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Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

Dispositions

In July 2024, we sold six MH properties located in Illinois, Indiana, Iowa, Minnesota, Tennessee and Wisconsin with an aggregate of 2,087 developed sites for a gross sale price of $224.6 million. We received cash consideration of $150.7 million, net of settlement of the associated mortgage debt of $62.3 million and other closing adjustments.

In July 2024, we sold one MH property located in Florida with 361 total developed sites for a gross sale price of $38.0 million. We received cash consideration of $20.3 million, net of settlement of the associated mortgage debt of $16.7 million and other closing adjustments.

Real Estate Held for Sale

In July 2024, we entered into a purchase and sale agreement to sell two development properties within the MH segment and received a non-refundable deposit from the counterparty. Accordingly, the sale is considered probable and the two properties were reclassified to held for sale in July 2024.

Derivatives

In July 2024, we entered into an interest rate swap contract with a notional amount of $25.0 million to hedge a future debt offering.

We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

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- References

No definition available.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/855/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2

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