Real Estate Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2025

Real Estate Acquisitions and Dispositions

5. Real Estate Acquisitions and Dispositions

2025 Development and Expansion Activities

We did not acquire any operating properties during the six months ended June 30, 2025.

2025 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the six months ended June 30, 2025:


Property Name(1)	Segment	Number of Properties	Total Sites	State, Province, or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(2)		Gain / (Loss) on Disposition(3)
RV Portfolio(4)	RV	2	815	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	136	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	394	IL	April	$	3.5	$	2.8	$	(3.8)

(1) Pertains to our continuing operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional detail related to the Safe Harbor Sale, which is classified as a discontinued operation.

(2) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments. Refer to Note 10, "Debt and Line of Credit," for additional detail.

(3) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

(4) Total sales proceeds include the disposition of two operating properties and two development properties that we owned along with the settlement of a developer note receivable of $36.5 million pertaining to three additional properties in which we had provided financing to the developer that were classified as held for sale as of December 31, 2024. During the year ended December 31, 2024, we recognized asset impairment charges of $12.1 million to reduce the carrying value of the four owned RV properties to an aggregate fair value of $47.5 million.

In June 2025, we sold one MH developmental land parcel in Washington for total consideration of $40.0 million and recorded a gain on sale of $2.6 million. The property was previously classified as held for sale.