Consolidated Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Disclosure of Variable Interest Entities [Abstract]

8. Consolidated Variable Interest Entities

The Operating Partnership

We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits.

Other Consolidated VIEs

We consolidate Sun NG Cisco Grove RV LLC, Sun NG Coyote Ranch RV LLC, Sun NG Kittatinny RV LLC, Sun NG River Beach LLC, Sun NG Beaver Brook LLC, FPG Sun Menifee 80 LLC, Solar Energy Project LLC, Solar Energy Project CA II LLC, Solar Energy Project III LLC and FPG Sun Moreno Valley 66 LLC under the guidance set forth in ASC 810, "Consolidation." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 10, "Equity and Temporary Equity," for additional information on consolidated VIEs.

Sun NG Cisco Grove RV LLC, Sun NG Coyote Ranch RV LLC, Sun NG Kittatinny RV LLC and Sun NG River Beach RV LLC were formed in December 2023 and Sun NG Beaver Brook RV LLC was formed in September 2022 to engage in the sourcing, due diligence, acquisition, management, construction, leasing and disposition of certain RV parks and resorts (collectively, "the Sun NG Resorts joint ventures"). The table below shows their respective ownership percentages as of June 30, 2024, representing the common equity interests:


	Sun NG LLC		Third Party Interest
Sun NG Cisco Grove RV LLC	95.4	%	4.6	%
Sun NG Coyote Ranch RV LLC	96.1	%	3.9	%
Sun NG Kittatinny RV LLC	96.0	%	4.0	%
Sun NG River Beach RV LLC	96.1	%	3.9	%
Sun NG Beaver Brook RV LLC	98.6	%	1.4	%

The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions):


	June 30, 2024		December 31, 2023
Assets
Investment property, net	$	127.6	$	132.3
Cash, cash equivalents and restricted cash	5.0		2.9
Other intangible assets, net	0.1		0.1
Other assets, net	0.7		0.4
Total Assets	$	133.4	$	135.7

Liabilities and Other Equity
Secured debt	$	3.2	$	3.2

Advanced reservation deposits and rent	1.6		0.4
Accrued expenses and accounts payable	0.4		24.1

Total Liabilities	5.2		27.7
Temporary equity	10.9		10.7
Noncontrolling interests	0.7		—
Total Liabilities and Other Equity	$	16.8	$	38.4

Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 0.8% of our consolidated total assets at June 30, 2024 and December 31, 2023. Total liabilities comprised 0.1% and 0.3% of our consolidated total liabilities at June 30, 2024 and December 31, 2023, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at June 30, 2024 and December 31, 2023.