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Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Schedule of Future Minimum Operating Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2024 where we are the lessee include (in millions):
Maturity of Lease Liabilities |  | Finance Leases |  | Operating Leases |  | Total
2024 (excluding six months ended June 30, 2024) |  | $ | 4.4 |  |  | $ | 7.2 |  |  | $ | 11.6 |
2025 |  | 0.5 |  |  | 14.3 |  |  | 14.8 |
2026 |  | 0.5 |  |  | 13.0 |  |  | 13.5 |
2027 |  | 0.5 |  |  | 11.0 |  |  | 11.5 |
2028 |  | 0.5 |  |  | 10.2 |  |  | 10.7 |
Thereafter |  | 20.7 |  |  | 245.9 |  |  | 266.6 |
Total Lease Payments |  | $ | 27.1 |  |  | $ | 301.6 |  |  | $ | 328.7 |
Less: Imputed interest |  | (13.0) |  |  | (137.8) |  |  | (150.8) |
Present Value of Lease Liabilities |  | $ | 14.1 |  |  | $ | 163.8 |  |  | $ | 177.9 |
Schedule of Future Minimum Finance Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2024 where we are the lessee include (in millions):
Maturity of Lease Liabilities |  | Finance Leases |  | Operating Leases |  | Total
2024 (excluding six months ended June 30, 2024) |  | $ | 4.4 |  |  | $ | 7.2 |  |  | $ | 11.6 |
2025 |  | 0.5 |  |  | 14.3 |  |  | 14.8 |
2026 |  | 0.5 |  |  | 13.0 |  |  | 13.5 |
2027 |  | 0.5 |  |  | 11.0 |  |  | 11.5 |
2028 |  | 0.5 |  |  | 10.2 |  |  | 10.7 |
Thereafter |  | 20.7 |  |  | 245.9 |  |  | 266.6 |
Total Lease Payments |  | $ | 27.1 |  |  | $ | 301.6 |  |  | $ | 328.7 |
Less: Imputed interest |  | (13.0) |  |  | (137.8) |  |  | (150.8) |
Present Value of Lease Liabilities |  | $ | 14.1 |  |  | $ | 163.8 |  |  | $ | 177.9 |
The following table presents the future minimum rental payments for this financial liability as of June 30, 2024 (in millions):
Maturity of Financial Liability |  | June 30, 2024
2024 (excluding six months ended June 30, 2024) |  | $ | 5.6 |
2025 |  | 11.9 |
2026 |  | 12.0 |
2027 |  | 12.1 |
2028 |  | 12.0 |
Thereafter |  | 1,744.0 |
Total Payments |  | $ | 1,797.6 |
Less: Imputed interest |  | (1,440.6) |
Present Value of Financial Liability |  | $ | 357.0 |
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 Classification |  | As of
Description |  |  | June 30, 2024 |  |  |  |  |  | December 31, 2023
Lease Assets |  |  |  |  |  |  |  |  |  |
Finance lease - ROU asset, net of accumulated amortization |  | Investment property, net |  | $ | 31.2 |  |  |  |  |  |  | $ | 32.6 |
Operating lease - ROU asset, net |  | Other assets, net |  | $ | 182.6 |  |  |  |  |  |  | $ | 176.0 |
Below market operating leases, net |  | Other assets, net |  | $ | 92.7 |  |  |  |  |  |  | $ | 95.0 |
Lease Liabilities |  |  |  |  |  |  |  |  |  |
Finance lease liabilities |  | Other liabilities |  | $ | 14.1 |  |  |  |  |  |  | $ | 14.3 |
Operating lease liabilities |  | Other liabilities |  | $ | 163.8 |  |  |  |  |  |  | $ | 159.5 |
Lease term, discount rates and additional information for finance and operating leases are as follows:
|  | As of
|  | June 30, 2024 |  | December 31, 2023
Lease Term and Discount Rate |  |  |  |
Weighted-average Remaining Lease Terms (years) |  |  |  |
Finance lease |  | 36.86 |  | 36.63
Operating lease |  | 34.59 |  | 27.71
Weighted-average Discount Rate |  |  |  |
Finance lease |  | 3.59 | % |  | 3.59 | %
Operating lease |  | 3.82 | % |  | 3.82 | %
Schedule of Lease Expense | The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions):
|  |  |  | Three Months Ended |  | Six Months Ended
Description |  | Financial Statement Classification |  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Finance Lease Cost |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | Depreciation and amortization |  | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 1.4 |  |  | $ | 1.3 |
Interest on lease liabilities |  | Interest expense |  | 0.2 |  |  | 0.1 |  |  | 0.4 |  |  | 0.3 |
Operating lease cost |  | General and administrative expense, Property operating and maintenance, Depreciation and amortization |  | 3.9 |  |  | 2.3 |  |  | 8.3 |  |  | 6.9 |
Variable lease cost |  | Property operating and maintenance |  | 2.2 |  |  | 1.1 |  |  | 4.2 |  |  | 2.7 |
Total Lease Cost |  |  |  | $ | 7.0 |  |  | $ | 4.1 |  |  | $ | 14.3 |  |  | $ | 11.2 |
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):
|  |  |  | Three Months Ended |  | Six Months Ended
Description |  | Financial Statement Classification |  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Operating Leases |  |  |  |  |  |  |  |  |  |
Fixed lease income |  | Income from real property; Brokerage commissions and other revenue, net |  | $ | 8.1 |  |  | $ | 5.3 |  |  | $ | 16.8 |  |  | $ | 13.2 |
Variable lease income(1) |  | Income from real property; Brokerage commissions and other revenue, net |  | $ | 4.5 |  |  | $ | 0.8 |  |  | $ | 7.9 |  |  | $ | 2.3 |
(1)Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.
Schedule of Lease Terms |
|  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023
Other Information (in millions) |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |
Operating cash outflows for operating leases |  | $ | 5.9 |  |  | $ | 6.6 |
Financing cash outflows for finance leases |  | 0.4 |  |  | 0.5 |
Total Cash Paid on Lease Liabilities |  | $ | 6.3 |  |  | $ | 7.1 |
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, 2024 (in millions):
Maturity of Lease Payments |  | Operating Leases
2024 (excluding the six months ended June 30, 2024) |  | $ | 12.2 |
2025 |  | 18.8 |
2026 |  | 13.4 |
2027 |  | 9.4 |
2028 |  | 8.1 |
Thereafter |  | 84.8 |
Total Undiscounted Cash Flows |  | $ | 146.7 |

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