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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Values | The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of June 30, 2024. The table presents the carrying values and fair values of our financial instruments as of June 30, 2024 and December 31, 2023, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy.
|  | June 30, 2024
|  |  |  | Fair Value
|  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | 104.2 |  |  | $ | 104.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 104.2 |
Installment notes receivable on manufactured homes, net |  | 54.5 |  |  | — |  |  | — |  |  | 54.5 |  |  | 54.5 |
Notes receivable from real estate developers and operators |  | 131.3 |  |  | — |  |  | — |  |  | 131.3 |  |  | 131.3 |
Collateralized receivables, net |  | 54.3 |  |  | — |  |  | — |  |  | 54.3 |  |  | 54.3 |
Derivative assets |  | 10.7 |  |  | — |  |  | 10.7 |  |  | — |  |  | 10.7 |
Total Assets Measured at Fair Value |  | $ | 355.0 |  |  | $ | 104.2 |  |  | $ | 10.7 |  |  | $ | 240.1 |  |  | $ | 355.0 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Mortgage loan payable |  | $ | 3,452.0 |  |  | $ | — |  |  | $ | 3,082.5 |  |  | $ | — |  |  | $ | 3,082.5 |
Secured borrowings on collateralized receivables |  | 54.3 |  |  | — |  |  | — |  |  | 54.3 |  |  | 54.3 |
Total secured debt |  | 3,506.3 |  |  | — |  |  | 3,082.5 |  |  | 54.3 |  |  | 3,136.8 |
Unsecured debt |  |  |  |  |  |  |  |  |  |
Senior unsecured notes |  | 2,674.6 |  |  | — |  |  | 2,440.8 |  |  | — |  |  | 2,440.8 |
Line of credit and other unsecured debt |  | 1,671.9 |  |  | — |  |  | 1,671.9 |  |  | — |  |  | 1,671.9 |
Total unsecured debt |  | 4,346.5 |  |  | — |  |  | 4,112.7 |  |  | — |  |  | 4,112.7 |
Derivative liabilities |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Other financial liabilities (contingent consideration) |  | 20.2 |  |  | — |  |  | — |  |  | 20.2 |  |  | 20.2 |
Total Liabilities Measured at Fair Value |  | $ | 7,873.5 |  |  | $ | — |  |  | $ | 7,195.7 |  |  | $ | 74.5 |  |  | $ | 7,270.2 |
|  | December 31, 2023
|  |  |  | Fair Value
|  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | 42.7 |  |  | $ | 42.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 42.7 |
Installment notes receivable on manufactured homes, net |  | 19.6 |  |  | — |  |  | — |  |  | 19.6 |  |  | 19.6 |
Notes receivable from real estate developers and operators |  | 134.5 |  |  | — |  |  | — |  |  | 134.5 |  |  | 134.5 |
Collateralized receivables, net |  | 56.2 |  |  | — |  |  | — |  |  | 56.2 |  |  | 56.2 |
Derivative assets |  | 11.7 |  |  | — |  |  | 11.7 |  |  | — |  |  | 11.7 |
Total Assets Measured at Fair Value |  | $ | 264.7 |  |  | $ | 42.7 |  |  | $ | 11.7 |  |  | $ | 210.3 |  |  | $ | 264.7 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Mortgage loan payable |  | $ | 3,478.9 |  |  | $ | — |  |  | $ | 3,167.0 |  |  | $ | — |  |  | $ | 3,167.0 |
Secured borrowings on collateralized receivables |  | 55.8 |  |  | — |  |  | — |  |  | 55.8 |  |  | 55.8 |
Total secured debt |  | 3,534.7 |  |  | — |  |  | 3,167.0 |  |  | 55.8 |  |  | 3,222.8 |
Unsecured debt |  |  |  |  |  |  |  |  |  |
Senior unsecured notes |  | 2,177.5 |  |  | — |  |  | 1,973.2 |  |  | — |  |  | 1,973.2 |
Line of credit and other unsecured debt |  | 2,065.1 |  |  | — |  |  | 2,065.1 |  |  | — |  |  | 2,065.1 |
Total unsecured debt |  | 4,242.6 |  |  | — |  |  | 4,038.3 |  |  | — |  |  | 4,038.3 |
Derivative liabilities |  | 7.7 |  |  | — |  |  | 7.7 |  |  | — |  |  | 7.7 |
Other financial liabilities (contingent consideration) |  | 20.2 |  |  | — |  |  | — |  |  | 20.2 |  |  | 20.2 |
Total Liabilities Measured at Fair Value |  | $ | 7,805.2 |  |  | $ | — |  |  | $ | 7,213.0 |  |  | $ | 76.0 |  |  | $ | 7,289.0 |
Schedule of Charges in Fair Values | The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2024 and 2023 (in millions):
|  | Three Months Ended |
|  | June 30, 2024 |  | June 30, 2023 |
Assets |  | Installment Notes Receivable on MH, net |  | Notes Receivable From Real Estate Developers and Operators |  | Collateralized Receivables, net |  |  |  | Installment Notes Receivable on MH, net |  | Notes Receivable From Real Estate Developers and Operators |  | Warrants |
Level 3 beginning balance at March 31, 2024 and 2023 |  | $ | 38.3 |  |  | $ | 127.7 |  |  | $ | 56.5 |  |  |  |  | $ | 62.2 |  |  | $ | 435.0 |  |  | $ | — |  |
Realized losses |  | (0.4) |  | (1) | — |  |  | — |  |  |  |  | (0.1) |  | (1) | — |  |  | — |  |
Purchases and issuances |  | 18.0 |  |  | 4.2 |  |  | — |  |  |  |  | 0.1 |  |  | 23.1 |  |  | — |  |
Sales and settlements |  | (1.2) |  |  | (0.6) |  |  | (2.2) |  |  |  |  | (2.7) |  |  | (3.9) |  |  | — |  |
Dispositions of properties |  | (0.2) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |
Foreign currency exchange gain |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 8.2 |  |  | — |  |
Level 3 ending balance at June 30, 2024 and 2023 |  | $ | 54.5 |  |  | $ | 131.3 |  |  | $ | 54.3 |  |  |  |  | $ | 59.5 |  |  | $ | 462.4 |  |  | $ | — |  |
(1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations.
|  | Six Months Ended |
|  | June 30, 2024 |  | June 30, 2023 |
Assets |  | Installment Notes Receivable on MH, net |  | Notes Receivable From Real Estate Developers and Operators |  | Collateralized Receivables, net |  | Installment Notes Receivable on MH, net |  | Notes Receivable From Real Estate Developers and Operators |  | Warrants |
Level 3 beginning balance at December 31, 2023 and 2022 |  | $ | 19.6 |  |  | $ | 134.5 |  |  | $ | 56.2 |  |  | $ | 65.9 |  |  | $ | 305.2 |  |  | $ | — |  |
Realized gains / (losses) |  | (0.4) |  | (1) | (0.8) |  | (1) | 1.6 |  | (2) | (1.8) |  | (1) | — |  |  | (0.4) |  | (3)
Purchases and issuances |  | 37.4 |  |  | 9.2 |  |  | — |  |  | 0.2 |  |  | 147.4 |  |  | 0.4 |  |
Sales and settlements |  | (1.9) |  |  | (11.5) |  |  | (3.5) |  |  | (4.8) |  |  | (6.9) |  |  | — |  |
Dispositions of properties |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Foreign currency exchange gains / (losses) |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | 16.7 |  |  | — |  |
Level 3 ending balance at June 30, 2024 and 2023 |  | $ | 54.5 |  |  | $ | 131.3 |  |  | $ | 54.3 |  |  | $ | 59.5 |  |  | $ | 462.4 |  |  | $ | — |  |
(1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Realized gains recorded within Other income / (expense), net on the Consolidated Statements of Operations. (3) Realized losses recorded within Income / (loss) from nonconsolidated affiliates within on the Consolidated Statements of Operations.
|  | Three Months Ended
|  | June 30, 2024 |  |  |  | June 30, 2023
Liabilities |  | Secured Borrowing on Collateralized Receivables |  | Contingent Consideration |  |  |  | Contingent Consideration
Level 3 beginning balance March 31, 2024 and 2023 |  | $ | 56.1 |  |  | $ | 20.2 |  |  |  |  | $ | 20.2 |
Realized losses(1) |  | — |  |  | — |  |  |  |  | — |
Purchases and issuances |  | 0.4 |  |  | — |  |  |  |  | — |
Sales and settlements |  | (2.2) |  |  | — |  |  |  |  | — |
Other adjustments |  | — |  |  | — |  |  |  |  | — |
Level 3 ending balance at June 30, 2024 and 2023 |  | $ | 54.3 |  |  | $ | 20.2 |  |  |  |  | $ | 20.2 |
(1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.
|  | Six Months Ended
|  | June 30, 2024 |  |  |  | June 30, 2023
Liabilities |  | Secured Borrowing on Collateralized Receivables |  | Contingent Consideration |  |  |  | Contingent Consideration
Level 3 beginning balance December 31, 2023 and 2022 |  | $ | 55.8 |  |  | $ | 20.2 |  |  |  |  | $ | 20.2 |
Realized losses(1) |  | 1.6 |  |  | — |  |  |  |  | — |
Purchases and issuances |  | 0.4 |  |  | — |  |  |  |  | — |
Sales and settlements |  | (3.5) |  |  | — |  |  |  |  | — |
Other adjustments |  | — |  |  | — |  |  |  |  | — |
Level 3 ending balance at June 30, 2024 and 2023 |  | $ | 54.3 |  |  | $ | 20.2 |  |  |  |  | $ | 20.2 |
(1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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