Leases (Notes)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Leases [Text Block]

Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2094. 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 2041.

Future minimum lease payments under non-cancellable leases as of December 31, 2021 where we are the lessee include:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases		Total
2022	$	9,978	$	194	$	10,172
2023	9,858		146		10,004
2024	10,204		4,068		14,272
2025	10,157		—		10,157
2026	9,067		—		9,067
Thereafter	188,478		—		188,478
Total Lease Payments	$	237,742	$	4,408	$	242,150
Less: Imputed interest	(108,567)		(255)		(108,822)
Present Value of Lease Liabilities	$	129,175	$	4,153	$	133,328

Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands):

	Financial Statement Classification	As of
Description		December 31, 2021		December 31, 2020
Lease Assets
ROU asset obtained in exchange for new finance lease liabilities	Investment property, net	$	4,278	$	4,350
ROU asset obtained in exchange for new operating lease liabilities	Other assets, net	$	138,232	$	48,419
ROU asset obtained relative to below market operating lease	Other assets, net	$	93,058	$	27,614
Lease Liabilities
Finance lease liabilities	Other liabilities	$	4,153	$	4,334
Operating lease liabilities	Other liabilities	$	129,175	$	49,964

Lease expense for finance and operating leases, and short term lease cost as included in our Consolidated Statements of Operations are as follows (in thousands):

		Year Ended
Description	Financial Statement Classification	December 31, 2021		December 31, 2020		December 31, 2019
Finance Lease Expense
Interest on lease liabilities	Interest expense	$	214	$	104	$	103
Operating lease cost	General and administrative expense, Property operating and maintenance	11,334		4,255		3,474
Variable lease cost	Property operating and maintenance	6,609		2,328		1,584
Short term lease cost	Property operating and maintenance	233		17		—
Total Lease Expense		$	18,390	$	6,704	$	5,161

Lease term, discount rates and additional information for finance and operating leases are as follows:

	As of
Lease Term and Discount Rate	December 31, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	2.48
Operating lease	33.78
Weighted-average Discount Rate
Finance lease	2.48	%
Operating lease	3.84	%

	Year Ended
Other Information (in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	6,607	$	2,712	$	2,199
Financing cash flow from finance leases	243		137		120
Total Cash Paid On Lease Liabilities	$	6,850	$	2,849	$	2,319

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2021.

Almost 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 December 31, 2021, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our RV resorts and marinas at the year ended December 31, 2021 where we are the lessor include:

Maturity of Lease Payments (in thousands)	Operating Leases
2022	$	21,800
2023	18,020
2024	9,334
2025	5,212
2026	1,629
Thereafter	4,731
Total Undiscounted Cash Flows	$	60,726

The components of lease income for our operating leases, as included in our Consolidated Statements of Operations are as follows (in thousands):

		Year Ended
Description	Financial Statement Classification	December 31, 2021		December 31, 2020		December 31, 2019
Operating Leases
Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	23,041	$	3,319	$	1,246
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	5,736	$	2,027	$	772

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

During the year ended December 31, 2021, we terminated our operating ground lease agreements at two properties and settled a contingent consideration earnout provision in the amount of $17.2 million. As these properties were deemed asset acquisitions, the contingent consideration payment was recognized as an additional purchase price 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.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

During the year ended December 31, 2021, we terminated our operating ground lease agreement at one property and settled a contingent consideration earnout provision in the amount of $20.1 million. The initial contingent consideration liability of $9.8 million was recognized at acquisition within Investment property in the Consolidated Balance Sheets, and within financing in the Consolidated Statement of Cash Flows. As this property was deemed a business combination, incremental contingent consideration expense of $10.3 million was recognized within Other expense, net in the Consolidated Statement of Operations and within Operating in the Consolidated Statement of Cash Flows. In conjunction with the termination, we entered into a management agreement with the previous operator to manage the property effective January 1, 2022.

Lessee, Finance Leases [Text Block]

Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2094. 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 2041.

Future minimum lease payments under non-cancellable leases as of December 31, 2021 where we are the lessee include:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases		Total
2022	$	9,978	$	194	$	10,172
2023	9,858		146		10,004
2024	10,204		4,068		14,272
2025	10,157		—		10,157
2026	9,067		—		9,067
Thereafter	188,478		—		188,478
Total Lease Payments	$	237,742	$	4,408	$	242,150
Less: Imputed interest	(108,567)		(255)		(108,822)
Present Value of Lease Liabilities	$	129,175	$	4,153	$	133,328

Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands):

	Financial Statement Classification	As of
Description		December 31, 2021		December 31, 2020
Lease Assets
ROU asset obtained in exchange for new finance lease liabilities	Investment property, net	$	4,278	$	4,350
ROU asset obtained in exchange for new operating lease liabilities	Other assets, net	$	138,232	$	48,419
ROU asset obtained relative to below market operating lease	Other assets, net	$	93,058	$	27,614
Lease Liabilities
Finance lease liabilities	Other liabilities	$	4,153	$	4,334
Operating lease liabilities	Other liabilities	$	129,175	$	49,964

Lease expense for finance and operating leases, and short term lease cost as included in our Consolidated Statements of Operations are as follows (in thousands):

		Year Ended
Description	Financial Statement Classification	December 31, 2021		December 31, 2020		December 31, 2019
Finance Lease Expense
Interest on lease liabilities	Interest expense	$	214	$	104	$	103
Operating lease cost	General and administrative expense, Property operating and maintenance	11,334		4,255		3,474
Variable lease cost	Property operating and maintenance	6,609		2,328		1,584
Short term lease cost	Property operating and maintenance	233		17		—
Total Lease Expense		$	18,390	$	6,704	$	5,161

Lease term, discount rates and additional information for finance and operating leases are as follows:

	As of
Lease Term and Discount Rate	December 31, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	2.48
Operating lease	33.78
Weighted-average Discount Rate
Finance lease	2.48	%
Operating lease	3.84	%

	Year Ended
Other Information (in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	6,607	$	2,712	$	2,199
Financing cash flow from finance leases	243		137		120
Total Cash Paid On Lease Liabilities	$	6,850	$	2,849	$	2,319

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2021.

Almost 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 December 31, 2021, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our RV resorts and marinas at the year ended December 31, 2021 where we are the lessor include:

Maturity of Lease Payments (in thousands)	Operating Leases
2022	$	21,800
2023	18,020
2024	9,334
2025	5,212
2026	1,629
Thereafter	4,731
Total Undiscounted Cash Flows	$	60,726

The components of lease income for our operating leases, as included in our Consolidated Statements of Operations are as follows (in thousands):

		Year Ended
Description	Financial Statement Classification	December 31, 2021		December 31, 2020		December 31, 2019
Operating Leases
Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	23,041	$	3,319	$	1,246
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	5,736	$	2,027	$	772

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

During the year ended December 31, 2021, we terminated our operating ground lease agreements at two properties and settled a contingent consideration earnout provision in the amount of $17.2 million. As these properties were deemed asset acquisitions, the contingent consideration payment was recognized as an additional purchase price 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.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

During the year ended December 31, 2021, we terminated our operating ground lease agreement at one property and settled a contingent consideration earnout provision in the amount of $20.1 million. The initial contingent consideration liability of $9.8 million was recognized at acquisition within Investment property in the Consolidated Balance Sheets, and within financing in the Consolidated Statement of Cash Flows. As this property was deemed a business combination, incremental contingent consideration expense of $10.3 million was recognized within Other expense, net in the Consolidated Statement of Operations and within Operating in the Consolidated Statement of Cash Flows. In conjunction with the termination, we entered into a management agreement with the previous operator to manage the property effective January 1, 2022.

Lessee, Operating Leases [Text Block]

Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2094. 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 2041.

Future minimum lease payments under non-cancellable leases as of December 31, 2021 where we are the lessee include:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases		Total
2022	$	9,978	$	194	$	10,172
2023	9,858		146		10,004
2024	10,204		4,068		14,272
2025	10,157		—		10,157
2026	9,067		—		9,067
Thereafter	188,478		—		188,478
Total Lease Payments	$	237,742	$	4,408	$	242,150
Less: Imputed interest	(108,567)		(255)		(108,822)
Present Value of Lease Liabilities	$	129,175	$	4,153	$	133,328

Right-of-use (ROU) assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in thousands):

	Financial Statement Classification	As of
Description		December 31, 2021		December 31, 2020
Lease Assets
ROU asset obtained in exchange for new finance lease liabilities	Investment property, net	$	4,278	$	4,350
ROU asset obtained in exchange for new operating lease liabilities	Other assets, net	$	138,232	$	48,419
ROU asset obtained relative to below market operating lease	Other assets, net	$	93,058	$	27,614
Lease Liabilities
Finance lease liabilities	Other liabilities	$	4,153	$	4,334
Operating lease liabilities	Other liabilities	$	129,175	$	49,964

Lease expense for finance and operating leases, and short term lease cost as included in our Consolidated Statements of Operations are as follows (in thousands):

		Year Ended
Description	Financial Statement Classification	December 31, 2021		December 31, 2020		December 31, 2019
Finance Lease Expense
Interest on lease liabilities	Interest expense	$	214	$	104	$	103
Operating lease cost	General and administrative expense, Property operating and maintenance	11,334		4,255		3,474
Variable lease cost	Property operating and maintenance	6,609		2,328		1,584
Short term lease cost	Property operating and maintenance	233		17		—
Total Lease Expense		$	18,390	$	6,704	$	5,161

Lease term, discount rates and additional information for finance and operating leases are as follows:

	As of
Lease Term and Discount Rate	December 31, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	2.48
Operating lease	33.78
Weighted-average Discount Rate
Finance lease	2.48	%
Operating lease	3.84	%

	Year Ended
Other Information (in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	6,607	$	2,712	$	2,199
Financing cash flow from finance leases	243		137		120
Total Cash Paid On Lease Liabilities	$	6,850	$	2,849	$	2,319

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2021.

Almost 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 December 31, 2021, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our RV resorts and marinas at the year ended December 31, 2021 where we are the lessor include:

Maturity of Lease Payments (in thousands)	Operating Leases
2022	$	21,800
2023	18,020
2024	9,334
2025	5,212
2026	1,629
Thereafter	4,731
Total Undiscounted Cash Flows	$	60,726

The components of lease income for our operating leases, as included in our Consolidated Statements of Operations are as follows (in thousands):

		Year Ended
Description	Financial Statement Classification	December 31, 2021		December 31, 2020		December 31, 2019
Operating Leases
Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	23,041	$	3,319	$	1,246
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	5,736	$	2,027	$	772

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

During the year ended December 31, 2021, we terminated our operating ground lease agreements at two properties and settled a contingent consideration earnout provision in the amount of $17.2 million. As these properties were deemed asset acquisitions, the contingent consideration payment was recognized as an additional purchase price 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.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

During the year ended December 31, 2021, we terminated our operating ground lease agreement at one property and settled a contingent consideration earnout provision in the amount of $20.1 million. The initial contingent consideration liability of $9.8 million was recognized at acquisition within Investment property in the Consolidated Balance Sheets, and within financing in the Consolidated Statement of Cash Flows. As this property was deemed a business combination, incremental contingent consideration expense of $10.3 million was recognized within Other expense, net in the Consolidated Statement of Operations and within Operating in the Consolidated Statement of Cash Flows. In conjunction with the termination, we entered into a management agreement with the previous operator to manage the property effective January 1, 2022.