(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, 2023 (Unaudited) and December 31, 2022 | ||||||||
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 (Unaudited) | ||||||||
Consolidated Statements of Comprehensive Income / (Loss) for the Three and Six Months Ended June 30, 2023 and 2022 (Unaudited) | ||||||||
Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2023 and 2022 (Unaudited) | ||||||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (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, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Land | $ | $ | |||||||||
Land improvements and buildings | |||||||||||
Rental homes and improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Investment property | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Investment property, net (see Note 7 at VIEs) | |||||||||||
Cash, cash equivalents and restricted cash (see Note 7 at VIEs) | |||||||||||
Marketable securities (see Note 15) | |||||||||||
Inventory of manufactured homes | |||||||||||
Notes and other receivables, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net (see Note 7 at VIEs) | |||||||||||
Other assets, net (see Note 7 at VIEs) | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities | |||||||||||
Secured debt (see Note 8; Note 7 at VIEs) | $ | $ | |||||||||
Unsecured debt (see Note 8; Note 7 at VIEs) | |||||||||||
Distributions payable | |||||||||||
Advanced reservation deposits and rent (see Note 7 at VIEs) | |||||||||||
Accrued expenses and accounts payable (see Note 7 at VIEs) | |||||||||||
Other liabilities (see Note 7 at VIEs) | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies (see Note 16) | |||||||||||
Temporary equity (see Note 9; Note 7 at VIEs) | |||||||||||
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 | |||||||||||
Total noncontrolling interests | |||||||||||
Total Shareholders' Equity | |||||||||||
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
Asset impairments | |||||||||||||||||||||||
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 on foreign currency exchanges | |||||||||||||||||||||||
Gain / (loss) on dispositions of properties | ( | ( | ( | ||||||||||||||||||||
Other income / (expense), net | ( | ( | ( | ||||||||||||||||||||
Gain / (loss) on remeasurement of notes receivable (see Note 4) | ( | ( | |||||||||||||||||||||
Income / (loss) 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 / (loss) 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, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||
Foreign currency translation gain / (loss) arising during period | ( | ( | |||||||||||||||||||||
Adjustment for accumulated foreign currency translation loss reclassified into earnings | |||||||||||||||||||||||
Net foreign currency translation gain / (loss) | ( | ( | |||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||
Change in unrealized gain on interest rate derivatives | |||||||||||||||||||||||
Less: Interest rate derivative gains reclassified to earnings | ( | ( | ( | ( | |||||||||||||||||||
Net unrealized gain on interest rate derivatives | |||||||||||||||||||||||
Total Comprehensive Income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive Income attributable to SUI | $ | $ | $ | $ |
Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||
Temporary Equity | Common Stock (Shares) | Common Stock ($Value) | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (Loss) | Non-controlling Interests | Total Stockholders' Equity | Total Equity | ||||||||||||||||||||||||||||||
Balance at December 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 | — | ( | — | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Conversion of OP units | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Issuance of third party equity interests in consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of Series K preferred OP units | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net loss | ( | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||
Distributions | ( | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||
OP Units accretion | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||
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 | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||
Issuance of third party equity interests in consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other redeemable noncontrolling interests | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Issuance of Series K preferred OP units | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Distributions | ( | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||
OP Units accretion | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||
Temporary Equity | Common Stock (Shares) | Common Stock ($Value) | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (loss) | Non-controlling Interests | Total Stockholders' 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 | — | ( | — | ( | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Issuance of third party equity interests in consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other redeemable noncontrolling interests | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||
Acquisition of third party 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 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||
Operating Activities | |||||||||||
Net Cash Provided By Operating Activities | $ | $ | |||||||||
Investing Activities | |||||||||||
Investment in properties | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Proceeds / (payment) for deposit on acquisition | ( | ||||||||||
Proceeds from insurance | |||||||||||
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 | ( | ||||||||||
Proceeds received from return of prepaid deferred financing costs | |||||||||||
Distributions | ( | ( | |||||||||
Payments for deferred financing costs | ( | ( | |||||||||
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, 2023 | June 30, 2022 | ||||||||||
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 | $ | $ | |||||||||
Assets held for sale, net (included within Other Assets, net and Other Liabilities) | $ | $ | |||||||||
Common OP units issued for redemption of noncontrolling interests | $ | $ | |||||||||
ROU asset obtained from new operating lease liabilities | $ | $ | |||||||||
Issuance of notes and other receivables in relation to disposition of properties | $ | $ | |||||||||
Noncash investing and financing activities at the date of acquisition | |||||||||||
Acquisitions - Common stock and OP units issued | $ | $ | |||||||||
Acquisitions - Series K preferred interest | $ | $ | |||||||||
Acquisitions - Finance lease liabilities | $ | $ | |||||||||
Acquisitions - Financial liabilities | $ | $ | |||||||||
Acquisitions - Deferred tax liabilities | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Fox Run | MH: asset acquisition | MI | January | |||||||||||||||||||||||||||||
Savannah Yacht Center | Marina: asset acquisition | GA | March | |||||||||||||||||||||||||||||
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, net | Total identifiable assets acquired net of liabilities assumed | Cash and escrow | Temporary and permanent equity(1) | Total consideration | ||||||||||||||||||||||||||||||||||||||||
Asset Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||
Fox Run(2) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Savannah Yacht Center(3) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Property Name(1) | Type | Sites, Wet Slips and Dry Storage Spaces | Development Sites | State, Province or Country | Month Acquired | |||||||||||||||||||||||||||
Harrison Yacht Yard(2) | 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(3) | MH: business combination | UK | April | |||||||||||||||||||||||||||||
Christies Parks(2) | MH: asset acquisition | UK | April | |||||||||||||||||||||||||||||
Bluewater | Marina: asset acquisition | Multiple | April | |||||||||||||||||||||||||||||
Bluewater Yacht Sales(2) | Marina: business combination | Multiple | 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(4) | MH: asset acquisition | CA | June | |||||||||||||||||||||||||||||
Park Leisure(5) | MH: business combination | UK | June | |||||||||||||||||||||||||||||
Montauk Yacht Club | Marina: business combination | NY | July | |||||||||||||||||||||||||||||
Callaly Leisure(6) | MH: asset acquisition | UK | September | |||||||||||||||||||||||||||||
Newhaven | MH: asset acquisition | UK | October | |||||||||||||||||||||||||||||
Bayfront Marina | Marina: asset acquisition | CA | November | |||||||||||||||||||||||||||||
Marina Bay Yacht Harbor | Marina: asset acquisition | CA | December | |||||||||||||||||||||||||||||
Jellystone Lincoln | RV: asset acquisition | DE | December | |||||||||||||||||||||||||||||
Norway Commons | MH: asset acquisition | ME | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Harrison Yacht Yard(4) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Outer Banks | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Tower Marine | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sandy Bay | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Christies Parks(4) | |||||||||||||||||||||||||||||||||||||||||||||||
Bluewater | |||||||||||||||||||||||||||||||||||||||||||||||
Bodmin Holiday Park | |||||||||||||||||||||||||||||||||||||||||||||||
Kittery Point | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Spanish Trails MHC | |||||||||||||||||||||||||||||||||||||||||||||||
Pine Acre Trails | |||||||||||||||||||||||||||||||||||||||||||||||
Bel Air Estates & Sunrise Estates | |||||||||||||||||||||||||||||||||||||||||||||||
Callaly Leisure | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Newhaven | |||||||||||||||||||||||||||||||||||||||||||||||
Bayfront Marina | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Marina Bay Yacht Harbor | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Jellystone Lincoln(5) | |||||||||||||||||||||||||||||||||||||||||||||||
Norway Commons | |||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | |||||||||||||||||||||||||||||||||||||||||||||||
Jarrett Bay Boatworks(6) | |||||||||||||||||||||||||||||||||||||||||||||||
Park Holidays(7) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Park Leisure | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Montauk Yacht Club | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Year Ended | ||||||||
December 31, 2022 | ||||||||
Total revenues | $ | |||||||
Net income | $ |
Year Ended (unaudited) | ||||||||
December 31, 2022 | ||||||||
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 | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Installment notes receivable on manufactured homes, net | $ | $ | |||||||||
Notes receivable from real estate developers and operators | |||||||||||
Other receivables, net | |||||||||||
Total Notes and Other Receivables, net | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Insurance receivables | $ | $ | |||||||||
Marina customers for storage, service and lease payments, net(1) | |||||||||||
Home sale proceeds | |||||||||||
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(2) | |||||||||||
Other receivables(3) | |||||||||||
Total Other Receivables, net | $ | $ |
Goodwill by Segment | December 31, 2022 | Currency Translation Adjustment | Other(1) | June 30, 2023 | ||||||||||||||||||||||
MH | $ | $ | $ | $ | ||||||||||||||||||||||
RV | ||||||||||||||||||||||||||
Marina | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | (2) |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
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, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
In-place leases | $ | $ | $ | $ | ||||||||||||||||||||||
Non-competition agreements | ||||||||||||||||||||||||||
Trademarks and trade names | ||||||||||||||||||||||||||
Customer relationships | ||||||||||||||||||||||||||
Franchise fees and other intangible assets | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Other Intangible Asset Future Amortization Expense | Remainder 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||||||||||||||
In-place leases | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Non-competition agreements | |||||||||||||||||||||||||||||
Trademarks and trade names | |||||||||||||||||||||||||||||
Customer relationships | |||||||||||||||||||||||||||||
Franchise agreements and other intangible assets | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Investment | June 30, 2023 | December 31, 2022 | ||||||||||||
Investment in Sungenia JV | $ | $ | ||||||||||||
Investment in GTSC | ||||||||||||||
Investment in SV Lift | ||||||||||||||
Total | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Income / (Loss) from Nonconsolidated Affiliates | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
RezPlot equity loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Sungenia JV equity income | ||||||||||||||||||||||||||
GTSC equity income | ||||||||||||||||||||||||||
OFS equity income | ||||||||||||||||||||||||||
SV Lift equity loss | ( | ( | ( | ( | ||||||||||||||||||||||
Total Income / (Loss) from Nonconsolidated Affiliates | $ | ( | $ | $ | ( | $ |
Six Months Ended | Year Ended | |||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Contributions | ||||||||||||||
Distributions | ( | ( | ||||||||||||
Equity earnings | ||||||||||||||
Fair value adjustment | ( | ( | ||||||||||||
Ending Balance | $ | $ |
Six Months Ended | Year Ended | |||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
Beginning balance | $ | $ | ||||||||||||
Cumulative translation adjustment | ( | ( | ||||||||||||
Contributions | ||||||||||||||
Equity earnings | ||||||||||||||
Ending Balance | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
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 | |||||||||||
Advanced reservation deposits and rent | |||||||||||
Accrued expenses and accounts payable | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Temporary equity | |||||||||||
Total Liabilities and Other Equity | $ | $ |
Carrying Amount | Weighted Average Years to Maturity | Weighted Average Interest Rates | |||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||
Secured Debt(1) | $ | $ | % | % | |||||||||||||||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||||||||||||||
Senior unsecured notes(2) | % | % | |||||||||||||||||||||||||||||||||
Line of credit and other debt(3) | % | % | |||||||||||||||||||||||||||||||||
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 September 30, 2022 | $ | (1) | % | December 6, 2022 - September 6, 2024 | $ | |||||||||||||||||||||
Three months ended June 30, 2022 | $ | % | October 1, 2022 | $ |
Period | Loan Amount | Term (in years) | Interest Rate | Maturity Date | ||||||||||||||||||||||
Three months ended March 31, 2023 | $ | (1) | % | February 13, 2026 | ||||||||||||||||||||||
$ | (2) | % | April 1, 2030 - April 1, 2033 | |||||||||||||||||||||||
Three months ended December 31, 2022 | $ | (3) | % | June 15, 2026 - December 15, 2029 | ||||||||||||||||||||||
Three months ended September 30, 2022 | $ | (4)(5) | % | August 10, 2047 | ||||||||||||||||||||||
$ | (5) | % | August 10, 2047 |
Carrying Amount | ||||||||||||||||||||
Principal Amount | June 30, 2023 | December 31, 2022 | ||||||||||||||||||
$ | $ | N/A | ||||||||||||||||||
Total | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Interest capitalized | $ | $ | $ | $ |
Description | OP Units Outstanding | Exchange Rate(1) | Annual Distribution Rate(2) | Cash Redemption(3) | Redemption Period | Carrying Amount | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
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 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 | |||||||||||||||||||||||||||||||||||||||||
Series K preferred OP units | % | Holder's Option | Within 60 days after March 23, 2028 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
Carrying Amount | ||||||||||||||||||||
Equity Interest | Description | June 30, 2023 | December 31, 2022 | |||||||||||||||||
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 | $ | $ | |||||||||||||||||
Solar Energy Project CA II LLC | A joint venture that operates and maintains solar energy equipment in select California communities | |||||||||||||||||||
Solar Energy Project LLC | A joint venture that operates and maintains solar energy equipment in select California communities | |||||||||||||||||||
Solar Energy Project III LLC | A joint venture that operates and maintains solar energy equipment in select Arizona and 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(1) | In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S. | |||||||||||||||||||
NG Sun Beaver Brook LLC | In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV communities in the U.S. | |||||||||||||||||||
Total | $ | $ |
Six Months Ended June 30, 2023 and 2022 | Common OP Units Issued | Value at Issuance (in millions) | Related Acquisition | |||||||||||||||||
January 2023 | $ | Fox Run | ||||||||||||||||||
May 2022 | (1) | $ | Rudgate | |||||||||||||||||
May 2022 | $ | Kittery Point | ||||||||||||||||||
February 2022 | $ | Jarrett Bay Boatworks |
Description | OP Units Outstanding | Exchange Rate(1) | Annual Distribution Rate(2) | Cash Redemption | Redemption Period | Carrying Amount | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Common OP units | Same distribution rate for common stock | N/A | N/A | $ | $ | |||||||||||||||||||||||||||||||||||||||
Series A-1 preferred OP units | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Series A-3 preferred OP units | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Series C preferred OP units | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Series E preferred OP units | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||
Series | Conversion Rate | Units / Shares Converted | Common Stock(1) | Units / Shares Converted | Common Stock(1) | |||||||||||||||||||||||||||
Aspen preferred OP units | Various(2) | |||||||||||||||||||||||||||||||
Common OP units | ||||||||||||||||||||||||||||||||
Series A-1 preferred OP units | ||||||||||||||||||||||||||||||||
Series C preferred OP units | ||||||||||||||||||||||||||||||||
Series E preferred OP units | ||||||||||||||||||||||||||||||||
Series G preferred OP units | ||||||||||||||||||||||||||||||||
Series H preferred OP units | ||||||||||||||||||||||||||||||||
Series J 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, 2023 | 6/30/2023 | 7/17/2023 | $ | $ |
Grant Period | Type | Plan | Shares Granted | Grant Date Fair Value Per Share | Vesting Type | ||||||||||||||||||||||||||||||
2023 | Key Employees | 2015 Equity Incentive Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2023 | Executive Officers | 2015 Equity Incentive Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
2023 | Executive Officers | 2015 Equity Incentive Plan | $ | (2) | Market Condition | (3) | |||||||||||||||||||||||||||||
2023 | Directors | 2004 Non-Employee Director Option Plan | $ | (1) | Time Based | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Share-based compensation - expensed(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Share-based compensation - capitalized(2) | $ | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
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 on foreign currency exchanges | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on dispositions of properties | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other income / (expense), net | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on remeasurement of notes receivable | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Income / (loss) 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 | $ | $ |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loss on remeasurement of marketable securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gain on foreign currency exchanges | |||||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on dispositions of properties | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of notes receivable | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Income / (loss) 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 / (loss) attributable to noncontrolling interests | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
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 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 from Forward Equity Offering | ||||||||||||||||||||||||||
Add: dilutive restricted stock | ||||||||||||||||||||||||||
Add: common and preferred OP units dilutive effect | ||||||||||||||||||||||||||
Diluted weighted average common shares and securities | ||||||||||||||||||||||||||
EPS Available to Common Shareholders After Allocation | ||||||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
As of | |||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||
Common OP units | (2) | ||||||||||||||||
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(1) | N/A | ||||||||||||||||
Series J preferred OP units | |||||||||||||||||
Series K preferred OP units | N/A | ||||||||||||||||
Total Securities |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
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, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
Interest rate derivatives | $ | $ | $ | $ |
Financial Statement Classification | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | $ | $ | $ |
June 30, 2023 | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | $ |
December 31, 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 | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | $ |
Six Months Ended | Year Ended | |||||||||||||
Marketable Securities | June 30, 2023 | December 31, 2022 | ||||||||||||
Beginning Balance | $ | $ | ||||||||||||
Change in fair value measurement | ( | ( | ||||||||||||
Foreign currency translation adjustment | ( | ( | ||||||||||||
Dividend reinvestment, net of tax | ||||||||||||||
Ending Balance | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
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 | Warrants | |||||||||||||||||||||||||||||||||||
Level 3 beginning balance at March 31, 2023 and 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Realized gains / (losses) | ( | (1) | ( | (2) | |||||||||||||||||||||||||||||||||||||
Purchases and issuances | |||||||||||||||||||||||||||||||||||||||||
Sales and settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Foreign currency exchange gains / (losses) | ( | ||||||||||||||||||||||||||||||||||||||||
Other adjustments | |||||||||||||||||||||||||||||||||||||||||
Level 3 ending balance at June 30, 2023 and 2022 | $ | $ | $ | $ | $ | $ |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
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 | Warrants | |||||||||||||||||||||||||||||||||||
Level 3 beginning balance at December 31, 2022 and 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Realized gains / (losses) | ( | (1) | ( | (2) | (1) | ( | (2) | ||||||||||||||||||||||||||||||||||
Purchases and issuances | |||||||||||||||||||||||||||||||||||||||||
Sales and settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Dispositions of properties | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange gains / (losses) | ( | ||||||||||||||||||||||||||||||||||||||||
Level 3 ending balance at June 30, 2023 and 2022 | $ | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Liabilities | Contingent Consideration | Contingent Consideration | Contingent Consideration | Contingent Consideration | ||||||||||||||||||||||
Level 3 beginning balance March 31, 2023 and 2022, December 31, 2022 and 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Level 3 ending balance at June 30, 2023 and 2022(1) | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | ||||||||
Total estimated insurance receivable - December 31, 2022 | $ | |||||||
Change in estimated insurance recoveries | ||||||||
Advances from insurer | ( | |||||||
Total estimated insurance receivable - June 30, 2023 | $ |
Maturity of Lease Liabilities | Operating Leases | Finance Leases | Total | |||||||||||||||||
2023 (excluding six months ended June 30, 2023) | $ | $ | $ | |||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total Lease Payments | $ | $ | $ | |||||||||||||||||
Less: Imputed interest | ( | ( | ( | |||||||||||||||||
Present Value of Lease Liabilities | $ | $ | $ |
Financial Statement Classification | As of | |||||||||||||||||||
Description | June 30, 2023 | December 31, 2022 | ||||||||||||||||||
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, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||
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, 2023 | ||||||||
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, 2023 | June 30, 2022 | |||||||||||||
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 | Operating Leases | |||||||
2023 (excluding the six months ended June 30, 2023) | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total Undiscounted Cash Flows | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Description | Financial Statement Classification | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||
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 | June 30, 2023 | |||||||
2023 (excluding six months ended June 30, 2023) | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total Payments | $ | |||||||
Less: Imputed interest | ( | |||||||
Present Value of Financial Liability | $ |
7/1/2023 through 7/26/2023 | ||||||||||||||||||||||||||
Series | Conversion Rate | Units / Shares Converted | Common Stock(1) | Common OP Units | ||||||||||||||||||||||
Aspen preferred OP units | Various(2) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 89.8 | $ | 74.0 | $ | 59.7 | $ | 74.7 | ||||||||||||||||||
Interest income | (14.0) | (7.3) | (25.4) | (14.1) | ||||||||||||||||||||||
Brokerage commissions and other revenues, net | (9.8) | (8.6) | (19.3) | (16.6) | ||||||||||||||||||||||
General and administrative | 62.3 | 62.2 | 126.2 | 117.9 | ||||||||||||||||||||||
Catastrophic event-related charges, net | (0.1) | 0.1 | 0.9 | 0.1 | ||||||||||||||||||||||
Business combination expense | 0.2 | 15.0 | 3.0 | 15.5 | ||||||||||||||||||||||
Depreciation and amortization | 164.1 | 150.1 | 319.7 | 298.0 | ||||||||||||||||||||||
Asset impairments | 6.5 | 0.1 | 8.9 | 0.7 | ||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | — | 0.1 | — | 0.4 | ||||||||||||||||||||||
Interest expense | 79.2 | 55.3 | 155.8 | 100.5 | ||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 0.9 | 1.1 | 1.9 | 2.1 | ||||||||||||||||||||||
(Gain) / loss on remeasurement of marketable securities (see Note 15) | (5.8) | 32.3 | 14.1 | 66.8 | ||||||||||||||||||||||
Gain on foreign currency exchanges | (2.7) | (9.0) | — | (6.8) | ||||||||||||||||||||||
(Gain) / loss on disposition of properties | 0.6 | 0.1 | 2.2 | (13.3) | ||||||||||||||||||||||
Other (income) / expense, net | 0.8 | (0.4) | 1.8 | 0.2 | ||||||||||||||||||||||
(Gain) / loss on remeasurement of notes receivable (see Note 4) | 0.1 | — | 1.8 | (0.2) | ||||||||||||||||||||||
(Income) / loss from nonconsolidated affiliates (see Note 6) | 0.7 | (0.9) | 0.9 | (1.8) | ||||||||||||||||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (see Note 6) | — | (0.4) | 4.5 | (0.5) | ||||||||||||||||||||||
Current tax expense (see Note 12) | 5.4 | 3.9 | 9.3 | 5.2 | ||||||||||||||||||||||
Deferred tax benefit (see Note 12) | (7.7) | (0.3) | (12.3) | (0.3) | ||||||||||||||||||||||
Preferred return to preferred OP units / equity interests | 3.3 | 3.1 | 5.7 | 6.1 | ||||||||||||||||||||||
Add: Income / (loss) attributable to noncontrolling interests | 4.4 | 4.2 | (0.8) | 2.0 | ||||||||||||||||||||||
NOI | $ | 378.2 | $ | 374.7 | $ | 658.6 | $ | 636.6 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Real property NOI | $ | 317.6 | $ | 300.0 | $ | 572.3 | $ | 537.6 | ||||||||||||||||||
Home sales NOI | 41.4 | 49.8 | 64.5 | 68.6 | ||||||||||||||||||||||
Service, retail, dining and entertainment NOI | 19.2 | 24.9 | 21.8 | 30.4 | ||||||||||||||||||||||
NOI | $ | 378.2 | $ | 374.7 | $ | 658.6 | $ | 636.6 |
Real property - transient revenue (in millions) | For the Three Months Ended | |||||||||||||||||||||||||||||||||||||
Year | March 31 | June 30 | September 30 | December 31 | Total | |||||||||||||||||||||||||||||||||
2022 | $ | 334.5 | 12.7 | % | 27.8 | % | 45.8 | % | 13.7 | % | 100.0 | % |
Seasonal real property revenue (in millions) | For the Three Months Ended | |||||||||||||||||||||||||||||||||||||
Year | March 31 | June 30 | September 30 | December 31 | Total | |||||||||||||||||||||||||||||||||
2022 | $ | 310.2 | 20.1 | % | 25.6 | % | 29.0 | % | 25.3 | % | 100.0 | % |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH | MH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information | North America | UK | Total | RV | Marinas | Total | North America | UK(a) | Total | RV | Marinas | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 224.0 | $ | 28.4 | $ | 252.4 | $ | 72.7 | $ | 105.2 | $ | 430.3 | $ | 209.0 | $ | 20.0 | $ | 229.0 | $ | 69.1 | $ | 91.9 | $ | 390.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Real property - transient | 0.3 | 13.4 | 13.7 | 75.5 | 6.7 | 95.9 | 0.4 | 12.9 | 13.3 | 79.8 | 5.0 | 98.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 224.3 | 41.8 | 266.1 | 148.2 | 111.9 | 526.2 | 209.4 | 32.9 | 242.3 | 148.9 | 96.9 | 488.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 73.0 | 24.4 | 97.4 | 71.7 | 39.5 | 208.6 | 66.6 | 17.5 | 84.1 | 70.1 | 33.9 | 188.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property NOI | $ | 151.3 | $ | 17.4 | $ | 168.7 | $ | 76.5 | $ | 72.4 | $ | 317.6 | $ | 142.8 | $ | 15.4 | $ | 158.2 | $ | 78.8 | $ | 63.0 | $ | 300.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH | MH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information | North America | UK | Total | RV | Marinas | Total | North America | UK(a) | Total | RV | Marinas | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 447.4 | $ | 55.9 | $ | 503.3 | $ | 134.5 | $ | 190.5 | $ | 828.3 | $ | 417.3 | $ | 20.0 | $ | 437.3 | $ | 129.8 | $ | 165.7 | $ | 732.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Real property - transient | 0.8 | 14.8 | 15.6 | 113.3 | 10.4 | 139.3 | 0.9 | 12.9 | 13.8 | 121.8 | 7.5 | 143.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 448.2 | 70.7 | 518.9 | 247.8 | 200.9 | 967.6 | 418.2 | 32.9 | 451.1 | 251.6 | 173.2 | 875.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 146.4 | 46.9 | 193.3 | 125.5 | 76.5 | 395.3 | 131.9 | 17.5 | 149.4 | 122.7 | 66.2 | 338.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property NOI | $ | 301.8 | $ | 23.8 | $ | 325.6 | $ | 122.3 | $ | 124.4 | $ | 572.3 | $ | 286.3 | $ | 15.4 | $ | 301.7 | $ | 128.9 | $ | 107.0 | $ | 537.6 | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH | MH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other information | North America | UK | Total | RV | Marinas | Total | North America | UK(a) | Total | RV | Marinas | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 299 | 55 | 354 | 182 | 135 | 671 | 296 | 53 | 349 | 182 | 130 | 661 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites, wet slips and dry storage spaces | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites, wet slips and dry storage spaces(b) | 100,220 | 17,950 | 118,170 | 31,620 | 48,180 | 197,970 | 99,180 | 17,240 | 116,420 | 31,770 | 45,910 | 194,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transient sites | N/M | 3,350 | 3,350 | 26,920 | N/A | 30,270 | N/M | 3,310 | 3,310 | 28,680 | N/A | 31,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100,220 | 21,300 | 121,520 | 58,540 | 48,180 | 228,240 | 99,180 | 20,550 | 119,730 | 60,450 | 45,910 | 226,090 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH and Annual RV Occupancy | 96.2 | % | 90.1 | % | 95.3 | % | 100.0 | % | N/A | 96.3 | % | 96.3 | % | 91.4 | % | 95.6 | % | 100.0 | % | N/A | 96.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Total Change | % Change(c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH(a) | RV(a) | Marina | Total | MH(a) | RV(a) | Marina | Total | MH | RV | Marina | Total(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Property Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 206.7 | $ | 67.0 | $ | 84.2 | $ | 357.9 | $ | 193.8 | $ | 57.5 | $ | 78.0 | $ | 329.3 | $ | 28.6 | 6.7 | % | 16.2 | % | 8.1 | % | 8.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real property - transient | 0.3 | 69.9 | 6.1 | 76.3 | 0.2 | 74.5 | 4.8 | 79.5 | (3.2) | 46.2 | % | (6.1) | % | 27.1 | % | (4.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Property operating revenues | 207.0 | 136.9 | 90.3 | 434.2 | 194.0 | 132.0 | 82.8 | 408.8 | 25.4 | 6.7 | % | 3.6 | % | 9.2 | % | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Property Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Property operating expenses(b)(d) | 56.1 | 62.1 | 27.4 | 145.6 | 51.3 | 59.6 | 26.5 | 137.4 | 8.2 | 9.4 | % | 4.1 | % | 3.4 | % | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property NOI(d) | $ | 150.9 | $ | 74.8 | $ | 62.9 | $ | 288.6 | $ | 142.7 | $ | 72.4 | $ | 56.3 | $ | 271.4 | $ | 17.2 | 5.7 | % | 3.2 | % | 11.9 | % | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other information | 54,243 | 35,055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 289 | 161 | 119 | 569 | 289 | 161 | 119 | 569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites, wet slips and dry storage spaces | 98,700 | 54,610 | 41,050 | 194,360 | 97,750 | 54,310 | 40,650 | 192,710 |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Total Change | % Change(c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH(a) | RV(a) | Marina | Total | MH(a) | RV(a) | Marina | Total | MH | RV | Marina | Total(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Property Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 410.6 | $ | 124.3 | $ | 153.6 | $ | 688.5 | $ | 385.2 | $ | 107.3 | $ | 141.2 | $ | 633.7 | $ | 54.8 | 6.6 | % | 15.9 | % | 8.7 | % | 8.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real property - transient | 0.6 | 106.0 | 9.6 | 116.2 | 0.7 | 112.7 | 7.2 | 120.6 | (4.4) | (9.5) | % | (6.0) | % | 33.7 | % | (3.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Property operating revenues | 411.2 | 230.3 | 163.2 | 804.7 | 385.9 | 220.0 | 220.0 | 148.4 | 754.3 | 50.4 | 6.5 | % | 4.7 | % | 9.9 | % | 6.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Property Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Property operating expenses(b)(d) | 110.0 | 109.1 | 54.4 | 273.5 | 100.1 | 103.1 | 52.4 | 255.6 | 17.9 | 9.9 | % | 5.8 | % | 3.8 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Property NOI(d) | $ | 301.2 | $ | 121.2 | $ | 108.8 | $ | 531.2 | $ | 285.8 | $ | 116.9 | $ | 96.0 | $ | 498.7 | $ | 32.5 | 5.4 | % | 3.7 | % | 13.2 | % | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other information | 54,243 | 35,055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 289 | 161 | 119 | 569 | 289 | 161 | 119 | 569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sites, wet slips and dry storage spaces | 98,700 | 54,610 | 41,050 | 194,360 | 97,750 | 54,310 | 40,650 | 192,710 |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Total | MH | RV | Marina | Total | ||||||||||||||||||||||||||||||||||||||||
Utility revenue netted against related utility expense | $ | 15.7 | $ | 4.8 | $ | 5.9 | $ | 26.4 | $ | 15.0 | $ | 4.6 | $ | 4.7 | $ | 24.3 |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
MH | RV | Marina | Total | MH | RV | Marina | Total | ||||||||||||||||||||||||||||||||||||||||
Utility revenue netted against related utility expense | $ | 33.9 | $ | 9.0 | $ | 10.9 | $ | 53.8 | $ | 31.1 | $ | 8.5 | $ | 8.9 | $ | 48.5 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | % Change | June 30, 2023 | June 30, 2022 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Payroll and benefits | $ | 49.0 | $ | 48.2 | $ | 0.8 | 1.7 | % | $ | 91.4 | $ | 87.9 | $ | 3.5 | 4.0 | % | |||||||||||||||||||||||||||||||
Real estate taxes | 27.2 | 26.6 | 0.6 | 2.1 | % | 54.9 | 51.9 | 3.0 | 5.8 | % | |||||||||||||||||||||||||||||||||||||
Supplies and repairs | 20.9 | 19.5 | 1.4 | 7.2 | % | 35.1 | 34.0 | 1.1 | 3.1 | % | |||||||||||||||||||||||||||||||||||||
Utilities | 16.1 | 15.5 | 0.6 | 3.5 | % | 30.5 | 30.5 | — | 0.1 | % | |||||||||||||||||||||||||||||||||||||
Legal, state / local taxes, and insurance | 13.8 | 9.3 | 4.5 | 49.2 | % | 28.0 | 18.9 | 9.1 | 48.6 | % | |||||||||||||||||||||||||||||||||||||
Other | 18.6 | 18.3 | 0.3 | 1.8 | % | 33.6 | 32.4 | 1.2 | 3.6 | % | |||||||||||||||||||||||||||||||||||||
Total Same Property Operating Expenses | $ | 145.6 | $ | 137.4 | $ | 8.2 | 6.0 | % | $ | 273.5 | $ | 255.6 | $ | 17.9 | 7.0 | % |
As of | ||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||
MH | RV | MH | RV | |||||||||||||||||||||||
Other information | ||||||||||||||||||||||||||
Number of properties | 289 | 161 | 289 | 161 | ||||||||||||||||||||||
Sites | ||||||||||||||||||||||||||
MH and Annual RV sites | 98,700 | 31,340 | 97,750 | 29,240 | ||||||||||||||||||||||
Transient RV sites | N/M | 23,270 | N/M | 25,070 | ||||||||||||||||||||||
Total | 98,700 | 54,610 | 97,750 | 54,310 | ||||||||||||||||||||||
MH and Annual RV Occupancy | ||||||||||||||||||||||||||
Occupancy(a) | 96.9 | % | 100.0 | % | 96.9 | % | 100.0 | % | ||||||||||||||||||
Monthly base rent per site | $ | 654 | $ | 577 | $ | 618 | $ | 531 | ||||||||||||||||||
% change in monthly base rent(b) | 5.7 | % | 8.6 | % | N/A | N/A | ||||||||||||||||||||
Rental Program Statistics included in MH: | ||||||||||||||||||||||||||
Number of occupied sites, end of period(c) | 9,640 | N/A | 9,200 | N/A | ||||||||||||||||||||||
Monthly rent per site - MH Rental Program | $ | 1,261 | N/A | $ | 1,162 | N/A | ||||||||||||||||||||
% change(c) | 8.5 | % | N/A | N/A | N/A |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | % Change | June 30, 2023 | June 30, 2022 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||||||||||||||
Home sales | $ | 62.3 | $ | 82.1 | $ | (19.8) | (24.1) | % | $ | 109.5 | $ | 146.8 | $ | (37.3) | (25.4) | % | |||||||||||||||||||||||||||||||
Home cost and selling expenses | 45.6 | 58.5 | (12.9) | (22.1) | % | 82.2 | 104.4 | (22.2) | (21.3) | % | |||||||||||||||||||||||||||||||||||||
NOI | $ | 16.7 | $ | 23.6 | $ | (6.9) | (29.2) | % | $ | 27.3 | $ | 42.4 | $ | (15.1) | (35.6) | % | |||||||||||||||||||||||||||||||
NOI margin % | 26.8 | % | 28.7 | % | (1.9) | % | 24.9 | % | 28.9 | % | (4.0) | % | |||||||||||||||||||||||||||||||||||
UK(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Home sales | $ | 60.3 | $ | 60.6 | $ | (0.3) | (0.5) | % | $ | 99.4 | $ | 60.6 | $ | 38.8 | 64.0 | % | |||||||||||||||||||||||||||||||
Home cost and selling expenses | 35.6 | 34.4 | 1.2 | 3.5 | % | 62.2 | 34.4 | 27.8 | 80.8 | % | |||||||||||||||||||||||||||||||||||||
NOI | $ | 24.7 | $ | 26.2 | $ | (1.5) | (5.7) | % | $ | 37.2 | $ | 26.2 | $ | 11.0 | 42.0 | % | |||||||||||||||||||||||||||||||
NOI margin % | 41.0 | % | 43.2 | % | (2.2) | % | 37.4 | % | 43.2% | (5.8) | % | ||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Home sales | $ | 122.6 | $ | 142.7 | $ | (20.1) | (14.1) | % | $ | 208.9 | $ | 207.4 | $ | 1.5 | 0.7 | % | |||||||||||||||||||||||||||||||
Home cost and selling expenses | 81.2 | 92.9 | (11.7) | (12.6) | % | 144.4 | 138.8 | 5.6 | 4.0 | % | |||||||||||||||||||||||||||||||||||||
NOI | $ | 41.4 | $ | 49.8 | $ | (8.4) | (16.9) | % | $ | 64.5 | $ | 68.6 | $ | (4.1) | (6.0) | % | |||||||||||||||||||||||||||||||
NOI margin % | 33.8 | % | 34.9 | % | (1.1) | % | 30.9 | % | 33.1 | % | (2.2) | % | |||||||||||||||||||||||||||||||||||
Units Sold:* | |||||||||||||||||||||||||||||||||||||||||||||||
North America | 684 | 977 | (293) | (30.0) | % | 1,273 | 1,814 | (541) | (29.8) | % | |||||||||||||||||||||||||||||||||||||
UK(a) | 837 | 753 | 84 | 11.2 | % | 1,426 | 753 | 673 | 89.4 | % | |||||||||||||||||||||||||||||||||||||
Total home sales | 1,521 | 1,730 | (209) | (12.1) | % | 2,699 | 2,567 | 132 | 5.1 | % | |||||||||||||||||||||||||||||||||||||
Average Selling Price:* | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 91,082 | $ | 84,033 | $ | 7,049 | 8.4 | % | $ | 86,017 | $ | 80,926 | $ | 5,091 | 6.3 | % | |||||||||||||||||||||||||||||||
UK(a) | $ | 72,043 | $ | 80,478 | $ | (8,435) | (10.5) | % | $ | 69,705 | $ | 80,478 | $ | (10,773) | (13.4) | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | % Change | June 30, 2023 | June 30, 2022 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Service, retail, dining and entertainment, net | $ | 19.2 | $ | 24.9 | $ | (5.7) | (22.9) | % | $ | 21.8 | $ | 30.4 | $ | (8.6) | (28.3) | % | |||||||||||||||||||||||||||||||
Interest income | $ | 14.0 | $ | 7.3 | $ | 6.7 | 91.8 | % | $ | 25.4 | $ | 14.1 | $ | 11.3 | 80.1 | % | |||||||||||||||||||||||||||||||
Brokerage commissions and other, net | $ | 9.8 | $ | 8.6 | $ | 1.2 | 14.0 | % | $ | 19.3 | $ | 16.6 | $ | 2.7 | 16.3 | % | |||||||||||||||||||||||||||||||
General and administrative expense | $ | 62.3 | $ | 62.2 | $ | 0.1 | 0.2 | % | $ | 126.2 | $ | 117.9 | $ | 8.3 | 7.0 | % | |||||||||||||||||||||||||||||||
Catastrophic event-related charges, net | $ | (0.1) | $ | 0.1 | $ | (0.2) | N/M | $ | 0.9 | $ | 0.1 | $ | 0.8 | N/M | |||||||||||||||||||||||||||||||||
Business combinations | $ | 0.2 | $ | 15.0 | $ | (14.8) | (98.7) | % | $ | 3.0 | $ | 15.5 | $ | (12.5) | (80.6) | % | |||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 164.1 | $ | 150.1 | $ | 14.0 | 9.3 | % | $ | 319.7 | $ | 298.0 | $ | 21.7 | 7.3 | % | |||||||||||||||||||||||||||||||
Asset impairments | $ | 6.5 | $ | 0.1 | $ | 6.4 | N/M | $ | 8.9 | $ | 0.7 | $ | 8.2 | N/M | |||||||||||||||||||||||||||||||||
Loss on extinguishment of debt (see Note 8) | $ | — | $ | 0.1 | $ | (0.1) | (100.0) | % | $ | — | $ | 0.4 | $ | (0.4) | (100.0) | % | |||||||||||||||||||||||||||||||
Interest expense | $ | 79.2 | $ | 55.3 | $ | 23.9 | 43.2 | % | $ | 155.8 | $ | 100.5 | $ | 55.3 | 55.0 | % | |||||||||||||||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | $ | 0.9 | $ | 1.1 | $ | (0.2) | (18.2) | % | $ | 1.9 | $ | 2.1 | $ | (0.2) | (9.5) | % | |||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities (see Note 15) | $ | 5.8 | $ | (32.3) | $ | 38.1 | N/M | $ | (14.1) | $ | (66.8) | $ | 52.7 | (78.9) | % | ||||||||||||||||||||||||||||||||
Gain on foreign currency exchanges | $ | 2.7 | $ | 9.0 | $ | (6.3) | (70.0) | % | $ | — | $ | 6.8 | $ | (6.8) | (100.0) | % | |||||||||||||||||||||||||||||||
Gain / (loss) on dispositions of properties | $ | (0.6) | $ | (0.1) | $ | (0.5) | N/M | $ | (2.2) | $ | 13.3 | $ | (15.5) | N/M | |||||||||||||||||||||||||||||||||
Other income / (expense), net | $ | (0.8) | $ | 0.4 | $ | (1.2) | N/M | $ | (1.8) | $ | (0.2) | $ | (1.6) | N/M | |||||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of notes receivable (see Note 4) | $ | (0.1) | $ | — | $ | (0.1) | N/A | $ | (1.8) | $ | 0.2 | $ | (2.0) | N/M | |||||||||||||||||||||||||||||||||
Income / (loss) from nonconsolidated affiliates (see Note 6) | $ | (0.7) | $ | 0.9 | $ | (1.6) | N/M | $ | (0.9) | $ | 1.8 | $ | (2.7) | N/M | |||||||||||||||||||||||||||||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6) | $ | — | $ | 0.4 | $ | (0.4) | (100.0) | % | $ | (4.5) | $ | 0.5 | $ | (5.0) | N/M | ||||||||||||||||||||||||||||||||
Current tax expense (see Note 12) | $ | (5.4) | $ | (3.9) | $ | (1.5) | 38.5 | % | $ | (9.3) | $ | (5.2) | $ | (4.1) | 78.8 | % | |||||||||||||||||||||||||||||||
Deferred tax benefit (see Note 12) | $ | 7.7 | $ | 0.3 | $ | 7.4 | N/M | $ | 12.3 | $ | 0.3 | $ | 12.0 | N/M | |||||||||||||||||||||||||||||||||
Preferred return to preferred OP units / equity interests | $ | 3.3 | $ | 3.1 | $ | 0.2 | 6.5 | % | $ | 5.7 | $ | 6.1 | $ | (0.4) | (6.6) | % | |||||||||||||||||||||||||||||||
Income / (loss) attributable to noncontrolling interests | $ | 4.4 | $ | 4.2 | $ | 0.2 | 4.8 | % | $ | (0.8) | $ | 2.0 | $ | (2.8) | N/M |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 89.8 | $ | 74.0 | $ | 59.7 | $ | 74.7 | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Depreciation and amortization | 163.4 | 149.4 | 318.3 | 297.1 | |||||||||||||||||||
Depreciation on nonconsolidated affiliates | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Asset impairments | 6.5 | 0.1 | 8.9 | 0.7 | |||||||||||||||||||
(Gain) / loss on remeasurement of marketable securities | (5.8) | 32.3 | 14.1 | 66.8 | |||||||||||||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | — | (0.4) | 4.5 | (0.5) | |||||||||||||||||||
(Gain) / loss on remeasurement of notes receivable | 0.1 | — | 1.8 | (0.2) | |||||||||||||||||||
(Gain) / loss on dispositions of properties, including tax effect | 0.8 | 0.1 | 4.3 | (13.3) | |||||||||||||||||||
Add: Returns on preferred OP units | 1.5 | 3.4 | 5.2 | 6.7 | |||||||||||||||||||
Add: Income / (loss) attributable to noncontrolling interests | 3.3 | 4.2 | (1.1) | 2.0 | |||||||||||||||||||
Gain on dispositions of assets, net | (10.6) | (17.2) | (18.5) | (32.3) | |||||||||||||||||||
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1) | $ | 249.1 | $ | 246.0 | $ | 397.3 | $ | 401.8 | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Business combination expense and other acquisition related costs(2) | 4.9 | 17.8 | 11.4 | 20.9 | |||||||||||||||||||
Loss on extinguishment of debt | — | 0.1 | — | 0.4 | |||||||||||||||||||
Catastrophic event-related charges, net | (0.1) | 0.2 | 0.9 | 0.2 | |||||||||||||||||||
Loss of earnings - catastrophic event-related charges, net(3) | 5.5 | — | 11.0 | — | |||||||||||||||||||
Gain on foreign currency exchanges | (2.7) | (9.0) | — | (6.8) | |||||||||||||||||||
Other adjustments, net(4) | (7.1) | (0.5) | (10.7) | 1.4 | |||||||||||||||||||
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1) | $ | 249.6 | $ | 254.6 | $ | 409.9 | $ | 417.9 | |||||||||||||||
Weighted Average Common Shares Outstanding - Diluted | 127.4 | 126.0 | 128.6 | 123.9 | |||||||||||||||||||
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share | $ | 1.95 | $ | 1.95 | $ | 3.09 | $ | 3.24 | |||||||||||||||
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share | $ | 1.96 | $ | 2.02 | $ | 3.19 | $ | 3.37 | |||||||||||||||
Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||
Recurring Capital Expenditures | $ | 40.0 | $ | 33.4 | |||||||
Non-Recurring Capital Expenditure and Related Activities | |||||||||||
Lot Modifications | 25.4 | 14.4 | |||||||||
Growth Projects | 52.7 | 49.5 | |||||||||
Rebranding | 3.4 | 10.7 | |||||||||
Capital improvements to recent acquisitions | 135.1 | 123.1 | |||||||||
Expansion and Development | 166.6 | 122.7 | |||||||||
Rental Program | 143.1 | 59.0 | |||||||||
Other | (1.6) | (6.4) | |||||||||
Total Non-Recurring Capital Expenditure and Related Activities | 524.7 | 373.0 | |||||||||
Total Capital Expenditure and Related Activities | $ | 564.7 | $ | 406.4 |
Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||
Net Cash Provided by Operating Activities | $ | 449.9 | $ | 532.0 | |||||||
Net Cash Used for Investing Activities | $ | (581.8) | $ | (2,475.8) | |||||||
Net Cash Provided by Financing Activities | $ | 109.4 | $ | 2,056.9 | |||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | $ | 0.8 | $ | (6.6) |
Carrying Amount | ||||||||||||||||||||
Principal Amount | June 30, 2023 | December 31, 2022 | ||||||||||||||||||
5.7% notes, issued in January 2023 and due in January 2033(1) | $ | 400.0 | $ | 395.5 | N/A | |||||||||||||||
4.2% notes, issued in April 2022 and due in April 2032 | 600.0 | 592.2 | 591.8 | |||||||||||||||||
2.3% notes, issued in October 2021 and due in November 2028 | 450.0 | 446.5 | 446.2 | |||||||||||||||||
2.7% notes, issued in June 2021 and October 2021, and due in July 2031 | 750.0 | 742.0 | 741.6 | |||||||||||||||||
Total | $ | 2,200.0 | $ | 2,176.2 | $ | 1,779.6 |
Covenant | Requirement | As of June 30, 2023 | ||||||||||||
Maximum leverage ratio | <65.0% | 34.4% | ||||||||||||
Minimum fixed charge coverage ratio | >1.40 | 3.44 | ||||||||||||
Maximum secured leverage ratio | <40.0% | 12.8% |
Covenant | Requirement | As of June 30, 2023 | ||||||||||||
Total debt to total assets | ≤60.0% | 41.0% | ||||||||||||
Secured debt to total assets | ≤40.0% | 18.1% | ||||||||||||
Consolidated income available for debt service to debt service | ≥1.50 | 4.12 | ||||||||||||
Unencumbered total asset value to total unsecured debt | ≥150.0% | 337.2% |
∙ | Outbreaks of disease and related restrictions on business operations; | ||||
∙ | Changes in general economic conditions, including inflation, deflation and energy costs, the real estate industry and the markets within which we operate; | ||||
∙ | Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; | ||||
∙ | Our liquidity and refinancing demands; | ||||
∙ | Our ability to obtain or refinance maturing debt; | ||||
∙ | Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes; | ||||
∙ | Availability of capital; | ||||
∙ | Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pound sterling; | ||||
∙ | Our ability to maintain rental rates and occupancy levels; | ||||
∙ | Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; | ||||
∙ | Increases in interest rates and operating costs, including insurance premiums and real estate taxes; | ||||
∙ | Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires; | ||||
∙ | General volatility of the capital markets and the market price of shares of our capital stock; | ||||
∙ | Our ability to maintain our status as a REIT; | ||||
∙ | Changes in real estate and zoning laws and regulations; | ||||
∙ | Legislative or regulatory changes, including changes to laws governing the taxation of REITs; | ||||
∙ | Litigation, judgments or settlements; | ||||
∙ | Competitive market forces; | ||||
∙ | The ability of purchasers of manufactured homes and boats to obtain financing; and | ||||
∙ | The level of repossessions by manufactured home and boat lenders. |
Three Months Ended | ||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||
Series | Conversion Rate | Units / Shares Converted | Common Stock(1) | |||||||||||||||||
Common OP units | 1.0000 | 702 | 702 | |||||||||||||||||
Series A-1 preferred OP units | 2.4390 | 91 | 221 | |||||||||||||||||
Series G preferred OP units | 0.6452 | 17,500 | 11,289 | |||||||||||||||||
Series H preferred OP units | 0.6098 | 15 | 9 | |||||||||||||||||
Series J preferred OP units | 0.6061 | 1,000 | 606 | |||||||||||||||||
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, 2023 - April 30, 2023 | 7,628 | $ | 139.32 | — | $ | — | ||||||||||||||||||||
May 1, 2023 - May 31, 2023 | 372 | $ | 128.88 | — | $ | — | ||||||||||||||||||||
Total | 8,000 | $ | 138.83 | — | $ | — |
Exhibit No. | Description | Method of Filing | ||||||
3.1 | Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Annual Report on Form 10-K filed on February 22, 2018 | |||||||
3.2 | Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on February 21, 2023 | |||||||
3.3 | Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on May 19, 2023 | |||||||
22.1 | Filed herewith | |||||||
31.1 | Filed herewith | |||||||
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 | ||||||
*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. | ||||||||
Dated: July 27, 2023 | By: | /s/ Fernando Castro-Caratini | ||||||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer and Principal Accounting 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 | ||||||||||||
5.7% Senior Notes due 2033 | Sun Communities Operating Limited Partnership | Michigan |
Dated: July 27, 2023 | /s/ Gary A. Shiffman | |||||||
Gary A. Shiffman, Chief Executive Officer |
Dated: July 27, 2023 | /s/ Fernando Castro-Caratini | ||||
Fernando Castro-Caratini, Chief Financial Officer |
Signature | Date | ||||
/s/ Gary A. Shiffman | July 27, 2023 | ||||
Gary A. Shiffman, Chief Executive Officer | |||||
/s/ Fernando Castro-Caratini | July 27, 2023 | ||||
Fernando Castro-Caratini, Chief Financial Officer | |||||
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 360,000,000 | 360,000,000.0 |
Common stock issued (in shares) | 124,400,000 | 124,000,000.0 |
Common stock outstanding (in shares) | 124,400,983 | 124,000,000.0 |
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Cash Flows [Abstract] | ||||
Interest capitalized | $ 2.6 | $ 1.8 | $ 5.1 | $ 2.8 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Sun Communities, Inc. and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, (the "Operating Partnership"), Sun Home Services, Inc., ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "we," "us," and, or "our." We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All significant intercompany transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified 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 segment. 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, 2022 as filed with the SEC on February 23, 2023 (our "2022 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2022 Annual Report. Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marinas.
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Revenue |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 2. 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 2022 Annual Report.
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Real Estate Acquisitions and Dispositions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Dispositions | 3. Real Estate Acquisitions and Dispositions 2023 Acquisitions During the six months ended June 30, 2023, we acquired the following properties:
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, 2023 (in millions):
(1) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (2) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million. (3) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million. As of June 30, 2023, we have incurred and capitalized $3.0 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. During the six months ended June 30, 2023, we recognized $3.0 million of business combination expenses in connection with transactions completed during 2022. 2023 Development and Expansion Activities During the six months ended June 30, 2023, we acquired three land parcels located in the United States ("U.S.") and United Kingdom ("UK") for an aggregate purchase price of $34.9 million. 2023 Dispositions In February 2023, we sold two parcels of land in the UK for total consideration of $111.5 million, which primarily consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average interest rate of 11.9% per annum, due May 31, 2023 and subsequently extended to July 31, 2023 as part of the operator's total facility. On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $2.2 million during the six months ended June 30, 2023, net of the release of foreign currency translation losses from Accumulated other comprehensive income / (loss) ("AOCI") of $11.9 million. The total loss on sale was recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. Real Estate Held For Sale We periodically classify real estate 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. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. In May 2023, we reached an agreement to sell an MH operating community located in Maine with 155 developed sites for cash consideration of $6.8 million. We assessed criteria and determined that the property required classification as held for sale at June 30, 2023. As a result, the net carrying value of $13.1 million, was written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, to a fair value less costs to sell of $6.8 million. The adjusted carrying value which consists primarily of land, land improvements and buildings was recorded within Other assets, net on our Consolidated Balance Sheets at June 30, 2023. The sale is expected to close during the three months ended September 30, 2023. In February 2023, we reached an agreement to sell an operating MH community in the UK with 730 developed sites for approximately $240.0 million in the form of a note receivable. We assessed criteria and determined that the property required classification as held for sale. As a result, the carrying value of total assets of $269.1 million and total liabilities of $65.5 million were reclassified to held for sale as of June 30, 2023. The held for sale assets primarily consist of Land and Land improvements and buildings and are recorded within Other assets, net on the Consolidated Balance Sheets. The held for sale liabilities primarily consist of Deferred tax liabilities and are recorded within Other liabilities on the Consolidated Balance Sheets. The sale is expected to close during the three months ended September 30, 2023. 2022 Acquisitions For the year ended December 31, 2022, we acquired the following properties:
(1) Property names are subject to changes subsequent to acquisition. (2) Combined with an existing property. (3) Includes 40 owned and two managed properties. (4) Includes two properties. (5) Includes 11 properties. (6) Includes one development property. 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 2022 (in millions):
(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (3) Property names are subject to changes subsequent to acquisition. (4) Combined with an existing property. (5) In December 2020, we entered into a loan agreement pursuant to which we extended credit to Blue Water to finance the construction of Jellystone Lincoln (the "RV Park"). In December 2022, we entered into a purchase and sale agreement pursuant to which we purchased the RV Park for cash consideration of $5.0 million, which was applied toward the existing Blue Water loan balance of $12.9 million, and the remaining loan balance of $7.9 million was forgiven. Upon acquisition of the RV Park, we agreed to loan Blue Water an amount equal to $3.7 million, accounted as consideration based on the loan forgiveness terms. Additional consideration for vacation rental units of $0.4 million, resulted in a total purchase price of $17.0 million. In addition, we entered into a lease agreement pursuant to which Blue Water will pay rent to us and continue to operate the park. (6) 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 Goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net. (7) Includes acquired intangible assets subject to amortization of $70.2 million with a weighted average amortization period of 14.6 years, consisting of trademarks and trade names, customer relationships and other intangible assets. As of December 31, 2022, we incurred $19.2 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, 2022, we also incurred $24.7 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, 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 year ended December 31, 2022, 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 acquisitions been consummated on January 1, 2021 (in millions, except for per share data):
2022 Development and Expansion Activities During the year ended December 31, 2022, we acquired six land parcels located in the U.S. and the UK for an aggregate purchase price of $26.2 million and two buildings and land parcels related to our marinas located in the U.S. for an aggregate purchase price of $13.9 million. 2022 Dispositions During the three months ended September 30, 2022, we sold an RV community containing 514 sites located in California for $15.0 million. The disposition resulted in a loss on sale of $0.8 million, inclusive of selling costs. During the three months ended March 31, 2022, we sold two MH communities and one community containing MH and RV sites, each located in Florida, with a total of 323 sites for $29.5 million. The gain from the sale of the properties was $13.3 million.
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Notes And Other Receivables |
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Notes And Other Receivables | 4. 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 $59.4 million (gross installment notes receivable of $62.7 million less fair value adjustment of $3.3 million) and $65.9 million (gross installment notes receivable of $67.3 million less fair value adjustment of $1.4 million) as of June 30, 2023 and December 31, 2022, 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% and 13.3 years as of June 30, 2023, and 7.6% and 13.8 years as of December 31, 2022, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional detail. 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, 2023 and December 31, 2022, the notes receivable balances include a fully drawn loan provided to a real estate operator to fund investing and financing activities totaling $358.5 million with a net weighted average interest rate and maturity of 12.2% and 0.1 years as of June 30, 2023, and totaling $217.6 million with a net weighted average interest rate and maturity of 15.3% and 0.1 years as of December 31, 2022 (refer to Note 19, "Subsequent Events," for additional information regarding notes receivable activity after June 30, 2023). The additional acquisition and construction loans provided to real estate developers total $103.9 million with a net weighted average interest rate and maturity of 9.0% and 2.4 years as of June 30, 2023, and total $87.6 million with a net weighted average interest rate and maturity of 7.8% and 2.3 years as of December 31, 2022. As of June 30, 2023, the additional acquisition and construction loans provided to real estate developers have $55.9 million of undrawn funds. There were no adjustments to the fair value of notes receivable from real estate developers and operators during the six months ended June 30, 2023 and year ended December 31, 2022. Refer to Note 15, "Fair Value of Financial Instruments," for additional information. Other Receivables, net Other receivables, net were comprised of amounts due from the following categories (in millions):
(1)Net of allowance of $2.6 million and $2.2 million as of June 30, 2023 and December 31, 2022, respectively. (2)Net of allowance of $4.9 million and $5.9 million as of June 30, 2023 and December 31, 2022, respectively. (3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 49.0% and 48.9% ownership interest as of June 30, 2023 and December 31, 2022, 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%, matures in June 2024, 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, bears an interest rate of 3.0% and matures in January 2025. The outstanding balances were $12.3 million and $12.7 million as of June 30, 2023 and December 31, 2022, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure | 5. Goodwill and Other Intangible Assets Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets. Goodwill The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available 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 below. Changes in the carrying amount of goodwill during the six months ended June 30, 2023 by reportable segment were as follows (in millions):
(1) During the six months ended June 30, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $60.7 million in the MH segment, related to the Park Leisure business combination. (2) During the year ended December 31, 2022, we recognized goodwill from acquisitions of $516.0 million which is expected to be deductible for tax purposes. There were no business combination acquisitions during the six months ended June 30, 2023. 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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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Nonconsolidated Affiliates | 6. Investments in Nonconsolidated Affiliates Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations. RezPlot Systems LLC ("Rezplot") At June 30, 2023 and December 31, 2022, we had a 49.0% and 48.9% ownership interest, respectively, in Rezplot, a RV reservation software technology company, which we acquired in January 2019. Our investment balance in Rezplot was zero as of June 30, 2023 and December 31, 2022, respectively, with subsequent equity losses being applied as a reduction to our notes receivable from Rezplot. Refer to Note 4, "Notes and Other Receivables," for additional information on the notes receivable. Sungenia Joint Venture ("Sungenia JV") At June 30, 2023 and December 31, 2022, we had a 50.0% 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, 2023 and December 31, 2022, we had a 40.0% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities. Origen Financial Services, LLC ("OFS") At June 30, 2023 and December 31, 2022, we had no ownership interest, 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 in Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations. SV Lift, LLC ("SV Lift") At June 30, 2023 and December 31, 2022, we had a 50.0% ownership interest in SV Lift, which owns, operates and leases an aircraft. The investment balance in each nonconsolidated affiliate was as follows (in millions):
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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Disclosure of Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities | 7. Consolidated Variable Interest Entities The Operating Partnership We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits. Other Consolidated VIEs We consolidate Sun NG RV Resorts LLC ("Sun NG Resorts"), Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC, FPG Sun Menifee 80 LLC, Solar Energy Project LLC, Solar Energy Project CA II LLC, Solar Energy Project III LLC and FPG Sun Moreno Valley 66 LLC under the guidance set forth in ASC 810, "Consolidation." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 8, "Debt and Line of Credit," and Note 9, "Equity and Temporary Equity," for additional information on Sun NG Resorts. The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions):
Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 4.8% and 4.5% of our consolidated total assets at June 30, 2023 and December 31, 2022, respectively. Total liabilities comprised 1.4% and 0.9% of our consolidated total liabilities at June 30, 2023 and December 31, 2022, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at June 30, 2023 and December 31, 2022, respectively.
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Line of Credit | 8. Debt and Line of Credit The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):
(1) Balances at June 30, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $15.7 million and $14.6 million of deferred financing costs, respectively. (2) Balances at June 30, 2023 and December 31, 2022 include $6.9 million and $6.1 million of net debt discount, respectively, and $16.9 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (3) Balances at June 30, 2023 and December 31, 2022 includes $2.3 million and $3.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. Secured Debt Secured debt consists of mortgage term loans. During the six months ended June 30, 2023, no mortgage term loans were paid off. During the year ended December 31, 2022, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information):
(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024, and were secured by 35 properties. During the six months ended June 30, 2023 and the year ended December 31, 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information):
(1)Includes five existing encumbered properties. (2)Includes 22 existing encumbered properties. (3)Includes 18 existing encumbered properties. (4)Represents a construction loan (undrawn as of June 30, 2023). (5)Represents loans jointly secured by one property. The mortgage term loans, which total $3.4 billion as of June 30, 2023, are secured by 154 properties comprised of 61,629 sites representing approximately $2.7 billion of net book value. Unsecured Debt Senior Unsecured Notes The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded in the Unsecured debt line item on the Consolidated Balance Sheets.
(1) In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 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. Line of Credit In April 2022, the Operating Partnership (as borrower), 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, Pound 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. The Senior Credit Facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the 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 a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments. As of June 30, 2023, the margins based on our credit ratings were 0.85% on the revolving loan facility and 0.95% on the term loan facility. During the six months ended June 30, 2023 and year ended December 31, 2022, we achieved sustainability related requirements resulting in a favorable 0.04% and 0.01% adjustments, respectively, to both margins. 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 $884.8 million and $1.1 billion of borrowings outstanding under the revolving loan as of June 30, 2023 and December 31, 2022, respectively. We also had $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of June 30, 2023 and December 31, 2022, respectively. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. The Senior Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $16.7 million and $2.6 million of outstanding letters of credit at June 30, 2023 and December 31, 2022, 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 in Pound sterling, 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 year ended December 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 initially had a four-year term ending October 29, 2023, and bore interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.2% to 2.05%. Effective July 1, 2021, 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% to 1.6%. In August 2022, we amended the secured term loan facility to transition from the Eurodollar rate to SOFR. As of June 30, 2023, the margin based on our credit rating was 0.95%. The outstanding balance was $11.7 million at June 30, 2023 and $19.8 million at December 31, 2022, respectively. In accordance with the amended agreement, we achieved sustainability related requirements resulting in a favorable 0.01% adjustment to the margins. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. 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% per annum. The Preferred Equity - Sun NG Resorts has a seven-year term ending June 1, 2025. If we terminate the property management agreement related to the property, we must acquire NG Sun LLC's interest in such property, which, in addition to its Series B preferred equity interests and common equity interests allocated to such property, may include its and certain unrelated third parties' Preferred Equity - Sun NG Resorts allocated to such property. The Preferred Equity - Sun NG Resorts as of June 30, 2023 and December 31, 2022, respectively, was $35.2 million. This balance is recorded in Unsecured debt on the Consolidated Balance Sheets. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 9, "Equity and Temporary Equity," for additional information. Preferred OP Units - Mandatorily Redeemable At June 30, 2023 and December 31, 2022, respectively, our Preferred OP units include $26.7 million and $34.0 million of Aspen preferred OP units. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. As of June 30, 2023, 988,819 of Aspen preferred OP units were outstanding and convertible into 323,271 common OP units. In January 2020, we amended the Operating Partnership's partnership agreement to extend the automatic redemption date and reduce the annual distribution rate for 270,000 of the Aspen preferred OP units (the "Extended Units"). The Extended Units redemption date was extended to January 1, 2034, and their distribution rate was lowered to 3.8%. During the first quarter ended March 31, 2023, all of the Extended Units converted into common equity. For the remaining Aspen preferred OP units, subject to certain limitations, at any time prior to January 1, 2024, the holder of each Aspen preferred OP unit may, at its option, convert such 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 10-day average closing price is greater than $68.00 per share, a number of common OP units determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0% of the amount by which the 10-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price. The current preferred distribution rate on the remaining Aspen preferred OP units is 6.5%. On January 2, 2024, we are required to redeem for cash all Aspen preferred OP units that have not been converted to common OP units. Please refer to Note 19, "Subsequent Events," for additional information. Covenants The mortgage term loans, senior unsecured notes and Senior Credit Facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the Senior Credit Facility, which contains a maximum leverage ratio, minimum fixed charge coverage ratio and maximum secured leverage ratio, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio and unencumbered total asset value to unsecured debt ratio. At June 30, 2023, we were in compliance with all financial covenants. In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, and any of our other subsidiaries or any other person or entity. Interest Capitalized We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and six months ended June 30, 2023 and 2022 were as follows (in millions):
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Equity and Temporary Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Temporary Equity | 9. 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, 2023 and December 31, 2022 and the related terms, and summarizes the balance included within Temporary Equity 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):
(1) 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%. The Equity Interest - NG Sun LLC does not have a fixed maturity date and portions can be redeemed in the fourth quarters of 2024, 2025 or 2026 at the holders' option. During the fourth quarter of 2024, NG Sun LLC may offer Sun NG LLC to purchase its entire interest in Sun NG Resorts, which includes its Equity Interest - NG Sun LLC and may include certain unrelated third parties' Preferred Equity - Sun NG Resorts. If we exercise this option, the related property management agreements will be terminated, and we are required to purchase the interests of NG Sun LLC and the property management agreements at fair value. If we elect not to purchase NG Sun LLC's interest in Sun NG Resorts, we must cause a sale of Sun NG Resorts. If such sale does not close within 90 days and NG Sun LLC does not agree to extend such period, then we are obligated to purchase NG Sun LLC's interest in Sun NG Resorts. Certain properties would be excluded from this process and would instead be transferred to new limited liability companies held jointly by NG Sun LLC and us. 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 $28.2 million and $31.1 million as of June 30, 2023 and December 31, 2022, 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. At our 2023 Annual Meeting of Shareholders on May 16, 2023, our shareholders approved the Articles of Amendment to the Company's charter, which increased the authorized number of shares of capital stock to 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock, par value $0.01 per share. As of June 30, 2023, we had 124,400,983 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. In April 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% 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. Through June 30, 2023, we had entered into forward sales agreements under our Sales Agreement for an aggregate gross sales price of $160.6 million. During the three months ended September 30, 2022, we entered into forward sale agreements with respect to 15,000 shares of common stock under our Sales Agreement for $2.6 million. Additionally, we settled all of our outstanding forward sale agreements with respect to 1,526,212 shares of common stock which includes 620,109; 600,503; 290,600; and 15,000 shares of common stock from the three months ended December 31, 2021, March 31, June 30 and September 30, 2022 forward sale agreements, respectively. The net proceeds of $275.5 million from the settlement of these forward sale agreements were used to repay borrowings outstanding under our Senior Credit Facility. During the three months ended June 30, 2022, we completed the physical settlement of 1,200,000 shares of common stock under our prior at the market offering program and received net proceeds of $229.5 million. Additionally, we entered into forward sales agreements with respect 290,600 shares of common stock for $50.1 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022. During the three months ended March 31, 2022, we entered into forward sales agreements with respect to 600,503 shares of common stock for $107.9 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022. 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. We completed the physical settlement of 1,200,000 and 620,109 shares of common stock during the three months ended June 30, 2022 and September 30, 2022, respectively. Issuances of Common Stock in Connection with the Acquisition of Certain Properties In April 2022, we issued 186,044 shares of common stock with a value of $33.9 million in connection with the acquisition of Park Holidays. Issuances of Common OP Units in Connection with the Acquisition of Certain Properties
(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 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. Noncontrolling Interests - Common and Preferred OP Units The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for shares and 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. 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, 2023 and 2022:
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers. (2)Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions, and Note 19, "Subsequent Events," for conversion activities after the quarter end. Distributions Distributions declared for the three months ended June 30, 2023 were as follows:
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Share-Based Compensation | 10. Share-Based Compensation As of June 30, 2023, we had two share-based compensation plans: the Sun Communities, Inc. first amended 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years. During the six months ended June 30, 2023 and 2022, 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 223,529 and 250,308 restricted shares granted to our executives, directors and employees were satisfied during the six months ended June 30, 2023 and 2022, respectively. We capitalize a portion of share-based compensation costs for employees who work directly on construction and development of our communities. We recognized the following share-based compensation costs (in millions):
(1) Recorded within General and Administrative Expense on the Consolidated Income Statements. (2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | 11. Segment Reporting ASC Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," we analyze our operating results through the following segments: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marina. We evaluate segment operating performance based on NOI. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S. and 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 in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The MH segment in the UK provides holiday home sales and associated site license activities to holiday homeowners in our communities. The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities. The Marina segment owns, operates and develops marinas, and is in the business of acquiring and operating marinas in the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions. 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, 2023 | |
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% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital 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 during the six months ended June 30, 2023. As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the UK 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 UK 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, 2023, we had $225.6 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $45.9 million, and deferred tax liabilities of $271.5 million. Additionally, we have $60.4 million of deferred tax liabilities that have been reclassified as real estate held for sale. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the UK and Canada. As of December 31, 2022, we had $308.6 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $32.2 million, and deferred tax liabilities of $340.8 million. The net deferred tax assets and deferred tax liabilities are recorded within Other assets and Other liabilities, respectively, on our Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022. We had no unrecognized tax benefits as of June 30, 2023 and 2022. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of June 30, 2023. For the three and six months ended June 30, 2023, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and UK income taxes and Australian withholding taxes totaling $5.4 million and $9.3 million, respectively. For the three and six months ended June 30, 2022, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and 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, 2023, we recorded a deferred tax benefit of $7.7 million and $12.3 million, respectively. For the three and six months ended June 30, 2022, we recorded a deferred tax benefit of $0.3 million, respectively.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | 13. 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 in accordance with the treasury stock method. Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series J preferred OP units, Series K preferred OP units and 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 potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS. Computations of basic and diluted EPS were as follows (in millions, except for per share data):
(1) For the three and six months ended June 30, 2023 and 2022, diluted earnings per share was calculated using the two-class method as the application of this method resulted in 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 computations of diluted EPS as of June 30, 2023 and 2022 (in thousands):
(1) All of our outstanding Series I preferred OP units converted during the year ended December 31, 2022. (2) For the three months ended June 30, 2022, 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, 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 Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 14. Derivative Financial Instruments Our objective and strategy in using interest rate derivatives is to manage exposure to interest rate movements, thereby minimizing the effect of interest rate changes and the effect they could have on future cash outflows (forecasted interest payments), on a forecasted issuance of long-term debt or, on outstanding floating rate debt. We typically enter into treasury locks and interest rate swaps to accomplish this objective. We do not enter into derivative instruments for speculative purposes. We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. As of June 30, 2023, we held four interest rate swap contracts, which have each been designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The risk being hedged is the interest rate risk related to forecasted debt issuance transactions and the benchmark interest rate used is the SOFR. Additionally, the interest rate risk related to outstanding floating rate debt is being hedged and the benchmark interest rate used is the SONIA Rate. The unrealized gains or losses on the derivative instruments are recorded in AOCI and are reclassified to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $22.3 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows. During the three months ended March 31, 2023, we entered into one interest rate swap contract to hedge variable rate borrowings of £100.0 million (equivalent to $126.6 million as of June 30, 2023). The interest rate swap locked in a total fixed rate, inclusive of spread, of 4.808% through the maturity date of April 7, 2025. We also entered into one forward starting interest rate swap contract with an aggregate notional value of $50.0 million to hedge interest rate risk associated with a potential future debt offering. During the three months ended March 31, 2023, in connection with the 2033 Notes issuance, we settled two $100.0 million 10-year treasury rate lock contracts and one $50.0 million forward swap totaling $250.0 million and received a net settlement payment of $7.4 million. This lowered the effective interest rate on the 2033 Notes from 5.7% to 5.5%. As of the settlement date, the net accumulated gain included in AOCI is being reclassified into earnings as a reduction to Interest expense on a straight-line basis over the 10-year term of the hedged transaction. 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 AOCI into earnings (in millions):
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | 15. 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, 2023. The table presents the carrying values and fair values of our financial instruments as of June 30, 2023 and December 31, 2022, 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.
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 The fair value of marketable securities is measured by the quoted unadjusted share price which is readily available in active markets (Level 1). The change in the marketable securities balance was 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 primarily by underlying real estate and real estate related 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 rate lock contracts, interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on the 10-year Treasury note rate, the SOFR and SONIA Rates, respectively (Level 2). Secured Debt Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 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 (Level 2). The estimated fair value of our indebtedness as of June 30, 2023 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). Nonrecurring Fair Value Measurements In May 2023, we reached an agreement to sell an operating MH community located in Maine with 155 developed sites. We determined the fair value of the community held for sale under the market approach based on the observable market price for the proposed transaction (Level 2). Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information on the fair value of this asset held for sale. 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, 2023. The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2023 and 2022 (in millions):
(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations.
(1) Realized gain / (losses) recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations.
(1) There was no activity related to the Contingent consideration liability during the three and six months ended June 30, 2023 and 2022. 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, 2023. As such, our estimates of fair value could differ significantly from the actual carrying value.
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Commitments and Contingencies | 16. 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. Catastrophic Event-Related Charges - Hurricane Ian In September 2022, Hurricane Ian made landfall on Florida's western coast. The storm primarily affected three properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At affected marina properties, docks, buildings, and landscaping sustained wind and water damage. We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits. The table below sets forth estimated insurance recoveries (in millions):
The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and, insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined. Changes in estimated insurance recoveries related to Hurricane Ian during the six months ended June 30, 2023 were primarily the result of $34.8 million incremental costs that exceeded the applicable deductible, net of a $4.8 million reduction due to decrease in estimated property loss. Expected insurance recoveries for lost earnings and redevelopment costs greater than asset impairment charges for the three Fort Myers, Florida properties were not included in our Consolidated Statements of Operations for the six months ended June 30, 2023. We are actively working with our insurer on the related claims. The three Fort Myers, Florida RV communities will require redevelopment, followed by a tenant lease-up period. As such, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 17. 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, 2023 where we are the lessee include (in millions):
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 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, 2023. Nearly all of our operating leases with our residents and customers 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, 2023, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of June 30, 2023 (in millions):
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 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $356.8 million and $339.7 million as of June 30, 2023 and December 31, 2022, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2023 (in millions):
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Leases | 17. 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, 2023 where we are the lessee include (in millions):
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 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, 2023. Nearly all of our operating leases with our residents and customers 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, 2023, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of June 30, 2023 (in millions):
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 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $356.8 million and $339.7 million as of June 30, 2023 and December 31, 2022, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2023 (in millions):
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Leases | 17. 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, 2023 where we are the lessee include (in millions):
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 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, 2023. Nearly all of our operating leases with our residents and customers 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, 2023, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of June 30, 2023 (in millions):
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 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $356.8 million and $339.7 million as of June 30, 2023 and December 31, 2022, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2023 (in millions):
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Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 18. Recent Accounting Pronouncements Recent Accounting Pronouncements - 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 were available for election through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848," which defers the sunset date for Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. As of June 30, 2023, all of our debt and derivative instruments have been converted from LIBOR to alternative reference rates. The adoption of this ASU did not 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 | 19. Subsequent Events Extension of Notes Receivable In July 2023, the maturity date on $358.5 million of notes receivable due in May 31, 2023 was extended to July 31, 2023. Refer to Note 4, "Notes and Other Receivables," for additional information on the notes receivable. Conversions Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock or Common OP units at any time. In July 2023, Aspen preferred OP unitholders converted 360,980 mandatorily redeemable units, representing $9.7 million of unsecured debt, into common shares and common OP units as follows:
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers. (2)Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions. 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] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table disaggregates our revenue by major source and segment (in millions):
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Real Estate Acquisitions and Dispositions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 2023, we acquired the following properties:
For the year ended December 31, 2022, we acquired the following properties:
(1) Property names are subject to changes subsequent to acquisition. (2) Combined with an existing property. (3) Includes 40 owned and two managed properties. (4) Includes two properties. (5) Includes 11 properties. (6) Includes one development property.
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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, 2023 (in millions):
(1) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (2) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million. (3) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million. 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 2022 (in millions):
(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets. (2) Refer to Note 9, "Equity and Temporary Equity," for additional detail. (3) Property names are subject to changes subsequent to acquisition. (4) Combined with an existing property. (5) In December 2020, we entered into a loan agreement pursuant to which we extended credit to Blue Water to finance the construction of Jellystone Lincoln (the "RV Park"). In December 2022, we entered into a purchase and sale agreement pursuant to which we purchased the RV Park for cash consideration of $5.0 million, which was applied toward the existing Blue Water loan balance of $12.9 million, and the remaining loan balance of $7.9 million was forgiven. Upon acquisition of the RV Park, we agreed to loan Blue Water an amount equal to $3.7 million, accounted as consideration based on the loan forgiveness terms. Additional consideration for vacation rental units of $0.4 million, resulted in a total purchase price of $17.0 million. In addition, we entered into a lease agreement pursuant to which Blue Water will pay rent to us and continue to operate the park. (6) 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 Goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net. (7) Includes acquired intangible assets subject to amortization of $70.2 million with a weighted average amortization period of 14.6 years, consisting of trademarks and trade names, customer relationships and other intangible assets.
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Schedule of Pro Forma Information | Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions):
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, 2021 (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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Other Receivables | Other receivables, net were comprised of amounts due from the following categories (in millions):
(1)Net of allowance of $2.6 million and $2.2 million as of June 30, 2023 and December 31, 2022, respectively. (2)Net of allowance of $4.9 million and $5.9 million as of June 30, 2023 and December 31, 2022, respectively. (3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 49.0% and 48.9% ownership interest as of June 30, 2023 and December 31, 2022, 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%, matures in June 2024, 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, bears an interest rate of 3.0% and matures in January 2025. The outstanding balances were $12.3 million and $12.7 million as of June 30, 2023 and December 31, 2022, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill during the six months ended June 30, 2023 by reportable segment were as follows (in millions):
(1) During the six months ended June 30, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $60.7 million in the MH segment, related to the Park Leisure business combination. (2) During the year ended December 31, 2022, we recognized goodwill from acquisitions of $516.0 million which is expected to be deductible for tax purposes. There were no business combination acquisitions during the six months ended June 30, 2023.
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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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Investment in Nonconsolidated Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonconsolidated Affiliates | The investment balance in each nonconsolidated affiliate was 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 (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions):
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Debt and Line of Credit (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):
(1) Balances at June 30, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $15.7 million and $14.6 million of deferred financing costs, respectively. (2) Balances at June 30, 2023 and December 31, 2022 include $6.9 million and $6.1 million of net debt discount, respectively, and $16.9 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (3) Balances at June 30, 2023 and December 31, 2022 includes $2.3 million and $3.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. During the six months ended June 30, 2023, no mortgage term loans were paid off. During the year ended December 31, 2022, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information):
(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024, and were secured by 35 properties. During the six months ended June 30, 2023 and the year ended December 31, 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information):
(1)Includes five existing encumbered properties. (2)Includes 22 existing encumbered properties. (3)Includes 18 existing encumbered properties. (4)Represents a construction loan (undrawn as of June 30, 2023). (5)Represents loans jointly secured by one property. The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded in the Unsecured debt line item on the Consolidated Balance Sheets.
(1) In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 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.
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Schedule of Interest Capitalized | Capitalized interest costs associated with construction and development activities during the three and six months ended June 30, 2023 and 2022 were as follows (in millions):
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Equity and Temporary Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Redeemable Noncontrolling Interest | The following table sets forth the various series of redeemable preferred OP units that were outstanding as of June 30, 2023 and December 31, 2022 and the related terms, and summarizes the balance included within Temporary Equity 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):
(1) 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%. The Equity Interest - NG Sun LLC does not have a fixed maturity date and portions can be redeemed in the fourth quarters of 2024, 2025 or 2026 at the holders' option. During the fourth quarter of 2024, NG Sun LLC may offer Sun NG LLC to purchase its entire interest in Sun NG Resorts, which includes its Equity Interest - NG Sun LLC and may include certain unrelated third parties' Preferred Equity - Sun NG Resorts. If we exercise this option, the related property management agreements will be terminated, and we are required to purchase the interests of NG Sun LLC and the property management agreements at fair value. If we elect not to purchase NG Sun LLC's interest in Sun NG Resorts, we must cause a sale of Sun NG Resorts. If such sale does not close within 90 days and NG Sun LLC does not agree to extend such period, then we are obligated to purchase NG Sun LLC's interest in Sun NG Resorts. Certain properties would be excluded from this process and would instead be transferred to new limited liability companies held jointly by NG Sun LLC and us. 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 $28.2 million and $31.1 million as of June 30, 2023 and December 31, 2022, respectively. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 8, "Debt and Line of Credit," for additional information.
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Schedule of Issuances |
(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 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.
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Schedule of Noncontrolling Interests | The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for shares and 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.
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Schedule 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, 2023 and 2022:
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers. (2)Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions, and Note 19, "Subsequent Events," for conversion activities after the quarter end.
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Schedule of Distributions Declared | Distributions declared for the three months ended June 30, 2023 were as follows:
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shares Granted | During the six months ended June 30, 2023 and 2022, 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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Schedule of Share-based Compensation Costs | We recognized the following share-based compensation costs (in millions):
(1) Recorded within General and Administrative Expense on the Consolidated Income Statements. (2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | A presentation of segment financial information is summarized as follows (in millions):
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Schedule of Segment Assets |
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Computations of basic and diluted EPS were as follows (in millions, except for per share data):
(1) For the three and six months ended June 30, 2023 and 2022, diluted earnings per share was calculated using the two-class method as the application of this method resulted in more diluted earnings per share during those periods.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of June 30, 2023 and 2022 (in thousands):
(1) All of our outstanding Series I preferred OP units converted during the year ended December 31, 2022. (2) For the three months ended June 30, 2022, 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, 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 Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments | The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):
(1)Included within Other Assets, net on the Consolidated Balance Sheets.
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Schedule of Gains on Derivatives | 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 AOCI into earnings (in millions):
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values | The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of June 30, 2023. The table presents the carrying values and fair values of our financial instruments as of June 30, 2023 and December 31, 2022, 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.
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Schedule of Charges in Fair Values | The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2023 and 2022 (in millions):
(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations.
(1) Realized gain / (losses) recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations.
(1) There was no activity related to the Contingent consideration liability during the three and six months ended June 30, 2023 and 2022.
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Commitment and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Insurance Recoveries | The table below sets forth estimated insurance recoveries (in millions):
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Operating Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2023 where we are the lessee include (in millions):
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Schedule of Future Minimum Finance Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2023 where we are the lessee include (in millions):
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Schedule of Balance Sheet Lease Info | Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):
Lease term, discount rates and additional information for finance and operating leases are as follows:
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Schedule of Lease Expense | Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions):
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.
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Schedule of Lease Terms |
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Schedule of Future Minimum Lease Receivables | At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of June 30, 2023 (in millions):
|
Subsequent Events (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subsequent Events | In July 2023, Aspen preferred OP unitholders converted 360,980 mandatorily redeemable units, representing $9.7 million of unsecured debt, into common shares and common OP units as follows:
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers. (2)Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.
|
Basis of Presentation Basis of Presentation (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Real Estate Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | |||||
Total Revenues | $ 863.5 | $ 814.3 | $ 1,514.7 | $ 1,362.8 | |
Net income | $ 89.8 | $ 74.0 | $ 59.7 | $ 74.7 | |
Total revenues | $ 3,091.3 | ||||
Net income attributable to SUI common shareholders | $ 241.2 | ||||
Net income per share attributable to SUI common stockholders - basic (in dollars per share) | $ 1.99 | ||||
Net income per share attributable to SUI common stockholders - diluted (in dollars per share) | $ 1.99 | ||||
Park Holidays, Park Leisure, Jarrett Bay, and Montauk Yacht Club | |||||
Business Acquisition [Line Items] | |||||
Total Revenues | $ 353.6 | ||||
Net income | $ 13.8 |
Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Notes and Other Receivables, net | $ 733.3 | $ 617.3 |
Installment notes receivable on manufactured homes, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Notes and Other Receivables, net | 59.4 | 65.9 |
Notes receivable from real estate developers and operators | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Notes and Other Receivables, net | 462.4 | 305.2 |
Other receivables, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Notes and Other Receivables, net | 211.5 | 246.2 |
Total Notes and Other Receivables, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Notes and Other Receivables, net | $ 733.3 | $ 617.3 |
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,018.4 | |
Currency Translation Adjustment | 25.1 | |
Other | 60.7 | |
Goodwill, ending balance | 1,104.2 | $ 1,018.4 |
Goodwill from acquisitions | 516.0 | |
MH | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 467.4 | |
Currency Translation Adjustment | 25.1 | |
Other | 60.7 | |
Goodwill, ending balance | 553.2 | 467.4 |
RV | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 9.5 | |
Currency Translation Adjustment | 0.0 | |
Other | 0.0 | |
Goodwill, ending balance | 9.5 | 9.5 |
Marina | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 541.5 | |
Currency Translation Adjustment | 0.0 | |
Other | 0.0 | |
Goodwill, ending balance | $ 541.5 | $ 541.5 |
Goodwill and Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | $ 9.3 | $ 9.3 | $ 19.0 | $ 17.9 |
In-place leases | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 3.2 | 3.8 | 6.8 | 8.4 |
Non-competition agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 0.6 | 0.5 | 1.1 | 1.0 |
Trademarks and trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 1.6 | 1.2 | 3.1 | 1.3 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | 3.1 | 3.1 | 6.3 | 5.9 |
Franchise agreements and other intangible assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Intangible Asset Amortization Expense | $ 0.8 | $ 0.7 | $ 1.7 | $ 1.3 |
Goodwill and Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2023 | $ 16.8 |
2024 | 30.6 |
2025 | 29.6 |
2026 | 24.2 |
2027 | 22.2 |
In-place leases | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2023 | 4.2 |
2024 | 7.1 |
2025 | 6.3 |
2026 | 3.5 |
2027 | 2.0 |
Non-competition agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2023 | 1.1 |
2024 | 2.1 |
2025 | 2.1 |
2026 | 0.1 |
2027 | 0.0 |
Trademarks and trade names | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2023 | 3.1 |
2024 | 5.4 |
2025 | 5.4 |
2026 | 5.4 |
2027 | 5.4 |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2023 | 6.4 |
2024 | 12.7 |
2025 | 12.7 |
2026 | 12.3 |
2027 | 12.2 |
Franchise agreements and other intangible assets | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder 2023 | 2.0 |
2024 | 3.3 |
2025 | 3.1 |
2026 | 2.9 |
2027 | $ 2.6 |
Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Investment | $ 93,600,000 | $ 101,300,000 | ||
RezPlot | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | $ 0 | $ 0 | ||
Ownership interest | 49.00% | 48.90% | ||
Sungenia JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | $ 43,500,000 | $ 44,500,000 | $ 36,200,000 | |
Ownership interest | 50.00% | 50.00% | ||
GTSC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | $ 47,900,000 | $ 54,500,000 | $ 35,700,000 | |
Ownership interest | 40.00% | 40.00% | ||
OFS | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sale of ownership interest | $ 600,000 | |||
Gain on sale of ownership interest | $ 300,000 | |||
SV Lift | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment | $ 2,200,000 | $ 2,300,000 | ||
Ownership interest | 50.00% | 50.00% |
Consolidated Variable Interest Entities - Narrative (Details) |
Jun. 30, 2023
Rate
|
Dec. 31, 2022
Rate
|
---|---|---|
Disclosure of Variable Interest Entities [Abstract] | ||
Assets related to VIEs, percentage | 4.80% | 4.50% |
Liabilities related to VIEs, percentage | 1.40% | 0.90% |
Equity interests and noncontrolling interests related to VIEs, percentage | 1.00% | 1.00% |
Debt and Line of Credit - Schedule of Secured Debt (Details) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
loan
Rate
|
Jun. 30, 2022
USD ($)
Rate
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
Rate
|
|
Debt Instrument [Line Items] | |||||
Repayment Amount | $ 0 | ||||
Loss on Extinguishment of Debt | $ 0 | $ (100,000) | $ 0 | $ (400,000) | |
Collateralized Term Loan 1 | |||||
Debt Instrument [Line Items] | |||||
Number of loans | loan | 17 | ||||
Number of secured properties | 35 | ||||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Repayment Amount | $ 318,000,000.0 | ||||
Fixed Interest Rate | Rate | 4.81% | ||||
Loss on Extinguishment of Debt | $ 4,000,000.0 | ||||
Secured Debt | Matures on October 1, 2022 3.89% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Repayment Amount | $ 15,800,000 | ||||
Fixed Interest Rate | Rate | 3.89% | 3.89% | |||
Loss on Extinguishment of Debt | $ 0 |
Debt and Line of Credit - Schedule of Interest Capitalized (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Debt Disclosure [Abstract] | ||||
Interest capitalized | $ 2.6 | $ 1.8 | $ 5.1 | $ 2.8 |
Equity and Temporary Equity - Schedule of Distributions (Details) - Common Stock, Restricted Stock, and Common OP Units $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
$ / shares
| |
Dividends Payable [Line Items] | |
Dividends per share (in dollars per share) | $ / shares | $ 0.93 |
Total Distribution (in Millions) | $ | $ 118.0 |
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation - expensed | $ 9.9 | $ 9.2 | $ 19.5 | $ 18.9 |
Share-based compensation - capitalized | $ 0.6 | $ 0.0 | $ 1.3 | $ 0.0 |
Income Taxes (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Income Tax Examination [Line Items] | |||||
Percentage of gross income | 95.00% | ||||
Percentage of REIT taxable income | 90.00% | ||||
Net deferred tax liabilities | $ 225,600,000 | $ 225,600,000 | $ 308,600,000 | ||
Valuation allowance | 45,900,000 | 45,900,000 | 32,200,000 | ||
Deferred tax liabilities | 271,500,000 | 271,500,000 | $ 340,800,000 | ||
Unrecognized tax benefits | 0 | $ 0 | 0 | $ 0 | |
Withholding taxes current tax expense | 5,400,000 | 3,900,000 | 9,300,000 | 5,200,000 | |
Deferred tax benefit | 7,700,000 | $ 300,000 | 12,300,000 | $ 300,000 | |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community | Other Assets | |||||
Income Tax Examination [Line Items] | |||||
Deferred tax liabilities | $ 60,400,000 | $ 60,400,000 |
Derivative Financial Instruments - Schedule of Fair Value of Derivatives (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest Rate Swap and Forward Contracts - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Notional | $ 683.1 | $ 733.6 |
Fair Value of Liabilities | 0.0 | 0.0 |
Significant Other Observable Inputs (Level 2) | ||
Derivative [Line Items] | ||
Fair value of assets | $ 32.6 | $ 32.0 |
Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain on interest rate derivatives | $ 19.0 | $ 9.8 | $ 10.4 | $ 35.0 |
Gains / (losses) on derivative instruments reclassified form AOCI into earnings | 3.2 | 0.8 | 5.5 | 0.8 |
Designated as Hedging Instrument | Cash Flow Hedging | Treasury Lock and Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains / (losses) on derivative instruments reclassified form AOCI into earnings | $ 3.2 | $ 0.8 | $ 5.5 | $ 0.8 |
Fair Value of Financial Instruments - Schedule of Marketable Securities (Details) - Fair Value, Recurring - Marketable securities - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 127.3 | $ 186.9 |
Change in fair value measurement | (14.1) | (53.4) |
Foreign currency translation adjustment | (2.8) | (7.7) |
Dividend reinvestment, net of tax | 0.0 | 1.5 |
Ending Balance | $ 110.4 | $ 127.3 |
Fair Value of Financial Instruments - Narrative (Details) |
Apr. 12, 2022 |
---|---|
Designated as Hedging Instrument | Cash Flow Hedging | Treasury Lock | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Term of derivates | 10 years |
Commitments and Contingencies (Details) - Hurricane Ian $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 28, 2022
development_site
property
|
|
Loss Contingencies [Line Items] | |||
Number of affected properties in Florida | property | 3 | ||
Number of affected sites | development_site | 2,500 | ||
Estimated insurance recoveries | $ 58.3 | $ 54.9 | |
Change in estimated insurance recoveries | 30.0 | ||
Advances from insurer | (26.6) | ||
Incremental costs | 34.8 | ||
Impairment adjustment | $ 4.8 |
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating Leases | ||
2023 (excluding six months ended June 30, 2023) | $ 7.1 | |
2024 | 14.1 | |
2025 | 13.6 | |
2026 | 12.0 | |
2027 | 10.1 | |
Thereafter | 244.2 | |
Total Lease Payments | 301.1 | |
Less: Imputed interest | (140.0) | |
Present Value of Lease Liabilities | 161.1 | $ 160.3 |
Finance Leases | ||
2023 (excluding six months ended June 30, 2023) | 0.4 | |
2024 | 4.6 | |
2025 | 0.5 | |
2026 | 0.5 | |
2027 | 0.5 | |
Thereafter | 20.9 | |
Total Lease Payments | 27.4 | |
Less: Imputed interest | (13.0) | |
Present Value of Lease Liabilities | 14.4 | $ 15.0 |
2023 (excluding six months ended June 30, 2023) | 7.5 | |
2024 | 18.7 | |
2025 | 14.1 | |
2026 | 12.5 | |
2027 | 10.6 | |
Thereafter | 265.1 | |
Total Lease Payments | 328.5 | |
Less: Imputed interest | (153.0) | |
Present Value of Lease Liabilities | $ 175.5 |
Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Leases [Abstract] | |||||
Finance lease, right-of-use asset, net of accumulated amortization | $ 32.8 | $ 32.8 | $ 32.2 | ||
Operating lease, right-of-use asset, net | 178.8 | 178.8 | 189.4 | ||
Below market operating leases, net | 97.3 | 97.3 | 90.9 | ||
Finance lease liabilities | 14.4 | 14.4 | 15.0 | ||
Operating lease liabilities | 161.1 | 161.1 | $ 160.3 | ||
Amortization of ROU assets | 0.6 | $ 0.9 | 1.3 | $ 0.9 | |
Interest on lease liabilities | 0.1 | 0.0 | 0.3 | 0.1 | |
Operating lease cost | 2.3 | 6.8 | 6.9 | 7.8 | |
Variable lease cost | 1.1 | 0.6 | 2.7 | 3.4 | |
Total Lease Expense | $ 4.1 | $ 8.3 | $ 11.2 | $ 12.2 |
Leases - Schedule of Lease Term, Discount Rates and Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Leases [Abstract] | ||
Weighted - average remaining lease term - finance leases | 35 years 21 days | |
Weighted - average remaining lease term - operating leases | 35 years | |
Weighted - average discount rate - finance leases | 3.38% | |
Weighted - average discount rate - operating leases | 3.81% | |
Operating cash flow from operating leases | $ 6.6 | $ 5.5 |
Financing cash flow from finance leases | 0.5 | 0.6 |
Total Cash Paid on Lease Liabilities | $ 7.1 | $ 6.1 |
Leases - Schedule of Future Lease Payments Under Non-Cancellable Leases (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
2023 (excluding the six months ended June 30, 2023) | $ 17.0 |
2024 | 19.6 |
2025 | 10.9 |
2026 | 6.8 |
2027 | 5.9 |
Thereafter | 52.2 |
Total Undiscounted Cash Flows | $ 112.4 |
Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Leases [Abstract] | ||||
Fixed lease income | $ 5.3 | $ 6.9 | $ 13.2 | $ 14.0 |
Variable lease income | $ 0.8 | $ 0.8 | $ 2.3 | $ 1.5 |
Leases - Narrative (Details) - Park Holidays - UNITED KINGDOM $ in Millions |
Jun. 30, 2023
GBP (£)
development_site
|
Jun. 30, 2023
USD ($)
development_site
|
Dec. 31, 2022
USD ($)
|
---|---|---|---|
Lessee, Lease, Description [Line Items] | |||
Number of ground leases | development_site | 34 | 34 | |
Lease repurchase amount | £ | £ 1.00 | ||
Ground lease financial liability | $ | $ 356.8 | $ 339.7 |
Leases - Schedule of Future Minimum Rental Payments (Details) - Park Holidays - UNITED KINGDOM - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
2023 (excluding six months ended June 30, 2023) | $ 3.6 | |
2024 | 11.7 | |
2025 | 11.8 | |
2026 | 11.9 | |
2027 | 11.9 | |
Thereafter | 1,763.0 | |
Total Payments | 1,813.9 | |
Less: Imputed interest | (1,457.1) | |
Present Value of Financial Liability | $ 356.8 | $ 339.7 |
Subsequent Event (Details) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 26, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Subsequent Event [Line Items] | ||||
Total Notes and Other Receivables, net | $ 733.3 | $ 617.3 | ||
Aspen preferred OP units | ||||
Subsequent Event [Line Items] | ||||
Conversion of OP units (in shares) | 86,224 | 0 | ||
Preferred Stock | Aspen preferred OP units | ||||
Subsequent Event [Line Items] | ||||
Conversion of OP units (in shares) | 270,000 | 0 | ||
Subsequent Event | Aspen preferred OP units | ||||
Subsequent Event [Line Items] | ||||
Conversion of OP units (in shares) | 12,792 | |||
Subsequent Event | Common OP units | ||||
Subsequent Event [Line Items] | ||||
Conversion of OP units (in shares) | 104,632 | |||
Subsequent Event | Preferred Stock | Aspen preferred OP units | ||||
Subsequent Event [Line Items] | ||||
Conversion of OP units (in shares) | 360,980 | |||
Conversion of OP units | $ 9.7 | |||
Notes due from Real Estate Operators | ||||
Subsequent Event [Line Items] | ||||
Total Notes and Other Receivables, net | $ 358.5 | $ 217.6 |
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