Consolidated Variable Interest Entities

6 Months Ended

Jun. 30, 2023

Disclosure of Variable Interest Entities [Abstract]

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):


	June 30, 2023		December 31, 2022
Assets
Investment property, net	$	812.9	$	739.7
Cash, cash equivalents and restricted cash	17.0		14.1
Other intangible assets, net	12.4		13.0
Other assets, net	5.9		10.5
Total Assets	$	848.2	$	777.3

Liabilities and Other Equity
Secured debt	$	21.9	$	22.2
Unsecured debt	35.2		35.2
Advanced reservation deposits and rent	43.5		13.8
Accrued expenses and accounts payable	26.2		11.8
Other liabilities	1.2		1.4
Total Liabilities	128.0		84.4
Temporary equity	40.0		41.3

Total Liabilities and Other Equity	$	168.0	$	125.7

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.