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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | 18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. 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 |
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 |
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 |
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 | %
|  | 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 |
Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of June 30, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of June 30, 2024, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH or UK properties. 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 |
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. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $357.0 million and $359.7 million as of June 30, 2024 and December 31, 2023, respectively. 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 |
Leases | 18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. 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 |
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 |
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 |
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 | %
|  | 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 |
Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of June 30, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of June 30, 2024, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH or UK properties. 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 |
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. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $357.0 million and $359.7 million as of June 30, 2024 and December 31, 2023, respectively. 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 |
Leases | 18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. 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 |
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 |
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 |
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 | %
|  | 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 |
Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of June 30, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of June 30, 2024, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH or UK properties. 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 |
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. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $357.0 million and $359.7 million as of June 30, 2024 and December 31, 2023, respectively. 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 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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