Subsequent Events Subsequent Events

12 Months Ended

Dec. 31, 2021

. Subsequent Events

Acquisitions

On November 13, 2021, we entered into a definitive agreement to acquire Park Holidays, an owner and operator of holiday communities in the United Kingdom, for £950.0 million, or approximately $1.3 billion. We anticipate the closing of the acquisition will occur in the three months ending March 31, 2022.

Subsequent to the year ended December 31, 2021, we acquired the following properties:


Property Name	Property Type	Sites, Wet Slips and Dry Storage Spaces	Development Sites	City	State / Province	Total Purchase Price (in millions)
Harrison Yacht Yard	Marina	21	—	Grasonville	MD	$	5.8
Outer Banks	Marina	196	—	Wanchese	NC	5.0
Jarrett Bay Boatworks(1)	Marina	12	—	Beaufort	NC	51.4


Total Subsequent Acquisitions		229	—			$	62.2

(1)In conjunction with the acquisition, we issued 14,683 common OP units.

Derivatives

In January 2022, we entered into a treasury lock contract with a notional value of $150.0 million to hedge the interest rate risk associated with future issuances of fixed-rate long term debt. The benchmark index rate used is the on-the-run 10-year U.S. Treasury.

In February 2022, we entered into two treasury lock contracts each with an aggregate notional value of $300.0 million to hedge the interest rate risk associated with future issuances of fixed-rate long term debt. The benchmark index rate used is the on-the-run 10-year U.S. Treasury.

Proposed Loan Amendment

In January 2022, we obtained commitments from our lender group to enter into the Proposed Loan Amendment to amend our Credit Agreement. The Proposed Loan Amendment would provide for borrowings of up to an aggregate of $4.2 billion in the form of a $3.05 billion revolving loan facility and a $1.15 billion term loan facility with the ability to draw funds from the combined facility in U.S. dollars, British pounds, Euros, Canadian dollars and Australian dollars. We would also have the ability to upsize our total borrowing by an additional $800.0 million, subject to certain conditions.

The revolving loan facility would mature on the fifth anniversary of the Proposed Loan Amendment, assuming the exercise of two six-month extension options. The term loan facility would mature on the third anniversary of the Proposed Loan Amendment. Interest on the combined facility would be based on Term SOFR, the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate (BBSY), the Daily SONIA Rate or the Canadian Dollar Offered Rate plus a margin which can range from 0.725 percent to 1.6 percent.

The closing of the Proposed Loan Amendment is subject to, among other things, the closing of our acquisition of Park Holidays, the negotiation and execution of definitive documentation acceptable to our lender group, and customary closing contingencies. There can be no assurance that we will be able to successfully enter into the Proposed Loan Amendment on the terms described above or at all.

We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-K was issued.