Real Estate Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2024

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

April

Oak Leaf(1)

Marina

April

Berth One Palm Beach(1)

Marina

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.