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Real Estate Acquisitions and Dispositions | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Real Estate Acquisitions and Dispositions | 3. Real Estate Acquisitions and Dispositions 2024 Acquisitions For the six months ended June 30, 2024, we acquired the following properties:
Property Name |  | Type |  | Sites, Wet Slips and Dry Storage Spaces |  |  |  | State, Province or Country |  | Month Acquired
Port Milford |  | Marina |  | 92 |  |  |  |  | CT |  | April
Oak Leaf(1) |  | Marina |  | 89 |  |  |  |  | CT |  | April
Berth One Palm Beach(1) |  | Marina |  | 4 |  |  |  |  | FL |  | April
|  | Total |  | 185 |  |  |  |  |  |  |
(1) Combined with an existing property. The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the six months ended June 30, 2024 (in millions):
| At Acquisition Date |  | Consideration
| Investment in property |  | Inventory of manufactured homes, boat parts and retail related items |  | Goodwill and other intangible assets |  | Other assets, net |  | Total identifiable assets acquired net of liabilities assumed |  | Cash and escrow |  |  |  | Temporary and permanent equity(1) |  | Total consideration
Asset Acquisition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Port Milford(2) | $ | 3.9 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | (0.4) |  |  | $ | 3.6 |  |  | $ | 1.1 |  |  |  |  | $ | 2.5 |  |  | $ | 3.6 |
Berth One Palm Beach(3) | 2.9 |  |  | — |  |  | 0.1 |  |  | 0.2 |  |  | 3.2 |  |  | 3.2 |  |  |  |  | — |  |  | 3.2 |
Business Combination |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oak Leaf(3)(4) | 5.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | 5.2 |  |  | 5.2 |  |  |  |  | — |  |  | 5.2 |
Total | $ | 11.9 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | (0.2) |  |  | $ | 12.0 |  |  | $ | 9.5 |  |  |  |  | $ | 2.5 |  |  | $ | 12.0 |
(1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) In conjunction with this acquisition, we issued 19,326 common OP units valued at $2.5 million. (3) Combined with an existing property. (4) The purchase price allocation is preliminary as of June 30, 2024, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. During the three months ended March 31, 2024, we entered into a ground lease that can support one marina with eight wet slips and dry storage spaces.
2024 Development and Expansion Activities During the six months ended June 30, 2024, we acquired two land parcels located in the United States ("U.S.") for an aggregate purchase price of $12.9 million. In conjunction with one of the land parcel acquisitions, we issued 4,452 common OP units valued at $0.6 million. We also acquired two buildings related to our marinas located in the U.S. for an aggregate purchase price of $13.7 million. During the six months ended June 30, 2024, we acquired one land parcel located in the United Kingdom ("U.K.") for an aggregate purchase price of $9.6 million. 2024 and 2023 Disposition Activity The following real estate dispositions occurred during the six months ended June 30, 2024:
Property Name |  | Property Type |  | Number of Properties |  | Sites, Wet Slips, Dry Storage Spaces and Development Sites |  | State, Province or Country |  | Month Disposed |  | Net Cash Proceeds |  | Gain on Disposition(1)
Spanish Trails and Sundance |  | MH |  | 2 |  | 533 |  | AZ & FL |  | February |  | $ | 51.7 |  |  | $ | 6.2 |
Littondale |  | MH |  | 1 |  | 114 |  | UK |  | May |  | $ | 5.4 |  |  | $ | 2.2 |
(1) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. In August 2023, we sold one MH community located in Maine with 155 developed sites at its net carrying value for cash consideration of $6.8 million. The property was previously classified as held for sale during the three months ended June 30, 2023, with its net carrying value of $13.1 million written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, to a fair value less cost to sell of $6.8 million. In February 2023, we sold two parcels of land in the United Kingdom for total consideration of $111.5 million. The consideration consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average interest rate of 11.9% per annum, due May 31, 2023 and subsequently extended to July 31, 2023 as part of the operator's total facility. On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $2.2 million during the year ended December 31, 2023, net of the release of foreign currency translation losses from Accumulated other comprehensive income ("AOCI") of $11.9 million. The total loss on sale was recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. As of December 31, 2023, we have reacquired these two parcels of land at fair value as part of the settlement of the related note receivable, with no remeasurement gain or loss recognized. Refer to Note 4, "Notes and Other Receivables," for additional information on the settlement of the notes receivable. Refer to Note 20, "Subsequent Events," for information regarding dispositions completed after June 30, 2024.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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