstanding | Exchange Rate(1) | Annual Distribution Rate(2) | Cash Redemption(3) | Redemption Period | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Series D preferred OP units | % | Holder's Option | Any time after earlier of January 31, 2024 or death of holder | $ | $ | |||||||||||||||||||||||||||||||||||||||
Series F preferred OP units | % | Holder's Option | Any time after earlier of May 14, 2025 or death of holder | |||||||||||||||||||||||||||||||||||||||||
Series G preferred OP units | % | Holder's Option | Any time after earlier of September 30, 2025 or death of holder | |||||||||||||||||||||||||||||||||||||||||
Series H preferred OP units | % | Holder's Option | Any time after earlier of October 30, 2025 or death of holder | |||||||||||||||||||||||||||||||||||||||||
Series I preferred OP units | % | Holder's Option | Any time after earlier of December 31, 2025 or death of holder | |||||||||||||||||||||||||||||||||||||||||
Series J preferred OP units | % | Holder's Option | During the 30-day period following a change of control of the Company or any time after April 21, 2026 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
Equity Interest | Description | June 30, 2022 | December 31, 2021 | |||||||||||||||||
FPG Sun Moreno Valley 66 LLC | In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC | $ | $ | |||||||||||||||||
Sun Solar Energy Project CA II | A joint venture that operates and maintains solar energy equipment in select California communities | |||||||||||||||||||
Sun Solar JV | A joint venture that operates and maintains solar energy equipment in select California communities | |||||||||||||||||||
FPG Sun Menifee 80 LLC | In connection with the investment in land for future development in the city of Menifee in California, at the property known as FPG Sun Menifee 80 LLC | |||||||||||||||||||
NG Sun Whitewater LLC | In connection with the investment in land at the property known as Whitewater | |||||||||||||||||||
NG Sun LLC | In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV resorts in the United States | |||||||||||||||||||
Total | $ | $ |
Six Months Ended June 30, 2022 and 2021 | Common OP Units Issued | Related Acquisition | ||||||||||||
May 2022 | (1) | Rudgate | ||||||||||||
May 2022 | Kittery Point | |||||||||||||
February 2022 | Jarrett Bay Boatworks | |||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||
Series | Conversion Rate | Units / Shares Converted | Common Stock(1) | Units / Shares Converted | Common Stock(1) | |||||||||||||||||||||||||||
Common OP units | ||||||||||||||||||||||||||||||||
Series A-1 preferred OP units | ||||||||||||||||||||||||||||||||
Series C preferred OP units | ||||||||||||||||||||||||||||||||
Series E preferred OP units |
Common Stock, Common OP units and Restricted Stock Distributions | Record Date | Payment Date | Distribution Per Share | Total Distribution (in Millions) | ||||||||||||||||||||||
June 30, 2022 | 6/30/2022 | 7/15/2022 | $ | $ | ||||||||||||||||||||||
Grant Period | Type | Plan | Shares Granted | Grant Date Fair Value Per Share | Vesting Type | ||||||||||||||||||||||||||||||
2022 | Key Employees | 2015 Equity Incentive Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2022 | Executive Officers | 2015 Equity Incentive Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2022 | Executive Officers | 2015 Equity Incentive Plan | $ | (2) | Market Condition | (3) | |||||||||||||||||||||||||||||
2022 | Directors | 2004 Non-Employee Director Option Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2021 | Key Employees | 2015 Equity Incentive Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2021 | Executive Officers | 2015 Equity Incentive Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2021 | Executive Officers | 2015 Equity Incentive Plan | $ | (2) | Market Condition | (3) | |||||||||||||||||||||||||||||
2021 | Directors | 2004 Non-Employee Director Option Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Consolidated | MH | RV | Marina | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Operating expenses / Cost of sales | |||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Adjustments to arrive at net income | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other revenues, net | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Catastrophic event-related charges, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Business combination expense, net | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on foreign currency exchanges | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on dispositions of properties | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other income / (expense), net | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on remeasurement of notes receivable | |||||||||||||||||||||||||||||||||||||||||||||||
Income from nonconsolidated affiliates (see Note 6) | |||||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Current tax expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax benefit | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Preferred return to preferred OP units / equity interests | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Income attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | $ |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Consolidated | MH | RV | Marina | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Operating expenses / Cost of sales | |||||||||||||||||||||||||||||||||||||||||||||||
Net Operating Income / Gross Profit | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Adjustments to arrive at net income | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other revenues, net | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Catastrophic event-related charges, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Business combination expense, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on foreign currency exchanges | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on dispositions of properties | |||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gain on remeasurement of notes receivable | |||||||||||||||||||||||||||||||||||||||||||||||
Income from nonconsolidated affiliates (see Note 6) | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on remeasurement of investment in nonconsolidated affiliates | |||||||||||||||||||||||||||||||||||||||||||||||
Current tax expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax benefit | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Preferred return to preferred OP units / equity interests | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Income attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Consolidated | MH | RV | Marina | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Identifiable Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Investment property, net | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||||||||||||||||||||
Inventory of manufactured homes | |||||||||||||||||||||||||||||||||||||||||||||||
Notes and other receivables, net | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | |||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Less: allocation to restricted stock awards | ||||||||||||||||||||||||||
Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards | $ | $ | $ | $ | ||||||||||||||||||||||
Add: allocation to common and preferred OP units dilutive effect | ||||||||||||||||||||||||||
Diluted earnings - Net income attributable to common shareholders after allocation to common and preferred OP units | $ | $ | $ | $ |
Denominator | ||||||||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||
Add: common shares dilutive effect: Forward Equity Offering | ||||||||||||||||||||||||||
Add: dilutive restricted stock | ||||||||||||||||||||||||||
Add: common and preferred OP units dilutive effect | ||||||||||||||||||||||||||
Diluted weighted average common shares and securities(1) | ||||||||||||||||||||||||||
EPS Available to Common Shareholders After Allocation | ||||||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted EPS(1) | $ | $ | $ | $ |
Six Months Ended | |||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||
Common OP units | (1) | (1) | |||||||||||||||
A-1 preferred OP units | |||||||||||||||||
A-3 preferred OP units | |||||||||||||||||
Aspen preferred OP units | |||||||||||||||||
Series C preferred OP units | |||||||||||||||||
Series D preferred OP units | |||||||||||||||||
Series E preferred OP units | |||||||||||||||||
Series F preferred OP units | |||||||||||||||||
Series G preferred OP units | |||||||||||||||||
Series H preferred OP units | |||||||||||||||||
Series I preferred OP units | |||||||||||||||||
Series J preferred OP units | |||||||||||||||||
Total Securities |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | Notional | Fair Value of Assets(1) | Fair Value of Liabilities | Notional | Fair Value of Assets(1) | Fair Value of Liabilities | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Interest rate derivatives | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | Financial Statement Classification | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | $ | $ | $ |
June 30, 2022 | ||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Marketable securities | ||||||||||||||||||||||||||||||||
Installment notes receivable on manufactured homes, net | ||||||||||||||||||||||||||||||||
Notes receivable from real estate developers and operators | ||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Secured debt | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Unsecured debt | ||||||||||||||||||||||||||||||||
Senior unsecured notes | ||||||||||||||||||||||||||||||||
Line of credit and other unsecured debt | ||||||||||||||||||||||||||||||||
Total unsecured debt | ||||||||||||||||||||||||||||||||
Other financial liabilities (contingent consideration) | ||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | $ |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Marketable securities | ||||||||||||||||||||||||||||||||
Installment notes receivable on manufactured homes, net | ||||||||||||||||||||||||||||||||
Notes receivable from real estate developers and operators | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Secured debt | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Unsecured debt | ||||||||||||||||||||||||||||||||
Senior unsecured notes | ||||||||||||||||||||||||||||||||
Line of credit and other unsecured debt | ||||||||||||||||||||||||||||||||
Total unsecured debt | ||||||||||||||||||||||||||||||||
Other financial liabilities (contingent consideration)(1) | ||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | $ |
Six Months Ended | Year Ended | |||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Beginning Balance | $ | $ | ||||||||||||
Additional purchases | ||||||||||||||
Change in fair value measurement | ( | |||||||||||||
Foreign currency translation adjustment | ( | ( | ||||||||||||
Dividend reinvestment, net of tax | ||||||||||||||
Ending Balance | $ | $ |
Three Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||
Assets: | Installment Notes Receivable on MH, net | Notes Receivable From Real Estate Developers and Operators | Warrants | Installment Notes Receivable on MH, net | Notes Receivable From Real Estate Developers and Operators | |||||||||||||||||||||||||||
Level 3 beginning balance at March 31, 2022 and 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Realized gains / (losses) | ( | |||||||||||||||||||||||||||||||
Purchases and issuances | ||||||||||||||||||||||||||||||||
Sales and settlements | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Foreign currency exchange losses | ( | |||||||||||||||||||||||||||||||
Other adjustments | ( | ( | ||||||||||||||||||||||||||||||
Level 3 ending balance at June 30, 2022 and 2021 | $ | $ | $ | $ | $ |
Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||
Assets: | Installment Notes Receivable on MH, net | Notes Receivable From Real Estate Developers and Operators | Warrants | Installment Notes Receivable on MH, net | Notes Receivable From Real Estate Developers and Operators | |||||||||||||||||||||||||||
Level 3 beginning balance at December 31, 2021 and 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Transfer to level 3 | ||||||||||||||||||||||||||||||||
Realized gains / (losses) | ( | |||||||||||||||||||||||||||||||
Purchases and issuances | ||||||||||||||||||||||||||||||||
Sales and settlements | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Foreign currency exchange losses | ( | |||||||||||||||||||||||||||||||
Other adjustments | ( | |||||||||||||||||||||||||||||||
Level 3 ending balance at June 30, 2022 and 2021 | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Liabilities: | Contingent Consideration | Contingent Consideration | Contingent Consideration | Contingent Consideration | ||||||||||||||||||||||
Level 3 beginning balance at March 31, 2022 and 2021, and December 31, 2021 and 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Realized losses | ||||||||||||||||||||||||||
Purchases and issuances | ||||||||||||||||||||||||||
Other adjustments | ( | ( | ||||||||||||||||||||||||
Level 3 ending balance at June 30, 2022 and 2021 | $ | $ | $ | $ |
Maturity of Lease Liabilities (in millions) | Operating Leases | Finance Leases | Total | |||||||||||||||||
2022 (excluding six months ended June 30, 2022) | $ | $ | $ | |||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total Lease Payments | $ | $ | $ | |||||||||||||||||
Less: Imputed interest | ( | ( | ( | |||||||||||||||||
Present Value of Lease Liabilities | $ | $ | $ |
Financial Statement Classification | As of | |||||||||||||||||||
Description | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Lease Assets | ||||||||||||||||||||
Finance lease, right-of-use asset, net of accumulated amortization | Investment property, net | $ | $ | |||||||||||||||||
Operating lease, right-of-use asset, net | Other assets, net | $ | $ | |||||||||||||||||
Below market operating leases, net | Other assets, net | $ | $ | |||||||||||||||||
Lease Liabilities | ||||||||||||||||||||
Finance lease liabilities | Other liabilities | $ | $ | |||||||||||||||||
Operating lease liabilities | Other liabilities | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Description | Financial Statement Classification | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||
Finance Lease Expense | ||||||||||||||||||||||||||||||||
Amortization of ROU assets | Depreciation and amortization | $ | $ | $ | $ | |||||||||||||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||||||||||||||
Operating lease cost | General and administrative expense, Property operating and maintenance, Depreciation and amortization | |||||||||||||||||||||||||||||||
Variable lease cost | Property operating and maintenance | |||||||||||||||||||||||||||||||
Total Lease Expense | $ | $ | $ | $ |
As of | ||||||||
June 30, 2022 | ||||||||
Lease Term and Discount Rate | ||||||||
Weighted-average Remaining Lease Terms (years) | ||||||||
Finance lease | ||||||||
Operating lease | ||||||||
Weighted-average Discount Rate | ||||||||
Finance lease | % | |||||||
Operating lease | % |
Six Months Ended | ||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
Other Information (in millions) | ||||||||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||||||||||||
Operating cash flow from operating leases | $ | $ | ||||||||||||
Financing cash flow from finance leases | ||||||||||||||
Total Cash Paid On Lease Liabilities | $ | $ |
Maturity of Lease Payments (in millions) | Operating Leases | |||||||
2022 (excluding the six months ended June 30, 2022) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total Undiscounted Cash Flows | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Description | Financial Statement Classification | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||||||
Fixed lease income | Income from real property; Brokerage commissions and other revenue, net | $ | $ | $ | $ | |||||||||||||||||||||||||||
Variable lease income(1) | Income from real property; Brokerage commissions and other revenue, net | $ | $ | $ | $ |
Maturity of Financial Liability (in millions) | June 30, 2022 | |||||||
2022 (excluding six months ended June 30, 2022) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total Payments | $ | |||||||
Less: Imputed interest | ( | |||||||
Present Value of Financial Liability | $ |
Property Name | Property Type | Sites, Wet Slips and Dry Storage Spaces | Development Sites | State, Province or Country | Total Purchase Price (in millions) | |||||||||||||||||||||||||||
Gurney's Star Island Marina & Resort(1) | Marina | NY | $ | |||||||||||||||||||||||||||||
Total Subsequent Acquisitions | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 | ||||||||||||||||||
Interest income | (7.3) | (2.8) | (14.1) | (5.4) | ||||||||||||||||||||||
Brokerage commissions and other revenues, net | (8.6) | (6.9) | (16.6) | (12.9) | ||||||||||||||||||||||
General and administrative | 62.2 | 45.3 | 117.9 | 83.5 | ||||||||||||||||||||||
Catastrophic event-related charges, net | 0.1 | 0.4 | 0.1 | 2.8 | ||||||||||||||||||||||
Business combination expense | 15.0 | (0.2) | 15.5 | 1.0 | ||||||||||||||||||||||
Depreciation and amortization | 150.2 | 127.1 | 298.7 | 251.0 | ||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | 0.1 | 8.1 | 0.4 | 8.1 | ||||||||||||||||||||||
Interest expense | 55.3 | 37.7 | 100.5 | 77.2 | ||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 2.1 | 2.0 | ||||||||||||||||||||||
(Gain) / loss on remeasurement of marketable securities (see Note 15) | 32.3 | (27.5) | 66.8 | (31.2) | ||||||||||||||||||||||
(Gain) / loss on foreign currency exchanges | (9.0) | 0.1 | (6.8) | 0.1 | ||||||||||||||||||||||
(Gain) / loss on disposition of properties | 0.1 | — | (13.3) | — | ||||||||||||||||||||||
Other (income) / expense, net | (0.4) | 0.2 | 0.2 | 0.7 | ||||||||||||||||||||||
Gain on remeasurement of notes receivable (see Note 4) | — | (0.1) | (0.2) | (0.5) | ||||||||||||||||||||||
Income from nonconsolidated affiliates (see Note 6) | (0.9) | (0.8) | (1.8) | (2.0) | ||||||||||||||||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (see Note 6) | (0.4) | 0.1 | (0.5) | — | ||||||||||||||||||||||
Current tax expense (see Note 12) | 3.9 | 1.2 | 5.2 | 1.0 | ||||||||||||||||||||||
Deferred tax benefit (see Note 12) | (0.3) | — | (0.3) | (0.1) | ||||||||||||||||||||||
Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 6.1 | 5.9 | ||||||||||||||||||||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | 2.0 | 7.3 | ||||||||||||||||||||||
NOI | $ | 374.7 | $ | 303.7 | $ | 636.6 | $ | 524.1 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Real property NOI | $ | 304.8 | $ | 258.3 | $ | 537.6 | $ | 465.8 | ||||||||||||||||||
Home sales NOI | 49.8 | 23.0 | 68.6 | 33.6 | ||||||||||||||||||||||
Service, retail, dining and entertainment expenses NOI | 20.1 | 22.4 | 30.4 | 24.7 | ||||||||||||||||||||||
NOI | $ | 374.7 | $ | 303.7 | $ | 636.6 | $ | 524.1 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 341.7 | $ | 289.5 | $ | 52.2 | 18.0 | % | $ | 648.4 | $ | 558.2 | $ | 90.2 | 16.2 | % | |||||||||||||||||||||||||||||||
Real property - transient | 98.1 | 77.0 | 21.1 | 27.4 | % | 143.1 | 109.5 | 33.6 | 30.7 | % | |||||||||||||||||||||||||||||||||||||
Other | 47.9 | 38.8 | 9.1 | 23.5 | % | 84.4 | 68.1 | 16.3 | 23.9 | % | |||||||||||||||||||||||||||||||||||||
Total Operating | 487.7 | 405.3 | 82.4 | 20.3 | % | 875.9 | 735.8 | 140.1 | 19.0 | % | |||||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Property Operating | 182.9 | 147.0 | 35.9 | 24.4 | % | 338.3 | 270.0 | 68.3 | 25.3 | % | |||||||||||||||||||||||||||||||||||||
Real Property NOI | $ | 304.8 | $ | 258.3 | $ | 46.5 | 18.0 | % | $ | 537.6 | $ | 465.8 | $ | 71.8 | 15.4 | % |
As of | ||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | ||||||||||||||||||
Other Information | ||||||||||||||||||||
Number of properties(1) | 661 | 569 | 92 | |||||||||||||||||
MH occupancy | 95.6 | % | ||||||||||||||||||
RV occupancy(2) | 100.0 | % | ||||||||||||||||||
MH & RV blended occupancy(3) | 96.5 | % | 97.4 | % | (0.9) | % | ||||||||||||||
Sites available for MH & RV development | 15,181 | 9,443 | 5,738 | |||||||||||||||||
Monthly base rent per site - MH | $ | 619 | $ | 599 | (5) | $ | 20 | |||||||||||||
Monthly base rent per site - RV(4) | $ | 547 | $ | 516 | (5) | $ | 31 | |||||||||||||
Monthly base rent per site - Total | $ | 601 | $ | 580 | (5) | $ | 21 | |||||||||||||
Weighted average monthly rental rate - MH Rental Program | $ | 1,162 | $ | 1,065 | $ | 97 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Property - MH and RV | MH | RV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change(1) | June 30, 2022 | June 30, 2021 | Change | % Change(1) | June 30, 2022 | June 30, 2021 | Change | % Change(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 236.4 | $ | 223.2 | $ | 13.2 | 5.9 | % | $ | 184.0 | $ | 176.5 | $ | 7.5 | 4.3 | % | $ | 52.4 | $ | 46.7 | $ | 5.7 | 12.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Real property - transient | 65.5 | 65.2 | 0.3 | 0.6 | % | 0.2 | 0.4 | (0.2) | (42.8) | % | 65.3 | 64.8 | 0.5 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 12.7 | 11.9 | 0.8 | 6.5 | % | 5.6 | 4.9 | 0.7 | 12.3 | % | 7.1 | 7.0 | 0.1 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating | 314.6 | 300.3 | 14.3 | 4.8 | % | 189.8 | 181.8 | 8.0 | 4.4 | % | 124.8 | 118.5 | 6.3 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Operating | 103.6 | 96.6 | 7.0 | 7.3 | % | 49.6 | 45.9 | 3.7 | 8.3 | % | 54.0 | 50.7 | 3.3 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property NOI | $ | 211.0 | $ | 203.7 | $ | 7.3 | 3.6 | % | $ | 140.2 | $ | 135.9 | $ | 4.3 | 3.1 | % | $ | 70.8 | $ | 67.8 | $ | 3.0 | 4.6 | % |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Property - MH and RV | MH | RV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change(1) | June 30, 2022 | June 30, 2021 | Change | % Change(1) | June 30, 2022 | June 30, 2021 | Change | % Change(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding Transient) | $ | 469.5 | $ | 441.8 | $ | 27.7 | 6.3 | % | $ | 366.5 | $ | 351.3 | $ | 15.2 | 4.3 | % | $ | 103.0 | $ | 90.5 | $ | 12.5 | 13.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Real property - transient | 104.7 | 95.5 | 9.2 | 9.6 | % | 0.7 | 1.0 | (0.3) | (30.5) | % | 104.0 | 94.5 | 9.5 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 20.2 | 19.1 | 1.1 | 6.1 | % | 10.4 | 9.3 | 1.1 | 11.7 | % | 9.8 | 9.8 | — | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating | 594.4 | 556.4 | 38.0 | 6.8 | % | 377.6 | 361.6 | 16.0 | 4.4 | % | 216.8 | 194.8 | 22.0 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Operating | 192.5 | 175.4 | 17.1 | 9.7 | % | 97.4 | 89.7 | 7.7 | 8.5 | % | 95.1 | 85.7 | 9.4 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property NOI | $ | 401.9 | $ | 381.0 | $ | 20.9 | 5.5 | % | $ | 280.2 | $ | 271.9 | $ | 8.3 | 3.1 | % | $ | 121.7 | $ | 109.1 | $ | 12.6 | 11.5 | % |
As of | ||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | ||||||||||||||||||
Other Information | ||||||||||||||||||||
Number of properties | 425 | 425 | — | |||||||||||||||||
MH occupancy | 97.3 | % | ||||||||||||||||||
RV occupancy(1) | 100.0 | % | ||||||||||||||||||
MH & RV blended occupancy(2) | 98.0 | % | ||||||||||||||||||
Adjusted MH occupancy(3) | 98.0 | % | ||||||||||||||||||
Adjusted RV occupancy(4) | 100.0 | % | ||||||||||||||||||
Adjusted MH & RV blended occupancy(5) | 98.5 | % | 96.8 | % | (6) | 1.7 | % | |||||||||||||
Sites available for development | 8,082 | 8,135 | (53) | |||||||||||||||||
Monthly base rent per site - MH | $ | 625 | $ | 600 | (8) | $ | 25 | |||||||||||||
Monthly base rent per site - RV(7) | $ | 558 | $ | 523 | (8) | $ | 35 | |||||||||||||
Monthly base rent per site - Total | $ | 608 | $ | 582 | (8) | $ | 26 | |||||||||||||
Monthly base rent per site - MH Rental Program | $ | 1,168 | $ | 1,070 | $ | 98 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change(1) | June 30, 2022 | June 30, 2021 | Change | % Change(1) | ||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 57.6 | $ | 53.7 | $ | 3.9 | 7.4 | % | $ | 103.4 | $ | 97.0 | $ | 6.4 | 6.6 | % | |||||||||||||||||||||||||||||||
Real property - transient | 3.7 | 4.1 | (0.4) | (9.3) | % | 5.1 | 5.0 | 0.1 | 2.5 | % | |||||||||||||||||||||||||||||||||||||
Other | 3.3 | 3.2 | 0.1 | 3.8 | % | 5.7 | 4.9 | 0.8 | 14.3 | % | |||||||||||||||||||||||||||||||||||||
Total Operating | 64.6 | 61.0 | 3.6 | 6.1 | % | 114.2 | 106.9 | 7.3 | 6.8 | % | |||||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Property Operating | 17.2 | 16.7 | 0.5 | 3.4 | % | 41.6 | 37.8 | 3.8 | 10.0 | % | |||||||||||||||||||||||||||||||||||||
Real Property NOI | $ | 47.4 | $ | 44.3 | $ | 3.1 | 7.1 | % | $ | 72.6 | $ | 69.1 | $ | 3.5 | 5.0 | % |
As of | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||
Other Information | |||||||||||||||||||||||
Number of properties | 101 | 101 | — | — | % | ||||||||||||||||||
Wet slip and dry storage spaces | 35,616 | 35,744 | (128) | (0.4) | % |
April 8, 2022 to June 30, 2022 | ||||||||
Financial Information | ||||||||
Revenues | ||||||||
Real property (excluding transient) | $ | 16.9 | ||||||
Real property - transient | 12.9 | |||||||
Other | 0.6 | |||||||
Total Operating | 30.4 | |||||||
Expenses | ||||||||
Property Operating | 15.0 | |||||||
Real Property NOI | 15.4 | |||||||
Home Sales | ||||||||
Revenue | 60.6 | |||||||
Cost of home sales | 32.1 | |||||||
Home selling expenses | 2.3 | |||||||
NOI | 26.2 | |||||||
Retail, dining and entertainment | ||||||||
Revenue | 11.5 | |||||||
Expense | 12.6 | |||||||
Net Operating Loss | (1.1) | |||||||
UK Operations NOI | $ | 40.5 | ||||||
Statistical information | ||||||||
Number of properties | 53 | |||||||
Developed sites | 17,330 | |||||||
Occupied sites | 15,841 | |||||||
Occupancy | 91.4% | |||||||
Sites available for development | 1,987 | |||||||
Home Sales | ||||||||
New home sales volume | 255 | |||||||
Pre-owned home sales volume | 480 | |||||||
Total home sales volume | 735 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||
New Homes | |||||||||||||||||||||||||||||||||||||||||||||||
New home sales | $ | 37.1 | $ | 34.7 | $ | 2.4 | 6.9 | % | $ | 63.7 | $ | 57.7 | $ | 6.0 | 10.4 | % | |||||||||||||||||||||||||||||||
New home cost of sales | 29.9 | 28.2 | 1.7 | 6.0 | % | 51.5 | 46.9 | 4.6 | 9.8 | % | |||||||||||||||||||||||||||||||||||||
Gross profit – new homes | 7.2 | 6.5 | 0.7 | 10.8 | % | 12.2 | 10.8 | 1.4 | 13.0 | % | |||||||||||||||||||||||||||||||||||||
Gross margin % – new homes | 19.4 | % | 18.7 | % | 0.7 | % | 19.2 | % | 18.7 | % | 0.5 | % | |||||||||||||||||||||||||||||||||||
Average selling price – new homes | $ | 164,159 | $ | 153,132 | $ | 11,027 | 7.2 | % | $ | 170,321 | $ | 153,545 | $ | 16,776 | 10.9 | % | |||||||||||||||||||||||||||||||
Pre-owned Homes | |||||||||||||||||||||||||||||||||||||||||||||||
Pre-owned home sales | $ | 45.0 | $ | 47.1 | $ | (2.1) | (4.5) | % | $ | 83.1 | $ | 76.3 | $ | 6.8 | 8.9 | % | |||||||||||||||||||||||||||||||
Pre-owned home cost of sales | 24.2 | 26.0 | (1.8) | (6.9) | % | 44.0 | 44.6 | (0.6) | (1.3) | % | |||||||||||||||||||||||||||||||||||||
Gross Profit – pre-owned homes | 20.8 | 21.1 | (0.3) | (1.4) | % | 39.1 | 31.7 | 7.4 | 23.3 | % | |||||||||||||||||||||||||||||||||||||
Gross margin % – pre-owned homes | 46.2 | % | 44.9 | % | 1.3 | % | 47.1 | % | 41.7 | % | 5.4 | % | |||||||||||||||||||||||||||||||||||
Average selling price – pre-owned homes | $ | 59,920 | $ | 50,577 | $ | 9,343 | 18.5 | % | $ | 57,708 | $ | 47,195 | $ | 10,513 | 22.3 | % | |||||||||||||||||||||||||||||||
Total Home Sales | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue from home sales | $ | 82.1 | $ | 81.8 | $ | 0.3 | 0.4 | % | $ | 146.8 | $ | 134.0 | $ | 12.8 | 9.6 | % | |||||||||||||||||||||||||||||||
Cost of home sales | 54.1 | 54.2 | (0.1) | (0.2) | % | 95.5 | 91.5 | 4.0 | 4.4 | % | |||||||||||||||||||||||||||||||||||||
Home selling expenses | 4.4 | 4.6 | (0.2) | (4.3) | % | 8.9 | 8.9 | — | — | % | |||||||||||||||||||||||||||||||||||||
Home Sales NOI | $ | 23.6 | $ | 23.0 | $ | 0.6 | 2.6 | % | $ | 42.4 | $ | 33.6 | $ | 8.8 | 26.2 | % | |||||||||||||||||||||||||||||||
Other Information | |||||||||||||||||||||||||||||||||||||||||||||||
New home sales volume | 226 | 227 | (1) | (0.4) | % | 374 | 376 | (2) | (0.5) | % | |||||||||||||||||||||||||||||||||||||
Pre-owned home sales volume | 751 | 931 | (180) | (19.3) | % | 1,440 | 1,617 | (177) | (10.9) | % | |||||||||||||||||||||||||||||||||||||
Total home sales volume | 977 | 1,158 | (181) | (15.6) | % | 1,814 | 1,993 | (179) | (9.0) | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 32.1 | $ | 35.8 | $ | (3.7) | (10.3) | % | $ | 64.3 | $ | 71.9 | $ | (7.6) | (10.6) | % | |||||||||||||||||||||||||||||||
Expenses | 5.0 | 4.6 | 0.4 | 8.7 | % | 9.9 | 9.8 | 0.1 | 1.0 | % | |||||||||||||||||||||||||||||||||||||
Rental Program NOI | $ | 27.1 | $ | 31.2 | $ | (4.1) | (13.1) | % | $ | 54.4 | $ | 62.1 | $ | (7.7) | (12.4) | % | |||||||||||||||||||||||||||||||
Other Information | |||||||||||||||||||||||||||||||||||||||||||||||
Number of sold rental homes | 193 | 281 | (88) | (31.3) | % | 370 | 492 | (122) | (24.8) | % | |||||||||||||||||||||||||||||||||||||
Number of occupied rentals, end of period | 9,204 | 10,951 | (1,747) | (16.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Investment in occupied rental homes, end of period | $ | 535.0 | $ | 601.8 | $ | (66.8) | (11.1) | % | |||||||||||||||||||||||||||||||||||||||
Weighted average monthly rental rate, end of period | $ | 1,162 | $ | 1,065 | $ | 97 | 9.1 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Financial Information | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 82.0 | $ | 61.9 | $ | 20.1 | 32.5 | % | $ | 149.0 | $ | 108.0 | $ | 41.0 | 38.0 | % | ||||||||||||||||||||||||||||||||||
Real property - transient | 5.1 | 4.2 | 0.9 | 21.4 | % | 7.6 | 5.1 | 2.5 | 49.0 | % | ||||||||||||||||||||||||||||||||||||||||
Other | 4.5 | 3.0 | 1.5 | 50.0 | % | 7.4 | 4.6 | 2.8 | 60.9 | % | ||||||||||||||||||||||||||||||||||||||||
Total Operating | 91.6 | 69.1 | 22.5 | 32.6 | % | 164.0 | 117.7 | 46.3 | 39.3 | % | ||||||||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property Operating | 23.8 | 19.1 | 4.7 | 24.6 | % | 57.0 | 42.7 | 14.3 | 33.5 | % | ||||||||||||||||||||||||||||||||||||||||
Real Property NOI | 67.8 | 50.0 | 17.8 | 35.6 | % | 107.0 | 75.0 | 32.0 | 42.7 | % | ||||||||||||||||||||||||||||||||||||||||
Service, retail, dining and entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 127.3 | 82.9 | 44.4 | 53.6 | % | 198.5 | 127.3 | 71.2 | 55.9 | % | ||||||||||||||||||||||||||||||||||||||||
Expense | 113.5 | 70.1 | 43.4 | 61.9 | % | 173.3 | 108.1 | 65.2 | 60.3 | % | ||||||||||||||||||||||||||||||||||||||||
NOI | 13.8 | 12.8 | 1.0 | 7.8 | % | 25.2 | 19.2 | 6.0 | 31.3 | % | ||||||||||||||||||||||||||||||||||||||||
Marina NOI | $ | 81.6 | $ | 62.8 | $ | 18.8 | 29.9 | % | $ | 132.2 | $ | 94.2 | $ | 38.0 | 40.3 | % | ||||||||||||||||||||||||||||||||||
Statistical information | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 130 | 114 | 16 | 14.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total wet slips and dry storage | 45,905 | 40,179 | 5,726 | 14.3 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Service, retail, dining and entertainment, net | $ | 20.1 | $ | 22.4 | $ | (2.3) | (10.3) | % | $ | 30.4 | $ | 24.7 | $ | 5.7 | 23.1 | % | |||||||||||||||||||||||||||||||
Interest income | $ | 7.3 | $ | 2.8 | $ | 4.5 | 160.7 | % | $ | 14.1 | $ | 5.4 | $ | 8.7 | 161.1 | % | |||||||||||||||||||||||||||||||
Brokerage commissions and other, net | $ | 8.6 | $ | 6.9 | $ | 1.7 | 24.6 | % | $ | 16.6 | $ | 12.9 | $ | 3.7 | 28.7 | % | |||||||||||||||||||||||||||||||
General and administrative expense | $ | 62.2 | $ | 45.3 | $ | 16.9 | 37.3 | % | $ | 117.9 | $ | 83.5 | $ | 34.4 | 41.2 | % | |||||||||||||||||||||||||||||||
Catastrophic event-related charges, net | $ | 0.1 | $ | 0.4 | $ | (0.3) | (75.0) | % | $ | 0.1 | $ | 2.8 | $ | (2.7) | (96.4) | % | |||||||||||||||||||||||||||||||
Business combination expense, net | $ | 15.0 | $ | (0.2) | $ | 15.2 | N/M | $ | 15.5 | $ | 1.0 | $ | 14.5 | N/M | |||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 150.2 | $ | 127.1 | $ | 23.1 | 18.2 | % | $ | 298.7 | $ | 251.0 | $ | 47.7 | 19.0 | % | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | $ | 0.1 | $ | 8.1 | $ | (8.0) | (98.8) | % | $ | 0.4 | $ | 8.1 | $ | (7.7) | (95.1) | % | |||||||||||||||||||||||||||||||
Interest expense | $ | 55.3 | $ | 37.7 | $ | 17.6 | 46.7 | % | $ | 100.5 | $ | 77.2 | $ | 23.3 | 30.2 | % | |||||||||||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | $ | 1.1 | $ | 1.0 | $ | 0.1 | 10.0 | % | $ | 2.1 | $ | 2.0 | $ | 0.1 | 5.0 | % | |||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities (see Note 15) | $ | (32.3) | $ | 27.5 | $ | (59.8) | (217.5) | % | $ | (66.8) | $ | 31.2 | $ | (98.0) | (314.1) | % | |||||||||||||||||||||||||||||||
Gain / (loss) on foreign currency exchanges | $ | 9.0 | $ | (0.1) | $ | 9.1 | N/M | $ | 6.8 | $ | (0.1) | $ | 6.9 | N/M | |||||||||||||||||||||||||||||||||
Gain / (loss) on dispositions of properties | $ | (0.1) | $ | — | $ | (0.1) | N/A | $ | 13.3 | $ | — | $ | 13.3 | N/A | |||||||||||||||||||||||||||||||||
Other income / (expense), net | $ | 0.4 | $ | (0.2) | $ | 0.6 | (300.0) | % | $ | (0.2) | $ | (0.7) | $ | 0.5 | (71.4) | % | |||||||||||||||||||||||||||||||
Gain on remeasurement of notes receivable (see Note 4) | $ | — | $ | 0.1 | $ | (0.1) | N/M | $ | 0.2 | $ | 0.5 | $ | (0.3) | 60.0 | % | ||||||||||||||||||||||||||||||||
Income from nonconsolidated affiliates (see Note 6) | $ | 0.9 | $ | 0.8 | $ | 0.1 | 12.5 | % | $ | 1.8 | $ | 2.0 | $ | (0.2) | (10.0) | % | |||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6) | $ | 0.4 | $ | (0.1) | $ | 0.5 | (500.0) | % | $ | 0.5 | $ | — | $ | 0.5 | N/A | ||||||||||||||||||||||||||||||||
Current tax expense (see Note 12) | $ | (3.9) | $ | (1.2) | $ | (2.7) | (225.0) | % | $ | (5.2) | $ | (1.0) | $ | (4.2) | 420.0 | % | |||||||||||||||||||||||||||||||
Deferred tax benefit (see Note 12) | $ | 0.3 | $ | — | $ | 0.3 | N/A | $ | 0.3 | $ | 0.1 | $ | 0.2 | 200.0 | % | ||||||||||||||||||||||||||||||||
Preferred return to preferred OP units / equity interests | $ | 3.1 | $ | 3.0 | $ | 0.1 | 3.3 | % | $ | 6.1 | $ | 5.9 | $ | 0.2 | 3.4 | % | |||||||||||||||||||||||||||||||
Income attributable to noncontrolling interests | $ | 4.2 | $ | 7.0 | $ | (2.8) | (40.0) | % | $ | 2.0 | $ | 7.3 | $ | (5.3) | (72.6) | % | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Depreciation and amortization | 149.5 | 126.7 | 297.8 | 250.5 | |||||||||||||||||||
Depreciation on nonconsolidated affiliates | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5) | 66.8 | (31.2) | |||||||||||||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4) | 0.1 | (0.5) | — | |||||||||||||||||||
Gain on remeasurement of notes receivable | — | (0.1) | (0.2) | (0.5) | |||||||||||||||||||
Income attributable to noncontrolling interests | 4.2 | 5.0 | 2.0 | 4.9 | |||||||||||||||||||
Returns on preferred OP units | 3.4 | 1.0 | 6.7 | 1.9 | |||||||||||||||||||
(Gain) / loss on dispositions of properties | 0.1 | — | (13.3) | — | |||||||||||||||||||
Gain on dispositions of assets, net | (17.2) | (17.6) | (32.3) | (25.8) | |||||||||||||||||||
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1) | $ | 246.0 | $ | 198.4 | $ | 401.8 | $ | 335.5 | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Business combination expense and other acquisition related costs(2) | 17.8 | 2.3 | 20.9 | 4.2 | |||||||||||||||||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | |||||||||||||||||||
Catastrophic event-related charges, net | 0.2 | 0.4 | 0.2 | 2.8 | |||||||||||||||||||
Earnings - catastrophic event-related charges(3) | — | — | — | 0.2 | |||||||||||||||||||
(Gain) / loss on foreign currency exchanges | (9.0) | 0.1 | (6.8) | 0.1 | |||||||||||||||||||
Other adjustments, net(4) | (0.5) | 0.3 | 1.4 | 0.2 | |||||||||||||||||||
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1) | $ | 254.6 | $ | 209.6 | $ | 417.9 | $ | 351.1 | |||||||||||||||
Adjustment | |||||||||||||||||||||||
Foreign currency impact(5) | 2.0 | — | 2.0 | — | |||||||||||||||||||
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities | $ | 256.6 | $ | 209.6 | $ | 419.9 | $ | 351.1 | |||||||||||||||
Weighted average common shares outstanding - basic | 120.0 | 112.1 | 117.6 | 110.0 | |||||||||||||||||||
Add | |||||||||||||||||||||||
Common shares dilutive effect from forward equity sale | — | — | 0.2 | — | |||||||||||||||||||
Restricted stock | 0.3 | 0.6 | 0.4 | 0.4 | |||||||||||||||||||
Common OP units | 2.6 | 2.6 | 2.6 | 2.6 | |||||||||||||||||||
Common stock issuable upon conversion of certain preferred OP units | 3.1 | 1.1 | 3.1 | 1.1 | |||||||||||||||||||
Weighted Average Common Shares Outstanding - Fully Diluted | 126.0 | 116.4 | 123.9 | 114.1 | |||||||||||||||||||
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted | $ | 1.95 | $ | 1.70 | $ | 3.24 | $ | 2.94 | |||||||||||||||
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted | $ | 2.02 | $ | 1.80 | $ | 3.37 | $ | 3.08 | |||||||||||||||
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted | $ | 2.04 | $ | 1.80 | $ | 3.39 | $ | 3.08 |
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Expansion and Development Expenditures | $ | 122.7 | $ | 90.4 | |||||||
Recurring Capital Expenditures | 33.4 | 27.6 | |||||||||
Lot Modifications Expenditures | 14.4 | 16.9 | |||||||||
Growth Projects | 49.5 | 36.4 | |||||||||
Acquisition-related Capital Expenditures | 123.1 | 70.7 | |||||||||
Rental Program | 59.0 | 53.8 | |||||||||
Rebranding Cost | 10.7 | — | |||||||||
Other | (6.4) | 4.6 | |||||||||
Total capital expenditures activity | $ | 406.4 | $ | 300.4 |
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Net Cash Provided by Operating Activities | $ | 496.7 | $ | 470.7 | |||||||
Net Cash Used for Investing Activities | $ | (2,475.8) | $ | (865.5) | |||||||
Net Cash Provided by Financing Activities | $ | 2,092.2 | $ | 421.5 | |||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | $ | (6.6) | $ | 0.3 |
Covenant | Requirement | As of June 30, 2022 | ||||||||||||
Maximum leverage ratio | <65.0% | 31.8% | ||||||||||||
Minimum fixed charge coverage ratio | >1.40 | 4.22 | ||||||||||||
Maximum dividend payout ratio | <95.0% | 47.2% | ||||||||||||
Maximum secured leverage ratio | <40.0% | 13.1% | ||||||||||||
Covenant | Requirement | As of June 30, 2022 | ||||||||||||
Total debt to total assets | ≤60.0% | 40.3% | ||||||||||||
Secured debt to total assets | ≤40.0% | 19.3% | ||||||||||||
Consolidated income available for debt service to debt service | ≥1.50 | 5.67 | ||||||||||||
Unencumbered total asset value to total unsecured debt | ≥150.0% | 344.3% |
Three Months Ended | ||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||
Series | Conversion Rate | Units / Shares Converted | Common Stock(1) | |||||||||||||||||
Common OP units | 1.0000 | 2,700 | 2,700 | |||||||||||||||||
Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs | |||||||||||||||||||||||
Period | (a) | (b) | (c) | (d) | ||||||||||||||||||||||
April 1, 2022 - April 30, 2022 | 5,930 | $ | 184.64 | — | $ | — | ||||||||||||||||||||
May 1, 2022 - May 31, 2022 | 762 | $ | 156.72 | — | $ | — | ||||||||||||||||||||
June 1, 2022 - June 30, 2022 | 1,825 | $ | 159.36 | — | $ | — | ||||||||||||||||||||
Total | 8,517 | $ | 176.73 | — | $ | — |
Exhibit No. | Description | Method of Filing | ||||||
3.1 | Incorporated by reference to SUI's Annual Report on Form 10-K filed on February 22, 2018 | |||||||
3.2 | Incorporated by reference to SUI's Current Report on Form 8-K filed on May 12, 2017 | |||||||
4.1 | Incorporated by reference to SUI's Current Report on Form 8-K filed on April 12, 2022 | |||||||
4.2 | Incorporated by reference to SUI's Current Report on Form 8-K filed on April 12, 2022 | |||||||
10.1* | Incorporated by reference to SUI's Current Report on Form 8-K filed on April 13, 2022 | |||||||
10.2 | Incorporated by reference to SUI's Current Report on Form 8-K filed on April 13, 2022 | |||||||
10.3 | Incorporated by reference to SUI's Current Report on Form 8-K filed on April 13, 2022 | |||||||
10.4 | Incorporated by reference to SUI's Current Report on Form 8-K filed on April 13, 2022 | |||||||
22.1 | Filed herewith | |||||||
31.1 | Filed herewith | |||||||
*Certain schedules and exhibits have been omitted pursuance to Item 601(a)(5) of Regulation S-K because such schedules and exhibits do not contain information which is material to an investment decision or which is not otherwise disclosed in the filed agreements. The Company will furnish the omitted schedules and exhibits to the SEC upon request by the SEC. | ||||||||
# Management contract or compensatory plan or arrangement. |
Exhibit No. | Description | Method of Filing | ||||||
31.2 | Filed herewith | |||||||
32.1 | Filed herewith | |||||||
101.INS | XBRL Instance Document | The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101) | Filed herewith | ||||||
Dated: July 26, 2022 | By: | /s/ Fernando Castro-Caratini | ||||||
Fernando Castro-Caratini, Chief Financial Officer and Secretary (Duly authorized officer and principal financial officer) |
Debt Instrument | Issuer | Jurisdiction of Organization | ||||||||||||
2.3% Senior Notes due 2028 | Sun Communities Operating Limited Partnership | Michigan | ||||||||||||
2.7% Senior Notes due 2031 | Sun Communities Operating Limited Partnership | Michigan | ||||||||||||
4.2% Senior Notes due 2032 | Sun Communities Operating Limited Partnership | Michigan |
Dated: July 26, 2022 | /s/ Gary A. Shiffman | |||||||
Gary A. Shiffman, Chief Executive Officer |
Dated: July 26, 2022 | /s/ Fernando Castro-Caratini | ||||
Fernando Castro-Caratini, Chief Financial Officer |
Signature | Date | ||||
/s/ Gary A. Shiffman | July 26, 2022 | ||||
Gary A. Shiffman, Chief Executive Officer | |||||
/s/ Fernando Castro-Caratini | July 26, 2022 | ||||
Fernando Castro-Caratini, Chief Financial Officer | |||||
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 81,300 | $ 120,800 | $ 82,800 | $ 148,800 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (65,700) | (1,200) | (67,000) | (2,000) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 9,800 | 0 | 35,000 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (800) | 0 | (800) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 9,000 | 0 | 34,200 | 0 |
Total Comprehensive Income | 24,600 | 122,000 | 50,000 | 150,800 |
Less: Comprehensive income attributable to noncontrolling interests | (1,700) | (7,000) | (600) | (7,300) |
Comprehensive Income attributable to SUI | $ 22,900 | $ 115,000 | $ 49,400 | $ 143,500 |
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Cash Flows [Abstract] | ||
Interest Costs Capitalized | $ 2.8 | $ 2.4 |
Consolidated Statement Of Stockholders' Equity - USD ($) |
Total |
NG Sun LLC [Member] |
Temporary Equity |
Common Stock |
Additional Paid-in Capital |
Distributions in Excess of Accumulated Earnings |
Accumulated Other Comprehensive Income / (loss) |
Noncontrolling Interests |
Total Shareholders' Equity |
Total Equity |
Common OP Units
Additional Paid-in Capital
|
Common OP Units
Noncontrolling Interests
|
Series J Preferred Op Units |
Series J Preferred Op Units
Temporary Equity
|
Series J Preferred Op Units
Total Equity
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2020 | $ 264,400,000 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Equity Interests | 100,000 | ||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | $ (7,000,000.0) | ||||||||||||||
Net income / (loss) | (1,600,000) | ||||||||||||||
Distributions | (1,800,000) | ||||||||||||||
Ending Balance at Mar. 31, 2021 | 261,100,000 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 1,100,000 | 7,087,600,000 | $ (1,566,600,000) | $ 3,200,000 | $ 102,000,000.0 | $ 5,627,300,000 | $ 5,891,700,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock and common OP units, net | 537,100,000 | 537,100,000 | 537,100,000 | ||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (14,800,000) | 14,800,000 | $ (14,800,000) | ||||||||||||
Conversion of OP units | (1,200,000) | 1,200,000 | |||||||||||||
Equity interests | 100,000 | 100,000 | |||||||||||||
Share-based compensation - amortization and forfeitures | 7,000,000.0 | 7,000,000.0 | |||||||||||||
Net income / (loss) | 27,700,000 | 1,900,000 | 29,600,000 | 28,000,000.0 | |||||||||||
Distributions | (92,800,000) | (3,200,000) | (96,000,000.0) | (97,800,000) | |||||||||||
OP Units accretion | 800,000 | 800,000 | 800,000 | ||||||||||||
Ending Balance at Mar. 31, 2021 | 1,100,000 | 7,618,100,000 | (1,631,000,000) | 4,000,000.0 | 99,400,000 | 6,091,600,000 | 6,352,700,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 800,000 | 800,000 | 800,000 | ||||||||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | (100,000) | (100,000) | (100,000) | ||||||||||||
Beginning Balance at Dec. 31, 2020 | 264,400,000 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | 285,600,000 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | 1,100,000 | 7,087,600,000 | (1,566,600,000) | 3,200,000 | 102,000,000.0 | 5,627,300,000 | 5,891,700,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Contributions from noncontrolling interest | $ 0 | ||||||||||||||
Net income / (loss) | 135,600,000 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | 1,100,000 | 8,163,100,000 | (1,614,200,000) | 5,200,000 | 100,600,000 | 6,655,800,000 | 6,941,400,000 | ||||||||
Beginning Balance at Mar. 31, 2021 | 261,100,000 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Equity Interests | 100,000 | ||||||||||||||
Net income / (loss) | 2,400,000 | ||||||||||||||
Distributions | (2,000,000.0) | ||||||||||||||
Ending Balance at Jun. 30, 2021 | 285,600,000 | ||||||||||||||
Beginning Balance at Mar. 31, 2021 | 1,100,000 | 7,618,100,000 | (1,631,000,000) | 4,000,000.0 | 99,400,000 | 6,091,600,000 | 6,352,700,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock and common OP units, net | 539,200,000 | 539,200,000 | 539,200,000 | $ 24,000,000.0 | $ 24,000,000.0 | ||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1,600,000) | (1,600,000) | (1,600,000) | ||||||||||||
Conversion of OP units | (300,000) | $ 300,000 | |||||||||||||
Equity interests | 100,000 | 100,000 | |||||||||||||
Share-based compensation - amortization and forfeitures | 7,100,000 | 100,000 | 7,200,000 | 7,200,000 | |||||||||||
Foreign currency translation | 1,200,000 | 1,200,000 | 1,200,000 | ||||||||||||
Net income / (loss) | $ 110,800,000 | 113,800,000 | 4,600,000 | 118,400,000 | 120,800,000 | ||||||||||
Distributions | (96,200,000) | (3,100,000) | (99,300,000) | (101,300,000) | |||||||||||
OP Units accretion | (800,000) | (800,000) | (800,000) | ||||||||||||
Ending Balance at Jun. 30, 2021 | 1,100,000 | 8,163,100,000 | (1,614,200,000) | 5,200,000 | 100,600,000 | 6,655,800,000 | 6,941,400,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Common Stock, Shares Outstanding | 116,000,000.0 | ||||||||||||||
Beginning Balance at Dec. 31, 2021 | $ 24,700,000 | 288,900,000 | $ 23,900,000 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (9,700,000) | (100,000) | (9,800,000) | (9,800,000) | |||||||||||
Net income / (loss) | (3,100,000) | ||||||||||||||
Distributions | (2,100,000) | ||||||||||||||
Stockholders' Equity, Other | 200,000 | ||||||||||||||
Ending Balance at Mar. 31, 2022 | 283,900,000 | ||||||||||||||
Beginning Balance at Dec. 31, 2021 | $ 6,730,600,000 | 1,200,000 | 8,175,600,000 | (1,556,000,000) | 3,100,000 | 106,700,000 | 6,730,600,000 | 7,019,500,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock and common OP units, net | (200,000) | 2,800,000 | 2,600,000 | 2,600,000 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (16,400,000) | (16,400,000) | 16,400,000 | ||||||||||||
Conversion of OP units | $ (700,000) | $ 700,000 | |||||||||||||
Net income / (loss) | 3,700,000 | 900,000 | 4,600,000 | 1,500,000 | |||||||||||
Distributions | (102,300,000) | (3,100,000) | (105,400,000) | (107,500,000) | |||||||||||
OP Units accretion | (100,000) | (100,000) | 100,000 | ||||||||||||
Ending Balance at Mar. 31, 2022 | 1,200,000 | 8,169,400,000 | (1,654,600,000) | 25,900,000 | 107,700,000 | 6,649,600,000 | 6,933,500,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 22,800,000 | 1,100,000 | 23,900,000 | 23,900,000 | |||||||||||
Beginning Balance at Dec. 31, 2021 | 24,700,000 | 288,900,000 | 23,900,000 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Distributions | (0.0285) | ||||||||||||||
Ending Balance at Jun. 30, 2022 | 28,900,000 | 293,300,000 | 23,700,000 | ||||||||||||
Beginning Balance at Dec. 31, 2021 | 6,730,600,000 | 1,200,000 | 8,175,600,000 | (1,556,000,000) | 3,100,000 | 106,700,000 | 6,730,600,000 | 7,019,500,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Contributions from noncontrolling interest | 9,800,000 | ||||||||||||||
Net income / (loss) | 74,700,000 | ||||||||||||||
Ending Balance at Jun. 30, 2022 | 7,538,200,000 | 1,200,000 | 9,159,100,000 | (1,684,700,000) | (28,300,000) | 90,900,000 | 7,538,200,000 | 7,831,500,000 | |||||||
Beginning Balance at Mar. 31, 2022 | 283,900,000 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Equity Interests | 100,000 | ||||||||||||||
Net income / (loss) | 1,500,000 | ||||||||||||||
Distributions | (2,000,000.0) | ||||||||||||||
Stockholders' Equity, Other | 100,000 | ||||||||||||||
Ending Balance at Jun. 30, 2022 | $ 28,900,000 | 293,300,000 | $ 23,700,000 | ||||||||||||
Beginning Balance at Mar. 31, 2022 | 1,200,000 | 8,169,400,000 | (1,654,600,000) | 25,900,000 | 107,700,000 | 6,649,600,000 | 6,933,500,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock and common OP units, net | 968,600,000 | 2,700,000 | 971,300,000 | 971,300,000 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1,200,000) | (1,200,000) | (1,200,000) | ||||||||||||
Contributions from noncontrolling interest | $ 9,700,000 | 9,700,000 | |||||||||||||
Equity interests | 100,000 | 100,000 | |||||||||||||
Issuance of Series F preferred OP units | (13,200,000) | 16,500,000 | 3,300,000 | 3,300,000 | |||||||||||
Share-based compensation - amortization and forfeitures | 9,100,000 | 100,000 | 9,200,000 | 9,200,000 | |||||||||||
Net income / (loss) | 74,000,000.0 | 77,100,000 | 2,700,000 | 79,800,000 | 81,300,000 | ||||||||||
Distributions | (107,000,000.0) | (3,200,000) | (110,200,000) | (112,200,000) | |||||||||||
OP Units accretion | (200,000) | (200,000) | (100,000) | ||||||||||||
Ending Balance at Jun. 30, 2022 | $ 7,538,200,000 | $ 1,200,000 | $ 9,159,100,000 | $ (1,684,700,000) | (28,300,000) | 90,900,000 | 7,538,200,000 | 7,831,500,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (54,200,000) | $ (2,500,000) | $ (56,700,000) | $ (56,700,000) | |||||||||||
Common Stock, Shares Outstanding | 121,644,228 |
Equity and Temporary Equity Equity and Temporary Equity, Dividends Payable Table (Details) - Common Stock, Restricted Stock, and Common OP Units $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
$ / shares
| |
Dividends Payable [Line Items] | |
Dividends per common share | $ / shares | $ 0.88 |
Payments of dividends | $ | $ 109.3 |
Equity and Temporary Equity Equity and Temporary Equity, Schedule of Sale of Common Stock (Details) $ in Millions |
Dec. 17, 2021
USD ($)
|
---|---|
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 1,250 |
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement | 2.00% |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and Tiger Topco 1 Limited (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "us," "we," and "our." We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All intercompany transactions have been eliminated in consolidation. Certain prior period amounts have been revised to conform with current presentation, with no effect on net income. These include reclassification of certain revenues and expenses between Real property and Service, retail, dining and entertainment within our Marina Portfolio. There was no impact to prior period net income, shareholders equity or cash flows for any of the reclassifications. Further, the reclassification had no impact on previously reported total marina Net Operating Income ("NOI"). The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on February 22, 2022 (our "2021 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2021 Annual Report. Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") resorts and (iii) Marina.
|
Revenue |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | The following table disaggregates our revenue by major source and segment (in millions):
Our revenue consists of real property revenue at our MH, RV and Marina properties, revenue from Home sales, Service, retail, dining and entertainment revenue, Interest income, and Brokerage commissions and other revenue. The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies," in our 2021 Annual Report.
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Real Estate Acquisitions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions | 2022 Acquisitions and Dispositions During the six months ended June 30, 2022, we acquired the following MH communities and marinas:
(1) Combined with an existing property. (2) Includes 40 owned and two managed properties. (3) Includes two properties. (4) Includes 11 communities. 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, 2022 (in millions):
(1) Combined with an existing property. (2) The above allocations are estimates awaiting purchase price allocations. (3) The balance includes the marina acquired in February and the yacht sales business acquired in April of which $0.1 million was recorded in Investment property, $17.6 million in In-place leases, goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net. (4) The above allocations are estimates awaiting final purchase price allocations. As of June 30, 2022, we have incurred and capitalized $12.5 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. As of June 30, 2022, we also incurred $15.5 million of business combination expenses, which are expensed for acquisitions deemed to be business combinations. The total amount of Revenues and Net income included in the Consolidated Statements of Operations for the three and six months ended June 30, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions):
The following unaudited pro forma financial information presents the results of our operations for the three and six months ended June 30, 2022 and 2021, as if the properties combined through business combinations in 2022 had been acquired on January 1, 2021. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and acquisition accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisition been consummated on January 1, 2021 (in millions, except for per share data):
Development and Expansion Activities During the three and six months ended June 30, 2022, we acquired one land parcel which is located in the United States for an aggregate purchase price of $5.0 million. During the three and six months ended June 30, 2022, we completed the construction of over 110 sites and over 130 sites, respectively, at one ground-up development and three expansion sites. Dispositions On March 24, 2022, we sold two MH communities and one community containing MH and RV sites, located in Florida, with a total of 323 sites for $29.6 million. The gain from the sale of the properties was $13.3 million. 2021 Acquisitions and Dispositions For the year ended December 31, 2021, we acquired the following MH communities, RV resorts and marinas:
(1) Includes two marinas. (2) Includes nine MH communities. (3) Includes two RV Resorts. The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2021 (in millions):
(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) The balance includes the marina acquired in August and the restaurant acquired in December of which $9.2 million was recorded in investment property and $21.0 million in Other assets / (liabilities), net. (3) The allocation was estimated as of December 2021 and was adjusted as of March 2022, based on final purchase price allocation. As of December 31, 2021, we incurred $18.0 million of transaction costs, which were capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. As of December 31, 2021, we also incurred $1.4 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations. Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2021 related to business combinations completed in 2021 are set forth in the following table (in millions):
The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2021 and 2020, as if the properties combined through business combinations in 2021 had been acquired on January 1, 2020. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and acquisition accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2020 (in millions, except for per share data):
Land for Expansion / Development During the year ended December 31, 2021, we acquired 11 land parcels, which are located across the United States and the United Kingdom for a total purchase price of $172.8 million. Other Acquisitions In December 2021, we acquired Leisure Systems, Inc., the franchisor of the Jellystone Park™ system, and accounted for the transaction as a business combination. The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisition (in millions):
(1) The allocation was preliminary as of December 31, 2021, and was adjusted as of March 2022 based on the final purchase price allocation. Dispositions In July 2021, we sold two MH communities located in Indiana and Missouri, in the United States containing a combined 677 sites, for $67.5 million. The gain from the sale of the property was $49.4 million. In August 2021, we sold four MH communities located in Arizona, Illinois and Missouri, containing a combined 1,137 sites, for $94.6 million. The gain from the sale of the properties was $58.7 million. Refer to Note 19, "Subsequent Events," for information regarding acquisitions and dispositions completed after June 30, 2022.
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Notes And Other Receivables |
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Notes and Loans Payable, by Type, Current and Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes And Other Receivables | The following table sets forth certain information regarding notes and other receivables (in millions):
Installment Notes Receivable on Manufactured Homes Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $73.1 million (net of fair value adjustment of $0.4 million) and $79.1 million (net of fair value adjustment of $0.6 million) as of June 30, 2022 and December 31, 2021, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.6 percent and 14.3 years as of June 30, 2022, and 7.6 percent and 14.7 years as of December 31, 2021, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional detail. The change in the aggregate balance of the installment notes receivable is as follows (in millions):
Notes Receivable from Real Estate Developers and Operators Notes receivable from real estate developers and operators are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." As of June 30, 2022 and December 31, 2021, the notes receivable balances are comprised primarily of a loan provided to a real estate operator to finance its acquisition and development costs, and construction loans provided to real estate developers. The notes receivable from real estate developers and operators have a net weighted average interest rate and maturity of 7.9 percent and 0.8 years as of June 30, 2022, and 7.2 percent and 0.9 years as of December 31, 2021, respectively. As of June 30, 2022, real estate developers and operators collectively have $49.5 million of undrawn funds on their loans. There were no adjustments to the fair value of notes receivable from real estate developers and operators for the six months ended June 30, 2022 and 2021. Refer to Note 15, "Fair Value of Financial Instruments," for additional information. The change in the aggregate balance of notes receivable from real estate developers and operators is as follows (in millions):
Other Receivables, net Other receivables, net were comprised of amounts due from the following categories (in millions):
(1)Net of allowance of $1.7 million and $1.5 million as of June 30, 2022 and December 31, 2021, respectively. (2)Net of allowance of $5.0 million and $5.5 million as of June 30, 2022 and December 31, 2021, respectively. (3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 48.9 percent and 49.2 percent ownership interest as of June 30, 2022 and December 31, 2021, respectively. In June 2020, we made a convertible secured loan to Rezplot Systems LLC. The note allows for a principal amount of up to $10.0 million to be drawn down over a period of three years, bears an interest rate of 3.0 percent and is secured by all the assets of Rezplot Systems LLC. In January 2022, we made an additional loan to Rezplot Systems LLC that allows for a principal amount of up to $5.0 million to be drawn over a period of three years and bears an interest rate of 3.0 percent. The outstanding balances were $11.8 million and $10.2 million as of June 30, 2022 and December 31, 2021, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets. Goodwill The change in the carrying amount of goodwill during the six months ended June 30, 2022 is as follows (in millions):
(1) During the three months ended June 30, 2022, we recorded Goodwill of $465.0 million in the MH segment related to the acquisition of Park Holidays. The goodwill recorded was attributed primarily to the acquired platform and assembled workforce value associated with the scale of Park Holidays' existing operations in the United Kingdom. (2) The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are presented under Other in the table above. Other Intangible Assets, net The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):
Amortization expenses related to our Other intangible assets were as follows (in millions):
We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):
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Investment In Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment In Affiliates | Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income from nonconsolidated affiliates line item on the Consolidated Statements of Operations. RezPlot Systems LLC ("Rezplot") At June 30, 2022 and December 31, 2021, we had a 48.9 percent and 49.2 percent ownership interest, respectively, in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019. Sungenia Joint Venture ("Sungenia JV") At June 30, 2022 and December 31, 2021, we had a 50.0 percent ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group in November 2018, to establish and grow a manufactured housing community development program in Australia. GTSC LLC ("GTSC") At June 30, 2022 and December 31, 2021, we had a 40.0 percent ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities. Origen Financial Services, LLC ("OFS") At June 30, 2022 and December 31, 2021, we had no ownership interest and a 22.9 percent ownership interest, respectively, in OFS, an end-to-end online resident screening and document management suite. During the three months ended June 30, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 million, which was recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations. SV Lift, LLC ("SV Lift") At June 30, 2022 and December 31, 2021, we had a 50 percent ownership interest in SV Lift, which owns, operates and leases an aircraft. The investment balance in each nonconsolidated affiliate is as follows (in millions):
The income / (loss) from each nonconsolidated affiliate is as follows (in millions):
The change in the GTSC investment balance is as follows (in millions):
The change in the Sungenia JV investment balance is as follows (in millions):
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Consolidated Variable Interest Entities |
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DisclosureofVariableInterestEntities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity Disclosure | The Operating Partnership We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits. Other Consolidated VIEs We consolidate Sun NG RV Resorts LLC ("Sun NG Resorts"); Sun NG Whitewater RV Resorts LLC; FPG Sun Menifee 80 LLC, SHM South Fork JV, LLC; Sun Solar Energy Project LLC, Sun Solar Energy Project CA II, and FPG Sun Moreno Valley 66 LLC under the guidance set forth in ASC Topic 810, "Consolidation." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 8, "Debt and Line of Credit," for additional information on Sun NG Resorts. During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate Village SPE LLC, Rudgate Clinton SPE LLC and Rudgate Clinton Estates, LLC (collectively, "Rudgate"), an MH community, which resulted in the Company owning a 100 percent ownership interest in Rudgate. We concluded that Rudgate was no longer a VIE. Refer to Note 9, "Equity and Temporary Equity," for additional information. The following table summarizes the assets and liabilities of our consolidated VIEs, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets after eliminations (in millions):
Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 4.4 percent and 4.9 percent of our consolidated total assets at June 30, 2022 and December 31, 2021, respectively. Total liabilities comprised 1.4 percent and 2.8 percent of our consolidated total liabilities at June 30, 2022 and December 31, 2021, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0 percent of our consolidated total equity at June 30, 2022 and December 31, 2021, respectively.
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Debt And Lines Of Credit |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in millions, except for statistical information):
Secured Debt Secured debt consists of mortgage term loans. During the six months ended June 30, 2022 and the year ended December 31, 2021, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information):
(1)Includes two mortgage term loans which matured on February 1, 2022. During the six months ended June 30, 2022 and year ended December 31, 2021, we did not enter into any new mortgage term loans. The mortgage term loans, which total $3.3 billion as of June 30, 2022, are secured by 189 properties comprised of 74,682 sites representing approximately $3.1 billion of net book value. Unsecured Debt Senior Unsecured Notes In April 2022, the Operating Partnership issued $600.0 million of senior unsecured notes with an interest rate of 4.2 percent and a 10-year term, due April 15, 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2022. The net proceeds from the offering were $592.3 million after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility (as defined below). In October 2021, the Operating Partnership issued $450.0 million of senior unsecured notes with an interest rate of 2.3 percent and a -year term, due November 1, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2022. The Operating Partnership also issued an additional $150.0 million of its 2031 Notes (as defined below). The net proceeds from both offerings were approximately $595.5 million after deducting underwriters' discounts and estimated offering expenses. The proceeds were used to pay down borrowings under our Senior Credit Facility. In June 2021, the Operating Partnership issued $600.0 million of senior unsecured notes with an interest rate of 2.7 percent and a ten-year term, due July 15, 2031 (the "2031 Notes"). Interest on the 2031 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2022. The net proceeds from the offering were approximately $592.4 million, after deducting underwriters' discounts and estimated offering expenses. The proceeds were used to pay down borrowings under our Senior Credit Facility. The total outstanding principal balance of senior unsecured notes was $1.8 billion at June 30, 2022. This balance is recorded in the Unsecured debt line item on the Consolidated Balance Sheets. Line of Credit In April 2022, in connection with the closing of the Park Holidays acquisition, the Operating Partnership as borrower, and SUI, as guarantor, and certain lenders entered into Amendment No. 1 to the Fourth Amended and Restated Credit Agreement and Other Loan Documents (the "Credit Facility Amendment"), which amended our senior credit facility (the "Senior Credit Facility"). The Credit Facility Amendment increased the aggregate amount of our Senior Credit Facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The increased aggregate amount under the Senior Credit Facility consists of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, Pounds sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations. The Credit Facility Amendment extended the maturity date of the revolving loan facility to April 7, 2026. At our option that maturity date may be extended two additional six-month periods. In addition, the Credit Facility Amendment established the maturity date of the term loan facility under the Credit Facility Amendment as April 7, 2025, which may not be further extended. Prior to the Credit Facility Amendment, the Senior Credit Facility permitted aggregate borrowings of up to $2.0 billion, with an accordion feature that allowed for additional commitments of up to $1.0 billion, subject to the satisfaction of certain conditions. Prior to the amendment, $500.0 million of available borrowings under the Senior Credit Facility were scheduled to mature on October 11, 2024, with the remainder scheduled to mature on June 14, 2025. During the three months ended June 30, 2022 and 2021, we recognized losses on extinguishment of debt in our Consolidated Statements of Operations of $0.1 million related to the amendment of the Senior Credit Facility, and $0.2 million and $7.9 million, related to the termination of our $750.0 million credit facility and the $1.8 billion credit facility between Safe Harbor and certain lenders, respectively. The Senior Credit Facility bears interest at a floating rate based on Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Daily Risk Free Rate ("RFR"), the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate or the Canadian Dollar Offered Rate, as applicable, plus, in all cases, a margin, which can range from 0.725 percent to 1.6 percent, subject to certain adjustments. As of June 30, 2022, the margins based on our credit ratings were 0.85 percent on the revolving loan facility and 0.95 percent on the term loan facility. At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Amendment. We had $662.0 million of borrowings outstanding under the revolving loan and $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of June 30, 2022. We had $1.0 billion of revolving borrowings on our prior Senior Credit Facility as of December 31, 2021. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. The Senior Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $2.8 million and $2.2 million of outstanding letters of credit at June 30, 2022 and December 31, 2021, respectively. Bridge Loan Termination In March 2022, we terminated our commitment letter with Citigroup Global Markets, Inc. ("Citigroup"), pursuant to which Citigroup (on behalf of its affiliates) previously committed to lend us up to £950.0 million, or approximately $1.2 billion converted at the March 31, 2022 exchange rate (the "Bridge Loan"). As of the date of termination, we did not have any borrowings outstanding under the Bridge Loan. During the three months ended March 31, 2022, we recognized a Loss on extinguishment of debt in our Consolidated Statement of Operations of $0.3 million related to the termination of the Bridge Loan. Unsecured Term Loan In October 2019, we assumed a $58.0 million secured term loan facility related to an acquisition. The term loan has a four-year term ending October 29, 2023, and bears interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.20 percent to 2.05 percent. Effective July 1, 2021, the agreement was amended to release the associated collateral. The amendment extended the term loan facility maturity date to October 29, 2025 and adjusted the interest rate margin to a range from 0.8 percent to 1.6 percent. As of June 30, 2022, the margin was 0.95 percent. The outstanding balance was $24.6 million at June 30, 2022 and $31.6 million at December 31, 2021. These balances are recorded in Unsecured debt and Secured debt on the Consolidated Balance Sheets, respectively. Preferred Equity - Sun NG Resorts - Mandatorily Redeemable In connection with the investment in Sun NG Resorts in June 2018, $35.3 million of mandatorily redeemable Preferred Equity ("Preferred Equity - Sun NG Resorts") was purchased by unrelated third parties. The Preferred Equity - Sun NG Resorts carries a preferred rate of return of 6.0 percent per annum. The Preferred Equity - Sun NG Resorts has a -year term ending June 1, 2025 and can be redeemed in the fourth quarter of 2024 at the holders' option. The Preferred Equity - Sun NG Resorts as of June 30, 2022 was $35.2 million. This balance is recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. Preferred OP Units - Mandatorily Redeemable Preferred OP units at June 30, 2022 and December 31, 2021 include $34.7 million of Aspen preferred OP units issued by the Operating Partnership. As of June 30, 2022, these units are convertible indirectly into 402,003 shares of our common stock. In January 2020, we amended the Operating Partnership's partnership agreement. The amendment extended the automatic redemption date and reduced the annual distribution rate for 270,000 of the Aspen preferred OP units (the "Extended Units"). Subject to certain limitations, at any time prior to January 1, 2024 (or prior to January 1, 2034 with respect to the Extended Units), the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units; or (b) if the ten-day average closing price is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0 percent of the amount by which the ten-day average closing price exceeds $68.00 per share, by (ii) the ten-day average closing price. The current preferred distribution rate is 3.8 percent on the Extended Units and 6.5 percent on all other Aspen preferred OP units. On January 2, 2024 (or January 2, 2034 with respect to the Extended Units), we are required to redeem for cash all Aspen preferred OP units that have not been converted to common OP units. As of June 30, 2022, 270,000 of the Extended Units and 1,013,819 other Aspen preferred units were outstanding. These balances are recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Covenants The mortgage term loans, senior unsecured notes and Senior Credit Facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the Senior Credit Facility, which contains a minimum fixed charge coverage ratio, maximum leverage ratio, distribution ratio and variable rate indebtedness, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio and unencumbered total asset value to unsecured debt covenants ratio. At June 30, 2022, we were in compliance with all covenants. In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, and any of our other subsidiaries or any other person or entity.
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Equity and Temporary Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Temporary Equity | Temporary Equity Redeemable Preferred OP Units Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of June 30, 2022 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information):
(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):
Equity Interest - NG Sun LLC - In June 2018, in connection with the investment in Sun NG Resorts, unrelated third parties purchased $6.5 million of Series B preferred equity interests and $15.4 million of common equity interests in Sun NG Resorts (herein jointly referred to as "Equity Interest - NG Sun LLC"). In April and September 2020, in connection with certain acquisitions, $3.0 million of Series B preferred equity interests were converted to common equity interests. The Series B preferred equity interests carry a preferred return at a rate that, at any time, is equal to the interest rate on Sun NG Resorts' indebtedness at such time. The current rate of return is 5.0 percent. The Equity Interest - NG Sun LLC does not have a fixed maturity date and can be redeemed in the fourth quarters of 2024, 2025 or 2026 at the holders' option. Sun NG LLC, our subsidiary, has the right during certain periods each year, with or without cause, or for cause at any time, to elect to buy NG Sun LLC's interest. During a limited period in 2024, NG Sun LLC has the right to put its interest to Sun NG LLC. If either party exercises its option, the property management agreement will be terminated, and we are required to purchase the remaining interests of NG Sun LLC and the property management agreement at fair value. In December 2021, the operating agreement was amended and we paid Sun NG Resorts a contingent consideration earnout in the amount of $38.3 million. The contingent consideration payment was recognized as an additional purchase price payment within Land improvements and buildings in the Consolidated Balance Sheets, and within Acquisition of properties, net of cash acquired in the Consolidated Statement of Cash Flows. The Equity Interest - NG Sun LLC balance was $28.9 million and $24.7 million as of June 30, 2022 and December 31, 2021, respectively. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 8, "Debt and Line of Credit," for additional information. Permanent Equity Universal Shelf Registration Statement In April 2021, we filed a new universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was deemed automatically effective and provides for the registration of unspecified amounts of equity and debt securities. We have the authority to issue 200,000,000 shares of capital stock, of which 180,000,000 shares are common stock and 20,000,000 are shares of preferred stock, par value $0.01 per share. As of June 30, 2022, we had 121,644,228 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. Public Equity Offerings In November 2021, we entered into two forward sale agreements relating to an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share and completed the offering on November 18, 2021 (the "November 2021 Forward Sale Agreements"). We did not initially receive any proceeds from the sale of shares of our common stock by the forward purchaser or its affiliates. On April 15, 2022, we completed the physical settlement of the 4,025,000 shares of common stock and received aggregate net proceeds of $705.4 million. We used the net proceeds to repay borrowings outstanding under our Senior Credit Facility, and for working capital and general corporate purposes. At the Market Offering Sales Agreement In December 2021, we entered into an At the Market Offering Sales Agreement with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock (the "Sales Agreement"), through the sales agents, acting as our sales agents or, if applicable, as forward sellers, or directly to the sales agents as principals for their own accounts. The sales agents and forward sellers are entitled to compensation in an agreed amount not to exceed 2.0 percent of the gross price per share for any shares sold under the Sales Agreement. We simultaneously terminated our prior sales agreement upon entering into the Sales Agreement. During the three months ended March 31 and June 30, 2022, we entered into forward sales agreements with respect to 600,503 shares of common stock for $107.9 million, and 290,600 shares of common stock for $50.1 million, respectively, under our at the market offering program. These forward sale agreements were not settled as of June 30, 2022, but we expect to settle them by the end of March and June 2023, respectively. During the year ended December 31, 2021, we entered into forward sale agreements with respect to 1,820,109 shares of common stock under our prior at the market offering program for $356.5 million. During the three months ended June 30, 2022, we completed the physical settlement of 1,200,000 shares of common stock and received net proceeds of $229.5 million. We expect to settle the remaining 620,109 shares of common stock by the end of September 2022. Refer to Note 19, "Subsequent Events," for information regarding the settlement of certain forward sale agreements outstanding under our at the market offering program after June 30, 2022. Issuances of Common Stock and OP Units in Connection with the Acquisition of Certain Properties Issuance of Common Stock On April 8, 2022, we issued an aggregate of 186,044 shares of our common stock in connection with the acquisition of Park Holidays. Issuances of Common OP Units
(1) During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate for a total purchase price of $3.1 million. As consideration, we issued 10,854 common OP units and paid the remainder of the purchase price in cash. The acquisition resulted in the Company owning a 100 percent controlling interest in Rudgate. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the purchase price and the acquired noncontrolling interest of $13.2 million recorded as an increase to Additional Paid-in Capital on the Consolidated Balance Sheets. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information. Issuances of Preferred OP Units Issuance of Series E Preferred OP Units - In January 2020, we issued 90,000 Series E preferred OP units in connection with the acquisition of Sun Outdoors Cape Cod. The Series E preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 5.25 percent until the second anniversary of the issuance date. Commencing with the second anniversary of the issuance date, the Series E preferred OP units carry a preferred return of 5.5 percent. Commencing with the first anniversary of the issuance date, subject to certain limitations, each Series E preferred OP unit can be exchanged for our common stock equal to the quotient obtained by dividing $100.00 by $145.00 (as such ratio is subject to adjustments for certain capital events). As of June 30, 2022, 85,000 Series E preferred OP units were outstanding. Conversions Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock at any time. Below is the activity of conversions during the six months ended June 30, 2022 and 2021:
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers. Distributions Distributions declared for the three months ended June 30, 2022 were as follows:
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Share-Based Compensation |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | As of June 30, 2022, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for the executives generally vest after three years. First Amendment to the 2015 Equity Incentive Plan At our 2022 Annual Meeting on May 17, 2022, our shareholders approved the First Amendment to the 2015 Equity Incentive Plan. The First Amendment increased the number of shares of common stock that may be issued under the 2015 Equity Incentive Plan to 4,750,000. As of June 30, 2022, there were 3,130,389 shares available for future issuance. United Kingdom Sub-Plan On April 6, 2022, the Board of Directors adopted the UK Sub-Plan under the 2015 Equity Incentive Plan, which is solely applicable to employee participants located in the UK, and establishes certain rules and limitations for participation in the 2015 Equity Incentive Plan by UK employees for the purpose of complying with applicable UK laws. During the six months ended June 30, 2022 and 2021, shares were granted as follows:
(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded. (2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded. (3)Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. The vesting requirements for 250,308 and 285,224 restricted shares granted to our executives, directors and employees were satisfied during the six months ended June 30, 2022 and 2021, respectively.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | ASC Topic 280, "Segment Reporting," establishes standards for the way the business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," we analyze our operating results through the following segments: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") resorts and (iii) Marina. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities throughout the U.S. and a portfolio of holiday parks throughout the UK, and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The RV segment owns, operates, develops, or has an interest in, a portfolio of RV resorts and is in the business of acquiring, operating and developing ground up RV resorts throughout the U.S. and in Canada. It also provides leasing services for vacation rentals within the RV resorts. Properties containing both MH and RV sites are classified to a segment based on the predominant site counts at the properties. The Marina segment owns, operates, and develops marinas, and is in the business of acquiring and operating marinas throughout the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions and Puerto Rico. A presentation of segment financial information is summarized as follows (in millions):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | We have elected to be taxed as a real estate investment trust ("REIT") pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95 percent of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90 percent of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gain) to its shareholders and meet other tests. Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the six months ended June 30, 2022. As a REIT, we generally will not be subject to United States ("U.S.") federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the United Kingdom due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. However, we are subject to Australian withholding taxes on distributions from our investment in Ingenia Communities Group. As currently structured, we are not subject to UK withholding taxes on distributions from our United Kingdom properties. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries. As of June 30, 2022, we had $237.0 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance, of $2.9 million, and deferred tax liabilities of $239.9 million. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the United Kingdom and Canada. As of December 31, 2021, we had $20.7 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance, of $3.0 million, and deferred tax liabilities of $23.7 million. These balances include a net deferred tax asset, net of valuation allowance, in the United States of $1.2 million as of June 30, 2022 and December 31, 2021. The net deferred tax assets and deferred tax liabilities are recorded within Other Assets and Other Liabilities, respectively, on our Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. We had no unrecognized tax benefits as of June 30, 2022 and during 2021. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of June 30, 2022. For the three and six months ended June 30, 2022, we recorded current tax expense for federal, state, Canadian, Puerto Rican, UK income taxes and Australian withholding taxes totaling $3.9 million and $5.2 million, respectively. For the three and six months ended June 30, 2021, we recorded current tax expense for federal, state, Canadian income taxes and Australian withholding taxes totaling $1.2 million and $1.0 million, respectively. For the three and six months ended June 30, 2022, we recorded a deferred tax benefit of $0.3 million, respectively. For the six months ended June 30, 2021, we recorded
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units. From time to time, we enter into forward equity sales agreements, which are discussed in Note 9, "Equity and Temporary Equity." We considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered unless there is a physical settlement. Common shares issued upon the physical settlement of the forward equity sales agreements, weighted for the period these common shares are outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding - diluted. 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 I preferred OP units, Series J preferred OP units and Aspen preferred OP Units, which, if converted or exercised, may impact dilution. Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by (1) dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings allocated to participating securities and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potentially dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS. Computations of basic and diluted EPS were as follows (in millions, except for per share data):
(1)For the three and six months ended June 30, 2022 and 2021, diluted earnings per share was calculated using the two-class method as the application of this method resulted in a more diluted earnings per share during those periods. We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of June 30, 2022 and 2021 (in thousands):
(1)For the three months ended June 30, 2022 and 2021, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2022 and 2021, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period.
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Derivative Instruments And Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities | Our objective and strategy in using interest rate derivatives is to manage exposure to interest rate movements, thereby minimizing the effect of interest rate changes and the effect they could have on future cash outflows (forecasted interest payments) on a forecasted issuance of long-term debt. Treasury locks are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes. We designated the treasury lock contracts as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The risk being hedged is the interest rate risk related to forecasted transactions and the benchmark interest rate used is the on-the-run 10-year U.S. Treasury rate. During the three months ended June 30, 2022, in connection with the 2032 Notes issuance, we settled four 10-year Treasury rate lock contracts totaling $600.0 million and received a settlement payment of $35.3 million (the "Treasury Lock Settlement"). As of June 30, 2022, the net accumulated gain is included in Accumulated other comprehensive income in our Consolidated Balance Sheets, and is being amortized as a reduction to interest expense on a straight-line basis over the 10-year term of the hedged transaction. We estimate that $3.5 million will be reclassified as a reduction to interest expense over the next 12 months. Following the Treasury Lock Settlement, we had no treasury lock contracts outstanding as of June 30, 2022. Refer to Note 19, "Subsequent Events," for information regarding interest rate derivative activity subsequent to June 30, 2022. The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):
(1)Included within Other Assets, net on the Consolidated Balance Sheets. Refer to Note 15, "Fair Value of Financial Instruments," for additional information related to the fair value methodology used for derivative financial instruments. The following table presents the gains on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions):
The following table presents the amount of gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions):
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, derivatives assets, debt, warrants and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures." The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumption. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access; Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated by observable market data; and Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use. Assets by Hierarchy Level The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of June 30, 2022. The table presents the carrying values and fair values of our financial instruments as of June 30, 2022 and December 31, 2021, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These are classified as Level 1 in the hierarchy.
(1)Balance updated to include contingent consideration related to a Marina acquisition. This contingent consideration was included within Other liabilities on the Consolidated Balance Sheets at December 31, 2021. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash, Cash Equivalents and Restricted Cash The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of the instruments. These are classified as Level 1 in the hierarchy. Marketable Securities Marketable securities held by us and accounted for under ASC 321, "Investments - Equity Securities," are measured at fair value. Any change in fair value is recognized in the Consolidated Statement of Operations in the Gain / (loss) on remeasurement of marketable securities in accordance with ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and measurement of financial assets and financial liabilities." The fair value is measured by the quoted unadjusted share price which is readily available in active markets (Level 1). The change in the marketable securities balance is as follows (in millions):
Installment Notes Receivable on Manufactured Homes Installment notes receivable on manufactured homes are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables," for additional information. Notes Receivable from Real Estate Developers and Operators Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured by underlying collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information. Derivative Assets - Interest Rate Derivatives Interest rate derivatives are recorded at fair value and consist of Treasury locks. The fair value of the Treasury lock is measured using observable inputs based on the 10-year Treasury note rate (Level 2). Secured Debt Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information. Unsecured Debt Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information. Line of credit and other unsecured debt - consists primarily of our Senior Credit Facility. We have variable rates on our Senior Credit Facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates. The estimated fair value of our indebtedness as of June 30, 2022 approximated its gross carrying value. Other Financial Liabilities We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3). Level 3 Reconciliation, Measurements and Transfers We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the six months ended June 30, 2022. The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2022 and 2021 (in millions):
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, 2022. As such, our estimates of fair value could differ significantly from the actual carrying value.
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Commitments And Contingencies |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Legal Proceedings We are involved in various legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV and Marina properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. Future minimum lease payments under non-cancellable leases as of June 30, 2022 where we are the lessee include:
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):
Lease expense for finance and operating leases, and short-term lease cost as included in our Consolidated Statements of Operations are as follows (in millions):
Lease term, discount rates and additional information for finance and operating leases are as follows:
Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of June 30, 2022. Nearly all of our operating leases at our MH and RV properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of June 30, 2022, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our RV resorts and marinas as of June 30, 2022 where we are the lessor include:
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):
(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income. Failed sale leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 25 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2143 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability of $287.5 million as of June 30, 2022. The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of June 30, 2022:
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Leases | Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV and Marina properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. Future minimum lease payments under non-cancellable leases as of June 30, 2022 where we are the lessee include:
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):
Lease expense for finance and operating leases, and short-term lease cost as included in our Consolidated Statements of Operations are as follows (in millions):
Lease term, discount rates and additional information for finance and operating leases are as follows:
Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of June 30, 2022. Nearly all of our operating leases at our MH and RV properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of June 30, 2022, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our RV resorts and marinas as of June 30, 2022 where we are the lessor include:
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):
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Leases | Future minimum lease payments under non-cancellable leases as of June 30, 2022 where we are the lessee include:
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):
Lease expense for finance and operating leases, and short-term lease cost as included in our Consolidated Statements of Operations are as follows (in millions):
Lease term, discount rates and additional information for finance and operating leases are as follows:
Lessor Accounting We are not the lessor for any finance leases at our MH, RV or Marina properties as of June 30, 2022. Nearly all of our operating leases at our MH and RV properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of June 30, 2022, future minimum lease payments would not exceed 12 months. Future minimum lease payments under non-cancellable leases at our RV resorts and marinas as of June 30, 2022 where we are the lessor include:
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):
(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income. Failed sale leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 25 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2143 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability of $287.5 million as of June 30, 2022. The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of June 30, 2022:
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Recent Accounting Pronouncements |
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Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements - Adopted In August 2020, the FASB issued ASU 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." This update simplifies the accounting for convertible instruments by eliminating the models that require separation of a cash conversion or beneficial conversion feature from the host contract. Under the amended guidance, a convertible debt instrument is treated as one liability accounted for at its amortized cost and convertible preferred stock is considered one equity instrument accounted for at its historical cost, unless (a) there are other features that require bifurcation as a derivative, or (b) convertible debt was issued at a substantial premium. This update also eliminates several triggers for derivative accounting, including a requirement to settle certain contracts by delivering registered shares. Additionally, this update provides clarifications to improve the consistency of earnings per share (EPS) calculations. We adopted the ASU on January 1, 2022. The adoption of this ASU did not have an impact on our Consolidated Financial Statements. Recent Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional guidance for accounting for contracts, hedging relationships and other transactions affected by the reference rate reform, if certain criteria are met. The provisions of this standard are available for election through December 31, 2022. As of June 30, 2022, we do not expect the transition from LIBOR to alternative reference interest rates will have a material impact on our Consolidated Financial Statements as the majority of our debt has fixed interest rates.
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Subsequent Events | Acquisitions Subsequent to the three months ended June 30, 2022, we acquired the following properties:
(1) As part of the closing, we deposited funds into an escrow account. As of June 30, 2022, the deposit of $192.0 million is recorded within Other Assets on the Consolidated Balance Sheets. Development Activity Subsequent to the three months ended June 30, 2022, we acquired two land parcels located in the United States for an aggregate purchase price of $5.7 million. Assets Held for Sale We periodically classify real estate assets as held for sale. An asset is classified as held-for-sale after an active program to sell an asset has commenced and when the sale is probable. In July 2022, we identified two RV resorts in California comprised of 852 sites as held for sale, with total assets of $45.6 million and total liabilities of $13.0 million. Equity Transactions On July 5, 2022, we settled forward sale agreements with a total of 986,909 shares of common stock under our at the market offering program. The aggregate net proceeds from the settlement of the forward sale agreements was $180.7 million. We used the net proceeds to repay borrowings outstanding under our Senior Credit Facility. On July 14, 2022, a third party elected to convert 922,000 Series I preferred OP units and 130,475 Common OP units into an aggregate of 692,670 shares of our common stock. After the conversion date, there were no Series I preferred OP units outstanding. Derivative Transactions On July 1, 2022, we entered into two treasury lock contracts with an aggregate notional value of $200.0 million to hedge interest rate risk associated with the future issuance of long-term fixed rate debt. The benchmark interest rate used is the on-the-run 10-year U.S. Treasury. We have designated these treasury lock contracts as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." Accordingly, the unrealized gains or losses on the treasury lock contracts will be recorded within Accumulated Other Comprehensive Income on the Consolidated Balance Sheets and will be reclassified into earnings in the same period during which the hedged transaction affects earnings. On July 20 and July 21, 2022, we entered into interest rate swap agreements to hedge variable rate borrowings of £400.0 million under the term loan on the Senior Credit Facility. The interest rate swaps lock in a total fixed rate, inclusive of spread, of 3.67 percent through the term loan maturity date of April 7, 2025. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table disaggregates our revenue by major source and segment (in millions):
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Real Estate Acquisitions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 2022, we acquired the following MH communities and marinas:
(1) Combined with an existing property. (2) Includes 40 owned and two managed properties. (3) Includes two properties. (4) Includes 11 communities. For the year ended December 31, 2021, we acquired the following MH communities, RV resorts and marinas:
(1) Includes two marinas. (2) Includes nine MH communities. (3) Includes two RV Resorts.
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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, 2022 (in millions):
(1) Combined with an existing property. (2) The above allocations are estimates awaiting purchase price allocations. (3) The balance includes the marina acquired in February and the yacht sales business acquired in April of which $0.1 million was recorded in Investment property, $17.6 million in In-place leases, goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net. (4) The above allocations are estimates awaiting final purchase price allocations. The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2021 (in millions):
(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) The balance includes the marina acquired in August and the restaurant acquired in December of which $9.2 million was recorded in investment property and $21.0 million in Other assets / (liabilities), net. (3) The allocation was estimated as of December 2021 and was adjusted as of March 2022, based on final purchase price allocation. As of December 31, 2021, we incurred $18.0 million of transaction costs, which were capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. As of December 31, 2021, we also incurred $1.4 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations. Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2021 related to business combinations completed in 2021 are set forth in the following table (in millions):
The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2021 and 2020, as if the properties combined through business combinations in 2021 had been acquired on January 1, 2020. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and acquisition accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2020 (in millions, except for per share data):
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Notes And Other Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of notes and other receivables | The following table sets forth certain information regarding notes and other receivables (in millions):
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Schedule of Installment Notes Receivable | The change in the aggregate balance of the installment notes receivable is as follows (in millions):
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Intangible Assets Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Finite-Lived Intangible Assets, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):
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Schedule of Intangible Assets Amortization Expense | Amortization expenses related to our Other intangible assets were as follows (in millions):
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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):
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Schedule of Goodwill | The change in the carrying amount of goodwill during the six months ended June 30, 2022 is as follows (in millions):
(1) During the three months ended June 30, 2022, we recorded Goodwill of $465.0 million in the MH segment related to the acquisition of Park Holidays. The goodwill recorded was attributed primarily to the acquired platform and assembled workforce value associated with the scale of Park Holidays' existing operations in the United Kingdom. (2) The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are presented under Other in the table above.
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Investment In Affiliates (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | The investment balance in each nonconsolidated affiliate is as follows (in millions):
The income / (loss) from each nonconsolidated affiliate is as follows (in millions):
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Consolidated Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DisclosureofVariableInterestEntities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities of our consolidated VIEs, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets after eliminations (in millions):
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Debt And Lines Of Credit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt and lines of credit [Table Text Block] | The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in millions, except for statistical information):
(1)Includes two mortgage term loans which matured on February 1, 2022. During the six months ended June 30, 2022 and year ended December 31, 2021, we did not enter into any new mortgage term loans. The mortgage term loans, which total $3.3 billion as of June 30, 2022, are secured by 189 properties comprised of 74,682 sites representing approximately $3.1 billion of net book value.
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Equity and Temporary Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity of Conversions | Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock at any time. Below is the activity of conversions during the six months ended June 30, 2022 and 2021:
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.
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Schedule of Dividends Payable | Distributions declared for the three months ended June 30, 2022 were as follows:
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Redeemable Noncontrolling Interest | The following table sets forth the various series of redeemable preferred OP units that were outstanding as of June 30, 2022 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information):
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units. (3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions):
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Granted | During the six months ended June 30, 2022 and 2021, shares were granted as follows:
(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.
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | A presentation of segment financial information is summarized as follows (in millions):
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Reconciliation of Assets from Segment to Consolidated |
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Computations of basic and diluted EPS were as follows (in millions, except for per share data):
(1)For the three and six months ended June 30, 2022 and 2021, diluted earnings per share was calculated using the two-class method as the application of this method resulted in a more diluted earnings per share during those periods.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of June 30, 2022 and 2021 (in thousands):
(1)For the three months ended June 30, 2022 and 2021, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2022 and 2021, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period.
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Derivative Instruments And Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):
(1)Included within Other Assets, net on the Consolidated Balance Sheets.
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Derivative Instruments, Gain (Loss) | The following table presents the gains on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions):
The following table presents the amount of gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions):
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of June 30, 2022. The table presents the carrying values and fair values of our financial instruments as of June 30, 2022 and December 31, 2021, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These are classified as Level 1 in the hierarchy.
The change in the marketable securities balance is as follows (in millions):
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Fair Value, Assets Measured on Recurring Basis | The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2022 and 2021 (in millions):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of June 30, 2022 where we are the lessee include:
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Lease, Cost [Table Text Block] | Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):
Lease expense for finance and operating leases, and short-term lease cost as included in our Consolidated Statements of Operations are as follows (in millions):
Lease term, discount rates and additional information for finance and operating leases are as follows:
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of June 30, 2022 where we are the lessee include:
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Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Future minimum lease payments under non-cancellable leases at our RV resorts and marinas as of June 30, 2022 where we are the lessor include:
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Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 9,300 | $ 10,900 | $ 17,900 | $ 23,500 |
Leases, Acquired-in-Place [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 3,800 | 7,000 | 8,400 | 16,800 |
Franchise Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 700 | 500 | 1,300 | 1,000 |
Noncompete Agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 500 | 500 | 1,000 | 1,000 |
Trademarks and Trade Names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 1,200 | 200 | 1,300 | 400 |
Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 3,100 | $ 2,700 | $ 5,900 | $ 4,300 |
Investment In Affiliates , Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
RezPlot [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 48.90% | 49.20% |
Sungenia JV [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | 50.00% |
GTSC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 40.00% | 40.00% |
Origen Financial Services [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 0.00% | 22.90% |
Proceeds from Sale of Equity Method Investments | $ 0.6 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0.3 | |
SV Lift [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | 50.00% |
Equity and Temporary Equity, Conversion of Stock (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |
---|---|---|---|---|
Jan. 31, 2020 |
Jun. 30, 2022
$ / shares
Rate
shares
|
Jun. 30, 2022
$ / shares
shares
|
Jun. 30, 2021
shares
|
|
Conversion of Stock [Line Items] | ||||
Temporary Equity, Issuance Price | $ / shares | $ 100.00 | |||
Conversion of Common OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 3,960 | 37,862 | ||
Series A-1 Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 6,568 | 16,119 | ||
Series C preferred OP units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 166 | 0 | ||
Series E Preferred OP Units [Domain] | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 3,448 | 0 | ||
Series D Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Shares Outstanding | 488,958 | 488,958 | ||
Common OP Units | Conversion of Common OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 1.0000 | |||
Conversion of units | 3,960 | 37,862 | ||
Common OP Units | Series A-1 Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 2.4390 | |||
Conversion of units | 2,694 | 6,610 | ||
Preferred Stock | Series C preferred OP units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 1.1100 | |||
Conversion of units | 150 | 0 | ||
Preferred Stock | Series E Preferred OP Units [Domain] | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 0.6897 | |||
Conversion of units | 5,000 | 0 | ||
Series I Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Shares Outstanding | 922,000 | 922,000 | ||
Series E Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Dividends For Term Two, Percentage | Rate | 5.50% | |||
Temporary Equity, Shares Issued | 90,000 | 90,000 | ||
Temporary Equity, Issuance Price | $ / shares | $ 100.00 | |||
Temporary Equity, Dividends For Term One, Percentage | 5.25% | |||
Temporary Equity, Shares Outstanding | 85,000 | 85,000 | ||
Series E Preferred OP Units | Minimum [Member] | ||||
Conversion of Stock [Line Items] | ||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 100.00 | |||
Series E Preferred OP Units | Maximum | ||||
Conversion of Stock [Line Items] | ||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 145.00 | |||
Series F Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Shares Outstanding | 90,000 | 90,000 |
Share-Based Compensation (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2022
numberOfPlans
$ / shares
shares
|
Jun. 30, 2021
$ / shares
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Of Share-Based Compensation Plans | numberOfPlans | 2 | |
2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 4,750,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 3,130,389 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 250,308 | 285,224 |
Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value | $ / shares | $ 180.33 | $ 146.03 |
Time Based [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 66,000 | 72,400 |
Weighted average grant date fair value | $ / shares | $ 178.20 | $ 151.67 |
Time Based [Member] | Director [Member] | Restricted Stock [Member] | 2004 Non-employee Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 11,900 | 11,709 |
Weighted average grant date fair value | $ / shares | $ 197.00 | $ 148.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Time Based [Member] | Key Employees [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 194,260 | 90,406 |
Time Based [Member] | Key Employees and Executive Officers | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Market Condition [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 91,500 | 101,100 |
Weighted average grant date fair value | $ / shares | $ 124.88 | $ 93.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Segment Reporting Segment Reporting, Seasonality (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022
USD ($)
segment
|
Dec. 31, 2021
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Assets | $ 16,397.8 | $ 13,494.1 |
Goodwill | $ 954.0 | $ 495.4 |
Segment Reporting Results of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | $ 814,300 | $ 603,900 | $ 1,362,800 | $ 1,045,900 | |
Brokerage commissions and other, net | 8,600 | 6,900 | 16,600 | 12,900 | |
General and administrative expense | (62,200) | (45,300) | (117,900) | (83,500) | |
Catastrophic weather related charges | (100) | (400) | (100) | (2,800) | |
Gain (Loss) on Extinguishment of Debt | (100) | (8,100) | (400) | (8,100) | |
Interest on mandatorily redeemable preferred OP units / equity | (1,100) | (1,000) | (2,100) | (2,000) | |
Remeasurement Of Marketable Securities | (32,300) | 27,500 | (66,800) | 31,200 | |
Gain / (loss) on foreign currency exchanges | 9,000 | (100) | 6,800 | (100) | |
Gain / (loss) on dispositions of properties | (100) | 0 | 13,300 | 0 | |
Other income / (expense), net | 400 | (200) | (200) | (700) | |
Loss on Remeasurement of Notes Receivable | 0 | 100 | 200 | 500 | |
Income (Loss) from Equity Method Investments | 900 | 800 | 1,800 | 2,000 | |
Distributions from Affiliate | 900 | 800 | 1,800 | 2,000 | |
Loss on Remeasurement of Investment | 400 | (100) | 500 | 0 | |
Deferred Income Tax Expense (Benefit) | 300 | 0 | 300 | 100 | $ 100 |
Net Income | 81,300 | 120,800 | 82,800 | 148,800 | |
Less: Preferred return to Series A-1 preferred OP units | 3,100 | 3,000 | 6,100 | 5,900 | |
Less: Amounts attributable to noncontrolling interests | 2,000 | 7,300 | |||
Net Income Attributable to SUI Common Shareholders | 74,000 | 110,800 | 74,700 | 135,600 | |
RV | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 193,000 | 171,000 | 313,800 | 266,100 | |
MH | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 396,800 | 277,200 | 676,300 | 527,900 | |
Marinas | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 224,500 | 155,700 | 372,700 | 251,900 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 798,400 | 594,200 | 1,332,100 | 1,027,600 | |
Operating expenses / Cost of sales | 423,700 | 290,500 | 695,500 | 503,500 | |
Operating Income (Loss), Total | 374,700 | 303,700 | 636,600 | 524,100 | |
Operating Segments [Member] | RV | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 189,500 | 166,800 | 306,100 | 258,700 | |
Operating expenses / Cost of sales | 99,600 | 86,000 | 166,700 | 138,100 | |
Operating Income (Loss), Total | 89,900 | 80,800 | 139,400 | 120,600 | |
Operating Segments [Member] | MH | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 385,100 | 271,700 | 654,300 | 517,600 | |
Operating expenses / Cost of sales | 181,900 | 111,600 | 289,300 | 208,300 | |
Operating Income (Loss), Total | 203,200 | 160,100 | 365,000 | 309,300 | |
Operating Segments [Member] | Marinas | |||||
Segment Reporting Information [Line Items] | |||||
Revenue From Home Sales | 223,800 | 155,700 | 371,700 | 251,300 | |
Operating expenses / Cost of sales | 142,200 | 92,900 | 239,500 | 157,100 | |
Operating Income (Loss), Total | 81,600 | 62,800 | 132,200 | 94,200 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 7,300 | 2,800 | 14,100 | 5,400 | |
Brokerage commissions and other, net | 8,600 | 6,900 | 16,600 | 12,900 | |
General and administrative expense | (62,200) | (45,300) | (117,900) | (83,500) | |
Catastrophic weather related charges | (100) | (400) | (100) | (2,800) | |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (15,000) | 200 | (15,500) | (1,000) | |
Depreciation and amortization | (150,200) | (127,100) | (298,700) | (251,000) | |
Gain (Loss) on Extinguishment of Debt | (100) | (8,100) | (400) | (8,100) | |
Interest expense | (55,300) | (37,700) | (100,500) | (77,200) | |
Interest on mandatorily redeemable preferred OP units / equity | (1,100) | (1,000) | (2,100) | (2,000) | |
Remeasurement Of Marketable Securities | (32,300) | 27,500 | (66,800) | 31,200 | |
Gain / (loss) on foreign currency exchanges | 9,000 | (100) | 6,800 | (100) | |
Gain / (loss) on dispositions of properties | (100) | 0 | 13,300 | 0 | |
Other income / (expense), net | 400 | (200) | (200) | (700) | |
Loss on Remeasurement of Notes Receivable | 0 | 100 | 200 | 500 | |
Income (Loss) from Equity Method Investments | 900 | 800 | |||
Distributions from Affiliate | 1,800 | 2,000 | |||
Loss on Remeasurement of Investment | 400 | (100) | 500 | 0 | |
Current tax expense | (3,900) | (1,200) | (5,200) | (1,000) | |
Deferred Income Tax Expense (Benefit) | 300 | 0 | 300 | 100 | |
Net Income | 81,300 | 120,800 | 82,800 | 148,800 | |
Less: Preferred return to Series A-1 preferred OP units | (3,100) | (3,000) | |||
Less: Amounts attributable to noncontrolling interests | 4,200 | 7,000 | |||
Net Income Attributable to SUI Common Shareholders | $ 74,000 | $ 110,800 | $ 74,700 | $ 135,600 |
Segment Reporting Identifiable Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | $ 13,410.0 | $ 11,425.5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 184.7 | 78.2 | $ 119.6 | $ 92.6 |
Marketable securities | 114.6 | 186.9 | ||
Inventory of manufactured homes | 108.1 | 51.1 | ||
Notes and other receivables, net | 509.0 | 469.6 | ||
Goodwill | 954.0 | 495.4 | ||
Other Intangible Assets, Net | 399.1 | 306.8 | ||
Other assets | 718.3 | 480.6 | ||
Total Assets | 16,397.8 | 13,494.1 | ||
MH | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 6,929.3 | 5,172.2 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 97.1 | 36.7 | ||
Marketable securities | 74.2 | 121.0 | ||
Inventory of manufactured homes | 106.1 | 44.3 | ||
Notes and other receivables, net | 391.0 | 374.2 | ||
Goodwill | 433.1 | 0.0 | ||
Other Intangible Assets, Net | 86.9 | 27.4 | ||
Other assets | 244.8 | 198.0 | ||
Total Assets | 8,362.5 | 5,973.8 | ||
RV | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 3,706.0 | 3,639.0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 59.7 | 19.9 | ||
Marketable securities | 40.4 | 65.9 | ||
Inventory of manufactured homes | 2.0 | 6.8 | ||
Notes and other receivables, net | 70.6 | 55.5 | ||
Goodwill | 9.5 | 0.0 | ||
Other Intangible Assets, Net | 35.4 | 22.7 | ||
Other assets | 45.3 | 63.6 | ||
Total Assets | 3,968.9 | 3,873.4 | ||
Marinas | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 2,774.7 | 2,614.3 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 27.9 | 21.6 | ||
Marketable securities | 0.0 | 0.0 | ||
Inventory of manufactured homes | 0.0 | 0.0 | ||
Notes and other receivables, net | 47.4 | 39.9 | ||
Goodwill | 511.4 | 495.4 | ||
Other Intangible Assets, Net | 276.8 | 256.7 | ||
Other assets | 428.2 | 219.0 | ||
Total Assets | $ 4,066.4 | $ 3,646.9 |
Income Taxes , Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2021 |
|
Operating Loss Carryforwards [Line Items] | ||||||
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification | 95.00% | |||||
Required Minimum Percent of Taxable Income Distributed to Stock Holders | 90.00% | |||||
Deferred Tax Liabilities, Gross | $ 239,900,000 | $ 239,900,000 | $ 23,700,000 | |||
Unrecognized Tax Benefits | 0 | $ 0 | 0 | $ 0 | ||
Provision for state income taxes | 3,900,000 | 1,200,000 | 5,200,000 | 1,000,000 | ||
Deferred Income Tax Expense (Benefit) | 300,000 | $ 0 | 300,000 | $ 100,000 | $ 100,000 | |
Deferred Tax Liabilities, Net | 237,000,000 | 237,000,000 | 20,700,000 | |||
Deferred Tax Assets, Net of Valuation Allowance | 2,900,000 | 2,900,000 | $ 3,000,000 | |||
Deferred State and Local Income Tax Expense (Benefit) | 300,000 | |||||
UNITED STATES | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Net of Valuation Allowance | $ 1,200,000 | $ 1,200,000 |
Earnings Per Share , Calculation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Numerator | ||||
Net Income Attributable to SUI Common Shareholders | $ 74.0 | $ 110.8 | $ 74.7 | $ 135.6 |
Less: allocation to restricted stock awards | 0.4 | 0.7 | 0.4 | 0.9 |
Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards | 73.6 | 110.1 | 74.3 | 134.7 |
Dilutive Securities, Effect on Basic Earnings Per Share, Common Equity | 0.0 | 0.0 | 1.6 | 3.1 |
Diluted earnings - Net income attributable to common stockholders after allocation to restricted stock awards | $ 73.6 | $ 110.1 | $ 75.9 | $ 137.8 |
Denominator | ||||
Weighted average common shares outstanding | 120.0 | 112.1 | 117.6 | 110.0 |
Add: common shares dilutive effect: Forward Equity Offering | 0.0 | 0.0 | 0.2 | 0.0 |
Add: dilutive restricted stock | 0.0 | 0.0 | 0.0 | 0.0 |
Incremental Common Shares Attributable to Dilutive Effect of Common Equity | 0.0 | 0.0 | 2.6 | 2.6 |
Diluted weighted average common shares and securities | 120.0 | 112.1 | 120.4 | 112.6 |
Earnings Per Share, Basic | $ 0.61 | $ 0.98 | $ 0.63 | $ 1.22 |
Earnings Per Share, Diluted | $ 0.61 | $ 0.98 | $ 0.63 | $ 1.22 |
Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 7,115 | 7,140 |
Common OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,565 | 2,569 |
Series A-1 Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 272 | 288 |
Series D Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 489 | 489 |
Series A-3 Preferred OP Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 40 | 40 |
Series C preferred OP units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 306 | 306 |
Aspen Preferred OP Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,284 | 1,284 |
Series E Preferred OP Units [Domain] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 85 | 90 |
Series F Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 90 | 90 |
Series G Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 241 | 241 |
Series H Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 581 | 581 |
Series I Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 922 | 922 |
Series J Preferred Op Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 240 | 240 |
Derivative Instruments And Hedging Activities , Derivative Contracts (Details) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Apr. 12, 2022 |
Jun. 30, 2022
USD ($)
development_site
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
development_site
|
Jun. 30, 2021
USD ($)
|
Jul. 01, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 3,500,000 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | $ 9,800,000 | $ 0 | 35,000,000.0 | $ 0 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 800,000 | 0 | 800,000 | 0 | |||
Designated as Hedging Instrument | Cash Flow Hedging | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | 600,000,000 | 600,000,000 | |||||
Treasury Lock | Designated as Hedging Instrument | Cash Flow Hedging | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | 0 | 0 | $ 150,000,000.0 | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 400,000 | ||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 | $ 0 | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years | ||||||
Derivative, Number of Instruments Sold | development_site | 4 | 4 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0 | 0 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 800,000 | $ 0 | $ 800,000 | $ 0 | |||
Derivative, Cash Received on Hedge | $ 35,300,000 | ||||||
Treasury Lock | Designated as Hedging Instrument | Cash Flow Hedging | Subsequent Event [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | $ 200,000,000 | ||||||
Derivative, Number of Instruments Held | 2 |
Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 12, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Financial assets | |||||||||
Notes and other receivables, net | $ 509.0 | $ 509.0 | $ 469.6 | ||||||
Financial liabilities | |||||||||
Secured debt | 3,335.7 | 3,335.7 | 3,380.7 | ||||||
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 3,595.2 | 3,595.2 | 2,291.1 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 184.7 | $ 119.6 | 184.7 | $ 119.6 | 78.2 | $ 92.6 | |||
Other liabilities (including $72.2 and $94.0 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 779.9 | 779.9 | 224.1 | ||||||
Gain / (loss) on foreign currency exchanges | 9.0 | (0.1) | 6.8 | (0.1) | |||||
Marinas | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 47.4 | 47.4 | 39.9 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 27.9 | 27.9 | 21.6 | ||||||
Treasury Lock | Cash Flow Hedging | Designated as Hedging Instrument | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.0 | 0.0 | 0.4 | ||||||
Financial liabilities | |||||||||
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years | ||||||||
Installment notes receivable on manufactured homes, net | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 73.1 | 73.1 | 79.1 | ||||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 73.1 | 82.5 | 73.1 | 82.5 | 79.1 | $ 77.2 | $ 84.1 | 0.0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0.0 | 85.9 | |||||||
Gain / (loss) on foreign currency exchanges | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | 0.1 | 0.2 | 0.5 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Sales and Settlements | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (4.2) | (4.0) | (7.2) | (7.8) | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | (0.4) | 0.0 | 0.0 | |||||
Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Inssurances | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.1 | 2.7 | 1.0 | 3.9 | |||||
Notes Receivable from Real Estate Developers | |||||||||
Financial liabilities | |||||||||
Gain / (loss) on foreign currency exchanges | (22.7) | 2.5 | |||||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 292.3 | 62.0 | 292.3 | 62.0 | 284.0 | 304.4 | $ 58.3 | 0.0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0.0 | 52.6 | |||||||
Gain / (loss) on foreign currency exchanges | (16.8) | 0.0 | (22.7) | 0.0 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Sales and Settlements | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (12.7) | (0.3) | (16.8) | (0.6) | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | (0.3) | 0.0 | (1.1) | |||||
Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Inssurances | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 17.4 | $ 4.3 | 47.8 | $ 11.1 | |||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | 0.0 | $ 0.6 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0.0 | ||||||||
Gain / (loss) on foreign currency exchanges | 0.0 | 0.0 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (1.4) | (2.0) | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Sales and Settlements | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | 0.0 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Other Adjustments | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | 0.0 | |||||||
Warrants | Fair Value, Recurring | Fair Value, Inputs, Level 3 | Purchases and Inssurances | |||||||||
Financial liabilities | |||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.8 | 2.0 | |||||||
Reported Value Measurement | |||||||||
Financial liabilities | |||||||||
Secured debt | 3,335.7 | 3,335.7 | 3,380.7 | ||||||
Senior Notes | 1,778.6 | 1,778.6 | 1,186.4 | ||||||
Lines of credit | 1,816.6 | 1,816.6 | 1,104.7 | ||||||
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 3,595.2 | 3,595.2 | 2,291.1 | ||||||
Other financial liabilities (contingent consideration) | 20.2 | 20.2 | 20.2 | ||||||
Financial Liabilities Fair Value Disclosure | 6,951.1 | 6,951.1 | 5,692.0 | ||||||
Reported Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.4 | ||||||||
Financial liabilities | |||||||||
Assets, Fair Value Disclosure | 664.7 | 664.7 | 628.6 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 78.2 | ||||||||
Reported Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 73.1 | 73.1 | 79.1 | ||||||
Reported Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 292.3 | 292.3 | 284.0 | ||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.4 | ||||||||
Financial liabilities | |||||||||
Secured debt | 3,114.0 | 3,114.0 | 3,405.9 | ||||||
Senior Notes | 1,533.3 | 1,533.3 | 1,201.8 | ||||||
Lines of credit | 1,816.6 | 1,816.6 | 1,104.7 | ||||||
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 3,349.9 | 3,349.9 | 2,306.5 | ||||||
Other financial liabilities (contingent consideration) | 20.2 | 20.2 | 20.2 | ||||||
Financial Liabilities Fair Value Disclosure | 6,484.1 | 6,484.1 | 5,732.6 | ||||||
Assets, Fair Value Disclosure | 664.7 | 664.7 | 628.6 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 78.2 | ||||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.0 | ||||||||
Financial liabilities | |||||||||
Secured debt | 0.0 | 0.0 | 0.0 | ||||||
Senior Notes | 0.0 | 0.0 | 0.0 | ||||||
Lines of credit | 0.0 | 0.0 | 0.0 | ||||||
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 0.0 | 0.0 | 0.0 | ||||||
Other financial liabilities (contingent consideration) | 0.0 | 0.0 | 0.0 | ||||||
Financial Liabilities Fair Value Disclosure | 0.0 | 0.0 | 0.0 | ||||||
Assets, Fair Value Disclosure | 299.3 | 299.3 | 265.1 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 78.2 | ||||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.4 | ||||||||
Financial liabilities | |||||||||
Secured debt | 3,335.7 | 3,335.7 | 3,380.7 | ||||||
Senior Notes | 1,778.6 | 1,778.6 | 1,186.4 | ||||||
Lines of credit | 1,816.6 | 1,816.6 | 1,104.7 | ||||||
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 3,595.2 | 3,595.2 | 2,291.1 | ||||||
Other financial liabilities (contingent consideration) | 0.0 | 0.0 | 0.0 | ||||||
Financial Liabilities Fair Value Disclosure | 6,930.9 | 6,930.9 | 5,671.8 | ||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | 0.4 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0.0 | ||||||||
Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial assets | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0.0 | ||||||||
Financial liabilities | |||||||||
Secured debt | 0.0 | 0.0 | 0.0 | ||||||
Senior Notes | 0.0 | 0.0 | 0.0 | ||||||
Lines of credit | 0.0 | 0.0 | 0.0 | ||||||
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 0.0 | 0.0 | 0.0 | ||||||
Other financial liabilities (contingent consideration) | 20.2 | 20.2 | 20.2 | ||||||
Financial Liabilities Fair Value Disclosure | 20.2 | 20.2 | 20.2 | ||||||
Assets, Fair Value Disclosure | 365.4 | 365.4 | 363.1 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0.0 | ||||||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 73.1 | 73.1 | 79.1 | ||||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 0.0 | 0.0 | 0.0 | ||||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 0.0 | 0.0 | 0.0 | ||||||
Estimate of Fair Value Measurement | Installment notes receivable on manufactured homes, net | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 73.1 | 73.1 | 79.1 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 292.3 | 292.3 | 284.0 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 0.0 | 0.0 | 0.0 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 0.0 | 0.0 | 0.0 | ||||||
Estimate of Fair Value Measurement | Notes Receivable from Real Estate Developers | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial assets | |||||||||
Notes and other receivables, net | 292.3 | 292.3 | 284.0 | ||||||
Marketable Securities [Member] | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Marketable securities | 114.6 | 114.6 | 186.9 | $ 124.7 | |||||
Financial liabilities | |||||||||
Investment, Fair Value Adjustment | (66.8) | 33.4 | |||||||
Marketable Securities [Member] | Reported Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Marketable securities | 114.6 | 114.6 | 186.9 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 184.7 | 184.7 | |||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | |||||||||
Financial assets | |||||||||
Marketable securities | 114.6 | 114.6 | 186.9 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 184.7 | 184.7 | |||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||||||
Financial assets | |||||||||
Marketable securities | 114.6 | 114.6 | 186.9 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 184.7 | 184.7 | |||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||||||
Financial assets | |||||||||
Marketable securities | 0.0 | 0.0 | 0.0 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0.0 | 0.0 | |||||||
Marketable Securities [Member] | Estimate of Fair Value Measurement | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||||||
Financial assets | |||||||||
Marketable securities | 0.0 | 0.0 | $ 0.0 | ||||||
Financial liabilities | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0.0 | $ 0.0 |
Fair Value of Financial Instruments Marketable Securities (Details) - Fair Value, Recurring - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Inputs, Level 3 | Contingent Consideration Liability | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 20.2 | $ 18.1 | $ 20.2 | $ 18.1 | $ 20.2 | $ 20.2 | $ 18.2 | $ 15.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0.0 | 0.1 | 0.0 | 0.1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0.0 | 0.2 | 0.0 | 3.4 | ||||
Servicing Liability at Fair Value, Other Changes in Fair Value | 0.0 | (0.4) | 0.0 | (1.2) | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0.0 | 85.9 | ||||||
Assets, Fair Value Disclosure | 73.1 | 82.5 | 73.1 | 82.5 | 79.1 | 77.2 | 84.1 | 0.0 |
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | 0.1 | 0.2 | 0.5 | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Purchases and Inssurances | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.1 | 2.7 | 1.0 | 3.9 | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Sales and Settlements | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (4.2) | (4.0) | (7.2) | (7.8) | ||||
Installment notes receivable on manufactured homes, net | Fair Value, Inputs, Level 3 | Other Adjustments | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | (0.4) | 0.0 | 0.0 | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0.0 | 52.6 | ||||||
Assets, Fair Value Disclosure | 292.3 | 62.0 | 292.3 | 62.0 | 284.0 | $ 304.4 | $ 58.3 | $ 0.0 |
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Net Earnings (Loss) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Purchases and Inssurances | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 17.4 | 4.3 | 47.8 | 11.1 | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Sales and Settlements | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | (12.7) | (0.3) | (16.8) | (0.6) | ||||
Notes Receivable from Real Estate Developers | Fair Value, Inputs, Level 3 | Other Adjustments | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 0.0 | $ (0.3) | 0.0 | (1.1) | ||||
Marketable Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investment, Additional Purchase | 0.0 | 35.5 | ||||||
Beginning Balance | 186.9 | $ 124.7 | 124.7 | |||||
Ending Balance | $ 114.6 | 114.6 | 186.9 | |||||
Investment, Fair Value Adjustment | (66.8) | 33.4 | ||||||
Investment, Foreign Current Translation Adjustment | (7.0) | (9.2) | ||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1.5 | $ 2.5 |
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessor, Operating Lease, Payment to be Received, Year One | $ 14.2 | |
Lessor, Operating Lease, Payment to be Received, Year Two | 24.2 | |
Lessor, Operating Lease, Payment to be Received, Year Three | 15.5 | |
Lessor, Operating Lease, Payment to be Received, Year Four | 8.2 | |
Lessor, Operating Lease, Payment to be Received, Year Five | 4.7 | |
Lessor, Operating Lease, Payment to be Received, after Year Five | 42.4 | |
Lessor, Operating Lease, Payments to be Received | 109.2 | |
Operating And Finance Leases, Liability, Payments, Due Year Two | 14.8 | |
Operating And Finance Leases, Liability, Payments, Due Year Three | 18.2 | |
Operating And Finance Leases, Liability, Payments, Due Year Four | 13.4 | |
Operating And Finance Leases, Liability, Payments, Due Year Five | 11.3 | |
Operating And Finance Leases, Liability, Payments, Due after Year Five | 234.6 | |
Operating And Finance Leases, Liability, Payments, Remainder of Fiscal Year | 7.7 | |
Operating And Finance Leases, Liability, Payment, Due | 300.0 | |
Operating And Finance Leases, Liability, Undiscounted Excess Amount | (134.5) | |
Operating And Finance Leases, Liability | 165.5 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 6.2 | |
2020 | 12.8 | |
2021 | 12.7 | |
2022 | 12.4 | |
2023 | 11.0 | |
Thereafter | 234.6 | |
Total Lease Payments | 289.7 | |
Less: Imputed interest | (134.1) | |
Present Value of Lease Liabilities | 155.6 | $ 129.2 |
Finance Lease, Liability, to be Paid, Year One | 1.5 | |
2020 | 2.0 | |
2021 | 5.5 | |
2022 | 1.0 | |
2023 | 0.3 | |
Thereafter | 0.0 | |
Total Lease Payments | 10.3 | |
Less: Imputed interest | (0.4) | |
Present Value of Lease Liabilities | 9.9 | $ 4.2 |
UNITED KINGDOM | Park Holidays | ||
Lessee, Lease, Description [Line Items] | ||
Financial Liability, to be Paid, Year One | 2.5 | |
Financial Liability, to be Paid | $ 1,413.2 |
Leases - Additional Information (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
GBP (£)
|
Dec. 31, 2021
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||||
Operating lease liability | $ 155.6 | $ 155.6 | $ 129.2 | |||
Finance lease liability | 9.9 | 9.9 | $ 4.2 | |||
Lease Income | 6.9 | $ 5.4 | 14.0 | $ 9.1 | ||
Variable Lease, Income | 0.8 | $ 1.2 | 1.5 | $ 2.3 | ||
UNITED KINGDOM | Park Holidays | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Financial Obligation, Failed Sale-Leaseback Transaction | $ 287.5 | $ 287.5 | ||||
Option To Repurchase, Failed Sale-Leaseback Transaction, Amount | £ | £ 1.00 |
Leases - Lease Expense (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
development_site
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
development_site
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Lessee, Lease, Description [Line Items] | |||||
Amortization of right - of-use assets | $ 0.9 | $ 0.0 | $ 0.9 | $ 0.0 | |
Interest on lease liabilities | 0.0 | 0.0 | 0.1 | 0.1 | |
Operating lease cost | 6.8 | 2.3 | 7.8 | 4.5 | |
Variable lease expense | 0.6 | 1.8 | 3.4 | 3.1 | |
Total lease expense | 8.3 | $ 4.1 | 12.2 | 7.7 | |
Operating cash flow used for operating leases | 5.5 | 2.4 | |||
Financing cash flow used for finance leases | 0.6 | 0.1 | |||
Right of use asset obtained in exchange for new operating lease liabilities | 149.8 | 149.8 | $ 138.2 | ||
Amortization of above and below Market Leases | $ 92.0 | $ 92.0 | 93.1 | ||
Weighted - average remaining lease term - finance leases (in years) | 2 years 10 months 2 days | 2 years 10 months 2 days | |||
Weighted - average remaining lease term - operating leases (in years) | 34 years 5 months 26 days | 34 years 5 months 26 days | |||
Weighted - average discount rate - finance leases (annual) | 1.86% | 1.86% | |||
Weighted - average discount rate - operating leases (annual) | 3.81% | 3.81% | |||
Present Value of Lease Liabilities | $ 9.9 | $ 9.9 | 4.2 | ||
Present Value of Lease Liabilities | 155.6 | 155.6 | 129.2 | ||
Operating And Finance Lease, Payments | 6.1 | $ 2.5 | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 23.8 | 23.8 | $ 4.3 | ||
Park Holidays | UNITED KINGDOM | |||||
Lessee, Lease, Description [Line Items] | |||||
Financial Liability, to be Paid, Year One | 2.5 | 2.5 | |||
Financial Liability, Undiscounted Excess Amount | (1,125.7) | (1,125.7) | |||
Financial Liability, to be Paid, Year Two | 9.2 | 9.2 | |||
Financial Liability, to be Paid, Year Three | 9.2 | 9.2 | |||
Financial Liability, to be Paid, Year Four | 9.3 | 9.3 | |||
Financial Liability, to be Paid, Year Five | 9.4 | 9.4 | |||
Financial Liability, to be Paid, after Year Five | $ 1,373.6 | $ 1,373.6 | |||
Number of Properties Subject to Financial Liability | development_site | 25 | 25 | |||
Financial Obligation, Failed Sale-Leaseback Transaction | $ 287.5 | $ 287.5 |
Subsequent Event (Details) $ / shares in Units, £ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 14, 2022
shares
|
Jul. 12, 2022
USD ($)
development_site
|
Jul. 05, 2022
USD ($)
shares
|
Jul. 01, 2022
USD ($)
development_site
|
Apr. 15, 2022
USD ($)
|
Apr. 12, 2022 |
Apr. 08, 2022
shares
|
Oct. 05, 2021
USD ($)
|
Jun. 28, 2021
USD ($)
|
Jul. 26, 2022
USD ($)
site
RV_community
|
Oct. 31, 2019 |
Jun. 30, 2022
USD ($)
development_site
site
shares
|
Mar. 31, 2022
USD ($)
landParcel
|
Jun. 30, 2022
USD ($)
development_site
site
$ / shares
shares
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
development_site
site
|
Jul. 21, 2022
GBP (£)
|
Mar. 31, 2022
GBP (£)
|
|
Subsequent Event [Line Items] | ||||||||||||||||||
Cash paid for RV community acquired | $ 1,388,300,000 | |||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 21,630 | 21,630 | 15,816 | |||||||||||||||
Temporary Equity, Issuance Price | $ / shares | $ 100.00 | |||||||||||||||||
Development Sites | development_site | 2,596 | 2,596 | 1,062 | |||||||||||||||
Payments to Acquire Land | $ 5,000,000 | $ 172,800,000 | ||||||||||||||||
Temporary and permanent equity | $ 37,700,000 | $ 27,600,000 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 229,500,000 | |||||||||||||||||
Number of land parcels acquired | 11 | 1 | ||||||||||||||||
June 2021 Sales Agreement | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 1,200,000 | |||||||||||||||||
Public Offering | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 705,400,000 | |||||||||||||||||
Cash Flow Hedging | Designated as Hedging Instrument | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 600,000,000 | $ 600,000,000 | ||||||||||||||||
Treasury Lock | Cash Flow Hedging | Designated as Hedging Instrument | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Derivative, Cash Received on Hedge | $ 35,300,000 | |||||||||||||||||
Derivative, Number of Instruments Sold | development_site | 4 | 4 | ||||||||||||||||
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years | |||||||||||||||||
Derivative, Notional Amount | $ 0 | $ 0 | 150,000,000.0 | |||||||||||||||
Allen Harbor | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Cash paid for RV community acquired | $ 3,900,000 | |||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 176 | |||||||||||||||||
Development Sites | development_site | 0 | |||||||||||||||||
Asset Acquisition, Consideration Transferred | $ 3,900,000 | |||||||||||||||||
Beaver Brook Campground | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Cash paid for RV community acquired | $ 4,500,000 | |||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 204 | |||||||||||||||||
Development Sites | development_site | 150 | |||||||||||||||||
Asset Acquisition, Consideration Transferred | $ 4,500,000 | |||||||||||||||||
Gurney's Star Island Resort & Marina | Other Assets [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Escrow Deposit | $ 192,000,000 | $ 192,000,000 | ||||||||||||||||
Series J Preferred Op Units | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Temporary Equity, Shares Outstanding | shares | 240,000 | 240,000 | ||||||||||||||||
Series I Preferred OP Units | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Temporary Equity, Shares Outstanding | shares | 922,000 | 922,000 | ||||||||||||||||
Senior Unsecured NOtes | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 600,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||||||||||||||
Debt instrument term | 10 years | |||||||||||||||||
Proceeds from Issuance of Debt | $ 595,500,000 | $ 592,400,000 | ||||||||||||||||
Bridge Loan | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 1,200,000,000 | £ 950.0 | ||||||||||||||||
Term Loan [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Debt instrument term | 4 years | |||||||||||||||||
Senior Unsecured Notes - November 2028 Maturity | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 450,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||||||||||||||||
Debt instrument term | 7 years | |||||||||||||||||
Senior Unsecured Notes - April 2032 Maturity | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 600,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||||||||||
Debt instrument term | 10 years | |||||||||||||||||
Proceeds from Issuance of Debt | $ 592,300,000 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 230 | |||||||||||||||||
Development Sites | site | 0 | |||||||||||||||||
Payments to Acquire Land | $ 5,700,000 | |||||||||||||||||
Asset Acquisition, Consideration Transferred | $ 190,000,000.0 | |||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 986,909 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ 180,700,000 | |||||||||||||||||
Number of land parcels acquired | development_site | 2 | |||||||||||||||||
Number of recreation vehicle resorts held for sale | RV_community | 852 | |||||||||||||||||
Assets held for sale | $ 45,600,000 | |||||||||||||||||
Liabilities held for sale | $ 13,000,000 | |||||||||||||||||
Subsequent Event [Member] | CALIFORNIA | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Number of recreation vehicle resorts held for sale | RV_community | 2 | |||||||||||||||||
Subsequent Event [Member] | Common Stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Conversion Rate | shares | 692,670 | |||||||||||||||||
Subsequent Event [Member] | Treasury Lock | Cash Flow Hedging | Designated as Hedging Instrument | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | $ 200,000,000 | |||||||||||||||||
Derivative, Number of Instruments Held | 2 | |||||||||||||||||
Subsequent Event [Member] | Gurney's Star Island Resort & Marina | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | development_site | 230 | |||||||||||||||||
Development Sites | development_site | 0 | |||||||||||||||||
Asset Acquisition, Consideration Transferred | $ 190,000,000.0 | |||||||||||||||||
Subsequent Event [Member] | Series I Preferred OP Units | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Temporary Equity, Shares Converted | shares | 922,000 | |||||||||||||||||
Subsequent Event [Member] | Common OP Units | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Temporary Equity, Shares Converted | shares | 130,475 | |||||||||||||||||
Subsequent Event [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Interest Rate Swap | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Derivative, Notional Amount | £ | £ 400.0 | |||||||||||||||||
Derivative, Fixed Rate | 3.67% | |||||||||||||||||
Park Holidays | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 15,906 | 15,906 | ||||||||||||||||
Development Sites | site | 1,140 | 1,140 | ||||||||||||||||
Temporary and permanent equity | $ 33,900,000 | |||||||||||||||||
Business Combination, Approximate Consideration Transferred, Shares | shares | 186,044 | |||||||||||||||||
Cabrillo Isle | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Cash paid for RV community acquired | $ 47,000,000.0 | |||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 476 | |||||||||||||||||
Development Sites | development_site | 0 | |||||||||||||||||
Temporary and permanent equity | $ 0 | |||||||||||||||||
Jarrett Bay Bluewater Yacht Sales | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Sites, Wet Slips and Dry Storage Spaces | site | 0 | 0 | ||||||||||||||||
Development Sites | site | 0 | 0 | ||||||||||||||||
Temporary and permanent equity | $ 1,000,000.0 |
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