Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Leases

Lessor

Rental income derived from customers renting our Sites is recognized over the term of the respective operating lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities.

The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Cancelable, long-term leases are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into cancelable, long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements.

Lessee

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between 2028 and 2056. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2033. For the years ended December 31, 2025, 2024 and 2023, total operating lease payments were $7.1 million, $4.5 million and $6.5 million, respectively.

The following table presents the operating lease payments in which we are the lessee:

	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Fixed lease cost:
Ground leases	$	708	$	643	$	671
Office and other leases	4,203		3,795		3,836
Variable lease cost:
Ground leases	2,235		59		1,969
Total lease cost	$	7,146	$	4,497	$	6,476

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2025:

(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2026	$	686	$	3,813	$	4,499
2027	691		3,811		4,502
2028	687		3,369		4,056
2029	629		3,123		3,752
2030	595		2,869		3,464
Thereafter	2,540		5,043		7,583
Total undiscounted rental payments	5,828		22,028		27,856
Less imputed interest	(1,295)		(2,597)		(3,892)
Total lease liabilities	$	4,533	$	19,431	$	23,964

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $20.8 million and $24.0 million, respectively, as of December 31, 2025. The weighted average remaining lease term for our operating leases was seven years, and the weighted average incremental borrowing rate was 4.1% at December 31, 2025.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.9 million and $27.1 million, respectively, as of December 31, 2024. The weighted average remaining lease term for our operating leases was eight years, and the weighted average incremental borrowing rate was 4.1% at December 31, 2024.

Leases

Leases

Lessor

Rental income derived from customers renting our Sites is recognized over the term of the respective operating lease or the length of a customer’s stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities.

The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Cancelable, long-term leases are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into cancelable, long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements.

Lessee

We lease land under non-cancelable operating leases at 14 Properties expiring at various dates between 2028 and 2056. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2033. For the years ended December 31, 2025, 2024 and 2023, total operating lease payments were $7.1 million, $4.5 million and $6.5 million, respectively.

The following table presents the operating lease payments in which we are the lessee:

	For the Years Ended December 31,
(amounts in thousands)	2025		2024		2023
Fixed lease cost:
Ground leases	$	708	$	643	$	671
Office and other leases	4,203		3,795		3,836
Variable lease cost:
Ground leases	2,235		59		1,969
Total lease cost	$	7,146	$	4,497	$	6,476

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2025:

(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2026	$	686	$	3,813	$	4,499
2027	691		3,811		4,502
2028	687		3,369		4,056
2029	629		3,123		3,752
2030	595		2,869		3,464
Thereafter	2,540		5,043		7,583
Total undiscounted rental payments	5,828		22,028		27,856
Less imputed interest	(1,295)		(2,597)		(3,892)
Total lease liabilities	$	4,533	$	19,431	$	23,964

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $20.8 million and $24.0 million, respectively, as of December 31, 2025. The weighted average remaining lease term for our operating leases was seven years, and the weighted average incremental borrowing rate was 4.1% at December 31, 2025.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.9 million and $27.1 million, respectively, as of December 31, 2024. The weighted average remaining lease term for our operating leases was eight years, and the weighted average incremental borrowing rate was 4.1% at December 31, 2024.