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Leases (Tables)
 6 Months Ended
Jun. 30, 2023
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):

Maturity of Lease LiabilitiesOperating LeasesFinance LeasesTotal
2023 (excluding six months ended June 30, 2023)
$7.1 $0.4 $7.5 
202414.1 4.6 18.7 
202513.6 0.5 14.1 
202612.0 0.5 12.5 
202710.1 0.5 10.6 
Thereafter244.2 20.9 265.1 
Total Lease Payments$301.1 $27.4 $328.5 
Less: Imputed interest(140.0)(13.0)(153.0)
Present Value of Lease Liabilities$161.1 $14.4 $175.5 
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):

Maturity of Lease LiabilitiesOperating LeasesFinance LeasesTotal
2023 (excluding six months ended June 30, 2023)
$7.1 $0.4 $7.5 
202414.1 4.6 18.7 
202513.6 0.5 14.1 
202612.0 0.5 12.5 
202710.1 0.5 10.6 
Thereafter244.2 20.9 265.1 
Total Lease Payments$301.1 $27.4 $328.5 
Less: Imputed interest(140.0)(13.0)(153.0)
Present Value of Lease Liabilities$161.1 $14.4 $175.5 
The following table presents the future minimum rental payments for this financial liability as of June 30, 2023 (in millions):
Maturity of Financial LiabilityJune 30, 2023
2023 (excluding six months ended June 30, 2023)
$3.6 
202411.7 
202511.8 
202611.9 
202711.9 
Thereafter1,763.0 
Total Payments$1,813.9 
Less: Imputed interest(1,457.1)
Present Value of Financial Liability$356.8 
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):

Financial Statement ClassificationAs of
Description
June 30, 2023
December 31, 2022
Lease Assets
Finance lease, right-of-use asset, net of accumulated amortizationInvestment property, net$32.8 $32.2 
Operating lease, right-of-use asset, netOther assets, net$178.8 $189.4 
Below market operating leases, netOther assets, net$97.3 $90.9 
Lease Liabilities
Finance lease liabilitiesOther liabilities$14.4 $15.0 
Operating lease liabilitiesOther liabilities$161.1 $160.3 
Lease term, discount rates and additional information for finance and operating leases are as follows:


As of
June 30, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease35.06
Operating lease35.00
Weighted-average Discount Rate
Finance lease3.38 %
Operating lease3.81 %
Schedule of Lease Expense
Lease expense for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions):

Three Months EndedSix Months Ended
DescriptionFinancial Statement ClassificationJune 30, 2023June 30, 2022June 30, 2023June 30, 2022
Finance Lease Expense
Amortization of ROU assetsDepreciation and amortization$0.6 $0.9 $1.3 $0.9 
Interest on lease liabilitiesInterest expense0.1 — 0.3 0.1 
Operating lease costGeneral and administrative expense, Property operating and maintenance,
Depreciation and amortization		2.3 6.8 6.9 7.8 
Variable lease costProperty operating and maintenance1.1 0.6 2.7 3.4 
Total Lease Expense$4.1 $8.3 $11.2 $12.2 
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):

Three Months EndedSix Months Ended
DescriptionFinancial Statement ClassificationJune 30, 2023June 30, 2022June 30, 2023June 30, 2022
Operating Leases
Fixed lease incomeIncome from real property; Brokerage commissions and other revenue, net$5.3 $6.9 $13.2 $14.0 
Variable lease income(1)
Income from real property; Brokerage commissions and other revenue, net$0.8 $0.8 $2.3 $1.5 
(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.
Schedule of Lease Terms

Six Months Ended
June 30, 2023June 30, 2022
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases$6.6 $5.5 
Financing cash flow from finance leases0.5 0.6 
Total Cash Paid on Lease Liabilities$7.1 $6.1 
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):
Maturity of Lease Payments Operating Leases
2023 (excluding the six months ended June 30, 2023)
$17.0 
202419.6 
202510.9 
20266.8 
20275.9 
Thereafter52.2 
Total Undiscounted Cash Flows$112.4