Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

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.



	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	$	68.7	$	68.7	$	—	$	—	$	68.7
Marketable securities	110.4		110.4		—		—		110.4
Installment notes receivable on manufactured homes, net	59.4		—		—		59.4		59.4

Notes receivable from real estate developers and operators	462.4		—		—		462.4		462.4

Derivative assets	32.6		—		32.6		—		32.6
Total assets measured at fair value	$	733.5	$	179.1	$	32.6	$	521.8	$	733.5

Financial Liabilities
Secured debt	$	3,373.0	$	—	$	3,373.0	$	—	$	2,938.8


Unsecured debt
Senior unsecured notes	2,176.2		—		2,176.2		—		1,879.9

Line of credit and other unsecured debt	2,064.8		—		2,064.8		—		2,064.8
Total unsecured debt	4,241.0		—		4,241.0		—		3,944.7

Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,634.2	$	—	$	7,614.0	$	20.2	$	6,903.7



	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	$	90.4	$	90.4	$	—	$	—	$	90.4
Marketable securities	127.3		127.3		—		—		127.3
Installment notes receivable on manufactured homes, net	65.9		—		—		65.9		65.9

Notes receivable from real estate developers and operators	305.2		—		—		305.2		305.2

Derivative assets	32.0		—		32.0		—		32.0
Total assets measured at fair value	$	620.8	$	217.7	$	32.0	$	371.1	$	620.8

Financial Liabilities
Secured debt	$	3,217.8	$	—	$	3,217.8	$	—	$	2,814.1



Unsecured debt
Senior unsecured notes	1,779.6		—		1,779.6		—		1,432.7
Line of credit and other unsecured debt	2,199.8		—		2,199.8		—		2,199.8
Total unsecured debt	3,979.4		—		3,979.4		—		3,632.5


Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,217.4	$	—	$	7,197.2	$	20.2	$	6,466.8

The change in the marketable securities balance was as follows (in millions):



	Six Months Ended		Year Ended
Marketable Securities	June 30, 2023		December 31, 2022
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	—		1.5

Ending Balance	$	110.4	$	127.3

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):


	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	$	62.2		$	435.0	$	—	$	77.2	$	304.4	$	0.6

Realized gains / (losses)	(0.1)		(1)	—		—		—		—		(1.4)		(2)
Purchases and issuances	0.1			23.1		—		0.1		17.4		0.8
Sales and settlements	(2.7)			(3.9)		—		(4.2)		(12.7)		—

Foreign currency exchange gains / (losses)	—			8.2		—		—		(16.8)		—
Other adjustments	—			—		—		—		—		—
Level 3 ending balance at June 30, 2023 and 2022	$	59.5		$	462.4	$	—	$	73.1	$	292.3	$	—

(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.


	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	$	65.9		$	305.2	$	—		$	79.1		$	284.0	$	—

Realized gains / (losses)	(1.8)		(1)	—		(0.4)		(2)	0.2		(1)	—		(2.0)		(2)
Purchases and issuances	0.2			147.4		0.4			1.0			47.8		2.0
Sales and settlements	(4.8)			(6.9)		—			(7.2)			(16.8)		—
Dispositions of properties	—			—		—			—			—		—
Foreign currency exchange gains / (losses)	—			16.7		—			—			(22.7)		—

Level 3 ending balance at June 30, 2023 and 2022	$	59.5		$	462.4	$	—		$	73.1		$	292.3	$	—

(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.


	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	$	20.2	$	20.2	$	20.2	$	20.2






Level 3 ending balance at June 30, 2023 and 2022(1)	$	20.2	$	20.2	$	20.2	$	20.2

(1) There was no activity related to the Contingent consideration liability during the three and six months ended June 30, 2023 and 2022.