Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalent, and Marketable Security

4. Cash, Cash Equivalents and Restricted Cash

The following table summarizes the fair value of cash, cash equivalents and restricted cash by significant investment category, which approximates cost (in millions):

	Fair Value Level	June 30, 2025		December 31, 2024
Cash and Cash Equivalents
Cash and time deposits		$	688.3	$	47.9
Money market funds(1)	1	201.4		—
Total cash and cash equivalents		$	889.7	$	47.9
Restricted Cash
Cash and time deposits		$	573.4	$	9.2
Total restricted cash		$	573.4	$	9.2
Total Cash, Cash Equivalents and Restricted Cash		$	1,463.1	$	57.1

(1) Consists of investments in which 100% maintain original maturities of 90 days or less for which market prices are readily available.

Restricted cash balances in the table above include $565.3 million as of June 30, 2025, held in escrow accounts that have been designated to fund potential future MH and RV acquisitions under 1031 exchange transactions. Restricted cash also includes utility deposits and amounts held in deposit for tax, insurance, and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.